Human Capital logo

Human Capital

Institutional venture firmSEC-registered adviserClassification probable· San Francisco, Californiahuman.capital

We believe ambitious builders turn great ideas into great companies. We invest in founders, teams, and startups that share this mindset.

In the firm's own words, from its website.

Reported fund assets
$4.2B
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
4
Investment team
3
Latest vintage
2024
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (57)Team (7)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

4 additional team members, 40 additional co-investors and affiliates, 131 additional investments, funds and LPs, 45 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

  1. 46 vehicles
    on Form D, 18 months

    $102M reported sold so far.

    A Form D is filed when a vehicle takes its first money, so these are open to LPs now.

    FactSEC Form D filingsFor LPs, fund-of-funds, placement agentsVehicles →
  2. 4 companies
    new in 12 months

    4 new companies in the last 12 months. Latest round Flow Engineering Series B ($50M round) on 30 Sep 2026.

    A firm writing cheques this quarter is one a founder can pitch now.

    Factfunding announcements, Form D, the firm's portfolio pageFor Founders, co-investorsInvestments →
  3. 9 deals
    with Sequoia Capital

    Invests most often alongside Sequoia Capital (9 shared deals) and Founders Fund (5 shared deals).

    pair last observed on record 1 Oct 2026, not a deal date · The firms it syndicates with are the likeliest to see the same deals and to fill out its rounds.

    Measuredshared rounds and portfolio companies on recordFor Founders building a round, co-investorsCo-investors →
  4. 2 of 4
    enter at seed or A

    Enters mostly at seed to Series A: 2 of 4 first entries on record.

    rounds to 30 Sep 2026 · Tells a founder whether their round is one this firm writes.

    Derived4 rounds with a stated stage, against the firm's siteFor FoundersInvestments →

People to know

View all people
  • Brian Blond
    Investment Partner
    Why: Partner: part of the investment decision
    No route on file yet
  • Ashwin S Hira
    Partner/Chief Business Officer
    Why: Partner: part of the investment decision
    No route on file yet
  • Armaan Ibrahim Ali
    Managing Member/Chief Executive Officer
    Why: Runs the firm (chief executive or president)
    No route on file yet

Relationship network

208 connected entities6 observed rounds1 repeat counterparty2 dated rounds shown here, 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.

Reading the network
  • Sponsor
  • Company
  • Fund or vehicle
  • Person

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 Human Capital: 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 Human Capital

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

57 companies on record, 4 new in 12 months
Investments on record
57 companies, 2 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Humansandportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Company website
Flow EngineeringSeries B · Series Bparticipantunknown$50.0MunknownSep 30, 2026Fact Press release
Runetechportfolio listingleadunknownunknownunknownSep 27, 2026Fact Company website
Stated thesis versus observed behaviour
60 observed deals
Stated (the firm’s website)
Sectors
space
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
series b 50%seed 25%series a 25%
Stage at first entry
series b 67%series a 33%
Industries, each company once
Hardware and deep tech, Software or Tech-enabled and IT services (5)
lead rate 57%follow-on rate 20%new companies, 12 months 4

Team

7 current, 3 departed
Decision makers
who to call first, and why; then everyone else by function
  • Brian Blond · Investment Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility; Led 1 round on record
  • Ashwin S Hira · Partner/Chief Business Officer
    Why this person: Partner: part of the investment decision; Named with investment responsibility
  • Armaan Ibrahim Ali · Managing Member/Chief Executive Officer
    Why this person: Runs the firm (chief executive or president); 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
7 current, 3 departed
3 departed (kept with end dates)
Contacts
1 firm phone

1 firm phone on record, each with its source. Values open with the complete profile.

Funds and LPs

80 vehicles, 0 LPs disclosed
Funds and vehicles
80 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
HCM VI, L.P.Fund2024 form d first saleEarly deployment$460M
Aug 13, 2026
64$419MJan 21, 2025
HCM S14a LPFund2024 adv first reportedEarly deployment$106M
Aug 13, 2026
118$0Aug 4, 2023
HCM S12a LPFund2024 adv first reportedEarly deployment$10.4M
Aug 13, 2026
2unknownunknown
Limited partners
0 LPs, 0 disclosed commitments
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.
Known LPs and allocators
0 relationships across the firm's funds, from public pensions and the allocator graph
No allocator names this firm or its funds in a public disclosure DFX holds.

Relationships across DFX

122 co-investors · on 3 other DFX graphs
Co-investors
122 counted from shared deals, for the whole firm
Across DFX and the capital chainon 3 other DFX graphs Show
Across DFX
  • The same institution is held on Private Equity, RIA and Wealth, Private Credit, matched by identifier. See which records
Across the graphs

Human Capital is the same institution as 3 records in Private Equity, RIA and Wealth and Private Credit.

Private Equity1RIA and Wealth1Private Credit1

DFX found 3 relationships across 3 datasets

Which record it is in each graph, what it is called there, and how the two were matched.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Checking your plan…

