Natural Capital
Investor-first private investment firm focused on long-term opportunities in the Heartland. Access diversified real estate and growth-stage investments designed for durable returns.
In the firm's own words, from its website.
13 additional team members, 22 additional co-investors and affiliates, 22 additional investments, funds and LPs, 2 events, 9 verified contacts (8 professional url, 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 companiesnew in 12 months
2 new companies in the last 12 months.
A firm writing cheques this quarter is one a founder can pitch now.
People to know
View all people- Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
- Managing Director, InvestmentsWhy: Managing directorProfile
- MemberWhy: Named with investment responsibilityNo route on file yet
Relationship network
68 connected entities2 observed rounds
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 Natural 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 Natural Capital
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
25 companies on record, 2 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 |
|---|---|---|---|---|---|---|---|
| 44 West Luxury Living | portfolio listing | unknown | unknown | unknown | unknown | Oct 1, 2026 | Fact Firm website |
| Benson Hill | portfolio listing | unknown | unknown | unknown | unknown | Oct 1, 2026 | Fact Firm website |
| Dispatch | portfolio listing | unknown | unknown | unknown | unknown | Oct 1, 2026 | Fact Firm website |
Stated thesis versus observed behaviour
- Sectors
- industrial
- Stages
- not stated or not yet read
- Geography
- heartland
- Check size
- not stated; DFX does not estimate checks from round sizes
Team
17 current, 0 departed
Decision makers
- Bradley Thomas Henry · Managing PartnerWhy this person: Managing partner: runs the firm; Named with investment responsibility
- Ben Hearnsberger · Managing Director, InvestmentsWhy this person: Managing director; Named with investment responsibilityLinkedIn or profile link on file (firm website), confirmed 2026-10-01, confidence 90%
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. 1 with a route on file. 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 Partner
- Managing Director, Investments
Contacts
1 firm phone, 8 professional url on record, each with its source. Values open with the complete profile.
Funds and LPs
3 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 |
|---|---|---|---|---|---|---|---|
| Natural Capital Fund Ii-A, L.P. | Feeder or parallel · ADV: Private Equity Fund | 2024 adv first reported | Early deployment | $16.1M Aug 4, 2026 | 34 | $0 | Jun 5, 2023 |
| Natural Capital Fund I, L.P. | Fund · ADV: Private Equity Fund | 2019 form d first sale | Mature | $46.3M Aug 4, 2026 | 73 | $15.8M of $100M | Oct 3, 2019 |
| Natural Capital Fund II, L.P. | Fund · ADV: Private Equity Fund | unknown | Unknown | $109M Aug 4, 2026 | 124 | $0 | Nov 18, 2022 |
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
24 co-investors · on 5 other DFX graphs
Co-investors
- 2026-10-011 shared deal · one time
- 2026-10-011 shared deal · one time
- 2026-10-011 shared deal · one time
Across DFX and the capital chainon 5 other DFX graphs ShowHide
- Sponsor-market profile (matched by same CRD)
- The same institution is held on Independent Sponsors, Real Estate Funds, RIA and Wealth, Private Equity, Private Credit, matched by identifier. See which records
Natural Capital is the same institution as 5 records in Independent Sponsors, Real Estate Funds, RIA and Wealth, Private Equity and Private Credit.
