Learn Capital

Multi-stage venture firmSEC venture capital fund adviser· Austin, TexasLEARNCAPITAL.COM

Multi-stage venture firm, based in Austin, Texas, reporting $1.1B of fund assets on its funds' Form ADV filings.

Composed from this organization's classification, location and filed figures.

Reported fund assets
$1.1B
sum of its funds' Form ADV filings, last 30 months
Investment team
6
Latest vintage
2024
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsFundsInvestmentsTeam (10)
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

7 additional team members, 59 additional investments, funds and LPs, 69 events, 2 verified contacts (2 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.

Nothing material in the last 180 days. Last change: 1 Apr 2026, A team member departed on 1 Apr 2026. 2 departures on record in 12 months.

People to know

View all people
  • Don Burton
    Managing Partner, LearnStart
    Why: Managing partner: runs the firm
    No route on file yet
  • Greg Mauro
    Founder, Managing Partner
    Why: Managing partner: runs the firm
    No route on file yet
  • Rob Hutter
    Managing Member
    Why: Named with investment responsibility
    No route on file yet

Relationship network

72 connected entities

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
  • 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 Learn 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 Learn Capital

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

Investing

0 companies on record, 0 new in 12 months
Investments on record
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.
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
Sectors
ai, marketplaces, edtech, hrtech
Stages
not stated or not yet read
Geography
emerging markets, global
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 no observed dealsfollow-on rate no observed dealsnew companies, 12 months 0

Team

10 current, 1 departed
Decision makers
who to call first, and why; then everyone else by function
  • Don Burton · Managing Partner, LearnStart
    Why this person: Managing partner: runs the firm; Named with investment responsibility
  • Greg Mauro · Founder, Managing Partner
    Why this person: Managing partner: runs the firm; Named with investment responsibility
  • Rob Hutter · Managing Member
    Why this person: 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
10 current, 1 departed
2 departed (kept with end dates)
  • Greg Mauro · Managing Member · Jun 1, 2008 to Apr 1, 2026 Fact
  • Thomas Vander Ark · Managing Member · Jun 1, 2008 to Apr 1, 2026 Fact
Contacts
2 firm phone

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

Funds and LPs

55 vehicles, 0 LPs disclosed
Funds and vehicles
55 reported, 7 no longer reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Learn Capital IV Special Opportunities XI LLCOpportunity fund2024 form d first saleEarly deployment$20.1M
Apr 1, 2026
5$656,839
of $21.0M
May 17, 2024
Learn Capital Special Opportunities Fund Xxxiv, L.P.Opportunity fund2023 adv first reportedActive deployment$8.0M
Apr 1, 2026
2unknownunknown
Learn Capital IV Special Opportunities Viii, LLCOpportunity fund2023 form d first saleActive deployment$6.2M
Apr 1, 2026
5$0
of $10.0M
Jul 20, 2023
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
2 relationships across the firm's funds, from public pensions and the allocator graph
AllocatorTypeFundAmountDateSource
The Nathan Cummings Foundation IncFOUNDATIONLearn Capital Fund V Growth, L.P.$1.3M
fair value on the foundation's return
reported as of Dec 31, 2024Fact IRS Form 990 / 990-PF e-file returns
The Nathan Cummings Foundation IncFOUNDATIONLearn Capital Fund V Early, LP$1.1M
fair value on the foundation's return
reported as of Dec 31, 2024Fact IRS Form 990 / 990-PF e-file returns

Relationships across DFX

0 co-investors · on 2 other DFX graphs
Co-investors
0 counted from shared deals, for the whole firm
No co-investor relationship yet: these are derived only from rounds and portfolio listings the graph has seen both investors on.
Across DFX and the capital chainon 2 other DFX graphs · 1 capital path Show
Across DFX
  • The same institution is held on Allocators, RIA and Wealth, matched by identifier. See which records
Across the graphs

Learn Capital is the same institution as 2 records in Allocators and RIA and Wealth.

Allocators1RIA and Wealth1

DFX found 2 relationships across 2 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…

Capital chain

Learn Capital sits on 1 traced path of capital across the graphs.

Allocator commitments to a manager

DFX traced 1 path of capital through this record

Every record on each path, what it committed or lent, and as of when.

