BROWN ADVISORY VENTURE CAPITAL PARTNERS 6 SEC REVIEW 2026
INDEPENDENT VERDICT
Brown Advisory Venture Capital Partners 6, LLLP is a newly formed Delaware private investment vehicle with unusually strong manager-level verification because the Form D links directly to Brown Advisory Investment Solutions Group LLC, an SEC-registered alternative-investment adviser within the broader Brown Advisory organization. The fund, CIK 0002148098, filed a new Form D on September 10, 2026 after a first sale on September 9. It reported an indefinite Rule 506(b) offering, $15.6 million sold to 25 investors, no outside minimum investment, no sales commissions or finder's fees and a Section 3(c)(7) exclusion under the Investment Company Act. Its principal address is 901 South Bond Street, Suite 400, Baltimore, Maryland, the same address used across Brown Advisory's private-fund platform. Brown Advisory Investment Solutions Group LLC is expressly identified as the fund's General Partner, while William O. White, Logie Fitzwilliams and Michael D. Hankin appear as senior executives of that General Partner; Brett D. Rogers signed the filing as General Counsel. That legal chain is much stronger evidence than simply seeing "Brown Advisory" in the fund name.
The more distinctive story is the continuity of the Venture Capital Partners series. Brown Advisory Venture Capital Partners 6 follows earlier vintages rather than appearing as an isolated 2026 fund. Venture Capital Partners 5 filed in June 2025 and reported approximately $16.3 million sold to 12 investors, while Venture Capital Partners 4 was formed in 2023 and filed in 2024; Venture Capital Partners 3 appears in SEC records dating to 2022. Brown Advisory's own annual-report materials separately identify "VCP — Venture Capital Partners" as a private-investment strategy targeting emerging and established venture managers. This is important because the SEC Form D classifies VCP 6 as a "Private Equity Fund" within the broader pooled-investment category, while the sponsor's own product taxonomy describes the strategy specifically as venture capital. Those descriptions are not contradictory: Form D uses a limited menu of pooled-fund classifications, whereas Brown Advisory's internal strategy label gives a more precise picture of what the VCP family is designed to do. The history across VCP 3, 4, 5 and 6 therefore supports a recurring venture-capital program rather than a one-off SPV.
Brown Advisory Investment Solutions Group, or BAISG, provides another important evidence layer. Its Form ADV brochure states that BAISG was founded in 2002, is wholly owned within Brown Advisory's corporate structure and specializes in alternative investments. The adviser says it provides discretionary and non-discretionary advice to private funds across private equity, venture capital, private credit, real estate and hedge-fund strategies; it also says it builds funds-of-funds, focused multi-strategy vehicles and direct venture-capital funds. BAISG's related adviser NextGen Venture Partners focuses on direct investments in early- to mid-stage companies, while Brown Advisory's annual report describes NextGen as a network-driven early-stage strategy concentrated in health care, the data economy and B2B software, supported by a network exceeding 1,600 business builders. Those facts help explain the broader Brown Advisory venture ecosystem, but they should not be collapsed into VCP 6. Public Form D materials do not disclose whether VCP 6 invests directly in startups, allocates primarily to third-party venture funds, invests alongside NextGen, or combines several of those approaches. The current PPM and portfolio schedule are needed to resolve that question.
Scale also needs careful separation. Brown Advisory's firmwide materials reported approximately $174.5 billion in client assets across affiliated entities as of December 31, 2025. That number is useful evidence that VCP 6 sits inside a large institutional investment organization, but it is not VCP 6 AUM. Likewise, BAISG's private-fund disclosure universe includes dozens of vehicles spanning private equity, venture capital, direct investments, real estate, private credit and specialized feeder funds; that breadth supports operational infrastructure but does not establish the performance of this specific $15.6 million vehicle. The same caution applies to Brown Advisory's 2026 venture feeder funds, including separately filed Venture Capital Feeder Fund vehicles. Those feeders may participate in venture allocations within the same broader ecosystem, but their capital should not be added to VCP 6 unless the governing documents establish a direct feeder-master relationship.
