01 ADVISORS FUND IV SEC FORM D REVIEW
01 Advisors 04, L.P. entered the SEC record on September 16, 2026 with a $395 million target, but the most important number in the filing is not $395 million — it is $0. The Delaware limited partnership reported that its first sale had not yet occurred, that zero investors had invested and that the full $395 million remained to be sold. The vehicle is classified as a venture capital pooled investment fund, relies on Rule 506(b), claims the Investment Company Act Section 3(c)(7) exclusion and states that the offering is not expected to last more than one year. The filing also reports a $0 minimum investment, no sales commissions, no finder fees and no payments from proceeds to named related persons at filing, while noting that the general partner or its designee is entitled to a management fee. Those details make the filing a useful launch marker, but they do not establish a first close, LP commitment base or final fund size.
The management chain is much stronger than the fundraising status. The SEC filing identifies 01 Advisors 04 GP LLC as general partner and lists Richard "Dick" Costolo and Adam Bain as managing partners of the general partner, all at 415 Jackson Street, 3rd Floor in San Francisco. The same address is used by the broader 01 Advisors platform, while the firm's public-facing materials identify Costolo and Bain as co-founders and managing partners. Costolo previously served as CEO of Twitter and earlier founded FeedBurner, which Google acquired; Bain was Twitter's COO and president after earlier roles across Fox's digital businesses. That operating history is central to 01A's positioning: rather than presenting itself primarily as a financial-engineering platform, the firm markets an "operators helping operators" model built around executives who have personally managed high-growth technology companies. David Fischer, formerly Meta/Facebook's chief revenue officer, joined the platform as a general partner around the launch of Fund III, further reinforcing the firm's go-to-market and scaling identity.
Fund IV's $395 million target is especially notable because it almost exactly repeats the size of 01 Advisors' third flagship fund. In November 2023 the firm publicly announced that it had closed Fund III with $395 million in commitments, taking reported firmwide assets under management at that time to approximately $920 million. That predecessor fund followed a $325 million Fund II raised in 2021 and an earlier first fund that began the firm's institutional fund sequence. The repetition of the $395 million target suggests that Fund IV is not an obvious step-change in fund size. Instead, it appears consistent with a strategy of keeping the flagship pool around the scale the partners believe can support meaningful ownership in post-product-market-fit companies without forcing the firm into much larger late-stage checks. Importantly, however, the September 2026 Form D does not show that existing LPs have recommitted or that any first close has occurred; those conclusions require later amendments, institutional announcements or private fundraising documents.
The strategy can be tested against the firm's portfolio and recent activity. 01A publicly describes its preferred entry point as after product-market fit, often Series A or Series B, with typical investments around $10 million to $20 million and a strong emphasis on helping management teams scale go-to-market organizations. Historically visible portfolio companies include Tipalti, SpotOn, HoneyBook, Linear, BuildOps, Baseten, Attio, Capchase, Render, MasterClass, Observe.AI, Postscript and other software, fintech and technology-enabled businesses. Recent 2026 activity shows the platform continuing to participate in later financing rounds and secondary transactions involving companies such as Baseten, Capchase and Linear. This portfolio pattern matters because it distinguishes 01A from a seed-focused venture franchise: the firm generally seeks companies that have already demonstrated customer demand and then attempts to use operating expertise in sales, organizational design, pricing, recruiting and expansion to help them scale.
The adviser-level record provides another layer of verification. Public Form ADV material under CRD 301237 identifies the 01 Advisors advisory organization and confirms earlier flagship private funds including 01 Advisors 03, L.P. Fund III is listed as a Delaware private fund relying on Section 3(c)(7), with 01 Advisors 03 GP LLC serving as general partner. The new Fund IV Form D uses the same organizational pattern — a numbered Delaware limited partnership, a corresponding numbered GP LLC and the same San Francisco operating address. California business-record data also shows 01 Advisors 04 GP LLC formed in 2026, with Richard Costolo and Adam Bain associated with the entity and its stated business activity involving investment management. This repeatable architecture reduces ambiguity around whether Fund IV belongs to the same 01A platform, although investors should still expect the private placement memorandum, limited partnership agreement and updated ADV schedule to identify the exact advisory and GP relationships before capital is accepted.
Fund IV's main diligence issues therefore sit downstream of identity verification. The public record does not disclose Fund III's net IRR, TVPI, DPI, write-off ratio, reserve policy or realized-versus-unrealized contribution to reported value, so investors cannot determine from Form D whether repeating a $395 million fund size reflects strong predecessor performance, portfolio construction discipline or simply a chosen target. Nor does the filing disclose management fee percentage, carried interest, preferred return or hurdle structure, GP commitment, recycling provisions, fund life, extension rights, key-person clauses, LP advisory committee terms or concentration limits. Because many 01A portfolio companies remain private, valuation marks may depend heavily on private financing rounds and internal methodologies. A prospective Fund IV LP should therefore compare entry valuations, ownership percentages, realized exits and distributions from Funds I–III with the mark-to-market value of still-private companies before assessing the economics of the fourth vehicle.
KEY FINDINGS 01 Advisors 04, L.P. filed a new Form D on September 16, 2026 targeting $395 million. The filing reported $0 sold, zero investors and no first sale yet, so the document marks the opening of the fundraising process rather than a completed raise. The fund is a Delaware venture capital limited partnership using Rule 506(b) and Section 3(c)(7). 01 Advisors 04 GP LLC is the general partner, while Richard Costolo and Adam Bain are identified as managing partners of the GP. The $395 million target precisely mirrors the publicly announced size of 01 Advisors' third flagship fund closed in 2023, after an earlier $325 million Fund II. The firm's investment strategy remains centered on technology companies that have already established product-market fit, with 01A emphasizing Series A/B investing and operator-led assistance in go-to-market scaling.
