DFX Intelligence
Spectrum 28 Capital I, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
HarvestFundraising 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, 3 events
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
- -19%reported GAV
Reported gross assets fell from $540M to $434M between the Form ADV filings of 18 Mar 2024 and 3 Apr 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
- 2015basis: 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
- indefinitewhat may be sold, not what was raised; file 021-239530, sworn by the adviser or filed under this vehicle
- Form D sold
- $170Mas of the filing of Sep 20, 2016, 23 investors
- First sale
- May 11, 2015
- Reported GAV
- $434Mon the Form ADV filed Apr 3, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 24
- Reported on ADV
- Aug 24, 2015 to Apr 3, 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 2016-09-20, older than 15 months (fr-1)
evidence dated Sep 20, 2016.
Lifecycle
Harvest
Lifecycle
vintage over 7 years, still reported
age years: 11first sale: May 11, 2015vintage year: 2015adv gav as of: Apr 3, 2026vintage basis: Form d first saleform d sold: $170Mform d offering: n/aform d latest filed at: Sep 20, 2016
The fund's own reporting through time
14 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Aug 24, 2015 | Venture Capital Fund | $131M | 15 | $2.0M | 2% | yes | |
| Mar 30, 2016 | Venture Capital Fund | $137M | 19 | $2.0M | 2% | yes | |
| Mar 28, 2017 | Venture Capital Fund | $165M | 24 | $200,000 | 1% | yes | |
| Sep 14, 2017 | Venture Capital Fund | $165M | 24 | $200,000 | 1% | yes | |
| Sep 28, 2017 | Venture Capital Fund | $165M | 24 | $200,000 | 1% | yes | |
| Nov 29, 2017 | Venture Capital Fund | $165M | 24 | $200,000 | 1% | yes | |
| Jan 9, 2018 | Venture Capital Fund | $165M | 24 | $200,000 | 1% | yes | |
| Mar 30, 2018 | Venture Capital Fund | $160M | 24 | $200,000 | 1% | yes | |
| Mar 18, 2019 | Venture Capital Fund | $173M | 24 | $200,000 | 1% | yes | |
| Mar 30, 2020 | Venture Capital Fund | $191M | 24 | $200,000 | 1% | yes | |
| Aug 25, 2022 | Venture Capital Fund | $191M | 24 | $200,000 | 1% | yes | |
| Mar 9, 2023 | Venture Capital Fund | $501M | 24 | $200,000 | 1% | yes | |
| Mar 18, 2024 | Venture Capital Fund | $540M | 24 | $200,000 | 1% | yes | |
| Apr 3, 2026 | Venture Capital Fund | $434M | 24 | $200,000 | 1% |
Principals and agents
1 principal on Form D, 0 placement agents
- General Partner Spectrum 28 Capital Management I, L.P. Promoter
Service providers
4 named on Form ADV Schedule D and Form D
- AuditorMoss Adams · GRAND CAYMAN, Cayman IslandsForm ADV filed Apr 3, 2026 reports.adviserinfo.sec.gov
- AdministratorCSC GLOBAL · HONG KONG, ChinaForm ADV filed Apr 3, 2026 reports.adviserinfo.sec.gov
- CustodianSilicon Valley Bank · SANTA CLARA, California, United StatesForm ADV filed Apr 3, 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
8 events
- Mar 9, 2023Administrator changed: INTERTRUST FUND SERVICES (HONG KONG) LIMITED replaced LEVATA MANAGEMENT LLC, first reported on the Form ADV filed March 9, 2023 (previous filing August 25, 2022)Administrator changed Fact Form ADV
- Mar 9, 2023Auditor changed: Moss Adams replaced Frank, Rimerman + Co., first reported on the Form ADV filed March 9, 2023 (previous filing August 25, 2022)Auditor changed Fact Form ADV
- Mar 30, 2020Administrator changed: LEVATA MANAGEMENT LLC replaced ADURO ADVISORS, LLC, first reported on the Form ADV filed March 30, 2020 (previous filing March 18, 2019)Administrator changed Fact Form ADV
