DFX Intelligence
HMC Needles II, LP
As of · the latest observation of this vehicle; each figure below carries its own filing date
Active deploymentFundraising status unknownADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
What matters now
- +99%reported GAV
Reported gross assets rose from $7.98M to $15.9M between the Form ADV filings of 7 Mar 2024 and 13 Mar 2026.
The fund's assets as the adviser swears them, never its size or dry powder.
Drawing the relationship network…
Amounts, each with its basis
- Vintage
- 2023basis: form d first sale
- Target
- unknownnot announced
- First close
- unknownnever inferred from a Form D
- Final close
- unknownonly from an announcement or an LP disclosure
- Announced size
- unknown
- Form D offering
- $25.0Mwhat may be sold, not what was raised; file 021-488267, sworn by the adviser or filed under this vehicle
- Form D sold
- $16.1Mas of the filing of Jan 13, 2025, 25 investors
- First sale
- Jul 19, 2023
- Reported GAV
- $15.9Mon the Form ADV filed Mar 13, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 24
- Reported on ADV
- Mar 7, 2024 to Mar 13, 2026
Fundraising evidence
What counts as raisingA Form D offering is permission to sell, not a fund in market; an amount sold is never a close; an evergreen offering amended every year is not a raise.Unknown
latest Form D 2025-01-13, older than 15 months (fr-1)
evidence dated Jan 13, 2025.
Lifecycle
Active deployment
Lifecycle
vintage 2 to 4 years
age years: 3first sale: Jul 19, 2023vintage year: 2023adv gav as of: Mar 13, 2026vintage basis: Form d first saleform d sold: $16.1Mform d offering: $25.0Mform d latest filed at: Jan 13, 2025
The fund's own reporting through time
2 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 7, 2024 | Venture Capital Fund | $8.0M | 24 | 0% | no | ||
| Mar 13, 2026 | Venture Capital Fund | $15.9M | 24 | 0% |
Principals and agents
3 principals on Form D, 0 placement agents
- Semil Shah Executive Officer
- Haystack Management Company, LLC Director
- Haystack Needles GP, LLC Director
Service providers
2 named on Form ADV Schedule D and Form D
- AuditorSENSIBA SAN FILIPPO LLP · PLEASANTON, California, United StatesForm ADV filed Mar 13, 2026 reports.adviserinfo.sec.gov
- CustodianGRASSHOPPER BANK · NEW YORK, New York, United StatesForm ADV filed Mar 13, 2026 reports.adviserinfo.sec.gov
Limited partners and their reported performance
Whose numbers these areEach row is the LP’s own number: its cash flows and its valuation policy as of its reporting date, not the fund’s. Net IRR is printed only when the LP prints one. The vintage is the LP’s definition (CalPERS: year of its first cash flow; WSIB: year of its initial investment).0 public LP reports
No public LP has reported this vehicle. The LP tape is read from public pension disclosures (see Limited partners); a fund appears here only when an LP’s report names it.
Known LPs and allocators
What these amounts and dates areA commitment date prints only when the source printed one; otherwise the row carries the date of the report that listed it. A foundation’s 990-PF line is a holding at fair value on its return, never a commitment.0 relationships, public pensions and the allocator graph, each counted once
No allocator names this vehicle in a public disclosure DFX holds: pension reports, foundation 990-PF returns or endowment disclosures.
Investments attributed to this vehicle
0
No investment attributed to this vehicle. The firm’s investments sit on the firm; a fund gets one only when a source names the vehicle.
