Independent Verdict
Venture Capital Plus Portfolio 2026 LP has a verifiable SEC regulatory trail and can be connected through multiple public records to ICONIQ Capital, LLC, a large SEC-registered investment adviser headquartered in San Francisco.
The fund's September 18, 2026 Form D/A identifies CIK 0002086854, reports approximately $139.29 million of securities sold to 70 investors, and names Venture Capital Plus Portfolio GP LP as its general partner. The issuer and GP both use 50 Beale Street, Suite 2300, San Francisco — the same principal address reported by ICONIQ Capital in regulatory databases.
The relationship goes beyond an address match. Form ADV-derived records specifically associate Venture Capital Plus Portfolio 2026 LP with ICONIQ Capital, LLC, while ICONIQ's own SEC-filed Client Relationship Summary states that the firm sponsors and advises private pooled investment vehicles in addition to allocating client capital to third-party investment managers and funds.
This gives the fund a substantially stronger verification trail than a standalone Form D issuer with an unidentified manager.
However, investors should distinguish between verifying the fund's identity and evaluating its investment performance. Form D does not disclose the underlying venture portfolio, valuations, realized returns, management fees or investor-level performance.
Key Findings
- Issuer: Venture Capital Plus Portfolio 2026 LP
- SEC CIK: 0002086854
- Jurisdiction: Delaware
- Formation year: 2025
- Principal address: 50 Beale Street, Suite 2300, San Francisco, CA 94105
- Latest filing reviewed: Form D/A
- Filing date: September 18, 2026
- First sale reported: October 7, 2025
- Exemption: Rule 506(b)
- Investment Company Act exclusion: Section 3(c)(7)
- Fund classification: Pooled Investment Fund / Other Investment Fund
- General Partner: Venture Capital Plus Portfolio GP LP
- Amount sold: $139,289,792
- Investors reported: 70
- Minimum investment reported on Form D: $0
- Sales commissions: $0
- Finder's fees: $0
- Offering amount: Indefinite
- Regulatory records associate the fund with ICONIQ Capital, LLC
- ICONIQ Capital CRD: 159198
- ICONIQ Capital SEC File No.: 801-72878
- ICONIQ reported approximately $117.5 billion in regulatory assets under management in its 2026 regulatory data.
SEC Filing Snapshot
Issuer: Venture Capital Plus Portfolio 2026 LP
CIK: 0002086854
Entity Type: Limited Partnership
State of Organization: Delaware
Formation: 2025
Address:
50 Beale Street, Suite 2300 San Francisco, California 94105
Phone:
415-967-7763
Industry:
Pooled Investment Fund
Subtype:
Other Investment Fund
Latest Filing:
Form D/A
Filing Date:
September 18, 2026
Signature Date:
September 17, 2026
Federal Exemption:
Rule 506(b)
Investment Company Act Exclusion:
Section 3(c)(7)
The filing expressly states that the issuer is not registered as an investment company under the Investment Company Act of 1940.
The $139.29 Million Figure Is Important
Unlike many Form D filings that disclose an indefinite offering but provide little information about actual subscriptions, the latest Venture Capital Plus Portfolio 2026 filing reports:
Total Amount Sold:
$139,289,792
Total Investors:
70
The total offering itself is listed as indefinite.
This means the $139.29 million figure should not be described as the fund's maximum fundraising target.
It represents securities reported as sold under the offering as of the filing.
It also should not automatically be interpreted as current NAV.
Capital commitments, invested capital, distributions, valuation changes and expenses can all cause the economic value of a fund to differ from its Form D amount sold.
This Fund Was Not Created in September 2026
Another important distinction is timing.
The September 18, 2026 filing is an amendment.
The fund originally appeared in the SEC Form D record on October 1, 2025, and the current filing reports October 7, 2025 as the date of first sale.
Therefore, this should not be described as a brand-new September 2026 fund.
The better characterization is:
a 2025-vintage private pooled investment vehicle with updated fundraising disclosure in September 2026.
That distinction improves both regulatory accuracy and search quality.
Who Is the General Partner
The Form D identifies:
Venture Capital Plus Portfolio GP LP
as the General Partner of the issuer.
The GP uses exactly the same San Francisco address as the fund:
50 Beale Street, Suite 2300.
The filing also identifies Divesh Makan as an executive officer and describes his position through the fund's GP ownership chain.
This provides considerably more information than a private vehicle whose Form D lists no identifiable associated persons.
The ICONIQ Capital Connection
The most significant part of the FilingDossier review is the connection to ICONIQ Capital.
Third-party Form ADV-derived data identifies Venture Capital Plus Portfolio 2026 LP among funds reported in connection with:
ICONIQ Capital, LLC.
The address provides another direct match.
ICONIQ Capital reports its principal San Francisco office at:
50 Beale Street, Suite 2300 San Francisco, CA 94105.
The phone number appearing on the fund filing — 415-967-7763 — also appears in ICONIQ's SEC-filed relationship materials.
Taken together, these are strong indicators that the fund sits inside the ICONIQ investment platform rather than merely sharing a similar name with it.