The unresolved diligence is therefore concentrated around portfolio construction, manager selection, valuation and fee layering. Investors should determine whether VCP 6 is primarily a fund-of-funds, direct venture vehicle or hybrid; how many underlying venture managers or companies it owns; whether it invests in emerging managers, established managers or both; how much exposure comes through affiliated NextGen vehicles; what management fee and carried interest apply at VCP 6; whether underlying venture funds charge additional management fees and carry; how commitments are paced; whether capital-call lines are used; and how private positions are valued between financing rounds. Venture-capital portfolios can remain illiquid for many years, valuations can fall sharply in down rounds, exits can be delayed, and fund-of-funds structures can create multiple layers of fees. The September 2026 Form D confirms an operating exempt offering with $15.6 million already sold to 25 investors. It does not disclose current NAV, underlying holdings, net IRR, DPI, TVPI or future liquidity.
SEC SNAPSHOT
LATEST FORM D: September 10, 2026 YEAR FORMED: 2026 FUND CLASSIFICATION: Private Equity Fund SECURITY TYPE: Pooled Investment Fund Interests FEDERAL EXEMPTION: Rule 506(b) OFFERING DURATION: No, filing states offering is not intended to last more than one year TOTAL REMAINING: Indefinite NON-ACCREDITED INVESTORS: None indicated SALES COMMISSIONS: $0 FINDERS' FEES: $0 USE OF PROCEEDS TO RELATED PERSONS: $0 REVENUE / NAV RANGE: Declined to disclose FORM D SIGNER: Brett D. Rogers SIGNER TITLE: General Counsel of the General Partner
GENERAL PARTNER / RELATED PERSONS
WILLIAM O. WHITE: Chief Operating Officer of the General Partner LOGIE FITZWILLIAMS: Co-President and Co-CEO of the General Partner MICHAEL D. HANKIN: Co-President and Co-CEO of the General Partner GENERAL PARTNER ADDRESS: 901 South Bond Street, Suite 400, Baltimore, MD 21231 GENERAL PARTNER / ISSUER ADDRESS MATCH: CONFIRMED
VENTURE CAPITAL PARTNERS SERIES HISTORY
VCP 3: SEC filing history begins in 2022 VCP 4: Formed in 2023; Form D filed January 2024 with later amendment VCP 5: Form D filed June 3, 2025 VCP 5 REPORTED AMOUNT SOLD: Approximately $16.3 million VCP 5 INVESTORS: 12 VCP 6: Form D filed September 10, 2026 VCP 6 REPORTED AMOUNT SOLD: $15.6 million VCP 6 INVESTORS: 25 SERIES INTERPRETATION: Separate vintages within Brown Advisory's Venture Capital Partners strategy IMPORTANT: Capital from VCP 3, 4 and 5 should not be presented as VCP 6 capital
BROWN ADVISORY INVESTMENT SOLUTIONS GROUP
ABBREVIATION: BAISG FOUNDED: 2002 according to Form ADV brochure BUSINESS: Alternative-investment advisory OWNERSHIP: Wholly owned within Brown Advisory corporate structure PRIVATE-FUND ACTIVITIES: Private equity; venture capital; private credit; real estate; hedge funds; multi-strategy funds; direct investments ADVISORY MODEL: Discretionary and non-discretionary private-fund advisory services FUND STRUCTURES: Fund-of-funds; focused multi-strategy vehicles; direct investment funds REGISTERED INVESTMENT ADVISER STATUS: CONFIRMED IN BAISG FORM ADV MATERIALS CFTC / NFA ACTIVITY: BAISG reports commodity pool operator and commodity trading advisor registration in its adviser materials
BROWN ADVISORY PRIVATE-INVESTMENT PLATFORM
VCP: Venture Capital Partners VCP DESCRIPTION: Emerging and established venture capital PEP: Private Equity Partners PEP DESCRIPTION: Buyout, growth equity and venture capital PIP: Private Income Partners PIP DESCRIPTION: Income-generating private credit iCAP: Innovative Capital Partners iCAP DESCRIPTION: Venture investments with health and climate implications REP: Real Estate Partners REP DESCRIPTION: Value-added real estate across property types
NEXTGEN VENTURE PARTNERS CONTEXT
