DFX Intelligence
Section 32 Fund 5, 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
1 additional placement agent, 2 additional LP reports and investments
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
- +24%reported GAV
Reported gross assets rose from $506M to $627M between the Form ADV filings of 21 Mar 2024 and 31 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
- 2022basis: 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 021-452361, sworn by the adviser or filed under this vehicle
- Form D sold
- $481Mas of the filing of Jul 13, 2023, 135 investors
- First sale
- Jul 14, 2022
- Reported GAV
- $627Mon the Form ADV filed Mar 31, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 140
- Reported on ADV
- Mar 29, 2023 to Mar 31, 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 2023-07-13, older than 15 months (fr-1)
evidence dated Jul 13, 2023.
Lifecycle
Active deployment
Lifecycle
vintage 2 to 4 years
age years: 4first sale: Jul 14, 2022vintage year: 2022adv gav as of: Mar 31, 2026vintage basis: Form d first saleform d sold: $481Mform d offering: $500Mform d latest filed at: Jul 13, 2023
The fund's own reporting through time
4 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 29, 2023 | Venture Capital Fund | $441M | 130 | 2% | yes | ||
| May 2, 2023 | Venture Capital Fund | $441M | 130 | 2% | yes | ||
| Mar 21, 2024 | Venture Capital Fund | $506M | 130 | 2% | yes | ||
| Mar 31, 2026 | Venture Capital Fund | $627M | 140 | 2% |
Principals and agents
1 principal on Form D, 0 placement agents
- William J. Maris Executive Officer
Service providers
4 named on Form ADV Schedule D and Form D
- AuditorBaker Tilly · SAN JOSE, California, United StatesForm ADV filed Mar 31, 2026 reports.adviserinfo.sec.gov
- AdministratorApex Group · BURLINGAME, California, United StatesForm ADV filed Mar 31, 2026 reports.adviserinfo.sec.gov
- CustodianBOFA SECURITIES, INC. · SAN FRANCISCO, California, United StatesForm ADV filed Mar 31, 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.5 relationships, public pensions and the allocator graph, each counted once
| Allocator | Type | Amount | Date | Source |
|---|---|---|---|---|
| Richard and Susan Smith Family Foundation | FOUNDATION | $687,907 fair value on the foundation's return | reported as of Apr 30, 2025 | Fact IRS Form 990 / 990-PF e-file returns |
| Big Win Philanthropy Inc | FOUNDATION | $153,401 fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
| Hillman Family Foundations | FOUNDATION | $911,460 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
3 events
- Jul 13, 2023Section 32 Fund 5, LP filed Form D/A: $480,735,000 sold of $500,000,000, Venture Capital FundForm D filed Fact Form D
- Mar 29, 2023Section 32 Fund 5, LP first reported on Form ADV by Section 32, LLC (Venture Capital Fund), GAV $441,047,921Fund first reported on Form ADV Fact Form ADV
- Jul 14, 2022Section 32 Fund 5, LP filed Form D: no sales yet of $500,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
31 observations
Every observation on this vehicle
- Entity type: Limited Partnership Jul 13, 2023 Fact Form D
- Entity type: Limited Partnership Jul 14, 2022 Fact Form D
- Form D fund type: Venture Capital Fund Jul 13, 2023 Fact Form D
- Form D fund type: Venture Capital Fund Jul 14, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund Jul 13, 2023 Fact Form D
- Form D industry group: Pooled Investment Fund Jul 14, 2022 Fact Form D
- Amendment: true Jul 13, 2023 Fact Form D
- Amendment: false Jul 14, 2022 Fact Form D
- Revenue range (Form D): Not Applicable Jul 13, 2023 Fact Form D
- Revenue range (Form D): Not Applicable Jul 14, 2022 Fact Form D
- Incorporated: withinFiveYears Jul 13, 2023 Fact Form D
- Incorporated: withinFiveYears Jul 14, 2022 Fact Form D
- Jurisdiction: Delaware Jul 13, 2023 Fact Form D
- Jurisdiction: Delaware Jul 14, 2022 Fact Form D
- Amount sold (Form D): $481M Jul 13, 2023 Fact Form D
- Amount sold (Form D): $0 Jul 14, 2022 Fact Form D
- Offering amount (Form D): $500M Jul 13, 2023 Fact Form D
- Offering amount (Form D): $500M Jul 14, 2022 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Jul 13, 2023 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Jul 14, 2022 Fact Form D
- First sale: 2022-07-14 Jul 13, 2023 Fact Form D
- Investors (Form D): 135 Jul 13, 2023 Fact Form D
- Investors (Form D): 0 Jul 14, 2022 Fact Form D
- Minimum investment (Form D): 0 Jul 13, 2023 Fact Form D
- Minimum investment (Form D): 0 Jul 14, 2022 Fact Form D
- Securities offered: pooled Jul 13, 2023 Fact Form D
- Securities offered: pooled Jul 14, 2022 Fact Form D
- Office address: Jul 13, 2023 Fact Form D
- Office address: Jul 14, 2022 Fact Form D
- Year of incorporation: 2022 Jul 13, 2023 Fact Form D
- Year of incorporation: 2022 Jul 14, 2022 Fact Form D
Relationships across DFX
on 3 other DFX graphs
Across the graphs
Section 32 Fund 5, LP is the same institution as 3 records in Allocators, RIA and Wealth and Family Offices.
Allocators1RIA and Wealth1Family Offices1
DFX found 3 relationships across 3 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.
Checking your plan…
Record history
3 dated events on the change ledger, latest event first
- Form D filed2023-07-13source on record
- Fund first reported on ADV2023-03-29source on record
- Form D filed2022-07-14source 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.