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 / TF Investments Ltda.

TF Investments Ltda.

Institutional venture firmSao Paulosoundcloud.comSEC venture capital fund adviserfundraising evidencepart of NFX Capital

One of 2 advisers that share soundcloud.com; the firm is NFX Capital. NFX Capital Management, LLC. Each keeps its own CRD, funds and filings; the grouping is the website each swore to on Form ADV and is recomputed every pass.

venture manager, reported GAV $359M across 11 vehicles

Importance
32
moderate
Active deployment
60
high
Emerging
0
low
Completeness
50
elevated
Freshness
97
high
Research priority
23
moderate
Identity and regulatory footprint
Headquarters
Sao Paulo, Braziladviserinfo.sec.gov
Office address
RUA CUNHA GAGO, 208, Sao Paulo, 04521-000adviserinfo.sec.gov
Business phone
5.51198E+12adviserinfo.sec.gov
Website
HTTPS://SOUNDCLOUD.COM/CANARY-CAST
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
Apr 1, 2024
Private funds reported
9 (9 venture capital funds)adviserinfo.sec.gov
Private fund gross assets
$359Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
business phone
5.51198E+12adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
no observed deals yet
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: no observed deals yet
lead rate n/afollow-on rate n/anew logos, 12 months 0
Funds and vehicles
11 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Canary IV, L.P.Fund2024 form d first saleFundraisingunknownunknown$87.6M
of $150M
Jun 26, 2025
Canary Anchors Fund III, LPFund2022 adv first reportedActive deployment$51.2M
Apr 1, 2024
22unknownunknown
Canary Fund III, LPFund2021 form d first saleMature$50.4M
Apr 1, 2024
86$50.3M
of $50.3M
Nov 23, 2021
Canary Operators Fund III, LPFund2021 form d first saleMature$6.6M
Apr 1, 2024
66$2.8M
of $3.0M
Nov 23, 2021
Canary Anchors Fund II, L.P.Fund2020 adv first reportedMature$56.3M
Apr 1, 2024
16$0
of $50.0M
May 30, 2019
Canary Operators Fund II, L.P.Fund2020 adv first reportedMature$6.0M
Apr 1, 2024
57$0
of $50.0M
May 30, 2019
Canary Fund II, L.P.Fund2019 form d first saleMature$34.0M
Apr 1, 2024
51$25.1M
of $50.0M
Jun 1, 2020
Canary Anchors Fund I, L.P.Fund2016 form d first saleHarvest$81.1M
Apr 1, 2024
21$3.5M
of $50.0M
Jan 9, 2017
Canary Fund I, L.P.Fund2016 form d first saleHarvest$59.7M
Apr 1, 2024
34$7.6M
of $50.0M
Jan 9, 2017
Canary Operators Fund I, L.P.Fund2016 form d first saleHarvest$13.5M
Apr 1, 2024
57$545,000
of $50.0M
Jan 9, 2017
Canary Founders IV, L.P.FundunknownUnknownunknownunknown$0
of $4.0M
Dec 18, 2024
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
5 current, 1 departed
Marcos de Toledo Leite
Administrador · since Oct 1, 2016
Other
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Florian Hagenbuch
Owner · since Jul 1, 2020
Partner
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Mate Pencz
Owner · since Jul 1, 2020
Partner
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Patrick Depicciotto
Owner · since Oct 1, 2020
Partner
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Liliana Carlos Rodriguez
Cco · since Jan 1, 2023
Platform and operations
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
1 departed (kept with end dates)
Investments on record
0 edges, 0 companies, 0 partner-attributed
No investment on record yet. Edges arrive from the firm’s portfolio page, financing announcements, and Form D board seats.
Co-investors
1 relationships from shared deals, counted for the whole firm
Menlo Ventures 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
18 dated events
  1. Apr 1, 2024
    Atlantico Partners, L.P. no longer reported on Form ADV by TF Investments Ltda.
    Fund no longer reportedFundsInferenceAtlantico Partners, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  2. Apr 1, 2024
    Julio Vasconcellos (Director) no longer on Schedule A of TF Investments Ltda.
    Person leftPeopleInferenceJulio VasconcellosSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  3. Jan 1, 2023
    Liliana Carlos Rodriguez joined Schedule A of TF Investments Ltda. as Cco
    Person joinedPeopleFactLiliana Carlos RodriguezSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  4. Mar 31, 2022
    Canary Fund III, LP first reported on Form ADV by Canary Management Ltda. (Venture Capital Fund), GAV $51,864,116
    Fund first reported on Form ADVFundsFactCanary Fund III, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  5. Mar 31, 2022
    Canary Anchors Fund III, LP first reported on Form ADV by Canary Management Ltda. (Venture Capital Fund), GAV $51,463,496
    Fund first reported on Form ADVFundsFactCanary Anchors Fund III, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  6. Mar 31, 2022