AFFILIATED ADVISER: NextGen Venture Partners LLC RELATIONSHIP: Relying adviser to BAISG for certain managed funds STRATEGY: Direct investing in early- to mid-stage companies EARLY-STAGE FOCUS AREAS DISCLOSED BY BROWN ADVISORY: Reinventing health care; data economy; B2B software NETWORK SIZE: More than 1,600 business builders reported by Brown Advisory IMPORTANT: NextGen's portfolio and performance should not automatically be attributed to VCP 6 EXACT VCP 6 / NEXTGEN ALLOCATION: NOT DISCLOSED BY FORM D
FIRMWIDE SCALE — DO NOT CONFUSE WITH FUND SIZE
BROWN ADVISORY CLIENT ASSETS: Approximately $174.5 billion as of December 31, 2025 across affiliated entities VCP 6 FORM D SALES: $15.6 million IMPORTANT: Firmwide client assets are not VCP 6 AUM IMPORTANT: Form D amount sold is not necessarily current VCP 6 NAV IMPORTANT: Capital in separate Brown Advisory feeder funds is not automatically VCP 6 capital
WEBSITE / ENTITY PENETRATION
VCP 6 SEC issuer — CONFIRMED CIK 0002148098 — CONFIRMED September 10, 2026 Form D — CONFIRMED September 9, 2026 first sale — CONFIRMED $15.6M amount sold — CONFIRMED 25 investors — CONFIRMED Rule 506(b) — CONFIRMED Section 3(c)(7) — CONFIRMED BAISG General Partner relationship — CONFIRMED William O. White management relationship — CONFIRMED Logie Fitzwilliams management relationship — CONFIRMED Michael D. Hankin management relationship — CONFIRMED Baltimore address match — CONFIRMED Brown Advisory VCP strategy — CONFIRMED VCP multi-vintage history — CONFIRMED VCP 5 approximately $16.3M raised — CONFIRMED BAISG alternative-investment platform — CONFIRMED NextGen relying-adviser relationship — CONFIRMED Brown Advisory $174.5B firmwide client assets — COMPANY REPORTED Exact VCP 6 underlying fund managers — NOT PUBLICLY DISCLOSED Exact VCP 6 portfolio companies — NOT PUBLICLY DISCLOSED Exact VCP 6 allocation to direct investments — NOT PUBLICLY DISCLOSED Exact VCP 6 allocation to fund-of-funds positions — NOT PUBLICLY DISCLOSED Current VCP 6 NAV — NOT PUBLICLY DISCLOSED VCP 6 net IRR — NOT PUBLICLY DISCLOSED VCP 6 TVPI — NOT PUBLICLY DISCLOSED VCP 6 DPI — NOT PUBLICLY DISCLOSED VCP 6 management fee — REQUIRES FUND DOCUMENTS VCP 6 carried interest — REQUIRES FUND DOCUMENTS Underlying manager fees — REQUIRES PORTFOLIO DOCUMENTATION Current auditor — REQUIRES CURRENT FUND DOCUMENTS Current administrator — REQUIRES CURRENT FUND DOCUMENTS
CAPITAL INTERPRETATION
$15.6M: Amount reported sold in VCP 6 as of September 10, 2026 $15.6M IS NOT AUTOMATICALLY: Current NAV; gross portfolio value; total commitments if additional capital remains available; Brown Advisory venture AUM; Brown Advisory firmwide AUM 25 INVESTORS: Number reported in the initial VCP 6 Form D $0 MINIMUM: SEC-reported minimum in Form D; actual subscription requirements may differ by investor arrangement or governing documents INDEFINITE OFFERING: Form D does not state a fixed total offering cap NO SALES COMMISSIONS REPORTED: $0 in Item 15 NO RELATED-PERSON PROCEEDS REPORTED: $0 in Item 16
CORE INVESTOR QUESTIONS
Is VCP 6 primarily a venture fund-of-funds, direct venture fund or hybrid How many underlying venture managers does it own How many direct portfolio companies does it own What percentage is allocated to emerging venture managers What percentage is allocated to established venture managers What percentage is allocated to direct investments Does VCP 6 invest through NextGen Venture Partners Does VCP 6 own interests in affiliated Brown Advisory vehicles What are the largest underlying commitments What vintage years are represented What sectors dominate the portfolio How much exposure is early stage versus growth stage What percentage is seed, Series A, Series B or later What geographic concentration exists What management fee applies at VCP 6 What carried interest applies at VCP 6 Do underlying venture funds charge additional management fees and carry Are any fees rebated for affiliated investments What organizational expenses are charged Does the fund use a subscription or capital-call line What borrowing limit applies How long can the fund retain investments What fund extension rights exist What is current paid-in capital What is current NAV What is current TVPI