DFX Intelligence
S28 Capital II, L.P.
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
Every relationship, signal and contact on this record, with the source on each.
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What matters now
- +17%reported GAV
Reported gross assets rose from $44.4M to $52.1M 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
- 2023basis: adv first reported
- 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 021-396973, sworn by the adviser or filed under this vehicle
- Form D sold
- $0as of the filing of Apr 23, 2021
- First sale
- unknown
- Reported GAV
- $52.1Mon the Form ADV filed Apr 3, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 26
- Reported on ADV
- Mar 9, 2023 to Apr 3, 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
latest Form D 2021-04-23, older than 15 months (fr-1)
evidence dated Apr 23, 2021.
LifecycleActive deployment
vintage 2 to 4 years
age years: 3first sale: n/avintage year: 2023adv gav as of: Apr 3, 2026vintage basis: ADV first reportedform d sold: $0form d offering: n/aform d latest filed at: Apr 23, 2021
The fund's own reporting through time
3 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 9, 2023 | Venture Capital Fund | $38.4M | 24 | $200,000 | 1% | yes | |
| Mar 18, 2024 | Venture Capital Fund | $44.4M | 28 | $200,000 | 1% | yes | |
| Apr 3, 2026 | Venture Capital Fund | $52.1M | 26 | $200,000 | 12% |
Principals and agents
1 principal on Form D, 0 placement agents
- General Partner S28 Management II, L.L.C. Promoter
Service providers
4 named on Form ADV Schedule D and Form D
- AuditorMoss Adams · RANCHO CORDOVA, California, United StatesForm 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 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
3 events
- Apr 3, 2026Administrator changed: CSC GLOBAL replaced INTERTRUST FUND SERVICES (HONG KONG) LIMITED, first reported on the Form ADV filed April 3, 2026 (previous filing March 10, 2025)Administrator changed Fact Form ADV
- Mar 9, 2023S28 Capital II, L.P. first reported on Form ADV by S28 Capital LLC (Venture Capital Fund), GAV $38,418,495Fund first reported on Form ADV Fact Form ADV
- Apr 23, 2021S28 Capital II, L.P. filed Form D: no sales yet (indefinite offering), Venture Capital FundForm D filed Fact Form D
Evidence
15 observations
Every observation on this vehicle
- Entity type: Limited Partnership Apr 23, 2021 Fact Form D
- Form D fund type: Venture Capital Fund Apr 23, 2021 Fact Form D
- Form D industry group: Pooled Investment Fund Apr 23, 2021 Fact Form D
- Amendment: false Apr 23, 2021 Fact Form D
- Revenue range (Form D): Decline to Disclose Apr 23, 2021 Fact Form D
- Incorporated: withinFiveYears Apr 23, 2021 Fact Form D
- Jurisdiction: Delaware Apr 23, 2021 Fact Form D
- Amount sold (Form D): $0 Apr 23, 2021 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Apr 23, 2021 Fact Form D
- Indefinite offering: true Apr 23, 2021 Fact Form D
- Investors (Form D): 0 Apr 23, 2021 Fact Form D
- Minimum investment (Form D): 0 Apr 23, 2021 Fact Form D
- Securities offered: pooled Apr 23, 2021 Fact Form D
- Office address: Apr 23, 2021 Fact Form D
- Year of incorporation: 2021 Apr 23, 2021 Fact Form D
Relationships across DFX
on 1 other DFX graph
Across the graphs
S28 Capital II, 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
2 dated events on the change ledger, latest event first
- Fund first reported on ADV2023-03-09source on record
- Form D filed2021-04-23source 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.