INDEPENDENT VERDICT
Decimal Capital Fund I LP is a newly formed Delaware venture capital fund whose first SEC Form D was filed on September 18, 2026. The filing identifies an indefinite Rule 506(b) offering, classifies the issuer as a Venture Capital Fund and Pooled Investment Fund, claims Investment Company Act Section 3(c)(7), and reports $0 sold, zero investors and that the first sale had not yet occurred. Morgan Beller is the only individual named directly as a related person and signed the filing as Managing Member of the General Partner; Decimal Capital GP I LLC is the GP entity. The fund uses 10960 Wilshire Boulevard, Suite 1900, Los Angeles, California. These facts establish a genuine new fund structure, but they do not establish that Decimal had completed a first close or raised capital by the filing date.
The broader story is much more significant than the initial filing alone. The Wall Street Journal reported in July 2026 that Ashton Kutcher and Morgan Beller were launching Decimal Capital and seeking approximately $500 million for the debut fund. The reported strategy centers on very early-stage investing in AI infrastructure, energy and deep tech, with an expected portfolio of roughly 35 companies, typical seed checks of approximately $3 million to $6 million, several larger investments around $15 million and roughly half the fund reserved for follow-on capital. That $500 million figure is a reported fundraising target, not the amount disclosed as sold in the September Form D. The SEC filing itself leaves the offering amount indefinite and reports $0 sold.
The management backgrounds are unusually strong for a first-time branded fund. Beller was announced as a General Partner at NFX in 2020 after earlier work on Andreessen Horowitz's deal team, corporate development at Medium and Facebook's blockchain efforts, where she was an early creator of Libra and later worked on Novi. NFX's own biography and investment library show continued work across AI, fintech, crypto, space and other frontier technology themes. Kutcher's background is different but equally relevant: Sound Ventures' official materials identify him as a co-founder of Sound Ventures in 2015 and earlier A-Grade Investments, while Sound announced in May 2026 that he would transition to a senior advisory role and start a new firm focused specifically on deep tech, infrastructure and energy. That timing and strategy match the independently reported Decimal launch.
MANAGER BACKGROUND, STRATEGY AND ENTITY PENETRATION
Decimal's public evidence is stronger on people and strategy than on operating infrastructure because the platform is extremely new. The SEC filing gives a clean legal chain: Decimal Capital Fund I LP is the issuer, Decimal Capital GP I LLC is the general partner, and Morgan Beller is the managing member who signed the filing. Unlike many first-time venture funds, the Form D does not list Ashton Kutcher as a related person, director or executive officer. That does not contradict reporting that he co-founded Decimal, but it is an important legal distinction. Investors should not infer from media coverage that Kutcher necessarily holds the same formal GP position as Beller unless the partnership agreement, adviser records or later filings confirm it.
The reported investment thesis also deserves careful interpretation. News coverage describes Decimal as targeting the infrastructure, energy and deep-technology layers beneath the AI application boom rather than chasing only software products. This is broadly consistent with both founders' prior interests. Beller's NFX work includes AI, crypto, fintech and space, while Sound Ventures has historically backed major AI companies and Kutcher's 2026 transition announcement specifically referenced deep tech, infrastructure and energy. The resulting thesis could include compute, data-center infrastructure, energy supply, semiconductor-adjacent systems, robotics, space, industrial technology and other capital-intensive businesses. The exact mandate, sector limits and geography, however, are not disclosed in the Form D.
The official website question is still incomplete. LinkedIn currently associates Decimal Capital with decimal-capital.com, but FilingDossier has not located a sufficiently developed public operating site that independently publishes the fund structure, strategy, team and legal disclosures at the same depth seen at more established managers. That means website evidence should not be overstated. The fund is nonetheless independently supported by SEC EDGAR, major financial press and the documented career histories of Beller and Kutcher. A separate older firm called "8 Decimal Capital" also exists in the market, focused historically on crypto and deep tech; it should not be confused with Decimal Capital Fund I. The names are similar, but the current SEC issuer uses a different legal entity, different address and different principals.
