Initialized Capital Management, LLC
Multi-stage venture firm, based in San Francisco, California, reporting $3.1B of fund assets on its funds' Form ADV filings.
Composed from this organization's classification, location and filed figures.
13 additional team members, 7 additional co-investors and affiliates, 21 additional investments, funds and LPs, 32 events, 1 verified contact (1 firm phone)
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What matters now
- 2 vehicleson Form D, 18 months
$119M reported sold so far.
A Form D is filed when a vehicle takes its first money, so these are open to LPs now.
- 1 companynew in 12 months
1 new company in the last 12 months. Latest round Sygaldry Series A ($139M round, led) on 14 Apr 2026.
A firm writing cheques this quarter is one a founder can pitch now.
People to know
View all people- PartnerWhy: Partner: part of the investment decisionNo route on file yet
- PartnerWhy: Partner: part of the investment decisionNo route on file yet
- Managing MemberWhy: Named with investment responsibilityNo route on file yet
Relationship network
48 connected entities1 observed roundrounds 2026
From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.
- Sponsor
- Company
- Fund or vehicle
- Person
›How strength and recency are read
Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
How am I connected?
Name your firm, a company or a person, and DFX finds the published routes to Initialized Capital Management, LLC: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.
See how you connect to Initialized Capital Management, LLC
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
1 company on record, 1 new in 12 months
Investments on record
What these amounts mean“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.Acquired, Public, Exited and Active are what the firm’s own portfolio card says, read on the date shown when you hover the chip; they are not deal dates. A company with no chip is one whose card states no outcome: DFX does not assume it is active.| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Sygaldry | Series A · Series A | lead | unknown | $139M | unknown | Apr 14, 2026 | Fact Press release |
Stated thesis versus observed behaviour
- Sectors
- ai, enterprise software, biotech, consumer, climate, deep tech, crypto
- Stages
- seed
- Geography
- new york
- Check size
- not stated; DFX does not estimate checks from round sizes
Team
13 current, 5 departed
Decision makers
- Abdul Ly · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility
- Kim-Mai Cutler · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Investment team
How the team is orderedPartners who lead rounds first (rounds led, then deals attributed, then seniority), then the rest of the investment team, then investor relations, finance and operations. A person named by two sources under two spellings is shown once.- Managing Member
- Partner
- Partner
6 departed (kept with end dates)
- Aaron Harris · Managing Member · Apr 1, 2014 to Mar 30, 2017 Inference
- Alexis Ohanian · Managing Member · Sep 1, 2011 to Jul 28, 2020 Inference
- Garry Tan · Managing Member · Sep 1, 2011 to Feb 8, 2023 Inference
Contacts
1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
24 vehicles, 0 LPs disclosed
Funds and vehicles
What these amounts meanGAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Initialized VII L.P. | Fund | 2025 form d first sale | Fundraising | $0 Mar 27, 2026 | 14 | $114M of $150M | Sep 18, 2026 |
| Initialized VII Associates L.P. | Fund | 2025 form d first sale | Fundraising | $0 Mar 27, 2026 | 1 | $5.0M of $10.0M | Sep 18, 2026 |
| Initialized VI L.P. | Fund | 2021 form d first sale | Mature | $441M Mar 27, 2026 | 74 | $520M of $520M | Dec 16, 2021 |
Limited partners
Known LPs and allocators
What these amounts and dates areEach commitment is counted once across the pension tape and the allocator graph. A commitment date prints only when the source printed one; otherwise the row carries the report date. A foundation’s 990-PF line is a holding at fair value, never a commitment. Rows without a fund on the venture graph are commitments to this manager.Relationships across DFX
10 co-investors · on 1 other DFX graph
Co-investors
- 2026-04-141 shared deal · one time · this firm led 1
- 2026-04-141 shared deal · one time · this firm led 1
- 2026-04-141 shared deal · one time · this firm led 1
Compare portfolios with Expeditions Fund, Overmatch Ventures, RRE Ventures or any firm. Co-investors across the market
Across DFX and the capital chainon 1 other DFX graph ShowHide
- The same institution is held on RIA and Wealth, matched by identifier. See which records
Initialized Capital Management, LLC is the same institution as 1 record in RIA and Wealth.
The joined record opens with the product, beside every other relationship on this page.