Is ICONIQ Capital SEC Registered
Yes.
ICONIQ Capital, LLC reports:
CRD Number:
159198
SEC File Number:
801-72878
CIK:
0001569709.
Its March 26, 2026 SEC Client Relationship Summary expressly states that ICONIQ Capital, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission.
Again, this needs an important qualification:
SEC registration of an investment adviser is not the same as SEC approval of the adviser or its funds.
Registration provides regulatory visibility and disclosure obligations, but does not constitute a government endorsement of investment performance.
How Large Is ICONIQ Capital
2026 Form ADV-derived regulatory data places ICONIQ Capital at approximately:
$117.5 billion
in regulatory assets under management.
The same regulatory dataset reports roughly 1,651 accounts.
This is meaningful sponsor-level context.
It demonstrates that Venture Capital Plus Portfolio 2026 is associated with a substantial institutional investment platform rather than an isolated newly created manager.
But FilingDossier would not equate the firm's $117.5 billion of regulatory AUM with the assets of this fund.
The latest Form D reports approximately $139.29 million sold specifically through Venture Capital Plus Portfolio 2026 LP.
Those are completely different measurements.
What Does ICONIQ Actually Do
ICONIQ's SEC-filed Client Relationship Summary provides unusually useful information for understanding the fund structure.
The firm states that it provides investment advisory and family-office services and helps clients with:
investment policy design,
asset allocation,
investment selection,
direct investments,
third-party portfolio managers,
and investment funds.
More importantly, ICONIQ states that it also sponsors and advises its own private pooled investment vehicles.
That disclosure helps explain why the SEC/ADV ecosystem contains numerous ICONIQ-related portfolio entities rather than only traditional branded funds.
Venture Capital Plus Is Part of a Much Larger Portfolio Structure
Public regulatory databases show numerous related investment vehicles associated with ICONIQ, including:
Venture Capital Portfolio 2026 LP,
Private Equity Portfolio 2026 LP,
Private Credit Portfolio 2026 LP,
Real Estate Portfolio 2026 LP,
Secondaries Portfolio 2026 LP,
Income Co-Investment Portfolio 2026 LP,
GP Interests Portfolio 2026 LP,
and other portfolio structures.
This is an important finding.
Venture Capital Plus Portfolio 2026 LP should therefore not be evaluated as though it were an isolated startup venture fund.
The available evidence suggests that it forms part of a broader multi-asset private investment architecture used by ICONIQ.
GF and TE Vehicles
The September 18 SEC filing batch also includes:
Venture Capital Plus Portfolio GF 2026 LP
and
Venture Capital Plus Portfolio TE 2026 LP.
All three appeared in the same recent filing period.
The additional vehicles appear to be related structures rather than independent investment managers.
For FilingDossier purposes, they should therefore be treated as part of the same underlying fund family instead of being published as three unrelated manager reviews.
This avoids artificial duplication.
Unless there is a specific reason to analyze their tax, feeder or investor-class differences, FilingDossier should generally cover them together under the main Venture Capital Plus Portfolio 2026 review.
$19.66 Million and $10.10 Million Related Vehicles
Public Form D indexing shows approximately:
$19.656 million
reported for Venture Capital Plus Portfolio GF 2026 LP
and:
$10.0955 million
for Venture Capital Plus Portfolio TE 2026 LP.
Those figures should not automatically be added to the main fund's $139.29 million and described as consolidated fund assets.
They may represent separate feeder, tax, investor-class or parallel structures.
Without the partnership agreements and financial statements, combining them would risk overstating the economic size of the fund complex.
Why Does Form D Say the Minimum Investment Is $0
The September filing reports:
Minimum investment accepted from any outside investor:
$0.
That does not necessarily mean an ordinary investor can invest with zero dollars.
In private fund filings, a reported $0 can reflect flexible commitment arrangements, related investors, internal structuring or the way the issuer answered the Form D field.
The more relevant investor eligibility requirement comes from the fund's legal documents and its reliance on Section 3(c)(7).
Section 3(c)(7) Matters
The fund claims the Section 3(c)(7) exclusion under the Investment Company Act.
This generally places the structure in the institutional/private-fund world rather than ordinary retail fund distribution.
Section 3(c)(7) funds generally limit ownership to qualified purchasers, subject to the statute and applicable rules.
Therefore, the Form D's $0 minimum field should never be interpreted as evidence that the fund is available to the general public.
Rule 506(b)
The offering relies on Rule 506(b) of Regulation D.
Rule 506(b) is frequently used by private investment funds to raise capital without conducting a registered public securities offering.
The filing also states that the offering is not intended to last more than one year.
Again, this regulatory exemption does not mean:
the SEC reviewed the portfolio,
the SEC approved ICONIQ,
the SEC validated the fund's valuations,
the SEC confirmed investor returns,
or the SEC recommends the investment.
Fund Performance: What Can We Actually Verify
This is where investors need to be careful.
