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Firms / B•••• A••••••• I••••••••• S•••••••• G•••• L••

B•••• A••••••• I••••••••• S•••••••• G•••• L••

Private equity with venture activity · probableBaltimore, MDb•••••••••.comSEC registered investment adviser

registered adviser; venture funds are 0% of 395 private funds

Importance
25
moderate
Active deployment
25
moderate
Emerging
0
low
Completeness
38
elevated
Freshness
97
high
Research priority
14
low
Identity and regulatory footprint
Headquarters
Baltimore, MDa•••••••••.s••.gov
Office address
••• Lockeda•••••••••.s••.gov
Business phone
••• Lockeda•••••••••.s••.gov
Website
b•••••••••.com
SEC adviser type
registered investment advisera•••••••••.s••.gov
SEC exemption claimed
unknown
Latest Form ADV
Apr 21, 2026
Private funds reported
395 (3 venture capital funds)a•••••••••.s••.gov
Private fund gross assets
$7.4Ba•••••••••.s••.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Regulatory AUM
$9.8Bthe adviser's RAUM, a regulatory measure, never a fund size
Employees
24
Owners on Schedule A
B•••• A••••••• G•••• H••••••• L•• (Holding Company), C; B•••• A••••••• I••••••••• (Unit Holder And Managing Member), F; B•••• A••••••• M••••••••• L•• (Holding Company And Managing Member), E
business phone
410-537-5400adviserinfo.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
asia, europe, global, united states
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
50 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
B••• A•• L•••• L••Fund2026 form d first saleFundraisingunknownunknown$1.5MFeb 19, 2026
B••• D•••••• I•••••••• A• L••Fund2025 form d first saleFundraisingunknownunknown$2.1MJan 13, 2026
B••• D•••••• I•••••••• A• 2• L••Fund2025 form d first saleFundraisingunknownunknown$1.6MJan 12, 2026
N•••••• O•••••• L••Fund2025 form d first saleNewly closedunknownunknown$500,000Jan 27, 2025
B•••• N•••••• D•••••• A• L••Fund2025 form d first saleFundraisingunknownunknown$1.2MMay 5, 2026
B••• D•••••• I•••••••• Q• L••Feeder or parallel2025 form d first saleFundraisingunknownunknown$30.6MJan 12, 2026
N•••••• T••• L••Fund2025 form d first saleFundraisingunknownunknown$300,000Sep 22, 2025
N•••••• A••••••• L••SPV or co-invest vehicle · ADV: Other P•••••• Fund2023 adv first reportedActive deployment$316,088
May 17, 2024
14unknownunknown
N•••••• E•••• L••Fund2023 form d first saleActive deploymentunknownunknown$117,500Jan 19, 2024
N•••••• V••••••• F••• I••• L•••Fund · ADV: Other P•••••• Fund2022 form d first saleActive deployment$64.5M
May 17, 2024
223$62.5MApr 29, 2024
N•••••• V•••••••• L••Fund · ADV: Other P•••••• Fund2022 form d first saleFundraising$497,325
May 17, 2024
14$731,299Apr 30, 2026
N•••••• T•••• L••Fund · ADV: Other P•••••• Fund2022 form d first saleActive deployment$468,104
May 17, 2024
15$492,500Apr 25, 2024
N•••••• O••••• L••Fund · ADV: Other P•••••• Fund2022 form d first saleActive deployment$458,450
May 17, 2024
17$475,015Nov 1, 2024
N•••••• C•••• S••••• L••Fund · ADV: Other P•••••• Fund2022 form d first saleActive deployment$280,198
May 17, 2024
13$295,000Jul 30, 2024
N•••••• C•••••• L••Fund · ADV: Other P•••••• Fund2022 form d first saleActive deployment$157,712
May 17, 2024
8$180,000Mar 17, 2022
N•••••• T••••••••• L••Fund · ADV: Other P•••••• Fund2022 form d first saleActive deployment$82,376
May 17, 2024
5$100,000Aug 30, 2024
N•••••• I•••••••• L••Fund · ADV: Other P•••••• Fund2022 form d first saleActive deployment$48,213
May 17, 2024
4$65,000Apr 29, 2024
N•••••• M•••• L••Fund2021 form d first saleMature$3.2M
May 17, 2024
42$1.1MJan 31, 2024
N•••••• T••••••••• L••Fund2021 form d first saleMature$1.3M
May 17, 2024
18$336,808Jun 28, 2024
N•••••• P•• L••Fund · ADV: Other P•••••• Fund2021 form d first saleMature$1.0M
May 17, 2024