FUND ECONOMICS, FIRST-FUND RISK AND INVESTOR DILIGENCE
The September 2026 Form D is a formation-stage filing. It reports an indefinite offering, $0 sold, no first sale, zero investors, no sales commissions and no finder's fees. The fund reports a $0 Form D minimum, but that should not be interpreted as meaning outside investors can subscribe with no minimum; actual commitment thresholds are typically set through the LPA and subscription documents. The filing states that the offering is not intended to last more than one year and uses Rule 506(b), meaning it is structured as a private placement rather than a generally solicited Rule 506(c) offering.
The reported $500 million target is ambitious for a debut vehicle and introduces a specific deployment question. If Decimal ultimately raises close to that amount while focusing heavily on seed investing, it will need either a large number of investments, larger initial checks, substantial reserves, or a mix of seed and later-stage follow-ons. Reported plans for roughly 35 companies, $3 million to $6 million seed checks, several larger $15 million investments and approximately 50% reserved for follow-on capital suggest a deliberately concentrated model. That structure could increase ownership in the strongest winners but also magnifies the importance of selection and follow-on discipline.
First-fund economics also deserve more scrutiny than the founders' reputations might imply. Decimal Fund I itself has no public realized track record. Beller's NFX history and Kutcher's Sound Ventures history provide valuable evidence of venture experience, sourcing and network access, but returns generated at NFX or Sound belong to those firms and their specific funds. They cannot be automatically attributed to Decimal. Investors should therefore request a deal-by-deal attribution schedule showing which investments were actually sourced, led or managed by Beller and Kutcher, how those investments performed, and which historical wins were attributable to other partners or broader firm structures.
The strategy itself creates substantial risk. AI infrastructure, deep tech and energy can require materially more capital than software and can take longer to reach commercial scale. Semiconductor and compute infrastructure face technology-cycle and supply-chain risk; energy projects can face permitting, grid and project-finance risk; robotics and industrial systems can require manufacturing scale-up; space companies can depend on launch schedules, government customers and heavy capital expenditure. If Decimal invests heavily before product-market fit, the portfolio could combine normal seed-stage failure rates with unusually high follow-on capital requirements.
The relationship with Sound Ventures and NFX should also be documented carefully. Sound announced that Kutcher would transition to a senior advisory role while Guy Oseary and Effie Epstein continued leading Sound, and said Oseary and Epstein would serve as advisers to his new firm. Beller's historical NFX role is well documented. Prospective Decimal LPs should understand whether either founder continues to have economic, governance or investment obligations to prior firms, how overlapping deals are allocated, whether Decimal can invest alongside Sound or NFX, and what conflict policies govern shared founder relationships.
FINAL ASSESSMENT
Decimal Capital Fund I has a strong manager-background story but a very early fund-level record. The SEC filing confirms the legal issuer, venture-fund classification, GP structure, Morgan Beller's direct control role, Los Angeles address, Rule 506(b) exemption and Section 3(c)(7) exclusion. The filing also confirms that no first sale had occurred and $0 had been sold as of September 18, 2026.
Independent reporting strongly supports the broader Decimal launch and connects Ashton Kutcher and Morgan Beller to an approximately $500 million debut-fund target focused on AI infrastructure, energy and deep tech. Sound Ventures' own May 2026 announcement corroborates Kutcher's transition into a new firm with the same broad thematic focus, while NFX's official records document Beller's prior General Partner role and technology investing background.
The unresolved questions are therefore not basic identity questions. They are fundraising, strategy and attribution questions: whether Decimal has completed a first close after the filing, how much of the reported $500 million target has actually been committed, the final fund size, exact ownership targets, follow-on policy, fee structure, GP commitment, partner time allocation and whether historical NFX and Sound track records translate into repeatable results under a new independent platform.