Evidence and history

50 dated events, 72 observations from 4 sources
Timeline
50 dated events
  1. Aug 13, 2026
    HCM S5aii LP first reported on Form ADV by Human Capital (Venture Capital Fund), GAV $70,930,722
    Fund first reported on Form ADVFundsInferenceHCM S5aii LPForm ADV
  2. Aug 13, 2026
    HCM S20a LP first reported on Form ADV by Human Capital (Venture Capital Fund), GAV $16,805,053
    Fund first reported on Form ADVFundsInferenceHCM S20a LPForm ADV
  3. Aug 13, 2026
    HCM S7c LP first reported on Form ADV by Human Capital (Venture Capital Fund), GAV $20,812,601
    Fund first reported on Form ADVFundsInferenceHCM S7c LPForm ADV
  4. Aug 13, 2026
    HCM S5aiii first reported on Form ADV by Human Capital (Venture Capital Fund), GAV $18,026,444
    Fund first reported on Form ADVFundsInferenceHCM S5Aiii LPForm ADV
  5. Aug 13, 2026
    HCM S20b LP first reported on Form ADV by Human Capital (Venture Capital Fund), GAV $15,005,000
    Fund first reported on Form ADVFundsInferenceHCM S20b LPForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Aug 13, 2026 · 40 private fundsShow
Headquarters
San Francisco, CAadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
human.capital
SEC adviser type
Registered investment adviseradviserinfo.sec.gov
SEC exemption claimed
unknown
Latest Form ADV
Aug 13, 2026
Private funds reported
40 (40 venture capital funds)adviserinfo.sec.gov
Private fund gross assets, adviser total
$4.2Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Regulatory AUM
$4.4Bthe adviser's RAUM, a regulatory measure, never a fund size
Employees
39
Owners on Schedule A
BA Revocable Trust (Member), owns 75% or more; AA Revocable Trust (Member), owns 25% to 50%; Bahc Holdings LLC (Managing Member), owns 25% to 50%
Classification history
Every classification this record has carried4 on recordShow
  1. Sep 23, 2026
    Institutional venture firm (probable, 80%)
    Venture manager, reported GAV $4.2B across 80 vehicles
  2. Sep 15, 2026
    Institutional venture firm (probable, 80%)
    Venture manager, reported GAV $2.1B across 74 vehicles
  3. Sep 12, 2026
    Institutional venture firm (probable, 80%)
    Venture manager, reported GAV $2.0B across 73 vehicles
  4. Sep 12, 2026
    Institutional venture firm (probable, 80%)
    Venture manager, reported GAV $2.0B across 29 vehicles
Evidence
72 observations from 4 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC funds reportedAug 13, 2026FactForm ADV
SEC adviser typeRegistered investment adviserAug 13, 2026FactForm ADV
SEC adviser typeRegistered investment adviserAug 13, 2026FactForm ADV
SEC adviser typeRegistered investment adviserMar 29, 2024FactForm ADV
First Form ADV filing2018-08-03Aug 13, 2026FactForm ADV
First Form ADV filing2018-08-03Mar 29, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-08-13Aug 13, 2026FactForm ADV
Latest Form ADV filing2026-08-13Aug 13, 2026FactForm ADV
Latest Form ADV filing2024-03-29Mar 29, 2024FactForm ADV
SEC statusApprovedAug 13, 2026FactForm ADV
SEC status effective2020-07-27Aug 13, 2026FactForm ADV
Venture share of reported funds1Aug 13, 2026FactForm ADV
Venture share of reported funds1Mar 29, 2024FactForm ADV
Business phoneAug 13, 2026FactForm ADV
Business phoneMar 29, 2024FactForm ADV
Contact page urlSep 16, 2026Factno URL
DescriptionSep 16, 2026Factno URL
DescriptionSep 15, 2026Factno URL
Employees39Aug 13, 2026FactForm ADV
Employees56Mar 29, 2024FactForm ADV
HeadquartersSan Francisco, CAAug 13, 2026FactForm ADV
HeadquartersSan Francisco, CAMar 29, 2024FactForm ADV
Office addressAug 13, 2026FactForm ADV
Office addressMar 29, 2024FactForm ADV
Legal formAug 13, 2026FactForm ADV
Portfolio pageSep 16, 2026Factno URL
Portfolio pageSep 15, 2026Factno URL
Private funds reported40Aug 13, 2026FactForm ADV
Private funds reported40Aug 13, 2026FactForm ADV
Private funds reported30Mar 29, 2024FactForm ADV
Private fund gross assets (reported)$4.2BAug 13, 2026FactForm ADV
Private fund gross assets (reported)$4.2BAug 13, 2026FactForm ADV
Private fund gross assets (reported)$2.1BMar 29, 2024FactForm ADV
Regulatory AUM (adviser, not fund size)$4.4BAug 13, 2026FactForm ADV
Regulatory AUM (adviser, not fund size)$2.1BMar 29, 2024FactForm ADV
Schedule a diffsadiff-1Aug 13, 2026FactForm ADV
Stated sectorsspace
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsspace
“sector words on the home page”
Sep 15, 2026Factno URL
Venture funds reported40Aug 13, 2026FactForm ADV
Venture funds reported40Aug 13, 2026FactForm ADV
Venture funds reported30Mar 29, 2024FactForm ADV
WebsiteSep 12, 2026FactForm ADV
WebsiteAug 13, 2026FactForm ADV
WebsiteMar 29, 2024FactForm ADV
Site titleSep 16, 2026Factno URL
Site titleSep 15, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, probableShow
Importance
70
high
Active deployment
40
elevated
Emerging
0
low
Freshness
100
high
Institutional venture firm · probableSEC registered investment adviser

Venture manager, reported GAV $4.2B across 80 vehicles

The inputs behind each score
importance
gav: 0.8 · funds: 1 · people: 0.12 · investments: 0.66 · co investors: 0.84
active deployment
investments 12m: 0.5 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-09-30
emerging manager
fund count: 80 · reported gav: $4.2B · first adv filing: 2018-08-03 · years since first filing: 8.2

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Fits

5 scored matches, best firstas of
  • score 55.6confidence 100%
    Why: sector fit; stage fit; activity; analogous
    Watch: adjacent portfolio
  • score 46confidence 90%
    Why: stage fit; activity; cap table
  • score 41confidence 90%
    Why: stage fit; activity; cap table

+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

1 dated event on the change ledger, latest event first
  • Adviser's first ADV filing
    2018-08-03source 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.