INDEPENDENT VERDICT
Script Capital IV, L.P. is a newly formed 2026 Delaware venture capital fund whose September 18 Form D reports a fixed $20 million offering fully sold, $0 remaining and only one investor after a first sale on September 3. The fund relies on Rule 506(b) and Section 3(c)(7), offers pooled investment fund interests, and lists Script Capital GP IV, LLC as general partner with Andrew James Solimine as Managing Director of the GP and Form D signatory. The filing reports no sales commissions, no finder fees and $0 of proceeds used or proposed for Item 3 related-person payments, while clarifying that the general partner or its designee is entitled to a management fee. The unusual feature is not the fund size itself but its exact repetition: Script Capital III also filed at $20 million and reported one investor, so Fund IV appears to recreate the same headline capital structure rather than continue the larger-fund progression associated with some earlier Script vehicles.
ONE INVESTOR ON THE LP SIDE, DOZENS OF COMPANIES ON THE PORTFOLIO SIDE
The one-investor disclosure creates a striking contrast with Script's investment model. Form D says only one investor subscribed to Fund IV, but Script publicly describes itself as an early-stage internet and software fund writing approximately $250,000-$500,000 pre-seed and seed checks, and its own Fund III update said that vehicle had already made more than 20 investments shortly after closing. Script's current portfolio spans AI, cybersecurity, fintech, developer infrastructure, healthcare, robotics, consumer software, energy and crypto, with names such as Gamma, OpenPhone, Material Security, Doppel, Mastra, PointOne, Elroy Air, OnePot and others appearing on the firm's site. A single Form D investor therefore does not imply a concentrated investment portfolio; it describes the number of investors in the fund offering, not the number of underlying companies. The real diligence question is who or what that single capital source is, whether it is an institutional LP, affiliated feeder, family office or another investment vehicle, and whether that concentration creates any special redemption, governance or key-person risk.
FUND IV EXACTLY REPEATS FUND III'S $20M SIZE
Script Capital III provides the clearest comparison. SEC-derived records show that Fund III filed in February 2024 for exactly $20 million and also reported one investor; Script's own portfolio update later said the firm had closed Fund III in early 2024 and was intentionally returning to a more collaborative model resembling its first fund, generally writing $250,000-$500,000 checks into $1 million-$5 million financings and only occasionally leading or co-leading sub-$1 million rounds. Fund IV's new $20 million Form D therefore looks less like conventional fund-size growth and more like repetition of a deliberately small portfolio-construction model. This is especially notable because secondary fund databases report an earlier Script Capital II at roughly $38 million, meaning the firm appears to have moved from a larger Fund II back toward smaller $20 million flagship vehicles rather than simply increasing AUM every vintage. That conclusion should still be phrased carefully: the SEC filings establish Fund III and Fund IV sizes, while the approximately $38 million Fund II figure comes from external fund databases rather than the latest Form D.
THE STRATEGY IS BUILT AROUND MANY SMALL EARLY BETS, NOT LARGE OWNERSHIP CHECKS
Script's official site says the firm focuses on early-stage internet and software startups and partners with technical founders using $250,000-$500,000 pre-seed and seed investments. Its portfolio shows why a $20 million vehicle can still create broad exposure: the fund does not need to write $5 million-$10 million initial checks into each company to build a meaningful portfolio. Recent public portfolio news includes companies such as Tolmo, which raised a $30 million seed round led by Accel; Passport, later acquired by Global-e for $425 million; Mastra, which raised a $22 million Series A; PointOne, which raised $15 million; OnePot, which raised $13 million; and Gamma, which publicly announced a $100 million round at a $2.1 billion valuation after reaching $100 million ARR. These are company-level events and should not be treated as realized Fund IV returns, because the website does not identify which vintage owns which position or how much Script invested. They do show the intended model: enter early with relatively small checks, remain collaborative with larger later investors, and rely on portfolio breadth plus later-company appreciation rather than large initial ownership percentages.
THE FOUNDER HISTORY EXPLAINS THE PRODUCT-AND-ENGINEERING BIAS
Andrew Solimine's operating history helps explain Script's emphasis on technical founders. Before venture investing, Solimine co-founded and led Nitrous, a cloud development platform used by hundreds of thousands of developers and backed by investors including Bessemer Venture Partners, CrunchFund, Tim Draper and Eduardo Saverin; Script Capital itself traces back to the earlier 122WEST identity and was founded by Solimine and Evan Tana. Current corporate records for Script Capital Management continue to identify both Solimine and Tana as managers, while Script's public materials emphasize founders with product and engineering backgrounds rather than broad sector-specific themes. That founder/operator lineage also helps explain the firm's 2024 thesis around the explosion of software creation enabled by tools such as Cursor, Replit, Codeium and GitHub Copilot: Script argued that dramatically cheaper software creation could multiply the number of investable software companies, making a high-volume, small-check seed strategy more attractive. The thesis is not proof of returns, but it provides a coherent explanation for why the firm might prefer a repeatable $20 million fund over a larger vehicle requiring much larger checks.
