DFX Intelligence
Transformation Capital Fund II, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
MatureClosed to new capitalADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
1 additional principal, 6 additional placement agents
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
- +27%reported GAV
Reported gross assets rose from $668M to $847M between the Form ADV filings of 26 Feb 2024 and 20 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
- 2019basis: 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
- $500Mwhat may be sold, not what was raised; file 021-355524, sworn by the adviser or filed under this vehicle
- Form D sold
- $500Mas of the filing of Jan 6, 2021, 163 investors
- First sale
- Dec 30, 2019
- Reported GAV
- $847Mon the Form ADV filed Mar 20, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 164
- Reported on ADV
- Feb 21, 2020 to Mar 20, 2026
- Structure
- master
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.Closed to new capital
Form D filed or amended 2021-01-06: the stated $500.0M offering reported fully sold (fr-1)
evidence dated Jan 6, 2021.
Lifecycle
Mature
Lifecycle
vintage 4 to 7 years
age years: 7first sale: Dec 30, 2019vintage year: 2019adv gav as of: Mar 20, 2026vintage basis: Form d first saleform d sold: $500Mform d offering: $500Mform d latest filed at: Jan 6, 2021
The fund's own reporting through time
6 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Feb 21, 2020 | Venture Capital Fund | $172M | 26 | 2% | yes | ||
| Mar 13, 2021 | Venture Capital Fund | $561M | 163 | $150,000 | 2% | yes | |
| Mar 4, 2022 | Venture Capital Fund | $761M | 164 | $150,000 | 2% | yes | |
| Mar 2, 2023 | Venture Capital Fund | $711M | 164 | $150,000 | 2% | yes | |
| Feb 26, 2024 | Venture Capital Fund | $668M | 164 | $150,000 | 2% | yes | |
| Mar 20, 2026 | Venture Capital Fund | $847M | 164 | $150,000 | 2% |
Principals and agents
4 principals on Form D, 2 placement agents
- Jared Kesselheim Executive Officer
- Transformation Capital Fund II GP, LLC Executive Officer
- Todd Cozzens Executive Officer
- Snowbridge Securities LLC placement agent
- ISPartners Investment Solutions AG placement agent
Service providers
9 named on Form ADV Schedule D and Form D
- AuditorBDO · BOSTON, Massachusetts, United StatesForm ADV filed Mar 20, 2026 reports.adviserinfo.sec.gov
- AdministratorULTIMUS LEVERPOINT MANAGEMENT, LLC · NEW YORK, New York, United StatesForm ADV filed Mar 20, 2026 reports.adviserinfo.sec.gov
- CustodianJPMorgan · NEW YORK, New York, United StatesForm ADV filed Mar 20, 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.1 relationship, public pensions and the allocator graph, each counted once
| Allocator | Type | Amount | Date | Source |
|---|---|---|---|---|
| Thornburg Foundation | FOUNDATION | $1.3M fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
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
- Oct 28, 2025Administrator changed: ULTIMUS LEVERPOINT MANAGEMENT, LLC replaced LEVERPOINT MANAGEMENT, LLC, first reported on the Form ADV filed October 28, 2025 (previous filing February 24, 2025)Administrator changed Fact Form ADV
- Feb 26, 2024Custodian changed: STIFEL BANK replaced Silicon Valley Bank, first reported on the Form ADV filed February 26, 2024 (previous filing March 2, 2023)Custodian changed Fact Form ADV
- Jan 6, 2021Transformation Capital Fund II, L.P. filed Form D/A: $500,000,000 sold of $500,000,000, Venture Capital FundForm D filed Fact Form D
- Feb 21, 2020Transformation Capital Fund II, L.P. first reported on Form ADV by Transformation Capital (Venture Capital Fund), GAV $171,500,000Fund first reported on Form ADV Fact Form ADV
- Dec 13, 2019Transformation Capital Fund II, L.P. filed Form D: no sales yet of $425,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
46 observations
Every observation on this vehicle
- Entity type: Limited Partnership Fact Form D
- Entity type: Limited Partnership Jan 6, 2021 Fact Form D
- Entity type: Limited Partnership Dec 13, 2019 Fact Form D
- Form D fund type: Venture Capital Fund Fact Form D
- Form D fund type: Venture Capital Fund Jan 6, 2021 Fact Form D
- Form D fund type: Venture Capital Fund Dec 13, 2019 Fact Form D
- Form D industry group: Pooled Investment Fund Fact Form D
- Form D industry group: Pooled Investment Fund Jan 6, 2021 Fact Form D
- Form D industry group: Pooled Investment Fund Dec 13, 2019 Fact Form D
- Amendment: false Fact Form D
- Amendment: true Jan 6, 2021 Fact Form D
- Amendment: false Dec 13, 2019 Fact Form D
- Revenue range (Form D): Not Applicable Fact Form D
- Revenue range (Form D): Not Applicable Jan 6, 2021 Fact Form D
- Revenue range (Form D): Not Applicable Dec 13, 2019 Fact Form D
- Incorporated: withinFiveYears Fact Form D
- Incorporated: withinFiveYears Jan 6, 2021 Fact Form D
- Incorporated: withinFiveYears Dec 13, 2019 Fact Form D
- Jurisdiction: Delaware Fact Form D
- Jurisdiction: Delaware Jan 6, 2021 Fact Form D
- Jurisdiction: Delaware Dec 13, 2019 Fact Form D
- Amount sold (Form D): $0 Fact Form D
- Amount sold (Form D): $500M Jan 6, 2021 Fact Form D
- Amount sold (Form D): $0 Dec 13, 2019 Fact Form D
- Offering amount (Form D): $425M Fact Form D
- Offering amount (Form D): $500M Jan 6, 2021 Fact Form D
- Offering amount (Form D): $425M Dec 13, 2019 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Jan 6, 2021 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Dec 13, 2019 Fact Form D
- First sale: 2019-12-30 Jan 6, 2021 Fact Form D
- Investors (Form D): 0 Fact Form D
- Investors (Form D): 163 Jan 6, 2021 Fact Form D
- Investors (Form D): 0 Dec 13, 2019 Fact Form D
- Minimum investment (Form D): 0 Fact Form D
- Minimum investment (Form D): 150,000 Jan 6, 2021 Fact Form D
- Minimum investment (Form D): 0 Dec 13, 2019 Fact Form D
- Securities offered: pooled Fact Form D
- Securities offered: pooled Jan 6, 2021 Fact Form D
- Securities offered: pooled Dec 13, 2019 Fact Form D
- Office address: Fact Form D
- Office address: Jan 6, 2021 Fact Form D
- Office address: Dec 13, 2019 Fact Form D
- Year of incorporation: 2019 Fact Form D
- Year of incorporation: 2019 Jan 6, 2021 Fact Form D
- Year of incorporation: 2019 Dec 13, 2019 Fact Form D
Relationships across DFX
on 2 other DFX graphs
Across the graphs
Transformation Capital Fund II, L.P. 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.
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Record history
3 dated events on the change ledger, latest event first
- Form D filed2021-01-06source on record
- Fund first reported on ADV2020-02-21source on record
- Form D filed2019-12-13source 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.