Spectrum 28 Capital I, L.P.

Fundmanaged by S28 Capital LLC· Cayman Islands
Vintage
2015
Form D sold
$170M
Reported gross assets
$434M
Form ADV, Apr 3, 2026
HarvestFundraising status unknownADV: Venture Capital Fund
More
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

  1. -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.

    Derivedtwo Form ADV Schedule D filingsFor LPs, secondaries buyersReporting →
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

Unknown
latest Form D 2016-09-20, older than 15 months (fr-1)
evidence dated Sep 20, 2016.

Lifecycle

Harvest
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
FiledTypeGross asset value OwnersMin. investmentAdviser-ownedAudit
Aug 24, 2015Venture Capital Fund$131M
15$2.0M2%yes
Mar 30, 2016Venture Capital Fund$137M
19$2.0M2%yes
Mar 28, 2017Venture Capital Fund$165M
24$200,0001%yes
Sep 14, 2017Venture Capital Fund$165M
24$200,0001%yes
Sep 28, 2017Venture Capital Fund$165M
24$200,0001%yes
Nov 29, 2017Venture Capital Fund$165M
24$200,0001%yes
Jan 9, 2018Venture Capital Fund$165M
24$200,0001%yes
Mar 30, 2018Venture Capital Fund$160M
24$200,0001%yes
Mar 18, 2019Venture Capital Fund$173M
24$200,0001%yes
Mar 30, 2020Venture Capital Fund$191M
24$200,0001%yes
Aug 25, 2022Venture Capital Fund$191M
24$200,0001%yes
Mar 9, 2023Venture Capital Fund$501M
24$200,0001%yes
Mar 18, 2024Venture Capital Fund$540M
24$200,0001%yes
Apr 3, 2026Venture Capital Fund$434M
24$200,0001%

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

Limited partners and their reported performance

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

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
  1. Mar 9, 2023
    Administrator 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
  2. Mar 9, 2023
    Auditor 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
  3. Mar 30, 2020
    Administrator 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
  4. Sep 20, 2016
    Spectrum 28 Capital I, L.P. filed Form D/A: $169,700,000 sold (indefinite offering), Venture Capital Fund
    Form D filed Fact Form D
  5. May 19, 2016
    Spectrum 28 Capital I, L.P. filed Form D/A: $163,000,000 sold (indefinite offering), Venture Capital Fund
    Form 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.

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Record history

1 identity change, 4 dated events on the change ledger, latest event first
  • Event retracted
    2026-10-01
  • Form D filed
    2016-09-20source on record
  • Form D filed
    2016-05-19source 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.