- Sep 20, 2016Spectrum 28 Capital I, L.P. filed Form D/A: $169,700,000 sold (indefinite offering), Venture Capital FundForm D filed Fact Form D
- May 19, 2016Spectrum 28 Capital I, L.P. filed Form D/A: $163,000,000 sold (indefinite offering), Venture Capital FundForm D filed Fact Form D
Evidence
47 observations
Every observation on this vehicle
- Entity type: Limited Partnership Sep 20, 2016 Fact Form D
- Entity type: Limited Partnership May 19, 2016 Fact Form D
- Entity type: Limited Partnership May 11, 2015 Fact Form D
- Form D fund type: Venture Capital Fund Sep 20, 2016 Fact Form D
- Form D fund type: Venture Capital Fund May 19, 2016 Fact Form D
- Form D fund type: Venture Capital Fund May 11, 2015 Fact Form D
- Form D industry group: Pooled Investment Fund Sep 20, 2016 Fact Form D
- Form D industry group: Pooled Investment Fund May 19, 2016 Fact Form D
- Form D industry group: Pooled Investment Fund May 11, 2015 Fact Form D
- Amendment: true Sep 20, 2016 Fact Form D
- Amendment: true May 19, 2016 Fact Form D
- Amendment: false May 11, 2015 Fact Form D
- Revenue range (Form D): Decline to Disclose Sep 20, 2016 Fact Form D
- Revenue range (Form D): Decline to Disclose May 19, 2016 Fact Form D
- Revenue range (Form D): Decline to Disclose May 11, 2015 Fact Form D
- Incorporated: withinFiveYears Sep 20, 2016 Fact Form D
- Incorporated: withinFiveYears May 19, 2016 Fact Form D
- Incorporated: withinFiveYears May 11, 2015 Fact Form D
- Jurisdiction: CAYMAN ISLANDS Sep 20, 2016 Fact Form D
- Jurisdiction: CAYMAN ISLANDS May 19, 2016 Fact Form D
- Jurisdiction: CAYMAN ISLANDS May 11, 2015 Fact Form D
- Amount sold (Form D): $170M Sep 20, 2016 Fact Form D
- Amount sold (Form D): $163M May 19, 2016 Fact Form D
- Amount sold (Form D): $0 May 11, 2015 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 Sep 20, 2016 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 May 19, 2016 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 May 11, 2015 Fact Form D
- First sale: 2015-05-11 Sep 20, 2016 Fact Form D
- First sale: 2015-05-11 May 19, 2016 Fact Form D
- Indefinite offering: true Sep 20, 2016 Fact Form D
- Indefinite offering: true May 19, 2016 Fact Form D
- Indefinite offering: true May 11, 2015 Fact Form D
- Investors (Form D): 23 Sep 20, 2016 Fact Form D
- Investors (Form D): 18 May 19, 2016 Fact Form D
- Investors (Form D): 0 May 11, 2015 Fact Form D
- Minimum investment (Form D): 0 Sep 20, 2016 Fact Form D
- Minimum investment (Form D): 0 May 19, 2016 Fact Form D
- Minimum investment (Form D): 0 May 11, 2015 Fact Form D
- Securities offered: pooled Sep 20, 2016 Fact Form D
- Securities offered: pooled May 19, 2016 Fact Form D
- Securities offered: pooled May 11, 2015 Fact Form D
- Office address: Sep 20, 2016 Fact Form D
- Office address: May 19, 2016 Fact Form D
- Office address: May 11, 2015 Fact Form D
- Year of incorporation: 2015 Sep 20, 2016 Fact Form D
- Year of incorporation: 2015 May 19, 2016 Fact Form D
- Year of incorporation: 2015 May 11, 2015 Fact Form D
Relationships across DFX
on 1 other DFX graph
Across the graphs
Spectrum 28 Capital I, L.P. 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
1 identity change, 4 dated events on the change ledger, latest event first
- Event retracted2026-10-01
- Form D filed2016-09-20source on record
- Form D filed2016-05-19source on record
+2 more changes on this record's ledger
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
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.