31$1.1MApr 29, 2024
N•••••• A•••• L••Fund2021 form d first saleFundraising$952,101
May 17, 2024
16$1.3MApr 27, 2026
N•••••• P•••• L••Fund2021 form d first saleMature$650,723
May 17, 2024
14$327,536Apr 4, 2024
N•••••• K••• L••Fund2021 form d first saleMature$521,064
May 17, 2024
17$510,843Feb 20, 2024
N•••••• V•• L••Fund2021 form d first saleMature$474,293
May 17, 2024
16$314,750Apr 29, 2024
N•••••• M•••• L••Fund2021 form d first saleMature$328,423
May 17, 2024
8$211,630Apr 4, 2024
N•••••• T••••• L••Fund · ADV: Other P•••••• Fund2021 form d first saleMature$296,554
May 17, 2024
19$316,500Dec 1, 2021
N•••••• Q•••••• M••••• L••Fund · ADV: Other P•••••• Fund2021 form d first saleMature$261,805
May 17, 2024
6$285,000Aug 13, 2021
N•••••• G•••••• L••Fund2021 form d first saleMature$210,468
May 17, 2024
11$235,020Jul 30, 2024
N•••••• S•••• L••Fund · ADV: Other P•••••• Fund2021 form d first saleMature$162,241
May 17, 2024
14$195,000Jul 30, 2024
N•••••• S••••••• L••Fund · ADV: Other P•••••• Fund2021 form d first saleMature$116,618
May 17, 2024
10$144,975Jun 28, 2024
N•••••• S•••••••• I••••••••• L••Fund2021 form d first saleMature$22,605
May 17, 2024
31$517,037Jun 28, 2024
N•••••• C••••••• S•••••• L••Fund2021 form d first saleMatureunknownunknown$249,997Jul 30, 2024
N•••••• H••• L••Fund2020 form d first saleMature$3.3M
May 17, 2024
25$1.4MJul 30, 2024
N•••••• D••••••• L••Fund2020 form d first saleMatureunknownunknown$3.8MJul 30, 2024
N•••••• L••••• L••Fund2020 form d first saleMatureunknownunknown$80,000May 10, 2024
N•••••• D•••••• L••Fund2020 form d first saleMatureunknownunknown$1.6MMar 5, 2024
N•••••• R•••••• L••Fund2020 form d first saleMatureunknownunknown$1.9MJun 28, 2024
N•••••• O••••••••• L••Fund2020 form d first saleMatureunknownunknown$247,500Sep 16, 2024
N•••••• U••••••••• L••Fund2019 form d first saleMatureunknownunknown$2.6MJan 12, 2024
N•••••• E••••• L••Fund2019 form d first saleMatureunknownunknown$6.0MMar 21, 2024
N•••••• B••••• L••Fund2019 form d first saleMatureunknownunknown$1.9MJun 28, 2024
N•••••• W••••• L••Fund2019 form d first saleMatureunknownunknown$1.5MOct 2, 2024
N•••••• O•••• L••Fund2019 form d first saleMatureunknownunknown$890,104Jan 10, 2024
N•••••• C•••• L••Fund2019 form d first saleMatureunknownunknown$24.6MJan 31, 2024
N•••••• T••• L••Fund2019 form d first saleMatureunknownunknown$2.9MAug 20, 2024
N•••••• S•••••• L••Fund2019 form d first saleMatureunknownunknown$4.1MOct 2, 2024
N•••••• V••• L••Fund2019 form d first saleMatureunknownunknown$825,000Apr 16, 2024
N•••••• S•• M••••••• L••Fund2019 form d first saleMatureunknownunknown$2.2MJan 10, 2024
N•••••• S•••••••• L••Fund2018 form d first saleHarvestunknownunknown$1.7MFeb 2, 2024
B•••• A••••••• P•••••• E••••• P••••••• I• •••• L•••Fund2016 form d first saleHarvest$14.9M
May 17, 2024
44$8.2MFeb 18, 2016
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, 5 departed
M•••••• D•••• H•••••
President & Ceo - B•••• A••••••• · since Dec 1, 2013
Founder or executive
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
B•••• D•••• R•••••
General Counsel · since Jan 1, 2013
Platform and operations
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
J•••• P••••••• C••••••
Deputy General Counsel & Chief Compliance Officer, Baisg · since Mar 1, 2022
Platform and operations
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
S•••••• M•••• P•••••
Chief Financial Officer · since May 1, 2024
Platform and operations
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
W•••••• O••••• W••••
Chief Operating Officer · since Jun 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)
5 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
0 relationships from shared deals, counted 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.