FINAL ASSESSMENT
Script Capital IV is distinctive because its latest SEC filing suggests deliberate repetition rather than expansion. Fund IV is already fully subscribed at $20 million with a single investor, and Fund III carried the same $20 million headline size and the same one-investor SEC count. Meanwhile, Script publicly says its core strategy involves hundreds-of-thousands rather than multi-million-dollar initial checks and shows a wide portfolio of technical startups across software, AI, security, fintech and infrastructure. The strongest independent interpretation is therefore that Script may be optimizing around a compact venture model in which a concentrated capital base finances a highly diversified set of small early-stage positions. What remains undisclosed is crucial: the identity and relationship of the single Fund IV investor, Fund III and Fund IV ownership construction, management fee and carry, follow-on reserve policy, exact portfolio count, realized exits, DPI/TVPI and whether the one-investor structure creates dependence on a single LP or merely reflects an affiliated aggregation vehicle. Until those documents are available, the SEC proves that $20 million was sold; it does not prove fund performance or explain the investor structure.
Form D is an exempt-offering notice. It is not SEC approval of Script Capital, Script Capital IV, Andrew Solimine, any portfolio company or any projected investment return.
SEC SNAPSHOT
ISSUER: Script Capital IV, L.P. | CIK: 0002152781 | SEC FILE NO.: 021-598106 | FILM NO.: 261390141 | ACCESSION NO.: 0002152781-26-000001 | FILED / EFFECTIVE: September 18, 2026
ENTITY: Delaware Limited Partnership | FORMED: 2026 | ADDRESS: 548 Market Street, Suite 34397, San Francisco, CA 94104 | PHONE: 805-263-9177
INDUSTRY: Pooled Investment Fund - Venture Capital Fund | EXEMPTION: Regulation D Rule 506(b) | INVESTMENT COMPANY ACT EXCLUSION: Section 3(c)(7)
SECURITY: Pooled Investment Fund Interests | BUSINESS COMBINATION: No | FIRST SALE: September 3, 2026 | OFFERING DURATION: One year or less
TOTAL OFFERING: $20,000,000 | AMOUNT SOLD: $20,000,000 | REMAINING: $0 | INVESTORS: 1 | MINIMUM INVESTMENT FIELD: $0
GENERAL PARTNER: Script Capital GP IV, LLC | MANAGING DIRECTOR: Andrew James Solimine | FORM D SIGNATORY: Andrew James Solimine
SALES COMMISSIONS: $0 | FINDER FEES: $0 | ITEM 16 RELATED-PERSON PAYMENTS: $0
MANAGEMENT FEE: Form D states that the General Partner or its designee is entitled to a management fee payable by the fund; exact percentage and carry are not disclosed.
FUND III COMPARISON: Script Capital III filed in February 2024 at $20M and reported 1 investor. Script later said Fund III had already made 20+ investments and was using a collaborative $250K-$500K check strategy.
FUND II CONTEXT: External fund databases report Script Capital II at approximately $38M. This figure should remain separate from SEC-verified Fund III and Fund IV amounts unless the original Form D is reviewed.
PUBLIC CHECK SIZE: approximately $250K-$500K at pre-seed and seed according to Script's current website.
PUBLIC PORTFOLIO EXAMPLES: Gamma | OpenPhone | Doppel | Material Security | Mastra | PointOne | OnePot | Elroy Air | The Graph | Unit21 | Karat | Collective | Tolmo | Pangram | Passport. Portfolio inclusion does not establish that each company belongs to Fund IV.
RECENT PORTFOLIO EVENTS: Passport — acquisition by Global-e announced at $425M | Gamma — public $100M financing at $2.1B valuation after reporting $100M ARR | Mastra — $22M Series A | PointOne — $15M Series A | OnePot — $13M Series A. THESE ARE UNDERLYING COMPANY EVENTS, NOT SCRIPT FUND RETURNS.
IMPORTANT LP-CONCENTRATION LIMITATION: Form D reports one investor in Fund IV, but does not identify that investor or establish whether it is an unaffiliated institutional LP, family office, feeder, aggregation vehicle or affiliated entity.
CORE INDEPENDENT FINDING: Script Capital IV repeats Fund III's exact $20M size and one-investor SEC structure while supporting a strategy built around numerous small early-stage bets. That creates an unusual combination of concentrated fundraising and diversified portfolio construction. The key diligence questions are who supplies the single pool of capital, how much control that investor has, how reserves are allocated and whether Script's deliberately small fund size improves seed-stage discipline or limits ownership in its strongest companies.
Form D is an exempt-offering notice and is not an SEC-issued certificate, approval or endorsement.