Checking your plan…
Evidence and history
37 dated events, 70 observations from 4 sources
Timeline
- Mar 27, 2026Initialized VII Associates L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund)
- Mar 27, 2026Initialized VII L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund)
- Mar 27, 2026Livingston Miller (General Counsel And Chief Operating Officer) no longer on Schedule A of Initialized Capital Management, LLC
- Sep 29, 2025Initialized Capital Management, LLC filed the first Form D for Initialized VII L.P. (fund 7), its next fund after Initialized VI L.P. (vintage 2021); offering $150.0M
- Oct 30, 2024Jennifer Wolf (Managing Member) no longer on Schedule A of Initialized Capital Management, LLC
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 27, 2026 · 23 private fundsShowHide
- Headquarters
- San Francisco, CAadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- INITIALIZED.COM
- SEC adviser type
- Exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- Venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 27, 2026
- Private funds reported
- 23 (23 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $3.1Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Classification history
Classification history
Every classification this record has carried3 on recordShowHide
- Sep 23, 2026Multi-stage venture firm (confirmed, 95%)Both early and growth/opportunity families, reported GAV $3.1B
- Sep 15, 2026Multi-stage venture firm (confirmed, 95%)Both early and growth/opportunity families, reported GAV $2.9B
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%)Both early and growth/opportunity families, reported GAV $2.9B
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Mar 27, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 27, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Oct 30, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 27, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 27, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Oct 30, 2024 | Fact | Form ADV |
| First Form ADV filing | 2014-05-06 | Mar 27, 2026 | Fact | Form ADV |
| First Form ADV filing | 2014-05-06 | Oct 30, 2024 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-30 | Oct 1, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-29 | Sep 30, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-25 | Sep 26, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-23 | Sep 24, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-21 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-22 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1 | Sep 12, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-27 | Mar 27, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-27 | Mar 27, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-10-30 | Oct 30, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 27, 2026 | Fact | Form ADV |
| SEC status effective | 2014-05-06 | Mar 27, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 27, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Oct 30, 2024 | Fact | Form ADV |
| Business phone | Mar 27, 2026 | Fact | Form ADV | |
| Business phone | Oct 30, 2024 | Fact | Form ADV | |
| Headquarters | San Francisco, CA | Mar 27, 2026 | Fact | Form ADV |
| Headquarters | San Francisco, CA | Oct 30, 2024 | Fact | Form ADV |
| Office address | Mar 27, 2026 | Fact | Form ADV | |
| Office address | Oct 30, 2024 | Fact | Form ADV | |
| Legal form | Limited Liability Company | Mar 27, 2026 | Fact | Form ADV |
| Legal form | Limited Liability Company | Oct 30, 2024 | Fact | Form ADV |
| Portfolio page | Sep 30, 2026 | Fact | ||
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 15, 2026 | Fact | ||
| Private funds reported | 23 | Mar 27, 2026 | Fact | Form ADV |
| Private funds reported | 23 | Mar 27, 2026 | Fact | Form ADV |
| Private funds reported | 22 | Oct 30, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $3.1B | Mar 27, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $3.1B | Mar 27, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $2.9B | Oct 30, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Mar 27, 2026 | Fact | Form ADV |
| Stated geography | new york “geography words on the home page” | Sep 30, 2026 | Fact | |
| Stated geography | new york “geography words on the home page” | Sep 16, 2026 | Fact | |
| Stated geography | new york “geography words on the home page” | Sep 15, 2026 | Fact | |
| Stated sectors | AI, enterprise software, biotech, consumer, climate, deep tech, crypto “sector words on the home page” | Sep 30, 2026 | Fact | |
| Stated sectors | AI, enterprise software, biotech, consumer, climate, deep tech, crypto “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | AI, enterprise software, biotech, consumer, climate, deep tech, crypto “sector words on the home page” | Sep 15, 2026 | Fact | |
| Stated stages | seed “stage words on the home page” | Sep 30, 2026 | Fact | |
| Stated stages | seed “stage words on the home page” | Sep 16, 2026 | Fact | |
| Stated stages | seed “stage words on the home page” | Sep 15, 2026 | Fact | |
| Team page | Sep 30, 2026 | Fact | ||
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 15, 2026 | Fact | ||
| Venture funds reported | 23 | Mar 27, 2026 | Fact | Form ADV |
| Venture funds reported | 23 | Mar 27, 2026 | Fact | Form ADV |
| Venture funds reported | 22 | Oct 30, 2024 | Fact | Form ADV |
| Website | Sep 12, 2026 | Fact | Form ADV | |
| Website | Mar 27, 2026 | Fact | Form ADV | |
| Website | Oct 30, 2024 | Fact | Form ADV | |
| Site title | Sep 30, 2026 | Fact | ||
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 15, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersMulti-stage venture firm, confirmedShowHide
Both early and growth/opportunity families, reported GAV $3.1B
- importance
- gav: 0.76 · funds: 1 · people: 0.28 · investments: 0 · co investors: 0.4
- active deployment
- investments 12m: 0.13 · fund raising 18m: 1 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-04-14
- emerging manager
- fund count: 24 · reported gav: $3.1B · first adv filing: 2014-05-06 · years since first filing: 12.4
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Fits
- score 34.6confidence 90%Why: sector fit; geography fit; activity
- score 34.6confidence 90%Why: sector fit; geography fit; activity
- score 34.6confidence 90%Why: sector fit; geography fit; activity
+2 more scored matches
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.
Record history
- Adviser's first ADV filing2014-05-06source on record
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.