INDEPENDENT VERDICT
JJ Fliegelman Funds is not one traditional venture fund. The SEC record shows two overlapping capital-formation systems associated with Joel "JJ" Fliegelman: a high-volume series-SPV architecture administered through Fund GP, LLC and Belltower Fund Group, and a recurring set of Y Combinator Demo Day funds tied directly to Fliegelman's history as a YC founder and Visiting Group Partner. The September 14, 2026 case, VO-0813 Fund I, is a particularly small example: the vehicle raised its entire $95,500 offering from 12 investors four days after first sale, accepts investments from $1,000, and discloses an $8,000 lifetime administrative fee. That fee alone equals about 8.4% of gross subscribed capital before any management fee, carry or underlying startup economics. At the same time, a much larger S26 vehicle under the same JJ Fliegelman Funds umbrella targeted $1.5 million and had already sold about $930,398 by September 1. The platform therefore ranges from tiny company-specific SPVs to diversified YC batch funds rather than following one standardized fund format.
VO-0813 Fund I, a series of JJ Fliegelman Funds, LP, CIK 0002150963 and SEC File No. 021-597308, was formed in Delaware in 2026. The September 14 filing classifies it as a Venture Capital Fund, uses Rule 506(b) and Section 3(c)(1), reports a September 10 first sale, $95,500 offered, $95,500 sold, $0 remaining and 12 investors. Fund GP, LLC is general partner and Belltower Fund Group, Ltd. is identified as agent of that GP; Abraham Wilson signs as the authorized person of the GP's agent. There is no broker-dealer or sales-compensation recipient. Instead, Item 16 estimates $8,000 paid to the administrator and/or affiliates for lifetime administrative expenses. On a vehicle this small, that fixed charge is economically material: $8,000 divided by $95,500 is approximately 8.38%. If investor commitments were equal, the average subscription would be about $7,958, making the disclosed administrative charge roughly equivalent to one average LP check. That cost structure is a far more meaningful diligence point than the mere fact that the vehicle filed Form D.
The same administrative machinery appears repeatedly across the broader JJ Fliegelman Funds family. F25, formed in 2025, also uses Fund GP, LLC and Belltower Fund Group; its Form D classifies it as a Venture Capital Fund and shows a $1.5 million Rule 506(c) offering, $1,109,412 sold, 95 investors and a $2,500 minimum. The filing states that the Belltower agent may receive a portion of the management fee specified in the partnership agreement. Other JJ Fliegelman vehicles include X25 and paired S24 / QP-S24 structures, again using Belltower/Fund GP infrastructure. That repetition shows that Belltower is not simply the mailing address for one deal: it has functioned as recurring GP-administration infrastructure across multiple Fliegelman vehicles. At the same time, the investment lead is not Belltower. Public YC and AngelList materials directly connect JJ Fliegelman to the investment thesis, particularly the Demo Day funds.
The Y Combinator connection is unusually well documented. YC itself identifies JJ Fliegelman as co-founder and CTO of WayUp, a Winter 2015 YC company, and in 2022 selected him as a Visiting Group Partner advising YC startups. YC's announcement says WayUp raised approximately $40 million and describes Fliegelman's operating background before his investing role. AngelList's current Demo Day Funds page separately lists JJ Fliegelman as a fund lead and identifies him as a former YC Visiting Partner from the W15 founder cohort. Fliegelman's own public posts say his W25 vehicle was his fifth YC Demo Day Fund, W26 was his ninth, and S26 became his eleventh; he has also stated that during his YC role he invested in more than 120 companies and helped those companies raise more than $200 million. Those latter figures are Fliegelman's own claims rather than audited fund statistics, but the underlying YC role and founder history are independently confirmed by Y Combinator.