FUND SEQUENCE AND SCALE Fund I: Early flagship vehicle launched after the firm's 2018 formation. Fund II: Approximately $325 million, publicly announced in 2021. Fund III / 01 Advisors 03, L.P.: Approximately $395 million, publicly announced closed in November 2023. Fund IV / 01 Advisors 04, L.P.: $395 million target filed September 16, 2026; $0 sold and zero investors reported at initial filing. Interpretation: Fund IV's target does not represent a major increase from Fund III. The more important future data point will be whether subsequent SEC amendments show a rapid first close and eventual fundraising level near the stated target.
MANAGER AND WEBSITE PENETRATION Fund: 01 Advisors 04, L.P. Managing Partners named in SEC filing: Richard Costolo and Adam Bain Public contact email: [email protected] San Francisco Office: 415 Jackson Street, San Francisco, CA 94111 SEC address match: Confirmed Founder identity match: Confirmed Investment-strategy match: Confirmed Website description: Operator-led venture capital investing after product-market fit Typical publicly stated check size: Approximately $10M-$20M Typical stage emphasis: Series A and Series B / early growth Core sectors visible in portfolio: Enterprise software, AI, fintech, SaaS, cybersecurity and technology-enabled services
PORTFOLIO EVIDENCE 01 Advisors' publicly visible investment record includes Tipalti, SpotOn, HoneyBook, Linear, BuildOps, Baseten, Attio, Capchase, Render, MasterClass, Observe.AI, Postscript, Electric, Density, Modern Health and other growth-stage technology businesses. The firm's more recent 2026 activity includes participation associated with Baseten, Capchase and Linear. Individual financing-round sizes should not be interpreted as 01A's own check size because most rounds involve syndicates of multiple investors. The stronger inference is strategic: the portfolio repeatedly shows companies with established products and meaningful commercial traction rather than a portfolio dominated by pre-seed experimentation.
SEC SNAPSHOT SEC File Number: 021-597744 Filed: September 16, 2026 Year Formed: 2026 Principal Office: 415 Jackson Street, 3rd Floor, San Francisco, CA 94111 Federal Exemption: Rule 506(b) Security: Pooled Investment Fund Interests Remaining: $395,000,000 Minimum Investment Reported: $0 Sales Commissions: $0 Finder Fees: $0 Related-Person Payments Reported: $0 Management Fee: General partner or designee is entitled to a management fee Fundraising Duration: Filing says offering is not intended to last more than one year Managing Partners: Richard Costolo and Adam Bain Form D Signatory: Richard Costolo
CORE INVESTOR QUESTIONS A Fund IV investor should determine whether a first close has now occurred and how much of the $395 million target is contractually committed; request Fund I, II and III net IRR, TVPI and DPI by vintage; separate realized distributions from unrealized portfolio marks; review individual write-offs and down-round exposure; determine Fund IV's management fee and carried-interest schedule; confirm the general partner commitment; review recycling and follow-on reserve policies; establish maximum single-company concentration; determine whether opportunity or SPV vehicles can invest alongside the flagship fund; examine allocation rules among Fund III, Fund IV and related vehicles; review key-person provisions covering Costolo, Bain and other senior partners; and compare actual historical investment size and stage with the stated post-product-market-fit strategy.
CORE RISKS Fund IV had no investors and no reported subscriptions at its initial SEC filing, so its eventual fundraising outcome remains unknown. Venture investments are illiquid and can remain privately held for many years, making valuation dependent on financing-round marks and judgment rather than continuous public-market pricing. 01A's concentration in growth-stage technology creates sensitivity to software multiples, AI and fintech valuation cycles, IPO availability and acquisition markets. Larger Series A/B investments can reduce the extreme technical risk of pre-seed investing but expose the fund to higher entry valuations. Several portfolio companies may require additional capital before exit, creating reserve-management risk. Repeating Fund III's $395 million size may support investment discipline, but prior fundraising success alone does not establish Fund IV performance.
PRIMARY EVIDENCE REVIEWED SEC Form D filed September 16, 2026 for 01 Advisors 04, L.P. SEC Form D history for 01 Advisors 03, L.P. SEC / IAPD Form ADV material associated with CRD 301237. 01 Advisors official website and public portfolio / jobs platform. Public announcement and reporting concerning the $395 million Fund III close in November 2023. Public reporting regarding 01 Advisors Fund II. California entity information for 01 Advisors 04 GP LLC. Public 2026 portfolio-financing and investment records.
IMPORTANT FORM D NOTICE The September 2026 Form D does not state that 01 Advisors Fund IV raised $395 million. It states that the fund is offering up to $395 million and, at the filing date, had sold $0 to zero investors with the first sale yet to occur. Any statement that Fund IV has "raised $395 million" would therefore be inaccurate unless supported by a later filing or announcement. Form D is an exempt-offering notice and does not represent SEC approval of 01 Advisors, the fund's strategy, its portfolio valuations or its prospective returns. Investors should rely on the current private placement memorandum, limited partnership agreement, audited predecessor-fund performance and subsequent fundraising disclosures for investment-level diligence.