DFX Intelligence
Level Labs, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
UnknownFundraising status unknownADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
What matters now
- -26%reported GAV
Reported gross assets fell from $14.7M to $11M between the Form ADV filings of 29 Mar 2024 and 30 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
- 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
- unknownwhat may be sold, not what was raised
- Form D sold
- unknown
- First sale
- unknown
- Reported GAV
- $11.0Mon the Form ADV filed Mar 30, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 79
- Reported on ADV
- Mar 27, 2019 to Mar 30, 2026
Fundraising evidenceWhat 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
no Form D or close on record (fr-1)
LifecycleUnknown
no vintage and no recent Form D
first sale: n/avintage year: n/aadv gav as of: Mar 30, 2026vintage basis: n/aform d sold: n/aform d offering: n/aform d latest filed at: n/a
The fund's own reporting through time
7 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 27, 2019 | Venture Capital Fund | $7.7M | 79 | 0% | yes | ||
| Mar 30, 2020 | Venture Capital Fund | $6.4M | 79 | 0% | yes | ||
| Mar 30, 2021 | Venture Capital Fund | $9.6M | 79 | 0% | yes | ||
| Apr 4, 2022 | Venture Capital Fund | $13.1M | 79 | 0% | yes | ||
| Mar 30, 2023 | Venture Capital Fund | $14.6M | 79 | 0% | yes | ||
| Mar 29, 2024 | Venture Capital Fund | $14.7M | 79 | 0% | yes | ||
| Mar 30, 2026 | Venture Capital Fund | $11.0M | 79 | 0% |
Principals and agents
0 principals on Form D, 0 placement agents
No Form D related person on record.
Service providers
2 named on Form ADV Schedule D and Form D
- AuditorCHUGH LLP · CERRITOS, California, United StatesForm ADV filed Mar 30, 2026 reports.adviserinfo.sec.gov
- AdministratorHC GLOBAL · WALNUT CREEK, California, United StatesForm ADV filed Mar 30, 2026 reports.adviserinfo.sec.gov
Limited partners and their reported performanceWhose 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 allocatorsWhat 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
5 events
- Mar 31, 2025Administrator changed: HC GLOBAL replaced Carta, first reported on the Form ADV filed March 31, 2025 (previous filing March 29, 2024)Administrator changed Fact Form ADV
- Mar 31, 2025Auditor changed: CHUGH LLP replaced SENSIBA SAN FILIPPO LLP, first reported on the Form ADV filed March 31, 2025 (previous filing March 29, 2024)Auditor changed Fact Form ADV
- Mar 30, 2020Administrator changed: Carta replaced RIEDMILLER & ASSOCIATES, LLC, first reported on the Form ADV filed March 30, 2020 (previous filing March 27, 2019)Administrator changed Fact Form ADV
- Mar 30, 2020Auditor changed: SENSIBA SAN FILIPPO LLP replaced Frank, Rimerman + Co., first reported on the Form ADV filed March 30, 2020 (previous filing March 27, 2019)Auditor changed Fact Form ADV
- Mar 27, 2019Level Labs, L.P. first reported on Form ADV by Arpu Research Labs, LLC (Venture Capital Fund), GAV $7,749,231Fund first reported on Form ADV Fact Form ADV
Evidence
0 observations
Every observation on this vehicle
Relationships across DFX
on 1 other DFX graph
Across the graphs
Level Labs, 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 dated event on the change ledger, latest event first
- Fund first reported on ADV2019-03-27source 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.