The S26 filing gives the cleanest bridge between the public Demo Day Fund narrative and the SEC records. S26, a series of JJ Fliegelman Funds, LP, CIK 0002144139, filed on September 1, 2026 as a $1.5 million Venture Capital Fund under Rule 506(c) and Section 3(c)(1), with approximately $930,398 sold after an August 28 first sale. Fund GP and Belltower again appear in the related-person chain. Fliegelman publicly described S26 as his eleventh YC Demo Day Fund, while AngelList's Demo Day Fund structure explains that each fund is independently led by a YC alum or former partner and allows an investor's commitment to be diversified across companies from the relevant batch. That makes S26 economically different from VO-0813: one is a batch-oriented diversified venture pool, while the other is a small coded series whose underlying company is not identified in Form D. Treating both simply as "JJ Fliegelman venture funds" would miss the real structural difference.
A second 2026 development may be even more important for understanding where the platform is going. SEC records for BL-0126, a series of JF Group Funds, LP, show a different architecture: JJF Advisory, LLC is now the general partner, Joel Fliegelman is explicitly listed as manager of that GP, the business address is 1000 West Ave in Miami Beach, and Fliegelman personally signs the Form D. The same CIK previously carried the name BL-0714 Fund I, a series of Platform Funds 2026, LP, before appearing as BL-0126 under JF Group Funds. The phone number remains 206-801-6359, which also appears across the older Belltower-administered vehicles. This is a notable transition because the older JJ Fliegelman Funds filings often put Fund GP and Belltower at the visible legal front, while JF Group Funds brings Fliegelman and JJF Advisory directly into the SEC related-person chain. The public record does not yet establish whether JF Group Funds replaces the Belltower platform, runs alongside it, or represents only certain transactions, but it is strong evidence that Fliegelman is developing a more directly controlled GP structure in parallel with the older administrative model.
SEC / PLATFORM SNAPSHOT
Current Reviewed Vehicle: VO-0813 Fund I, a series of JJ Fliegelman Funds, LP
CIK: 0002150963
SEC File: 021-597308
Filing Date: September 14, 2026
First Sale: September 10, 2026
Jurisdiction: Delaware
Fund Type: Venture Capital Fund
Federal Exemption: Rule 506(b)
Investment Company Act Exclusion: Section 3(c)(1)
Offering Amount: $95,500
Amount Sold: $95,500
Amount Remaining: $0
Investors: 12
Minimum Investment: $1,000
Average Subscription if Equal: Approximately $7,958
General Partner: Fund GP, LLC
Agent of GP: Belltower Fund Group, Ltd.
Signer: Abraham Wilson
Sales Commissions: $0
Finders' Fees: $0
Estimated Lifetime Administrative Payment: $8,000
Administrative Payment / Gross Offering: Approximately 8.38%
YC DEMO DAY FUND EVIDENCE
S26, a series of JJ Fliegelman Funds, LP CIK: 0002144139
Offering Target: $1,500,000
Amount Sold at September 1 Filing: Approximately $930,398
First Sale: August 28, 2026
Exemption: Rule 506(c)
Fund Type: Venture Capital Fund
Infrastructure: Fund GP, LLC Belltower Fund Group, Ltd.
Public Investment Lead: JJ Fliegelman
Fliegelman Public Description: Eleventh YC Demo Day Fund
AngelList / Meridian: Lists JJ Fliegelman as a Demo Day Fund lead and former YC Visiting Partner
Y Combinator: Confirms Fliegelman was co-founder / CTO of WayUp (W15) and later a YC Visiting Group Partner
HISTORICAL FUND ARCHITECTURE
S24: Series of JJ Fliegelman Funds, LP
QP-S24: Parallel qualified-purchaser style vehicle in the same broader family
F24: Publicly described by Fliegelman as his fourth YC Demo Day Fund
W25: Publicly described by Fliegelman as his fifth YC Demo Day Fund
F25: CIK 0002088724 Rule 506(c) Offering: $1,500,000 Amount Sold: $1,109,412 Investors: 95 Minimum: $2,500 Fund GP + Belltower infrastructure Belltower agent may receive a portion of management fee
X25: Separate JJ Fliegelman Funds series using the same Fund GP / Belltower infrastructure
W26: Publicly described by Fliegelman as his ninth Demo Day Fund
S26: Publicly described by Fliegelman as his eleventh Demo Day Fund
Research Significance: The numbered batch funds establish a repeat YC-specific strategy, while coded series such as VO-0813 appear to serve narrower deal-specific or company-specific purposes.
