Carta
4,818 additional funds served, 124 provider changes
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
- Lost1 fund
Alpha Edison Management Company, LLC moved a fund from Carta to STIFEL BANK as custodian.
A client that left; the filing names who replaced this provider.
- 31 / 27decisions won / lost
In the last 12 months advisers moved 111 funds to Carta (31 decisions) and 92 away (27 decisions).
One adviser moving many vehicles on one filing is counted as one decision.
DerivedForm ADV and Form D filings, consecutive filings compared - Won15 funds
Collaborative Fund Management LLC moved 15 funds to Carta as administrator, from Standish Management.
A new client relationship, first shown on this filing.
- Lost23 funds
Alpha Edison Management Company, LLC moved 23 funds from Carta to STIFEL BANK as custodian.
A client that left; the filing names who replaced this provider.
A fund is served when its adviser names this provider in the role on the fund’s latest Form ADV, or names it as a sales compensation recipient on a Form D. Gross assets are the adviser’s own figure on Form ADV; an implausible figure is left out rather than printed.
| Fund | Manager | Role | Vintage | Gross assets | Latest filing |
|---|---|---|---|---|---|
| Sequoia Capital Fund, L.P. | Sequoia Capital Operations, LLC | Custodian | 2022 | $27B | Form ADV Jul 17, 2026 reports.adviserinfo.sec.gov |
| Sequoia Capital Global Growth Fund III - Endurance Partners, L.P. | Sequoia Capital Operations, LLC | Custodian | 2018 | $15B | Form ADV Jul 17, 2026 reports.adviserinfo.sec.gov |
| Sequoia Capital Global Growth Fund II, L.P. | Sequoia Capital Operations, LLC | Custodian | 2012 | $6.5B | Form ADV Jul 17, 2026 reports.adviserinfo.sec.gov |
- Sequoia Capital Operations, LLC65 funds, $79B reported gross assets
- Bessemer Venture Partners22 funds, $19B reported gross assets
- Gigafund20 funds, $14B reported gross assets
- Aug 26, 2026Won Administrator: Carta replaced Standish Management at Collab III L-B, LLC and 14 more of the same manager’s funds · Collaborative Fund Management LLCForm ADV, previous Mar 27, 2026 reports.adviserinfo.sec.gov
- Aug 17, 2026Lost Custodian: STIFEL BANK replaced Carta at Alpha Edison Westwood I-A, L.L.C. and 22 more of the same manager’s funds · Alpha Edison Management Company, LLCForm ADV, previous Mar 13, 2026 reports.adviserinfo.sec.gov
- Aug 17, 2026Lost Custodian: STIFEL BANK replaced Bank of America, Carta at Alpha Edison a, L.P. · Alpha Edison Management Company, LLCForm ADV, previous Mar 13, 2026 reports.adviserinfo.sec.gov
A decision is one manager’s filing that names a different provider in the role with none carried over. An acquisition is shown as a succession and never counted as won or lost; two names of one firm family are neither.
Named as administrator on 3,941 venture funds, 8.3% of the venture funds with an administrator on record. Won 84 and lost 113 adviser decisions from 2024 to 2026: a net loss of 29.
Who it serves, by manager type
| Funds | Managers | |
|---|---|---|
| Institutional venture firm | 1,783 | 310 |
| Multi-stage venture firm | 1,374 | 120 |
| Corporate venture | 439 | 26 |
| Micro VC | 410 | 200 |
| Seed fund manager | 209 | 43 |
| Private equity with venture activity | 148 | 33 |
By fund size
| Funds | Managers | |
|---|---|---|
| Under $25M | 3,220 | 617 |
| $25M to $100M | 972 | 466 |
| $100M to $500M | 512 | 209 |
| $500M and over | 117 | 36 |
By manager state
| Funds | Managers | |
|---|---|---|
| California | 1,595 | 205 |
| New York | 800 | 118 |
| Texas | 240 | 29 |
| Virginia | 208 | 8 |
| Massachusetts | 164 | 36 |
| Florida | 108 | 29 |
Adviser decisions by year
| Filing year | Won (funds) | Lost (funds) | By acquisition |
|---|---|---|---|
| 2026 | 29 (109) | 27 (92) | none |
| 2025 | 23 (62) | 44 (142) | 3 in, 0 out |
| 2024 | 32 (228) | 42 (80) | 1 in, 0 out |
| 2023 | 41 (102) | 16 (82) | none |
| 2022 | 44 (142) | 12 (43) | none |
Where it wins and loses: manager type
| Won | Lost | |
|---|---|---|
| Institutional venture firm | 38 | 53 |
| Multi-stage venture firm | 19 | 22 |
| Micro VC | 9 | 10 |
| Seed fund manager | 5 | 8 |
| Corporate venture | 6 | 6 |
| Private equity with venture activity | 4 | 5 |
Fund size
| Won | Lost | |
|---|---|---|
| Under $25M | 25 | 27 |
| $25M to $100M | 31 | 62 |
| $100M to $500M | 26 | 21 |
| $500M and over | 5 | 3 |
Manager state
| Won | Lost | |
|---|---|---|
| California | 30 | 36 |
| New York | 21 | 18 |
| Texas | 3 | 5 |
| Massachusetts | 4 | 3 |
| Utah | 1 | 4 |
| Colorado | 1 | 3 |
Loses most often to
- ADURO ADVISORS, LLC22 decisions, 67 funds
- NAV CONSULTING, INC.10 decisions, 29 funds
- Standish Management6 decisions, 21 funds
Wins most often from
- ADURO ADVISORS, LLC9 decisions, 17 funds
- Standish Management7 decisions, 41 funds
- SS&C5 decisions, 28 funds
Decisions since 2023 for the breakdowns and the lists, five filing years for the table. One manager’s filing is one decision however many funds it moves. By acquisition (a succession, never counted as won or lost): 4 in (11 funds), 0 out (0 funds).
The managers to call are listed by name for a reader with the venture graph. See the administrator opportunity list
- First named
- Mar 30, 2016
- Latest filing
- Aug 31, 2026
- LEI
- 95980020140006008648
- SEC file number
- 8-69701, 8-70396, 8-95980020
- Names as filed
- ? 2020 ESHARES, INC. DBA CARTA, INC.; AD CARTA LLC; AD CARTA, LLC; CARTA; CARTA - ESHARES, INC.; CARTA (VAUBAN TECHNOLOGIES LIMITED); CARTA ASIA PRIVATE LIMITED; CARTA ASIA PTE. LTD; CARTA ASIA PTE. LTD.; CARTA CAPITAL MARKETS, LLC; CARTA FINANCIAL SERVICES; CARTA FINANCIAL TECHNOLOGIES LLC
Sources: SEC Form ADV Schedule D (Section 7.B.(1) items 23 to 28) and Form D sales compensation recipients, each row linked to its filing above.
Ask: Which venture funds switched administrator to or away from Carta in the last 12 months?
Following hears every adviser decision that moves a venture fund to or away from Carta, one item per decision, on your venture intelligence and in the weekly digest. Add fund activity at the funds it serves under Alerts.