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

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Evidence and history

74 dated events, 81 observations from 4 sources
Timeline
74 dated events
  1. Apr 1, 2026
    Learn Capital IV Special Opportunities Viii-A, LLC first reported on Form ADV by Learn Capital (Venture Capital Fund), GAV $890,038
    Fund first reported on Form ADVFundsInferenceLearn Capital IV Special Opportunities Viii-A, LLCForm ADV
  2. Apr 1, 2026
    Learn Capital V Special Opportunities III, LLC first reported on Form ADV by Learn Capital (Venture Capital Fund), GAV $2,063,601
    Fund first reported on Form ADVFundsInferenceLearn Capital V Special Opportunities III, LLCForm ADV
  3. Apr 1, 2026
    Learn Capital IV Special Opportunities Xi, LLC first reported on Form ADV by Learn Capital (Venture Capital Fund), GAV $20,076,856
    Fund first reported on Form ADVFundsInferenceLearn Capital IV Special Opportunities XI LLCForm ADV
  4. Apr 1, 2026
    Learn Capital V Special Opportunities II, LLC first reported on Form ADV by Learn Capital (Venture Capital Fund), GAV $701,842
    Fund first reported on Form ADVFundsInferenceLearn Capital V Special Opportunities II, LLCForm ADV
  5. Apr 1, 2026
    Greg Mauro (Managing Member) no longer on Schedule A of Learn Capital
    Person leftPeopleInferenceGreg MauroForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Apr 1, 2026 · 54 private fundsShow
Headquarters
Austin, TXadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
LEARNCAPITAL.COM
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, 2026
Private funds reported
54 (54 venture capital funds)adviserinfo.sec.gov
Private fund gross assets, adviser total
$1.1Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Classification history
Every classification this record has carried2 on recordShow
  1. Sep 23, 2026
    Multi-stage venture firm (confirmed, 95%)
    Both early and growth/opportunity families, reported GAV $1.1B
  2. Sep 12, 2026
    Multi-stage venture firm (confirmed, 95%)
    Both early and growth/opportunity families, reported GAV $1.5B
Evidence
81 observations from 4 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC exemption, VC funds reportedApr 1, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserApr 1, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserApr 5, 2024FactForm ADV
SEC adviser typeExempt reporting adviserApr 1, 2026FactForm ADV
SEC adviser typeExempt reporting adviserApr 1, 2026FactForm ADV
SEC adviser typeExempt reporting adviserApr 5, 2024FactForm ADV
SEC adviser typeExempt reporting adviserMar 31, 2014FactForm ADV
First Form ADV filing2014-03-31Apr 1, 2026FactForm ADV
First Form ADV filing2014-03-31Apr 5, 2024FactForm ADV
First Form ADV filing2012-03-29Mar 31, 2014FactForm 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 filing2026-04-01Apr 1, 2026FactForm ADV
Latest Form ADV filing2026-04-01Apr 1, 2026FactForm ADV
Latest Form ADV filing2024-04-05Apr 5, 2024FactForm ADV
Latest Form ADV filing2014-03-31Mar 31, 2014FactForm ADV
SEC statusERA - ActiveApr 1, 2026FactForm ADV
SEC status effective2014-03-31Apr 1, 2026FactForm ADV
Venture share of reported funds1Apr 1, 2026FactForm ADV
Venture share of reported funds1Apr 5, 2024FactForm ADV
Venture share of reported funds1Mar 31, 2014FactForm ADV
Business phoneApr 1, 2026FactForm ADV
Business phoneApr 5, 2024FactForm ADV
Business phoneMar 31, 2014FactForm ADV
Contact page urlSep 16, 2026Factno URL
HeadquartersAustin, TXApr 1, 2026FactForm ADV
HeadquartersAustin, TXApr 5, 2024FactForm ADV
HeadquartersAustin, TXMar 31, 2014FactForm ADV
Office addressApr 1, 2026FactForm ADV
Office addressApr 5, 2024FactForm ADV
Office addressMar 31, 2014FactForm ADV
Legal formLimited Liability CompanyApr 1, 2026FactForm ADV
Legal formLimited Liability CompanyApr 5, 2024FactForm ADV
Legal formLimited Liability CompanyMar 31, 2014FactForm ADV
Private funds reported54Apr 1, 2026FactForm ADV
Private funds reported54Apr 1, 2026FactForm ADV
Private funds reported50Apr 5, 2024FactForm ADV
Private funds reported4Mar 31, 2014FactForm ADV
Private fund gross assets (reported)$1.1BApr 1, 2026FactForm ADV
Private fund gross assets (reported)$1.1BApr 1, 2026FactForm ADV
Private fund gross assets (reported)$1.5BApr 5, 2024FactForm ADV
Private fund gross assets (reported)$87.9MMar 31, 2014FactForm ADV
Schedule a diffsadiff-1Apr 1, 2026FactForm ADV
Stated geographyemerging markets, global
“geography words on the home page”
Sep 16, 2026Factno URL
Stated geographyemerging markets, global
“geography words on the home page”
Sep 15, 2026Factno URL
Stated sectorsAI, marketplaces, edtech, hrtech
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsAI, marketplaces, edtech, hrtech
“sector words on the home page”
Sep 15, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 15, 2026Factno URL
Venture funds reported54Apr 1, 2026FactForm ADV
Venture funds reported54Apr 1, 2026FactForm ADV
Venture funds reported50Apr 5, 2024FactForm ADV
Venture funds reported4Mar 31, 2014FactForm ADV
WebsiteSep 12, 2026FactForm ADV
WebsiteApr 5, 2024FactForm ADV
WebsiteMar 31, 2014FactForm ADV
Website resolved domainSep 16, 2026Factno URL
Website resolved domainSep 15, 2026Factno URL
Website resolved domainSep 14, 2026Factno URL
Site titleSep 16, 2026Factno URL
Site titleSep 15, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersMulti-stage venture firm, confirmedShow
Importance
42
elevated
Active deployment
25
moderate
Emerging
0
low
Freshness
100
high
Multi-stage venture firmSEC exempt reporting adviser

Both early and growth/opportunity families, reported GAV $1.1B

The inputs behind each score
importance
gav: $1 · funds: 1 · people: 0.36 · investments: 0 · co investors: 0
active deployment
investments 12m: 0 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: not scored
emerging manager
fund count: 62 · reported gav: $1.1B · first adv filing: 2014-03-31 · years since first filing: 12.5

Fits, record history and connections

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

Record history

2 dated events on the change ledger, latest event first
  • Adviser's first ADV filing
    2014-03-31source on record
  • Adviser's first ADV filing
    2012-03-29source 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.

Not yet on record: new companies, 12 mo.