DFX Intelligence
Next Legacy Emerging Leaders 1, 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
4 additional principals
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
- +33%reported GAV
Reported gross assets rose from $37.2M to $49.3M between the Form ADV filings of 28 Mar 2024 and 31 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
- 2022basis: 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
- $50.0Mwhat may be sold, not what was raised; file 021-464886, sworn by the adviser or filed under this vehicle
- Form D sold
- $33.2Mas of the filing of Nov 2, 2023, 24 investors
- First sale
- Oct 31, 2022
- Reported GAV
- $49.3Mon the Form ADV filed Mar 31, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 37262
- Reported on ADV
- Mar 28, 2024 to Mar 31, 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 2023-11-02, older than 15 months (fr-1)
evidence dated Nov 2, 2023.
Lifecycle
Active deployment
Lifecycle
vintage 2 to 4 years
age years: 4first sale: Oct 31, 2022vintage year: 2022adv gav as of: Mar 31, 2026vintage basis: Form d first saleform d sold: $33.2Mform d offering: $50.0Mform d latest filed at: Nov 2, 2023
The fund's own reporting through time
2 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 28, 2024 | Venture Capital Fund | $37.2M | 37 | $25,000 | 41% | yes | |
| Mar 31, 2026 | Venture Capital Fund | $49.3M | 37262 | $25,000 | 56% |
Principals and agents
7 principals on Form D, 0 placement agents
- Ryan Nece Director
- NPC Emerging Leaders Fund GP, LLC Executive Officer
- Next Play Capital Director
Service providers
3 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
- AdministratorADURO ADVISORS, LLC · SAN FRANCISCO, California, United StatesForm ADV filed Mar 31, 2026 reports.adviserinfo.sec.gov
- CustodianFirst Republic Bank · MENLO PARK, 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
3 events
- Mar 28, 2024Next Legacy Emerging Leaders 1, L.P. first reported on Form ADV by Next Legacy Management, LLC (Venture Capital Fund), GAV $37,155,330Fund first reported on Form ADV Fact Form ADV
- Nov 2, 2023Next Legacy Emerging Leaders 1, L.P. filed Form D/A: $33,200,000 sold of $50,000,000, Venture Capital FundForm D filed Fact Form D
- Nov 15, 2022NPC Emerging Leaders Fund, L.P. filed Form D: $1,800,000 sold (indefinite offering), Private Equity FundForm D filed Fact Form D
Evidence
32 observations
Every observation on this vehicle
- Entity type: Limited Partnership Nov 2, 2023 Fact Form D
- Entity type: Limited Partnership Nov 15, 2022 Fact Form D
- Form D fund type: Venture Capital Fund Nov 2, 2023 Fact Form D
- Form D fund type: Private Equity Fund Nov 15, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund Nov 2, 2023 Fact Form D
- Form D industry group: Pooled Investment Fund Nov 15, 2022 Fact Form D
- Amendment: true Nov 2, 2023 Fact Form D
- Amendment: false Nov 15, 2022 Fact Form D
- Revenue range (Form D): Decline to Disclose Nov 2, 2023 Fact Form D
- Revenue range (Form D): Decline to Disclose Nov 15, 2022 Fact Form D
- Incorporated: withinFiveYears Nov 2, 2023 Fact Form D
- Incorporated: withinFiveYears Nov 15, 2022 Fact Form D
- Jurisdiction: Delaware Nov 2, 2023 Fact Form D
- Jurisdiction: Delaware Nov 15, 2022 Fact Form D
- Amount sold (Form D): $33.2M Nov 2, 2023 Fact Form D
- Amount sold (Form D): $1.8M Nov 15, 2022 Fact Form D
- Offering amount (Form D): $50.0M Nov 2, 2023 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Nov 2, 2023 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Nov 15, 2022 Fact Form D
- First sale: 2022-10-31 Nov 2, 2023 Fact Form D
- First sale: 2022-10-31 Nov 15, 2022 Fact Form D
- Indefinite offering: true Nov 15, 2022 Fact Form D
- Investors (Form D): 24 Nov 2, 2023 Fact Form D
- Investors (Form D): 4 Nov 15, 2022 Fact Form D
- Minimum investment (Form D): 0 Nov 2, 2023 Fact Form D
- Minimum investment (Form D): 0 Nov 15, 2022 Fact Form D
- Securities offered: Equity, pooled Nov 2, 2023 Fact Form D
- Securities offered: Equity, pooled Nov 15, 2022 Fact Form D
- Office address: Nov 2, 2023 Fact Form D
- Office address: Nov 15, 2022 Fact Form D
- Year of incorporation: 2022 Nov 2, 2023 Fact Form D
- Year of incorporation: 2022 Nov 15, 2022 Fact Form D
Relationships across DFX
on 2 other DFX graphs
Across the graphs
Next Legacy Emerging Leaders 1, L.P. is the same institution as 2 records in RIA and Wealth and Private Equity.
RIA and Wealth1Private Equity1
DFX found 2 relationships across 2 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
Record history
1 identity change, 4 dated events on the change ledger, latest event first
- Fund folded2026-09-14
- Fund first reported on ADV2024-03-28source on record
- Form D filed2023-11-02source 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.