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
37 dated events
  1. May 17, 2024
  2. May 1, 2024
  3. Jun 1, 2023
  4. Mar 30, 2023
  5. Mar 30, 2023
  6. Mar 30, 2023
  7. Mar 30, 2023
  8. Mar 30, 2023
  9. Mar 30, 2023
  10. Mar 30, 2023
  11. Mar 30, 2023
  12. Mar 30, 2022
  13. Mar 30, 2022
  14. Mar 30, 2022
  15. Mar 30, 2022
  16. Mar 30, 2022
  17. Mar 30, 2022
  18. Mar 30, 2022
  19. Mar 30, 2022
  20. Mar 1, 2022
  21. Mar 30, 2021
  22. Mar 30, 2021
  23. Mar 30, 2021
  24. Mar 30, 2021
  25. Mar 30, 2021
  26. Mar 30, 2021
  27. Mar 30, 2021
  28. Mar 30, 2021
  29. Mar 30, 2017
  30. Mar 31, 2014
  31. Mar 31, 2014
  32. Mar 31, 2014
  33. Dec 1, 2013
  34. Dec 1, 2013
  35. Apr 1, 2013
  36. Jan 1, 2013
  37. Mar 29, 2012
Classification history
  1. Sep 12, 2026
    Private equity with venture activity (probable, 75%, cls-1)
    registered adviser; venture funds are 0% of 395 private funds
  2. Sep 12, 2026
    Private equity with venture activity (probable, 75%, cls-1)
    registered adviser; venture funds are 0% of 346 private funds
Evidence
76 observations from 3 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedvc_funds_reportedApr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC adviser typeregistered_investment_adviserApr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC adviser typeregistered_investment_adviserMay 17, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
First Form ADV filing2012-03-29May 17, 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 filing2026-04-21Apr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Latest Form ADV filing2024-05-17May 17, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
SEC statusApprovedApr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC status effective2003-01-23Apr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Venture share of reported funds0May 17, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Business phone••• LockedApr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Business phone••• LockedMay 17, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Contact page urlhttps://b•••••••••.com/
“contact page linked from the home page”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Employees24Apr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Employees26May 17, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
HeadquartersBaltimore, MDApr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
HeadquartersBaltimore, MDMay 17, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Office address••• LockedApr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Office address••• LockedMay 17, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Legal formLimited Liability CompanyApr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Other funds reported65Apr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
PE funds reported303Apr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private funds reported395Apr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private funds reported346May 17, 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)$7.4BApr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private fund gross assets (reported)$6.2BMay 17, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Regulatory AUM (adviser, not fund size)$9.8BApr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Regulatory AUM (adviser, not fund size)$7.3BMay 17, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Stated geographyasia,europe,global,united states
“geography words on the home page”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated geographyasia,europe,global,united states
“geography words on the home page”
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Venture funds reported3Apr 21, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Venture funds reported2May 17, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Website••• Locked
“••• Locked”
Sep 12, 2026FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Website••• LockedMay 17, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Site titleB•••• A••••••• Global Homepage | B•••• A•••••••
“title tag”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Site titleB•••• A••••••• Global Homepage | B•••• A•••••••
“title tag”
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)