DFX Intelligence
HCM S20b LP
As of · the latest observation of this vehicle; each figure below carries its own filing date
FundraisingEvergreen or indefinite offeringADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
What matters now
- Form Dfiled
Latest Form D filed on 28 Nov 2025: no amount sold reported. A Form D amount is what was sold at the filing, never a final close.
A new or amended Form D means the vehicle is taking money now.
Drawing the relationship network…
Amounts, each with its basis
- Vintage
- unknownno dated first sale or first report yet
- 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
- indefinitewhat may be sold, not what was raised; file 021-565313, sworn by the adviser or filed under this vehicle
- Form D sold
- $0as of the filing of Nov 28, 2025
- First sale
- unknown
- Reported GAV
- $15.0Mon the Form ADV filed Aug 13, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 2
- Reported on ADV
- unknown
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.Evergreen or indefinite offering
Form D filed or amended 2025-11-28: offering indefinite, sold $0 (fr-1)
evidence dated Nov 28, 2025.
Lifecycle
Fundraising
Lifecycle
Form D within 18 months and the offering is not sold out
first sale: n/avintage year: n/aadv gav as of: Aug 13, 2026vintage basis: n/aform d sold: $0form d offering: n/aform d latest filed at: Nov 28, 2025
The fund's own reporting through time
1 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026 | Venture Capital Fund | $15.0M | 2 | 0% |
Principals and agents
1 principal on Form D, 0 placement agents
- Armaan Ali Executive Officer/Promoter
Service providers
3 named on Form ADV Schedule D and Form D
- AuditorDeloitte · SAN FRANCISCO, California, United StatesForm ADV filed Aug 13, 2026 reports.adviserinfo.sec.gov
- AdministratorAlter Domus · LUXEMBOURG, LuxembourgForm ADV filed Aug 13, 2026 reports.adviserinfo.sec.gov
- CustodianMorgan Stanley · NEW YORK, New York, United StatesForm ADV filed Aug 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
2 events
Evidence
15 observations
Every observation on this vehicle
- Entity type: Limited Partnership Nov 28, 2025 Fact Form D
- Form D fund type: Venture Capital Fund Nov 28, 2025 Fact Form D
- Form D industry group: Pooled Investment Fund Nov 28, 2025 Fact Form D
- Amendment: false Nov 28, 2025 Fact Form D
- Revenue range (Form D): Decline to Disclose Nov 28, 2025 Fact Form D
- Incorporated: withinFiveYears Nov 28, 2025 Fact Form D
- Jurisdiction: Delaware Nov 28, 2025 Fact Form D
- Amount sold (Form D): $0 Nov 28, 2025 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 Nov 28, 2025 Fact Form D
- Indefinite offering: true Nov 28, 2025 Fact Form D
- Investors (Form D): 0 Nov 28, 2025 Fact Form D
- Minimum investment (Form D): 0 Nov 28, 2025 Fact Form D
- Securities offered: Equity, pooled Nov 28, 2025 Fact Form D
- Office address: Nov 28, 2025 Fact Form D
- Year of incorporation: 2025 Nov 28, 2025 Fact Form D
Relationships across DFX
on 1 other DFX graph
Across the graphs
HCM S20b 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
2 dated events on the change ledger, latest event first
- Fund first reported on ADV2026-08-13source on record
- Form D filed2025-11-28source 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.