DFX Intelligence
Next Legacy XII, LLC
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
1 additional principal
Every relationship, signal and contact on this record, with the source on each.
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Nothing material in the last 365 days. Last change: 16 Dec 2024, Latest Form D filed on 16 Dec 2024: no amount sold reported of $400M offered. A Form D amount is what was sold at the filing, never a final close.
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
- $400Mwhat may be sold, not what was raised; file 021-532180, sworn by the adviser or filed under this vehicle
- Form D sold
- $0as of the filing of Dec 16, 2024
- First sale
- unknown
- Reported GAV
- $422Mon the Form ADV filed Mar 31, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 151
- 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.Unknown
latest Form D 2024-12-16, older than 15 months (fr-1)
evidence dated Dec 16, 2024.
Lifecycle
Unknown
Lifecycle
no vintage and no recent Form D
first sale: n/avintage year: n/aadv gav as of: Mar 31, 2026vintage basis: n/aform d sold: $0form d offering: $400Mform d latest filed at: Dec 16, 2024
The fund's own reporting through time
1 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 31, 2026 | Venture Capital Fund | $422M | 151 | $1.0M | 0% |
Principals and agents
4 principals on Form D, 0 placement agents
- Ben Choi Director
- Kelli Cullinane Director
- Ryan Nece Director
Service providers
2 named on Form ADV Schedule D and Form D
- AuditorFrank, Rimerman + Co. · PALO ALTO, California, United StatesForm ADV filed Mar 31, 2026 reports.adviserinfo.sec.gov
- CustodianCITIZENS BANK, NATIONAL ASSOCIATION · 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.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
- Mar 31, 2026Next Legacy Xii, LLC first reported on Form ADV by Next Legacy Management, LLC (Venture Capital Fund), GAV $421,672,580Fund first reported on Form ADV Inference Form ADV
- Dec 16, 2024Next Legacy XII, LLC filed Form D: no sales yet of $400,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
15 observations
Every observation on this vehicle
- Entity type: Limited Liability Company Dec 16, 2024 Fact Form D
- Form D fund type: Venture Capital Fund Dec 16, 2024 Fact Form D
- Form D industry group: Pooled Investment Fund Dec 16, 2024 Fact Form D
- Amendment: false Dec 16, 2024 Fact Form D
- Revenue range (Form D): Decline to Disclose Dec 16, 2024 Fact Form D
- Incorporated: withinFiveYears Dec 16, 2024 Fact Form D
- Jurisdiction: Delaware Dec 16, 2024 Fact Form D
- Amount sold (Form D): $0 Dec 16, 2024 Fact Form D
- Offering amount (Form D): $400M Dec 16, 2024 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Dec 16, 2024 Fact Form D
- Investors (Form D): 0 Dec 16, 2024 Fact Form D
- Minimum investment (Form D): 0 Dec 16, 2024 Fact Form D
- Securities offered: pooled Dec 16, 2024 Fact Form D
- Office address: Dec 16, 2024 Fact Form D
- Year of incorporation: 2024 Dec 16, 2024 Fact Form D
Relationships across DFX
on 1 other DFX graph
Across the graphs
Next Legacy XII, LLC 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 ADV2026-03-31source on record
- Form D filed2024-12-16source 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.