FilingDossier found strong evidence for:
the issuer's identity,
the amount reported sold,
the number of investors,
the GP,
the ICONIQ relationship,
the adviser's SEC registration,
and the wider investment platform.
But public Form D records do not provide reliable fund-specific performance.
The $139.29 million amount sold is not a performance figure.
It does not tell us:
IRR,
TVPI,
DPI,
MOIC,
annualized return,
realized gains,
write-offs,
portfolio-company valuations,
or distributions to limited partners.
Any marketing material claiming performance should therefore be compared directly against investor statements and audited financial information.
ICONIQ's Broader Investment Activity
ICONIQ has a substantial footprint in private technology and growth investing.
Public investment databases track numerous ICONIQ investments across technology and private markets, including significant venture and growth financings. Recent 2026 activity has included investments connected with companies such as Whatnot, Rillet and David Protein.
This demonstrates active market participation at the sponsor level.
It does not prove that Venture Capital Plus Portfolio 2026 LP owns any particular one of those assets.
That distinction is critical.
Sponsor portfolio activity and fund-specific holdings should never be treated as interchangeable.
Website Penetration
Official ICONIQ domain:
iconiqcapital.com
The website's legal disclosures identify ICONIQ Capital, LLC as the entity responsible for the site's U.S. communications and state that website material is not an offer or general solicitation to purchase securities.
The site also separately identifies regulated ICONIQ entities operating in jurisdictions including the United Kingdom and Singapore.
The website therefore matches the institutional platform identified in U.S. regulatory records.
However, FilingDossier did not rely on the public website alone to establish the Venture Capital Plus Portfolio relationship.
The stronger evidence comes from the SEC/Form ADV trail.
Fees Deserve Closer Attention
The latest Form D reports $0 in sales commissions and $0 in finder's fees.
But that does not mean the fund is fee-free.
The Form D explicitly notes that confidential offering materials disclose management fees.
ICONIQ's SEC relationship summary separately states that advisory arrangements can include asset-based fees as well as performance or incentive fees, including fees associated with funds sponsored by ICONIQ.
Therefore, investors should request the actual fund documents before drawing conclusions about total expenses.
What We Think
Venture Capital Plus Portfolio 2026 LP has one of the stronger entity-verification profiles among the private fund filings FilingDossier has reviewed.
The strongest evidence is not simply the existence of a Form D.
It is the alignment between:
the fund's CIK,
the $139.29 million reported sold,
70 investors,
the disclosed general partner,
the San Francisco address,
the telephone number,
Divesh Makan,
ICONIQ's Form ADV,
ICONIQ's SEC registration,
and a wider family of related private investment vehicles.
This makes the basic sponsor relationship relatively clear.
The major information gap is instead at the investment level.
Public sources do not reveal enough to independently assess the fund's actual venture holdings, valuations or returns.
For a sophisticated investor, the next stage of due diligence should therefore focus less on "Does this entity exist" and more on:
"What exactly does this vehicle own, what am I paying, and what returns have investors actually received"
Risk Factors
1. Private Venture Valuation Risk
Venture investments frequently rely on privately determined valuations and may not have observable market prices.
2. Illiquidity
Investors may be unable to redeem or transfer fund interests freely.
3. Performance Is Not Publicly Verifiable From Form D
The $139.29 million reported sold does not reveal investment returns.
4. Multiple Related Vehicles
The main, GF and TE structures may create additional tax, allocation or structural complexity.
5. Fee Layering
Investors may bear management fees, incentive fees and underlying investment expenses depending on the structure.
6. Concentration and Venture Risk
Early-stage and growth investments can experience substantial valuation volatility and permanent capital loss.
7. Sponsor-Level Data Is Not Fund-Level Data
ICONIQ's approximately $117.5 billion in regulatory AUM should not be presented as the assets of Venture Capital Plus Portfolio 2026 LP.
Final Assessment
Venture Capital Plus Portfolio 2026 LP is a verifiable Delaware private investment fund with an established SEC Form D record.
The September 18, 2026 amendment reports approximately:
$139.29 million sold,
70 investors,
and an indefinite total offering.
The fund can also be credibly connected to ICONIQ Capital, LLC through its regulatory records, adviser reporting, common San Francisco address and contact information.
ICONIQ Capital itself is an SEC-registered investment adviser under:
CRD 159198
and
SEC File No. 801-72878.
This makes the fund's institutional identity considerably easier to verify than many Form D-only issuers.
What public information cannot establish is equally important.
FilingDossier cannot determine from Form D alone whether the fund has generated positive returns, what companies it currently owns, how those holdings are valued, or how much individual investors have received in distributions.
Before investing, investors should review the private placement memorandum, limited partnership agreement, audited financial statements, capital-account statements, fee disclosures, valuation policy, portfolio schedule and distribution history.
SEC Form D is a notice of an exempt securities offering. It does not constitute SEC approval, verification of fund performance, endorsement of ICONIQ Capital or a guarantee of investment returns.
Published on FilingDossier: September 20, 2026.
This article is based on publicly available regulatory, adviser and company information and is provided for independent research and due-diligence purposes only.