DFX found 5 relationships across 5 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
7 dated events, 51 observations from 3 sources
Timeline
- seen on or beforeSep 24, 2026Natural Capital: PE_WITH_VENTURE_ACTIVITY -> CANDIDATE_VC (no sworn venture fact yet (name or round mention only))Classification changedClassificationInference
- Mar 30, 2024Natural Capital Fund Ii-A, L.P. first reported on Form ADV by Natural Capital (Private Equity Fund), GAV $14,454,671
- Oct 1, 2023Tracy Lynne Cude joined Schedule A of Natural Capital as Chief Financial Officer
- Sep 1, 2023AMY Christeen Bagnall joined Schedule A of Natural Capital as Chief Compliance Officer & General Counsel
- Jul 24, 2023Natural Capital Fund II, L.P. first reported on Form ADV by Natural Capital Management, LLC (Private Equity Fund), GAV $68,644,398
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Aug 4, 2026 · 10 private fundsShowHide
- Headquarters
- Little Rock, ARadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- naturalcapitalfirm.com
- SEC adviser type
- Registered investment adviseradviserinfo.sec.gov
- SEC exemption claimed
- unknown
- Latest Form ADV
- Aug 4, 2026
- Private funds reported
- 10 (0 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $253Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Regulatory AUM
- $217Mthe adviser's RAUM, a regulatory measure, never a fund size
- Employees
- 10
- Owners on Schedule A
- Bhkh Holdings, LLC (Member), owns 25% to 50%; RZR, LLC (Member), owns 10% to 25%; Gbgearhart Enterprises LLC (Member), owns 10% to 25%
Classification history
Classification history
Every classification this record has carried3 on recordShowHide
- Sep 24, 2026Candidate (candidate, 50%)No sworn venture fact yet (name or round mention only)
- Sep 23, 2026Private equity with venture activity (probable, 75%)Registered adviser; venture funds are 0% of 10 private funds
- Sep 12, 2026Private equity with venture activity (probable, 75%)Registered adviser; venture funds are 0% of 11 private funds
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| SEC adviser type | Registered investment adviser | Aug 4, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Aug 1, 2024 | Fact | Form ADV |
| First Form ADV filing | 2023-07-24 | Aug 4, 2026 | Fact | Form ADV |
| First Form ADV filing | 2023-07-24 | Aug 1, 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 | 2026-08-04 | Aug 4, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-08-01 | Aug 1, 2024 | Fact | Form ADV |
| Venture share of reported funds | 0 | Aug 4, 2026 | Fact | Form ADV |
| Venture share of reported funds | 0 | Aug 1, 2024 | Fact | Form ADV |
| Business phone | Aug 1, 2024 | Fact | Form ADV | |
| Contact page url | Oct 1, 2026 | Fact | ||
| Contact page url | Sep 16, 2026 | Fact | ||
| Description | Oct 1, 2026 | Fact | ||
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 15, 2026 | Fact | ||
| Employees | 10 | Aug 1, 2024 | Fact | Form ADV |
| Headquarters | Little Rock, AR | Aug 1, 2024 | Fact | Form ADV |
| Office address | Aug 1, 2024 | Fact | Form ADV | |
| Portfolio page | Oct 1, 2026 | Fact | ||
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 15, 2026 | Fact | ||
| Private funds reported | 10 | Aug 4, 2026 | Fact | Form ADV |
| Private funds reported | 11 | Aug 1, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $253M | Aug 4, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $270M | Aug 1, 2024 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $217M | Aug 1, 2024 | Fact | Form ADV |
| Stated geography | heartland “geography words on the home page” | Oct 1, 2026 | Fact | |
| Stated geography | heartland “geography words on the home page” | Sep 16, 2026 | Fact | |
| Stated geography | heartland “geography words on the home page” | Sep 15, 2026 | Fact | |
| Stated sectors | industrial “sector words on the home page” | Oct 1, 2026 | Fact | |
| Stated sectors | industrial “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | industrial “sector words on the home page” | Sep 15, 2026 | Fact | |
| Team page | Oct 1, 2026 | Fact | ||
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 15, 2026 | Fact | ||
| Venture funds reported | 0 | Aug 4, 2026 | Fact | Form ADV |
| Venture funds reported | 0 | Aug 1, 2024 | Fact | Form ADV |
| Website | Aug 1, 2024 | Fact | Form ADV | |
| Site title | Oct 1, 2026 | Fact | ||
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 15, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersCandidate, candidateShowHide
No sworn venture fact yet (name or round mention only)
- importance
- gav: 0 · funds: 0 · people: 0.52 · investments: 0.52 · scale basis: Venture-typed funds only (Candidate): 0 funds, $0M of $171M reported · co investors: 0.56
- active deployment
- investments 12m: 0.25 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-09-30
- emerging manager
- fund count: 3 · reported gav: $171M · first adv filing: 2023-07-24 · years since first filing: 3.2
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Record history
- Organization classification changed2026-09-24
- Fund refused2026-09-14
- Fund refused2026-09-14
+7 more changes on this record's ledger
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
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.