DFX Intelligence
Venture Capital Intelligence
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 / Zeal Capital Management, LLC
Zeal Capital Management, LLC
Zeal Capital Partners is a category-focused investment firm partnering with exceptional management teams building enduring companies across financial technology, healthcare, and the future of learning and work categories.
venture manager, reported GAV $205M across 5 vehicles
Importance
30
moderate
Active deployment
44
elevated
Emerging
0
low
Completeness
81
high
Freshness
99
high
Research priority
14
low
Identity and regulatory footprint
- Headquarters
- Washington Dc, DCadviserinfo.sec.gov
- Office address
- 600 MASSACHUSETTS AVENUE, STE 250, Washington Dc, DC, 20001adviserinfo.sec.gov
- Business phone
- 404-610-9613adviserinfo.sec.gov
- Website
- https://www.zealvc.co/
- 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 31, 2026
- Private funds reported
- 4 (4 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $192Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- updates@zealcapitalpartners.comzealcapitalpartners.compublished by the subject
- business phone
- 404-610-9613adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
5 observed deals
Stated (the firm’s website)
- Sectors
- fintech, healthcare
- Stages
- pre seed, seed, early
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 80%Other Technology 20%
lead rate 50%follow-on rate 0%new logos, 12 months 5
Funds and vehicles
5 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Barclays Black Formation Investments Fund I, LP | Fund | 2024 adv first reported | Early deployment | $44.5M Apr 1, 2024 | 1 | unknown | unknown |
| Barclays Black Formation Investments Fund II, LP | Fund | 2024 adv first reported | Early deployment | $5.0M Apr 1, 2024 | 1 | unknown | unknown |
| Zeal Capital Partners Fund II, LP | Fund | 2023 form d first sale | Active deployment | $54.8M Apr 1, 2024 | 36 | $59.1M of $120M | May 10, 2024 |
| Zeal Capital Partners Fund I, LP | Fund | unknown | Unknown | $101M Apr 1, 2024 | 53 | unknown | unknown |
| Zeal Capital Management, LLC | Fund | unknown | Unknown | unknown | unknown | $0 of $75.0M | Nov 6, 2020 |
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
17 current, 1 departed
Royce Shey
AnalystInvestment Analyst
Adam Smith
AssociateInvestment Associate
Leo Peyronnin
AssociateInvestment Associate
Tom Blaisdell
Board or advisorySenior Advisor
Jennifer Tescher
Founder or executiveFounder & CEO, Financial Health Network
Paul Tregidgo
Founder or executiveFormer Vice Chairman, Debt Capital Markets, Credit Suisse
Nasir Qadree
Managing partnerManaging Member · since Jan 1, 2020
Nasir Qadree
Managing partnerFounder & Managing Partner
David Barash
OtherFormer GE Healthcare Executive
Susannah Burrage
OtherHead of Portfolio Management
Lara Metcalf
PartnerManaging Director, Draper Richards Kaplan Foundation
Alex Alonso
Platform and operationsChief Knowledge Officer, SHRM
Megan Adams
Platform and operationsExecutive Assistant
Rich Duda
Platform and operationsChief Financial Officer
Thomas Muscarella
Platform and operationsChief Financial Officer · since Sep 1, 2022
Susannah Burrage
PrincipalPrincipal, Head of Portfolio Management
Michele Courton Brown
Vice presidentVP of Business Development, Blue Cross Blue Shield
1 departed (kept with end dates)
- Sherilyn Casiano · Chief Financial Officer · Jan 1, 2020 to Mar 27, 2023 Inference
Investments on record
5 edges, 5 companies, 1 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Auxa Health | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| Barte | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| Understood Care | Funding round | lead | unknown | $8.4M | unknown | Mar 16, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
| Bags | Funding round | participant | unknown | $2.8M | unknown | Dec 8, 2025 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
| Adept ID, Inc. | board seat | unknown · board | Nasir Qadree (strongly supported) | unknown | unknown | Nov 4, 2025 | Inference SEC EDGAR Form D data sets (quarterly) |
“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
11 relationships from shared deals, counted for the whole firm
Alleycorp Advisers, LLC 2 shared · recurringYcombinator 1 shared · one time · we led 1Rethink Education 1 shared · one time · they led 1 · we led 1Howard Schultz Family Foundation 1 shared · one timeSwanston Labs 1 shared · one timeCo 1 shared · one timeCompany Ventures 1 shared · one timePartnership Fund for New York City 1 shared · one timeConnecticut Innovations 1 shared · one timeSlauson & Co. Management, L.L.C. 1 shared · one timeFord Foundation 1 shared · one time · they led 1
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
8 dated events
- Apr 1, 2024Barclays Black Formation Investments Fund II, LP first reported on Form ADV by Zeal Capital Management, LLC (Venture Capital Fund), GAV $5,000,000Fund first reported on Form ADVFundsFactBarclays Black Formation Investments Fund II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 1, 2024Barclays Black Formation Investments Fund I, LP first reported on Form ADV by Zeal Capital Management, LLC (Venture Capital Fund), GAV $44,461,855Fund first reported on Form ADVFundsFactBarclays Black Formation Investments Fund I, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 1, 2024Zeal Capital Partners Fund II, LP first reported on Form ADV by Zeal Capital Management, LLC (Venture Capital Fund), GAV $54,844,359Fund first reported on Form ADVFundsFactZeal Capital Partners Fund II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 27, 2023Sherilyn Casiano (Chief Financial Officer) no longer on Schedule A of Zeal Capital Management, LLC
- Sep 1, 2022Thomas Muscarella joined Schedule A of Zeal Capital Management, LLC as Chief Financial Officer
- Aug 17, 2021Zeal Capital Management, LLC first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Aug 17, 2021Zeal Capital Partners Fund I, LP first reported on Form ADV by Zeal Capital Management, LLC (Venture Capital Fund), GAV $62,000,000Fund first reported on Form ADVFundsFactZeal Capital Partners Fund I, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 6, 2020Zeal Capital Partners Fund I, LP filed Form D: no sales yet of $75,000,000, Venture Capital Fund
Classification history
- Sep 15, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $205M across 5 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $205M across 4 vehicles
Evidence
64 observations from 4 sources