JF GROUP / DIRECT-GP TRANSITION
Vehicle: BL-0126, a series of JF Group Funds, LP
CIK: 0002146732
Previous Name Under Same CIK: BL-0714 Fund I, a series of Platform Funds 2026, LP
Current Business Address: 1000 West Ave Miami Beach, Florida 33139
General Partner: JJF Advisory, LLC
Manager of GP: Joel Fliegelman
Form D Signer: Joel Fliegelman
Phone: 206-801-6359
Why It Matters: Older JJ Fliegelman Funds filings usually show Fund GP and Belltower as the visible legal administrators. JF Group Funds directly names Fliegelman and JJF Advisory in the SEC governance chain.
Not Yet Confirmed: Whether JF Group Funds replaces JJ Fliegelman Funds Whether Belltower remains administrator for other vehicles Whether JJF Advisory is adviser to all future Fliegelman vehicles Whether the Miami structure represents a permanent headquarters migration
MANAGER BACKGROUND
Joel "JJ" Fliegelman: Co-Founder and CTO of WayUp
WayUp: Y Combinator Winter 2015 Later merged with Yello
YC Role: Visiting Group Partner
Publicly Claimed YC Investing Activity: More than 120 companies More than $200 million subsequently raised by those companies
Important Qualification: Those investment-volume figures come from Fliegelman's own public statements and are not SEC-audited performance figures.
WHAT IS CONFIRMED VERSUS NOT CONFIRMED
Confirmed: JJ Fliegelman Funds exists as a repeated Delaware series platform. Fund GP, LLC and Belltower recur across numerous filings. VO-0813 raised $95,500 from 12 investors. VO-0813 carries an $8,000 estimated lifetime administrative charge. F25 raised more than $1.1 million from 95 investors. S26 is a $1.5 million YC Demo Day Fund vehicle. Y Combinator confirms Fliegelman's WayUp and Visiting Group Partner history. AngelList identifies him as a Demo Day Fund lead. JF Group Funds now uses JJF Advisory and directly names Fliegelman as GP manager.
Not Publicly Confirmed: Underlying company held by VO-0813 Exact management fee and carry for VO-0813 Whether the $8,000 is the only non-investment expense Exact relationship between JF Group Funds and the older Belltower structure Whether all coded JJ Fliegelman vehicles are direct Fliegelman investment selections Fund-level audited performance Current valuation of S24, F24, W25, W26 or S26 portfolios
INDEPENDENT ASSESSMENT
The strongest evidence supporting JJ Fliegelman Funds is not simply that a Form D exists. The platform has a repeat SEC history, a consistent Fund GP / Belltower administrative framework, a separately verifiable Y Combinator investment narrative, named batch funds that correspond with publicly promoted YC Demo Day Funds, and a new 2026 GP structure that places JJF Advisory and Fliegelman directly into the legal chain. Those layers together make it possible to distinguish the investment lead from the administrator and to separate broad batch funds from tiny coded SPVs.
The most important economic issue varies by vehicle. For a larger Demo Day fund, portfolio construction, batch selection, follow-on strategy and management/carry terms matter most. For VO-0813, the fixed administrative burden is immediately visible: an $8,000 lifetime charge against only $95,500 of gross subscribed capital is roughly 8.4% before other potential economics. An investor therefore should not evaluate the platform solely from Fliegelman's YC reputation or the success of earlier YC companies. Each series requires its own review of the underlying startup, entry valuation, ownership rights, carry, administrative expenses, follow-on rights and exit mechanics.
Form D is a notice of an exempt offering and does not constitute SEC approval or endorsement of JJ Fliegelman, JJ Fliegelman Funds, JF Group Funds, JJF Advisory, Fund GP, Belltower, AngelList, Y Combinator or any underlying startup.