Human 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.
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
- 46 vehicleson 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.
- 4 companiesnew 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.
- 9 dealswith 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 → - 2 of 4enter 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.
People to know
View all people- Investment PartnerWhy: Partner: part of the investment decisionNo route on file yet
- Partner/Chief Business OfficerWhy: Partner: part of the investment decisionNo route on file yet
- Managing Member/Chief Executive OfficerWhy: 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.
- 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 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
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 |
|---|---|---|---|---|---|---|---|
| Humansand | portfolio listing | unknown | unknown | unknown | unknown | Oct 1, 2026 | Fact Company website |
| Flow Engineering | Series B · Series B | participant | unknown | $50.0M | unknown | Sep 30, 2026 | Fact Press release |
| Runetech | portfolio listing | lead | unknown | unknown | unknown | Sep 27, 2026 | Fact Company website |
Stated thesis versus observed behaviour
- Sectors
- space
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
Team
7 current, 3 departed
Decision makers
- Brian Blond · Investment PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility; Led 1 round on record
- Ashwin S Hira · Partner/Chief Business OfficerWhy this person: Partner: part of the investment decision; Named with investment responsibility
- Armaan Ibrahim Ali · Managing Member/Chief Executive OfficerWhy 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
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/Chief Executive Officer
- Investment Partner · led 1 round on record
- Partner/Chief Business Officer
3 departed (kept with end dates)
- Kathlyne Knobloch Kiaie · Chief Compliance Officer · Apr 1, 2021 to Mar 31, 2022 Inference
- Laura Christina Wong · Chief Compliance Officer · Jun 1, 2020 to Apr 2, 2021 Inference
- Marie Dalby Szuts · Chief People Officer · Jan 1, 2022 to Mar 31, 2023 Inference
Contacts
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
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 |
|---|---|---|---|---|---|---|---|
| HCM VI, L.P. | Fund | 2024 form d first sale | Early deployment | $460M Aug 13, 2026 | 64 | $419M | Jan 21, 2025 |
| HCM S14a LP | Fund | 2024 adv first reported | Early deployment | $106M Aug 13, 2026 | 118 | $0 | Aug 4, 2023 |
| HCM S12a LP | Fund | 2024 adv first reported | Early deployment | $10.4M Aug 13, 2026 | 2 | unknown | unknown |
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
122 co-investors · on 3 other DFX graphs
Co-investors
- 2026-10-019 shared deals · very strong
- 2026-10-015 shared deals · strong
- 2026-10-014 shared deals · strong
Across DFX and the capital chainon 3 other DFX graphs ShowHide
- The same institution is held on Private Equity, RIA and Wealth, Private Credit, matched by identifier. See which records
Human Capital is the same institution as 3 records in Private Equity, RIA and Wealth and Private Credit.
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
- Aug 13, 2026HCM S5aii LP first reported on Form ADV by Human Capital (Venture Capital Fund), GAV $70,930,722
- Aug 13, 2026HCM S20a LP first reported on Form ADV by Human Capital (Venture Capital Fund), GAV $16,805,053
- Aug 13, 2026HCM S7c LP first reported on Form ADV by Human Capital (Venture Capital Fund), GAV $20,812,601
- Aug 13, 2026HCM S5aiii first reported on Form ADV by Human Capital (Venture Capital Fund), GAV $18,026,444
- Aug 13, 2026HCM S20b LP first reported on Form ADV by Human Capital (Venture Capital Fund), GAV $15,005,000
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Aug 13, 2026 · 40 private fundsShowHide
- 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
Classification history
Every classification this record has carried4 on recordShowHide
- Sep 23, 2026Institutional venture firm (probable, 80%)Venture manager, reported GAV $4.2B across 80 vehicles
- Sep 15, 2026Institutional venture firm (probable, 80%)Venture manager, reported GAV $2.1B across 74 vehicles
- Sep 12, 2026Institutional venture firm (probable, 80%)Venture manager, reported GAV $2.0B across 73 vehicles
- Sep 12, 2026Institutional venture firm (probable, 80%)Venture manager, reported GAV $2.0B across 29 vehicles
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC funds reported | Aug 13, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Aug 13, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Aug 13, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Mar 29, 2024 | Fact | Form ADV |
| First Form ADV filing | 2018-08-03 | Aug 13, 2026 | Fact | Form ADV |
| First Form ADV filing | 2018-08-03 | Mar 29, 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 | 2026-08-13 | Aug 13, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-08-13 | Aug 13, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-03-29 | Mar 29, 2024 | Fact | Form ADV |
| SEC status | Approved | Aug 13, 2026 | Fact | Form ADV |
| SEC status effective | 2020-07-27 | Aug 13, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Aug 13, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 29, 2024 | Fact | Form ADV |
| Business phone | Aug 13, 2026 | Fact | Form ADV | |
| Business phone | Mar 29, 2024 | Fact | Form ADV | |
| Contact page url | Sep 16, 2026 | Fact | ||
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 15, 2026 | Fact | ||
| Employees | 39 | Aug 13, 2026 | Fact | Form ADV |
| Employees | 56 | Mar 29, 2024 | Fact | Form ADV |
| Headquarters | San Francisco, CA | Aug 13, 2026 | Fact | Form ADV |
| Headquarters | San Francisco, CA | Mar 29, 2024 | Fact | Form ADV |
| Office address | Aug 13, 2026 | Fact | Form ADV | |
| Office address | Mar 29, 2024 | Fact | Form ADV | |
| Legal form | Aug 13, 2026 | Fact | Form ADV | |
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 15, 2026 | Fact | ||
| Private funds reported | 40 | Aug 13, 2026 | Fact | Form ADV |
| Private funds reported | 40 | Aug 13, 2026 | Fact | Form ADV |
| Private funds reported | 30 | Mar 29, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $4.2B | Aug 13, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $4.2B | Aug 13, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $2.1B | Mar 29, 2024 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $4.4B | Aug 13, 2026 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $2.1B | Mar 29, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Aug 13, 2026 | Fact | Form ADV |
| Stated sectors | space “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | space “sector words on the home page” | Sep 15, 2026 | Fact | |
| Venture funds reported | 40 | Aug 13, 2026 | Fact | Form ADV |
| Venture funds reported | 40 | Aug 13, 2026 | Fact | Form ADV |
| Venture funds reported | 30 | Mar 29, 2024 | Fact | Form ADV |
| Website | Sep 12, 2026 | Fact | Form ADV | |
| Website | Aug 13, 2026 | Fact | Form ADV | |
| Website | Mar 29, 2024 | Fact | Form ADV | |
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 15, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, probableShowHide
Venture manager, reported GAV $4.2B across 80 vehicles
- 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
- score 55.6confidence 100%Why: sector fit; stage fit; activity; analogousWatch: 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
- Adviser's first ADV filing2018-08-03source 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.