This provider
The service provider's name, 2,266 additional funds served, 107 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
- Lost6 funds
Innovius Capital Management, LLC moved 6 funds from this provider to Carta as administrator.
A client that left; the filing names who replaced this provider.
- Lost1 fund
Atinc, LLC moved a fund from this provider to KELA CONSULTING LLC as administrator.
A client that left; the filing names who replaced this provider.
- 24 / 14decisions won / lost
In the last 12 months advisers moved 119 funds to this provider (24 decisions) and 57 away (14 decisions).
One adviser moving many vehicles on one filing is counted as one decision.
DerivedForm ADV and Form D filings, consecutive filings compared - Lost15 funds
Collaborative Fund Management LLC moved 15 funds from this provider to Carta as administrator.
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 | Administrator | 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 | Administrator | 2018 | $15B | Form ADV Jul 17, 2026 reports.adviserinfo.sec.gov |
| Thrive Capital Partners X Growth, L.P. | Thrive Capital | Administrator | unknown | $7.4B | Form ADV Jul 6, 2026 reports.adviserinfo.sec.gov |
- Sequoia Capital Operations, LLC58 funds, $79B reported gross assets
- Thrive Capital55 funds, $42B reported gross assets
- General Catalyst23 funds, $27B reported gross assets
- Aug 26, 2026Lost Administrator: Carta replaced this provider 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
- Jul 28, 2026Lost Administrator: Carta replaced this provider at Innovius Capital Fund I, L.P. and 5 more of the same manager’s funds · Innovius Capital Management, LLCForm ADV, previous Mar 31, 2025 reports.adviserinfo.sec.gov
- Apr 17, 2026Lost Administrator: KELA CONSULTING LLC replaced this provider at Atinc I Ntfy, LLC · Atinc, 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 administrator on 2,269 venture funds, 4.8% of the venture funds with an administrator on record. Won 87 and lost 30 adviser decisions from 2024 to 2026: a net gain of 57.
Who it serves, by manager type
| Funds | Managers | |
|---|---|---|
| Multi-stage venture firm | 942 | 67 |
| Institutional venture firm | 823 | 149 |
| Not classified | 213 | 31 |
| Private equity with venture activity | 84 | 13 |
| Micro VC | 69 | 30 |
| Candidate | 53 | 16 |
By fund size
| Funds | Managers | |
|---|---|---|
| Under $25M | 1,078 | 232 |
| $25M to $100M | 515 | 211 |
| $100M to $500M | 482 | 182 |
| $500M and over | 194 | 65 |
By manager state
| Funds | Managers | |
|---|---|---|
| California | 1,080 | 148 |
| New York | 196 | 22 |
| Massachusetts | 187 | 31 |
| Texas | 158 | 7 |
| Washington | 51 | 7 |
| Utah | 31 | 7 |
Adviser decisions by year
| Filing year | Won (funds) | Lost (funds) | By acquisition |
|---|---|---|---|
| 2026 | 24 (119) | 14 (57) | none |
| 2025 | 45 (139) | 7 (11) | none |
| 2024 | 18 (157) | 9 (46) | none |
| 2023 | 8 (64) | 14 (54) | none |
| 2022 | 10 (16) | 11 (39) | none |
Where it wins and loses: manager type
| Won | Lost | |
|---|---|---|
| Institutional venture firm | 35 | 8 |
| Multi-stage venture firm | 16 | 8 |
| Not classified | 10 | 3 |
| Micro VC | 9 | 2 |
| Private equity with venture activity | 6 | 0 |
| Seed fund manager | 4 | 1 |
Fund size
| Won | Lost | |
|---|---|---|
| Under $25M | 8 | 7 |
| $25M to $100M | 38 | 11 |
| $100M to $500M | 34 | 8 |
| $500M and over | 7 | 4 |
Manager state
| Won | Lost | |
|---|---|---|
| California | 31 | 14 |
| Massachusetts | 7 | 1 |
| New York | 6 | 2 |
| Washington | 3 | 2 |
| Texas | 2 | 1 |
| Colorado | 2 | 0 |
Loses most often to
- Carta7 decisions, 41 funds
- 500 GLOBAL3 decisions, 4 funds
- PETRA FUNDS GROUP, LLC2 decisions, 7 funds
Wins most often from
- CORNERSTONE FUND SERVICES48 decisions, 210 funds
- Apex Group8 decisions, 36 funds
- Carta6 decisions, 21 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. No change to or from this provider is recorded as an acquisition.
The managers to call are listed by name for a reader with the venture graph. See the administrator opportunity list
- First named
- Feb 6, 2012
- Latest filing
- Aug 26, 2026
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 this provider in the last 12 months?
A provider can be followed from its named record.