This provider
The service provider's name, 5,740 additional funds served, 163 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
LAW Finance Group Management Company moved a fund from this provider to CHASE as custodian.
A client that left; the filing names who replaced this provider.
- Lost1 fund
NEW Vintage Partners LLC moved a fund from this provider to RAYMOND JAMES & ASSOCIATES, INC. as custodian.
A client that left; the filing names who replaced this provider.
- Lost4 funds
Visible Ventures moved 4 funds from this provider to Silicon Valley Bank as custodian.
A client that left; the filing names who replaced this provider.
- 22 / 42decisions won / lost
In the last 12 months advisers moved 38 funds to this provider (22 decisions) and 205 away (42 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 |
| Andreessen Horowitz Fund III, L.P. | Andreessen Horowitz | Custodian | unknown | $9.3B | Form ADV Mar 30, 2026 reports.adviserinfo.sec.gov |
- Sequoia Capital Operations, LLC60 funds, $79B reported gross assets
- Andreessen Horowitz88 funds, $73B reported gross assets
- Thrive Capital53 funds, $41B reported gross assets
- Jul 14, 2026Lost Custodian: CHASE replaced this provider at TSO Lfg Asset Holdco LLLP · LAW Finance Group Management CompanyForm ADV, previous Mar 31, 2025 reports.adviserinfo.sec.gov
- Jun 29, 2026Lost Custodian: RAYMOND JAMES & ASSOCIATES, INC. replaced this provider at NV Secondary, LP · NEW Vintage Partners LLCForm ADV, previous Mar 26, 2026 reports.adviserinfo.sec.gov
- May 13, 2026Succession Custodian: this provider replaced First Republic Bank at Cloud All Star Fund, L.P. · Next Legacy Management, LLCForm ADV, previous Mar 31, 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 custodian on 5,646 venture funds, 11.5% of the venture funds with a custodian on record. Won 110 and lost 67 adviser decisions from 2024 to 2026: a net gain of 43.
Who it serves, by manager type
| Funds | Managers | |
|---|---|---|
| Multi-stage venture firm | 2,043 | 151 |
| Institutional venture firm | 1,881 | 353 |
| Not classified | 759 | 110 |
| Private equity with venture activity | 326 | 60 |
| Micro VC | 215 | 98 |
| Corporate venture | 159 | 34 |
By fund size
| Funds | Managers | |
|---|---|---|
| Under $25M | 2,937 | 613 |
| $25M to $100M | 1,241 | 543 |
| $100M to $500M | 1,021 | 391 |
| $500M and over | 544 | 157 |
By manager state
| Funds | Managers | |
|---|---|---|
| California | 1,960 | 255 |
| New York | 1,001 | 152 |
| Massachusetts | 317 | 55 |
| Texas | 227 | 35 |
| Florida | 211 | 24 |
| Illinois | 123 | 23 |
Adviser decisions by year
| Filing year | Won (funds) | Lost (funds) | By acquisition |
|---|---|---|---|
| 2026 | 20 (36) | 38 (201) | 23 in, 0 out |
| 2025 | 46 (128) | 24 (62) | 213 in, 0 out |
| 2024 | 44 (139) | 5 (10) | 88 in, 0 out |
| 2023 | 18 (58) | 3 (31) | 17 in, 0 out |
| 2022 | 0 (0) | 4 (7) | 1 in, 0 out |
Where it wins and loses: manager type
| Won | Lost | |
|---|---|---|
| Institutional venture firm | 40 | 28 |
| Multi-stage venture firm | 29 | 12 |
| Not classified | 11 | 7 |
| Micro VC | 6 | 9 |
| Private equity with venture activity | 10 | 4 |
| Corporate venture | 7 | 4 |
Fund size
| Won | Lost | |
|---|---|---|
| Under $25M | 37 | 26 |
| $25M to $100M | 28 | 17 |
| $100M to $500M | 34 | 22 |
| $500M and over | 12 | 2 |
Manager state
| Won | Lost | |
|---|---|---|
| California | 39 | 20 |
| New York | 17 | 10 |
| Massachusetts | 6 | 2 |
| Florida | 1 | 5 |
| Texas | 4 | 2 |
| Georgia | 4 | 1 |
Loses most often to
- Silicon Valley Bank11 decisions, 21 funds
- First Citizens Bank8 decisions, 13 funds
- CITIZENS BANK, NATIONAL ASSOCIATION6 decisions, 55 funds
Wins most often from
- Silicon Valley Bank39 decisions, 119 funds
- First Republic Bank32 decisions, 89 funds
- Bank of America7 decisions, 30 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): 342 in (1,417 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
- Feb 10, 2012
- Latest filing
- Aug 31, 2026
- CRD
- 108559, 135960, 18718, 282107, 28432, 79
- LEI
- 54930005CPKIO8CAMX61, 5493000FN178SW540N88, 5493008Z4LT56JZXGL54, 549300D5Q1Z8J7H6OQ02, 549300H4Y0S0TOJHZE34, 549300I6VVOVLZ4M2Y88, 549300J7XHIPFQNQFA66, 7H6GLXDRUGQFU57RNE97, 7H6GLXSRUGQFU57RNE97, 8I5DZWZKVSZI1NUHU748
- SEC file number
- 8-12141, 8-35008, 8-36950, 8-43724, 8-69703, 8-8352, 801-3702, 801-56293, 801-64725
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.