SEC SNAPSHOT
ADDRESS: 10960 Wilshire Blvd., Suite 1900, Los Angeles, California 90024 | PHONE: 516-376-8572 | FUND TYPE: Venture Capital Fund / Pooled Investment Fund | SECURITY: Pooled Investment Fund Interests | EXEMPTION: Rule 506(b) | ICA EXCLUSION: Section 3(c)(7).
OFFERING: Indefinite | AMOUNT SOLD: $0 | INVESTORS: 0 | FIRST SALE: Yet to occur | FORM D MINIMUM: $0 | OFFERING DURATION: Not intended to last more than one year | SALES COMMISSIONS: $0 | FINDERS' FEES: $0.
REPORTED FUND TARGET: Approximately $500M according to Wall Street Journal reporting | REPORTED PORTFOLIO PLAN: roughly 35 companies | REPORTED SEED CHECKS: approximately $3M-$6M | SELECT LARGER CHECKS: around $15M | REPORTED FOLLOW-ON RESERVE: approximately 50% of capital. These are media-reported strategy details, not figures stated in the Form D.
IMPORTANT CAPITAL DISTINCTION: $500M is the reported target for the debut fund, not capital reported raised. The SEC filing itself reports an indefinite offering and $0 sold as of September 18, 2026.
WEBSITE / ENTITY PENETRATION
DECIMAL CAPITAL FUND I SEC ISSUER — CONFIRMED | DECIMAL CAPITAL GP I — CONFIRMED | MORGAN BELLER SEC RELATIONSHIP — CONFIRMED | LOS ANGELES ADDRESS — CONFIRMED | RULE 506(b) / SECTION 3(c)(7) — CONFIRMED.
MORGAN BELLER / NFX BACKGROUND — CONFIRMED through NFX official materials | prior Andreessen Horowitz Deal Team — NFX-confirmed | Medium corporate development — NFX-confirmed | Facebook Libra / Novi history — NFX-confirmed | General Partner appointment at NFX — CONFIRMED.
ASHTON KUTCHER / NEW FIRM TRANSITION — CONFIRMED through Sound Ventures official announcement | prior Sound Ventures co-founder role — CONFIRMED | transition to senior adviser and launch of new deep tech / infrastructure / energy firm — CONFIRMED.
DECIMAL $500M TARGET — REPORTED by Wall Street Journal and subsequently referenced by Axios / Dow Jones coverage | AI infrastructure / energy / deep-tech focus — REPORTED | 35-company portfolio concept and 50% follow-on reserve — REPORTED.
OFFICIAL DECIMAL WEBSITE — LinkedIn associates decimal-capital.com with the firm, but a sufficiently detailed public operating site was not independently verified in the materials reviewed | COMPLETE PUBLIC PORTFOLIO — NOT LOCATED | CURRENT CAPITAL RAISED — NOT ESTABLISHED BY INITIAL FORM D | CURRENT NAV — NOT PUBLICLY DISCLOSED | MANAGEMENT FEE / CARRY — REQUIRES FUND DOCUMENTS | GP COMMITMENT — REQUIRES FUND DOCUMENTS.
SAME-NAME WARNING: "8 Decimal Capital" is a separate older San Francisco investment firm with a different website, management history and legal identity. It should not be conflated with Decimal Capital Fund I LP.