Timeline
5 events
- Mar 13, 2026Custodian changed: GRASSHOPPER BANK replaced First Citizens Bank, first reported on the Form ADV filed March 13, 2026 (previous filing February 27, 2025)Custodian changed Fact Form ADV
- Jan 13, 2025HMC Needles II, L.P. filed Form D/A: $16,150,000 sold of $25,000,000, Venture Capital FundForm D filed Fact Form D
- Mar 7, 2024HMC Needles II, LP first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $7,979,427Fund first reported on Form ADV Fact Form ADV
- Aug 1, 2023HMC Needles II, L.P. filed Form D/A: $16,050,000 sold of $25,000,000, Venture Capital FundForm D filed Fact Form D
- Jul 31, 2023HMC Needles II, L.P. filed Form D: $16,050,000 sold of $125,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
48 observations
Every observation on this vehicle
- Entity type: Limited Partnership Jan 13, 2025 Fact Form D
- Entity type: Limited Partnership Aug 1, 2023 Fact Form D
- Entity type: Limited Partnership Jul 31, 2023 Fact Form D
- Form D fund type: Venture Capital Fund Jan 13, 2025 Fact Form D
- Form D fund type: Venture Capital Fund Aug 1, 2023 Fact Form D
- Form D fund type: Venture Capital Fund Jul 31, 2023 Fact Form D
- Form D industry group: Pooled Investment Fund Jan 13, 2025 Fact Form D
- Form D industry group: Pooled Investment Fund Aug 1, 2023 Fact Form D
- Form D industry group: Pooled Investment Fund Jul 31, 2023 Fact Form D
- Amendment: true Jan 13, 2025 Fact Form D
- Amendment: true Aug 1, 2023 Fact Form D
- Amendment: false Jul 31, 2023 Fact Form D
- Revenue range (Form D): Decline to Disclose Jan 13, 2025 Fact Form D
- Revenue range (Form D): Decline to Disclose Aug 1, 2023 Fact Form D
- Revenue range (Form D): Decline to Disclose Jul 31, 2023 Fact Form D
- Incorporated: withinFiveYears Jan 13, 2025 Fact Form D
- Incorporated: withinFiveYears Aug 1, 2023 Fact Form D
- Incorporated: withinFiveYears Jul 31, 2023 Fact Form D
- Jurisdiction: Delaware Jan 13, 2025 Fact Form D
- Jurisdiction: Delaware Aug 1, 2023 Fact Form D
- Jurisdiction: Delaware Jul 31, 2023 Fact Form D
- Amount sold (Form D): $16.1M Jan 13, 2025 Fact Form D
- Amount sold (Form D): $16.1M Aug 1, 2023 Fact Form D
- Amount sold (Form D): $16.1M Jul 31, 2023 Fact Form D
- Offering amount (Form D): $25.0M Jan 13, 2025 Fact Form D
- Offering amount (Form D): $25.0M Aug 1, 2023 Fact Form D
- Offering amount (Form D): $125M Jul 31, 2023 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Jan 13, 2025 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Aug 1, 2023 Fact Form D
- Exemptions: 06b, 3C.1 Jul 31, 2023 Fact Form D
- First sale: 2023-07-19 Jan 13, 2025 Fact Form D
- First sale: 2023-07-19 Aug 1, 2023 Fact Form D
- First sale: 2023-07-19 Jul 31, 2023 Fact Form D
- Investors (Form D): 25 Jan 13, 2025 Fact Form D
- Investors (Form D): 24 Aug 1, 2023 Fact Form D
- Investors (Form D): 24 Jul 31, 2023 Fact Form D
- Minimum investment (Form D): 25,000 Jan 13, 2025 Fact Form D
- Minimum investment (Form D): 25,000 Aug 1, 2023 Fact Form D
- Minimum investment (Form D): 25,000 Jul 31, 2023 Fact Form D
- Securities offered: pooled Jan 13, 2025 Fact Form D
- Securities offered: pooled Aug 1, 2023 Fact Form D
- Securities offered: pooled Jul 31, 2023 Fact Form D
- Office address: Jan 13, 2025 Fact Form D
- Office address: Aug 1, 2023 Fact Form D
- Office address: Jul 31, 2023 Fact Form D
- Year of incorporation: 2023 Jan 13, 2025 Fact Form D
- Year of incorporation: 2023 Aug 1, 2023 Fact Form D
- Year of incorporation: 2023 Jul 31, 2023 Fact Form D
Relationships across DFX
on 1 other DFX graph
Across the graphs
HMC Needles II, LP is the same institution as 1 record in RIA and Wealth.
RIA and Wealth1
The joined record opens with the product, beside every other relationship on this page.
Checking your plan…
Record history
4 dated events on the change ledger, latest event first
- Form D filed2025-01-13source on record
- Fund first reported on ADV2024-03-07source on record
- Form D filed2023-08-01source on record
+1 more change on this record's ledger
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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.