This provider
The service provider's name, 2,913 additional funds served, 126 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
- Won1 fund
DFJ Dragon moved a fund to this provider as custodian, from Morgan Stanley.
A new client relationship, first shown on this filing.
- Lost5 funds
Archer Venture Capital Management LLC moved 5 funds from this provider to STIFEL BANK, RAYMOND JAMES & ASSOCIATES, INC. as custodian.
A client that left; the filing names who replaced this provider.
- Lost1 fund
South Park Commons Management moved a fund from this provider to CHOICE FINANCIAL GROUP as custodian.
A client that left; the filing names who replaced this provider.
- 10 / 10decisions won / lost
In the last 12 months advisers moved 17 funds to this provider (10 decisions) and 25 away (10 decisions).
One adviser moving many vehicles on one filing is counted as one decision.
DerivedForm ADV and Form D filings, consecutive filings compared
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 |
| NEW Enterprise Associates 14, L.P. | NEW Enterprise Associates | Custodian | 2012 | $7.8B | Form ADV Aug 26, 2026 reports.adviserinfo.sec.gov |
- Sequoia Capital Operations, LLC64 funds, $80B reported gross assets
- NEW Enterprise Associates16 funds, $33B reported gross assets
- Lightspeed Venture Partners51 funds, $33B reported gross assets
- Apr 1, 2026Won Custodian: this provider replaced Morgan Stanley at DFJ Dragonfund China II, L.P. · DFJ DragonForm ADV, previous Mar 31, 2025 reports.adviserinfo.sec.gov
- Mar 31, 2026Lost Custodian: STIFEL BANK, RAYMOND JAMES & ASSOCIATES, INC. replaced this provider at AVC Iii-A Fr Cuna, LLC and 4 more of the same manager’s funds · Archer Venture Capital Management LLCForm ADV, previous Aug 18, 2025 reports.adviserinfo.sec.gov
- Mar 31, 2026Succession Custodian: this provider, JPMorgan replaced Silicon Valley Bank at Firstmark Capital J1, L.P. and 2 more of the same manager’s funds · Firstmark Capital, LLCForm ADV, previous Jul 31, 2025 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 custodian on 2,916 venture funds, 5.9% of the venture funds with a custodian on record. Won 56 and lost 32 adviser decisions from 2024 to 2026: a net gain of 24.
Who it serves, by manager type
| Funds | Managers | |
|---|---|---|
| Multi-stage venture firm | 1,245 | 87 |
| Institutional venture firm | 1,029 | 166 |
| Not classified | 152 | 27 |
| Private equity with venture activity | 144 | 14 |
| Corporate venture | 95 | 11 |
| Micro VC | 68 | 29 |
By fund size
| Funds | Managers | |
|---|---|---|
| Under $25M | 1,462 | 283 |
| $25M to $100M | 616 | 242 |
| $100M to $500M | 588 | 213 |
| $500M and over | 250 | 76 |
By manager state
| Funds | Managers | |
|---|---|---|
| California | 1,458 | 153 |
| Massachusetts | 293 | 31 |
| New York | 277 | 35 |
| Utah | 73 | 6 |
| Washington | 60 | 6 |
| Connecticut | 33 | 3 |
Adviser decisions by year
| Filing year | Won (funds) | Lost (funds) | By acquisition |
|---|---|---|---|
| 2026 | 9 (16) | 9 (24) | 11 in, 0 out |
| 2025 | 24 (91) | 9 (13) | 23 in, 0 out |
| 2024 | 23 (86) | 14 (49) | 50 in, 0 out |
| 2023 | 14 (38) | 6 (6) | 114 in, 0 out |
Where it wins and loses: manager type
| Won | Lost | |
|---|---|---|
| Institutional venture firm | 27 | 17 |
| Multi-stage venture firm | 16 | 5 |
| Not classified | 4 | 2 |
| Private equity with venture activity | 3 | 2 |
| Candidate | 1 | 2 |
| Accelerator | 1 | 1 |
Fund size
| Won | Lost | |
|---|---|---|
| Under $25M | 16 | 7 |
| $25M to $100M | 17 | 16 |
| $100M to $500M | 19 | 8 |
| $500M and over | 4 | 1 |
Manager state
| Won | Lost | |
|---|---|---|
| California | 27 | 11 |
| New York | 3 | 3 |
| Washington | 4 | 0 |
| Arizona | 1 | 2 |
| Massachusetts | 3 | 0 |
| Florida | 0 | 2 |
Loses most often to
- JPMorgan6 decisions, 16 funds
- Silicon Valley Bank6 decisions, 13 funds
- SUSSER BANK5 decisions, 24 funds
Wins most often from
- First Republic Bank15 decisions, 52 funds
- Western Alliance / Bridge Bank14 decisions, 68 funds
- Silicon Valley Bank13 decisions, 53 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): 198 in (834 funds), 0 out (0 funds).
The managers to call are listed by name for a reader with the venture graph. See the custodian opportunity list
- First named
- Mar 27, 2023
- Latest filing
- Aug 28, 2026
- LEI
- 549300HNUN45P7J57W81, 549300IRRKG7NTX2YD83, 549300N3Z00ZHE2XC526, 549300T8J3VZL9KZ7Y23, 549300VGKMMSJEW8TW22, 549300ZX7CMZ93QCZQ91, L9VVX1KT5TFTKS0MLF66, L9VVX1KT5TFTKS0MLF67, L9VVX1KT5TFTKS0MLF68, L9VVX1KT5TFTKSOMLF66
- SEC file number
- 8-50696
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 custodian to or away from this provider in the last 12 months?
A provider can be followed from its named record.