DFX Intelligence
Venture Capital Intelligence
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.
Funds / Noal Scsp
Noal Scsp
Active deploymentUnknownFundother manager vehicleADV: Private Equity FundTreo Asset Management, LLCLuxembourg
Amounts, each with its basis
- Vintage
- 2022basis: adv first reported
- 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
- unknownwhat may be sold, not what was raised
- Form D sold
- unknown
- First sale
- unknown
- Reported GAV
- $682Mon the Form ADV filed Sep 30, 2024; the fund's assets, never its size or dry powder
- Owners (ADV)
- 4
- Reported on ADV
- Mar 30, 2022 to Sep 30, 2024
Fundraising evidence
Unknown
no Form D or close on record (fr-1)
A 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.
Lifecycle
Active deployment
vintage 2 to 4 years
age years: 4first sale: n/avintage year: $2,022adv gav as of: 2024-09-30vintage basis: adv_first_reportedform d sold usd: n/aform d offering usd: n/aform d latest filed at: n/a
The fund's own reporting through time
8 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 30, 2022 | Private Equity Fund | $658M | 4 | $10.0M | 0% | yes | |
| Jul 6, 2022 | Private Equity Fund | $658M | 4 | $10.0M | 0% | yes | |
| Nov 29, 2022 | Private Equity Fund | $658M | 4 | $10.0M | 0% | yes | |
| Mar 30, 2023 | Private Equity Fund | $729M | 4 | $10.0M | 0% | yes | |
| Feb 14, 2024 | Private Equity Fund | $729M | 4 | $10.0M | 0% | yes | |
| Feb 26, 2024 | Private Equity Fund | $729M | 4 | $10.0M | 0% | yes | |
| Mar 28, 2024 | Private Equity Fund | $682M | 4 | $10.0M | 0% | yes | |
| Sep 30, 2024 | Private Equity Fund | $682M | 4 | $10.0M | 0% | yes |
Principals and agents
0 principals on Form D, 0 placement agents
No Form D related person on record.
Limited partners and their reported performance
2 public LP reports
| LP | Vintage (LP’s) | Committed | Paid in | Distributed | Remaining value | Net IRR | Multiple | As of |
|---|---|---|---|---|---|---|---|---|
| Oregon Public Employees Retirement Fund oregon.gov | 2017 | $233M | $248M | $32.6M | $121M | -12.1% | 0.6x | Mar 31, 2026 |
| Alaska Permanent Fund Corporation apfc.org | 2017 | $58.7M | n/a | n/a | n/a | not meaningful yet | unknown | Dec 31, 2025 |
Each 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).
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
3 events
- Mar 31, 2026OPERF reports NOAL: $232,900,000 committed, vintage 2017, net IRR -12.1%, 0.62xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Dec 31, 2025APFC reports NOAL SCSp: $58,722,500 committed, vintage 2017LP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Mar 30, 2022Noal Scsp first reported on Form ADV by BRG Asset Management, LLC (Private Equity Fund), GAV $657,828,600Fund first reported on Form ADV Fact SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Evidence
0 observations