Alpha Ventures Fund I LP has one of the cleaner fundraising progressions in the current E-list. The Delaware limited partnership filed its initial Form D on February 13, 2024 with a fixed $200 million target, $0 sold and no first sale yet. Its February 13, 2025 amendment reported that the first sale had occurred on February 14, 2024 and that $25.3 million had been sold to 10 investors, leaving $174.7 million remaining. The September 11, 2026 amendment raised cumulative sales to $55.6 million and investor count to 24, leaving $144.4 million still available under the stated target. That means reported subscriptions increased by $30.3 million between the 2025 and 2026 amendments. The filing also states that the amount sold includes capital from the general partner, so the $55.6 million should not be treated as outside LP capital alone.
The management chain is more important than the generic "Alpha Ventures" name. Alpha Ventures Fund I GP LLC is the legal general partner, while NestGSV Investment Management, LLC, doing business as HMC Capital US, appears as a related person and is linked to the fund through current Form ADV reporting. Nicholas Franco and Felipe Held also appear among the fund's related persons. HMC Capital US operates from the same 1325 Avenue of the Americas address and current adviser data identify NestGSV Investment Management as the legal adviser entity under CRD 306285 and SEC file 802-120666. The latest available adviser record reports approximately $175 million in regulatory assets under management across six client accounts, with Alpha Ventures Fund I specifically linked through SEC file number 021-505126. This is important because it establishes a regulatory relationship that is stronger than relying on branding or website similarity alone.
The broader HMC relationship adds another layer of context. Historical HMC Capital materials list both a New York operation and NestGSV Investment Management in Silicon Valley, indicating that NestGSV has long functioned as part of the group's U.S. investment-management footprint. HMC Capital itself has operated across Latin America and the United States in alternatives and private markets. That history suggests Alpha Ventures Fund I sits inside an established cross-border investment organization rather than being a newly invented standalone brand. At the same time, the fund's precise investment mandate is not described in detail through Form D, and FilingDossier did not identify a public portfolio page dedicated specifically to Alpha Ventures Fund I. Investors therefore should not infer sector concentration, geography, stage or named portfolio companies unless those are confirmed through the PPM, LP reports or manager disclosures.
The filing structure also shows an institutional fundraising process rather than a fully direct GP-to-LP raise. The 2025 amendment disclosed finder fees of $22,674 and stated that placement-agent fees would be paid based on a fee schedule and/or profits-interest grant. The 2026 filing identifies foreign solicitation activity, including an entity in São Paulo, Brazil, reinforcing the cross-border capital-raising character of the vehicle. This is consistent with HMC Capital's broader Latin American network, but investors should still review who is acting as placement agent, whether compensation is paid by the fund or manager, whether any profits interest dilutes economics, and how foreign-investor subscriptions are handled. Those details can meaningfully affect net returns even when headline fund size remains unchanged.
The most important diligence distinction is between three separate numbers: the fund's $200 million target, the $55.6 million actually reported sold through September 2026, and HMC Capital US's approximately $175 million adviser-level RAUM. None of them is interchangeable. The $200 million figure is a fundraising ceiling stated in Form D, the $55.6 million is cumulative securities sold by this fund, and the $175 million figure relates to the adviser across multiple accounts. Likewise, the fund's Form D does not reveal current NAV, portfolio marks, realized exits or investment performance. A proper review therefore requires portfolio-level holdings, commitment versus called-capital data, gross and net IRR, TVPI, DPI, unrealized-value concentration and follow-on reserve policy.
KEY FINDINGS Alpha Ventures Fund I LP was formed in Delaware in 2024 and is targeting $200 million. The fund initially filed at $0 sold, reached $25.3 million sold to 10 investors by February 2025 and reported $55.6 million sold to 24 investors in September 2026. The amount sold includes general-partner capital. Alpha Ventures Fund I GP LLC is the general partner, while NestGSV Investment Management, LLC d/b/a HMC Capital US is linked to the fund through current Form ADV reporting. Nicholas Franco and Felipe Held appear in the related-person structure. HMC Capital US reports approximately $175 million of regulatory AUM across six accounts. The fund remains well below its $200 million target, and no public final-close announcement was independently confirmed.