What is current DPI What is current net IRR How many portfolio companies have completed down rounds How many underlying companies have shut down How many exits have occurred What valuation policy applies between financing rounds Who reviews private-company marks Who is the fund auditor Who is the administrator How are conflicts allocated among VCP, NextGen and other Brown Advisory private funds Can the GP allocate the same deal among multiple affiliated vehicles What key-person provisions apply What LP advisory committee rights exist What transfer restrictions apply When should investors expect distributions
CORE RISKS
Venture-capital illiquidity; early-stage company failure; private valuation uncertainty; down-round risk; dilution; long exit timelines; IPO-market dependency; M&A-market dependency; fund-of-funds fee layering; underlying manager carried interest; affiliated-manager conflicts; manager-selection risk; emerging-manager execution risk; vintage-year concentration; technology-sector concentration; healthcare regulatory risk; software valuation risk; capital-call obligations; subscription-line leverage; delayed distributions; limited investor control; valuation subjectivity; portfolio-company financing dependence; $15.6M amount sold is not current NAV; Brown Advisory firmwide scale does not guarantee VCP 6 performance.
PRIMARY EVIDENCE REVIEWED
U.S. Securities and Exchange Commission Brown Advisory Venture Capital Partners 6, LLLP CIK 0002148098 Form D September 10, 2026
U.S. Securities and Exchange Commission Brown Advisory Venture Capital Partners 5, LLLP Form D June 3, 2025
U.S. Securities and Exchange Commission Brown Advisory Venture Capital Partners 4, LLLP Historical Form D filings
U.S. Securities and Exchange Commission Brown Advisory Venture Capital Partners 3, LLLP Historical Form D filing
Brown Advisory Investment Solutions Group LLC Form ADV Part 2A Alternative-investment advisory business Private-fund structures NextGen Venture Partners relationship
Brown Advisory official annual-report materials Venture Capital Partners strategy Private Equity Partners Private Income Partners Innovative Capital Partners Real Estate Partners NextGen Venture Partners
Brown Advisory firm materials Firmwide client-asset disclosure Private-investment platform information
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering. It does not constitute SEC approval of Brown Advisory, Brown Advisory Investment Solutions Group, Venture Capital Partners 6, NextGen Venture Partners, any underlying venture fund or any portfolio company.
The September 10, 2026 filing confirms that VCP 6 reported $15.6 million sold to 25 investors one day after its reported first sale.
It does not disclose the fund's current NAV, underlying holdings, net IRR, TVPI, DPI or future exit values.
INDEPENDENT ASSESSMENT
The strongest feature of Brown Advisory Venture Capital Partners 6 is the depth of the manager and strategy trail behind a relatively modest initial Form D amount.
The filing links directly to Brown Advisory Investment Solutions Group as General Partner, the Venture Capital Partners strategy has multiple prior vintages, and Brown Advisory's own private-investment materials explicitly identify VCP as its emerging-and-established venture-capital program.
That makes this substantially more than an unexplained $15.6 million private offering.
At the same time, brand scale should not substitute for fund-level analysis.
The critical unanswered question is how VCP 6 actually converts its $15.6 million of reported subscriptions into venture exposure: through third-party managers, direct companies, affiliated NextGen investments or a combination of all three.
Investors need the current portfolio schedule, PPM, audited financial statements, capital-account data and fee disclosures to answer that question.
Form D verifies the offering.
Brown Advisory's regulatory and corporate records verify the platform.
Neither establishes VCP 6's future investment outcome.