Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.

Firms / Nebular Management, LLC

Nebular Management, LLC

Institutional venture firmUSSEC venture capital fund adviserfundraising evidence

venture manager, reported GAV $95M across 4 vehicles

Importance
15
moderate
Active deployment
64
high
Emerging
0
low
Completeness
31
moderate
Freshness
97
high
Research priority
22
moderate
Identity and regulatory footprint
Headquarters
unknown
Office address
unknown
Business phone
6468538849adviserinfo.sec.gov
Website
unknown
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 25, 2026
Private funds reported
4 (4 venture capital funds)adviserinfo.sec.gov
Private fund gross assets
$94.6Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
business phone
6468538849adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
1 observed deals
Stated (the firm’s website)
Sectors
not stated or not yet read
Stages
not stated or not yet read
Geography
not stated
Check size
not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 100%
lead rate 0%follow-on rate 0%new logos, 12 months 1
Funds and vehicles
4 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Nebular Fund II, LPFund2025 form d first saleFundraising$44.9M
Sep 12, 2026
72$32.3M
of $55.0M
Sep 30, 2025
PR-1118 Fund I, a series of Nebular Expansion Series, LPSPV or co-invest vehicle2025 form d first saleNewly closed$1.3M
Sep 12, 2026
3$1.3M
of $1.3M
Dec 9, 2025
ST-1013 Fund I, a series of Nebular Expansion, LPSPV or co-invest vehicle2025 form d first saleNewly closed$800,000
Sep 12, 2026
1$800,000
of $800,000
Oct 29, 2025
Nebular Fund I, LPFund2023 form d first saleActive deployment$47.6M
Sep 12, 2026
98$4.2M
of $30.0M
Feb 16, 2023
GAV 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.
Investment team
0 current, 0 departed
No named professional yet. People arrive from Form ADV Schedule A (owners, officers, control persons) and the team page.
Investments on record
1 edges, 1 companies, 0 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Project ElevenFunding roundparticipantunknown$20.0MunknownJan 14, 2026Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS)
“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.
Co-investors
9 relationships from shared deals, counted for the whole firm
FIN Capital 1 shared · one timeSatstreet Ventures 1 shared · one timeCoinbase Ventures 1 shared · one timeVariant 1 shared · one timeLattice Fund 1 shared · one timeNascent Ventures 1 shared · one timeQuantonation 1 shared · one timeCastle Island Management, LLC 1 shared · one time · they led 1Formation 8 1 shared · one time
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
2 dated events
  1. Sep 12, 2026
    Nebular Fund I, LP first reported on Form ADV by Nebular Management, LLC, GAV $47,603,573
    Fund first reported on Form ADVFundsFactNebular Fund I, LPIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
  2. Mar 25, 2026
    Nebular Management, LLC appears on the SEC adviser roster (ERA, venture capital fund adviser exemption)
    First SEC adviser filingOrganizationFactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Classification history
  1. Sep 12, 2026
    Institutional venture firm (confirmed, 95%, cls-1)
    venture manager, reported GAV $95M across 4 vehicles
Evidence
12 observations from 2 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedvc_exemption,vc_funds_reportedMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC exemption claimedventure_capital_fund_adviserMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC adviser typeexempt_reporting_adviserMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Latest Form ADV filing2026-03-25Mar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Adv pdf loadedadv-pdf-1Sep 12, 2026FactIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
SEC statusERA - ActiveMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC status effective2026-03-25Mar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Business phone6468538849Mar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Legal formLimited Liability CompanyMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private funds reported4Mar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private fund gross assets (reported)$94.6MMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Venture funds reported4Mar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)