FUNDRAISING HISTORY February 13, 2024:
February 13, 2025: Remaining: $174,700,000 Finder fees: $22,674 Important note: Amount sold includes GP capital
September 11, 2026: Increment since prior amendment: $30,300,000 Remaining: $144,400,000 Total target remains: $200,000,000
MANAGER / ADVISER PENETRATION Fund: Alpha Ventures Fund I LP SEC File No.: 021-505126 SEC File: 802-120666 Manager regulatory status: Exempt Reporting Adviser Manager RAUM: Approximately $175M Client accounts: 6 New York office: 1325 Avenue of the Americas, Suite 2839 Related persons: Nicholas Franco / Felipe Held Fund-adviser relationship: Confirmed through current Form ADV data
NAME-CONFUSION RISK "Alpha Ventures" is a highly generic investment name and unrelated entities using similar names exist in multiple U.S. states and internationally. A Florida entity named Alpha Ventures Fund, LLC, for example, is a separate inactive business and should not be connected to this fund. The correct Alpha Ventures Fund I reviewed here is identified by CIK 0002011133, New York address 1325 Avenue of the Americas and the NestGSV / HMC Capital US management relationship. Search-engine research should therefore use the exact legal entity, CIK, GP and adviser rather than the brand phrase alone.
STRATEGY AND PORTFOLIO QUESTION SEC filings classify Alpha Ventures Fund I as a venture capital fund, but the Form D does not disclose individual investments, stage allocation, sector weights, geography or valuation policy. HMC Capital's broader platform operates across alternatives and private markets, but those platform activities should not automatically be attributed to Alpha Ventures Fund I. Investors should request the fund's actual portfolio schedule and determine whether the vehicle invests directly in companies, secondaries, co-investments, venture funds or a mixture of structures.
PLACEMENT AND DISTRIBUTION The 2025 Form D disclosed placement-agent compensation through finder fees and explained that fees may be paid according to a fee schedule and/or profits-interest grant. The 2026 filing also identifies foreign solicitation activity in Brazil. Investors should determine: Who the placement agents are. Total fee schedule. Whether placement costs are borne by the fund or manager. Whether any profits-interest grants dilute GP economics. Whether foreign investors enter the same LP vehicle. Whether side letters alter fees or governance rights.
CORE INVESTOR QUESTIONS Investors should confirm the current first-close and final-close status; request committed capital, called capital and uncalled commitments separately; establish how much of the $55.6M comes from external LPs versus GP capital; obtain the complete portfolio and cost basis; review gross and net IRR, TVPI and DPI; identify realized exits and write-offs; determine management fee and carried-interest terms; review GP commitment; establish follow-on reserve policy; analyze valuation methodology for illiquid holdings; review concentration limits; understand geographic exposure; examine placement-agent economics; and determine whether HMC-affiliated vehicles can compete with Fund I for the same investment opportunities.
CORE RISKS Fund I had raised only approximately 27.8% of its stated $200 million target as of September 2026. Failure to reach target size could alter diversification, ownership targets or reserve capacity. Venture investments are illiquid and dependent on private-company valuations, follow-on financing and exit markets. The fund's public portfolio is limited, which makes external performance verification difficult. Cross-border fundraising can introduce additional tax, regulatory and operational complexity. The manager's ERA status provides regulatory disclosure but less public adviser reporting than a fully registered investment adviser. The generic Alpha Ventures name also creates a material research and entity-matching risk.
SEC SNAPSHOT SEC File No.: 021-505126 Formation Year: 2024 Principal Office: 1325 Avenue of the Americas, Suite 2839, New York, NY 10019 Exemption: Rule 506(b) Security: Pooled Investment Fund Interests Amount Remaining: $144,400,000 Related Persons: Nicholas Franco / Felipe Held GP Capital Included in Amount Sold: Yes Final Close: Not independently confirmed
PRIMARY EVIDENCE REVIEWED SEC Form D filed February 13, 2024 for Alpha Ventures Fund I LP. SEC Form D/A filed February 13, 2025. SEC Form D/A filed September 11, 2026. Current Form ADV data for NestGSV Investment Management, LLC d/b/a HMC Capital US. HMC Capital public and historical corporate materials linking New York operations and NestGSV Investment Management. Public SEC-derived fund databases used to cross-check amendment history and adviser linkage.
IMPORTANT FORM D NOTICE Alpha Ventures Fund I has not raised the full $200 million target based on the latest reviewed Form D. The September 2026 amendment reports $55.6 million sold, leaving $144.4 million remaining. The filing also states that the amount sold includes general-partner capital, so it should not be described as $55.6 million of outside LP commitments. HMC Capital US's approximately $175 million regulatory AUM is an adviser-level figure and should not be treated as Fund I NAV. Form D and Form ADV are regulatory disclosures and do not constitute SEC approval of the fund, HMC Capital US, the portfolio or expected returns.