    Canary Operators Fund III, LP first reported on Form ADV by Canary Management Ltda. (Venture Capital Fund), GAV $7,375,324
    Fund first reported on Form ADVFundsFactCanary Operators Fund III, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  7. Oct 1, 2020
    Patrick Depicciotto joined Schedule A of Canary Management Ltda. as Owner
    Person joinedPeopleFactPatrick DepicciottoSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  8. Jul 1, 2020
    Florian Hagenbuch joined Schedule A of Canary Management Ltda. as Owner
    Person joinedPeopleFactFlorian HagenbuchSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  9. Jul 1, 2020
    Mate Pencz joined Schedule A of Canary Management Ltda. as Owner
    Person joinedPeopleFactMate PenczSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  10. Mar 31, 2020
    Canary Fund II, L.P. first reported on Form ADV by Canary Management Eireli (Venture Capital Fund), GAV $25,854,557
    Fund first reported on Form ADVFundsFactCanary Fund II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  11. Mar 31, 2020
    Canary Operators Fund II, L.P. first reported on Form ADV by Canary Management Eireli (Venture Capital Fund), GAV $5,345,663
    Fund first reported on Form ADVFundsFactCanary Operators Fund II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  12. Mar 31, 2020
    Atlantico Partners, L.P. first reported on Form ADV by Canary Management Eireli (Venture Capital Fund), GAV $28,640,696
    Fund first reported on Form ADVFundsFactAtlantico Partners, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  13. Mar 31, 2020
    Canary Anchors Fund II, L.P. first reported on Form ADV by Canary Management Eireli (Venture Capital Fund), GAV $43,303,256
    Fund first reported on Form ADVFundsFactCanary Anchors Fund II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  14. May 1, 2019
    Julio Vasconcellos joined Schedule A of Canary Management Eireli as Director
    Person joinedPeopleFactJulio VasconcellosSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  15. Mar 20, 2017
    Canary Operators Fund I, L.P. first reported on Form ADV by Canary Management Eireli (Venture Capital Fund), GAV $2,894,015
    Fund first reported on Form ADVFundsFactCanary Operators Fund I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  16. Mar 20, 2017
    Canary Anchors Fund I, L.P. first reported on Form ADV by Canary Management Eireli (Venture Capital Fund), GAV $9,595,960
    Fund first reported on Form ADVFundsFactCanary Anchors Fund I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  17. Mar 20, 2017
    Canary Fund I, L.P. first reported on Form ADV by Canary Management Eireli (Venture Capital Fund), GAV $8,002,525
    Fund first reported on Form ADVFundsFactCanary Fund I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  18. Mar 20, 2017
    Canary Management Eireli 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)
Classification history
  1. Sep 12, 2026
    Institutional venture firm (confirmed, 95%, cls-1)
    venture manager, reported GAV $359M across 11 vehicles
  2. Sep 12, 2026
    Institutional venture firm (confirmed, 95%, cls-1)
    venture manager, reported GAV $359M across 9 vehicles
Evidence
23 observations from 1 source
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
SEC exemption claimedventure_capital_fund_adviserApr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
SEC adviser typeexempt_reporting_adviserApr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
First Form ADV filing2017-03-20Apr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Adv history loadedadv-hist-1Sep 12, 2026FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Latest Form ADV filing2024-04-01Apr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Venture share of reported funds1Apr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Business phone5.51198E+12Apr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
HeadquartersSao Paulo, BrazilApr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Office addressRUA CUNHA GAGO, 208, Sao Paulo, 04521-000Apr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Legal formOther (specify)Apr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Private funds reported9Apr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Private fund gross assets (reported)$359MApr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Venture funds reported9Apr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
WebsiteHTTPS://SOUNDCLOUD.COM/CANARY-CAST
“re-picked from Schedule D 1.I by name”
Sep 12, 2026FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
WebsiteHTTP://CANARY.VCApr 1, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)