CORE INVESTOR QUESTIONS
Has Decimal completed a first close since September 18, 2026 | How much of the reported $500M target is currently committed | Is $500M still the target and what is the hard cap | Is Ashton Kutcher formally part of the GP, management company or investment committee despite not being named in the initial Form D | What is Morgan Beller's exact ownership and control role | What management fee and carried interest apply | What GP commitment is being made | What target ownership does Decimal seek at seed | How many companies will Fund I ultimately hold | How much capital is reserved for follow-on rounds | How concentrated can one position become | How are AI infrastructure, energy and deep-tech investments allocated by sector | Will Decimal invest in hardware, semiconductors, robotics, space or project-level energy assets | How are opportunities shared or separated from Sound Ventures and NFX relationships | What historical investments are directly attributable to Beller and Kutcher | Who serves as auditor, administrator, counsel and custodian | What key-person provisions apply
CORE RISKS
First-time fund risk | No first sale reported at initial filing | Ambitious $500M target | Seed-stage failure risk | AI valuation risk | Deep-tech commercialization risk | Hardware and manufacturing risk | Energy project and permitting risk | Capital-intensive portfolio companies | Follow-on financing dependence | Long duration to liquidity | Outlier-dependent returns | Private valuation uncertainty | Key-person concentration | Historical Sound / NFX returns are not Decimal Fund I returns | Cross-platform allocation conflicts | No complete public portfolio yet | Limited fund-level operating history | $500M target is not money already raised.
INDEPENDENT CONCLUSION
Decimal Capital Fund I LP is a genuine 2026 Delaware venture capital fund with a clearly identifiable SEC structure.
The September 18, 2026 Form D confirms Decimal Capital GP I LLC as the general partner and Morgan Beller as the named related person and Managing Member of the GP.
The filing classifies the issuer as a Venture Capital Fund, relies on Rule 506(b) and Section 3(c)(7), and reports an indefinite offering.
At the filing date, however, Decimal had reported $0 sold, zero investors and no first sale.
The broader manager story is significantly stronger than those formation-stage numbers suggest.
Major financial press reported that Ashton Kutcher and Morgan Beller were launching Decimal Capital and targeting approximately $500 million for a debut vehicle focused on AI infrastructure, energy and deep tech.
Sound Ventures independently announced that Kutcher was moving into a new firm with that same broad strategy.
NFX independently documents Beller's background as a General Partner and her earlier work at Andreessen Horowitz, Medium and Facebook's Libra / Novi efforts.
Those facts strongly support the legitimacy and professional pedigree of the new platform.
They do not establish Decimal Fund I performance or completed fundraising.
The central diligence issues are current commitments, final fund size, partner control, fee structure, GP commitment, portfolio construction, follow-on reserves and track-record attribution.
The reported $500 million is a fundraising target.
It should not be presented as current AUM or capital already raised.
The September 2026 Form D itself reported $0 sold.
SEC Form D confirms an exempt securities offering.
It does not constitute SEC approval of Decimal Capital, Morgan Beller, Ashton Kutcher, its investment strategy, future portfolio or investment performance.
PRIMARY EVIDENCE REVIEWED
U.S. Securities and Exchange Commission — Decimal Capital Fund I LP — CIK 0002153288 — Form D filed September 18, 2026 — Venture Capital Fund — Rule 506(b) — Section 3(c)(7) — $0 sold — zero investors — first sale yet to occur.
Wall Street Journal — July 2026 reporting on Ashton Kutcher and Morgan Beller launching Decimal Capital and targeting approximately $500M — reported AI infrastructure, energy and deep-tech strategy, approximately 35-company portfolio and follow-on reserve framework.
Sound Ventures official announcement — May 21, 2026 — Ashton Kutcher transition to senior advisory role and launch of a new deep-tech, infrastructure and energy investment firm.
NFX official announcement and Morgan Beller profile — General Partner appointment, Andreessen Horowitz background, Medium corporate development and Facebook Libra / Novi history.
Axios / Dow Jones follow-up reporting — independent confirmation that Decimal was seeking approximately $500M for its debut fund.
IMPORTANT FORM D NOTICE:
Form D is a notice filing for an exempt securities offering. It does not mean that the SEC approved Decimal Capital Fund I, Decimal Capital GP I, Morgan Beller, Ashton Kutcher, the reported $500 million target, the investment strategy, future portfolio companies or future investment performance.