INDEPENDENT VERDICT
Taylor Frigon Growth Partners LP is a 2024 Delaware private fund whose SEC fundraising record now shows meaningful expansion rather than a launch-stage placeholder. The fund filed its first Form D after a July 24, 2024 first sale and now reports $60,906,081 sold to 36 investors in its September 18, 2026 amendment. The offering remains indefinite, uses Rule 506(b) and Section 3(c)(1), and consists of pooled investment fund interests and limited-partnership interests. Taylor Frigon Capital Management LLC is explicitly identified as investment manager, Taylor Frigon Capital Advisors LLC appears in the fund's control structure, and Gerard J. Frigon signs the filing as managing member of Taylor Frigon Capital Advisors. The SEC filing also states that Taylor Frigon Capital Advisors and related persons may receive management fees based on asset values and performance-based fees based on profits, although no percentages are disclosed. The headline $60.91 million therefore represents cumulative securities sold into the offering, not current NAV, realized gains or total firm assets.
The fundraising progression is unusually useful because the same CIK provides a clean multi-year record. The initial 2024 filing began the offering, the July 16, 2025 amendment reported $49,808,118 sold to 35 investors, and the September 2026 amendment increased cumulative subscriptions to $60,906,081 with 36 investors. The latest filing therefore reflects approximately $11.10 million of additional securities sold while investor count increased by only one. That does not prove that a single investor contributed the entire increment because amendments may capture other subscription and accounting changes, but it clearly shows that capital concentration remains high. The average cumulative capital sold per reported investor is roughly $1.69 million. Investors should not confuse that mathematical average with actual individual account sizes, and the $0 Form D minimum field should not be interpreted as retail availability.
THE MANAGER IS MUCH EASIER TO VERIFY THAN THE PRIVATE PORTFOLIO
Taylor Frigon Capital Management LLC is independently registered with the SEC under CRD 142617 and SEC file 801-67498, with registration effective since February 2007. The adviser's March 2026 Form ADV and current disclosures use the same Scottsdale address as Growth Partners and identify the firm as an SEC-registered investment adviser. Gerard "Gerry" Frigon founded Taylor Frigon Capital Management in 2006 and serves as President and Chief Investment Officer. Taylor Frigon's own public-fund materials also state that Frigon is managing member of Taylor Frigon Capital Advisors, general partner to Taylor Frigon Capital Partners LP and Taylor Frigon Growth Partners LP. Most importantly, those materials describe the private funds as investing in private companies and small emerging public companies, providing a first-party strategy description that goes well beyond the generic "pooled investment fund" label in Form D.
The manager's public mutual fund creates an unusually transparent comparison point. Taylor Frigon Capital Management also advises Taylor Frigon Core Growth Fund, ticker TFCGX, a registered mutual fund whose SEC filings and official website disclose portfolio holdings. As of June 30, 2026, publicly listed TFCGX positions included Astera Labs, Alkami Technology, Apyx Medical, BILL Holdings, Boot Barn, Dutch Bros, Camtek and CBIZ, among others. Earlier reports also disclosed substantial information-technology exposure and holdings such as Credo Technology, Monolithic Power Systems, Procore, Cloudflare and semiconductor-related companies. These holdings demonstrate Taylor Frigon's observable growth-investing style and preference for businesses the manager believes can compound through long-term technological or structural change. They do not establish that Growth Partners owns the same securities. The public fund and private LP are separate vehicles with different legal structures, liquidity, valuation methods and investor bases.
THE PRIVATE FUND APPEARS DESIGNED TO EXTEND THE SAME GROWTH PHILOSOPHY EARLIER IN A COMPANY'S LIFE
Taylor Frigon's published description of Growth Partners is particularly important because it explains why a registered public-equity manager operates a private fund. The private partnerships invest in private companies and small emerging public companies, allowing the manager to enter businesses before they are large enough or sufficiently liquid for a traditional mutual fund portfolio. That creates a logical continuum: private-company exposure can potentially mature into public small-cap or growth-equity exposure over time. It is a different architecture from a classic blind-pool venture fund whose managers invest only in startups, because Taylor Frigon also has decades of public-company security selection and a visible registered-fund track record.
This structure can create advantages but also conflicts that investors need to understand. When a private portfolio company becomes public, the manager may have multiple vehicles capable of owning the same issuer. Investors should understand allocation policies between Growth Partners, Taylor Frigon Capital Partners, TFCGX and separately managed accounts. They should also determine whether private-fund positions can be transferred between affiliated vehicles, how cross-trades are valued, how IPO allocations are handled and whether one client receives priority when liquidity is limited. None of these issues imply improper conduct; they are normal diligence questions whenever one adviser simultaneously manages public and private strategies.
PUBLIC FUND TRANSPARENCY DOES NOT SOLVE PRIVATE FUND VALUATION
TFCGX's public disclosures provide sector weights, holdings, net assets, advisory fees and audited or reviewed shareholder reports because registered investment companies are subject to detailed disclosure requirements. Growth Partners does not provide comparable information through Form D. Its amendment does not list portfolio companies, acquisition dates, cost basis, valuation methodology, gross or net exposure, unrealized gains, realized exits, write-offs or distributions. It also does not disclose the fund's current NAV. This difference is fundamental: Form D is designed to report an exempt offering, not provide a full private-fund financial statement.
Private-company valuations can be particularly sensitive. A portfolio company may carry a valuation based on its most recent financing round even when secondary-market demand has weakened, while structured preferred securities may have different economics from headline common-equity valuations. Small emerging public companies may also experience significant volatility and limited liquidity. If Growth Partners combines both private and thinly traded public securities, valuation and liquidity management become central investor questions. Investors should request current audited financial statements, the valuation policy, portfolio-company schedules and details of any securities held at manager-estimated fair value rather than observable market prices.
GERARD FRIGON PROVIDES STRONG PERSONNEL CONTINUITY
Gerard J. Frigon is not merely a Form D signatory. Taylor Frigon's public materials identify him as the founder of Taylor Frigon Capital Management and portfolio manager of TFCGX, with approximately three decades of investment-management experience. The firm describes its investment discipline as descending from the classic growth philosophy associated with T. Rowe Price and Richard C. Taylor, emphasizing companies with long-duration growth opportunities rather than short-term macro trading. That investment philosophy is visible in the public fund's exposure to semiconductor infrastructure, software, healthcare technology, consumer growth and other innovation-driven companies.
The continuity matters because Growth Partners is not managed by an anonymous SPV sponsor whose background exists only in a Form D. Investors can evaluate Frigon's public-company philosophy, public fund disclosures and adviser registration separately from the private fund. The limitation is that manager-level transparency should not be mistaken for fund-level performance transparency. Growth Partners may own very different assets at different stages and valuations than TFCGX, and the returns of one vehicle cannot be transferred to the other.
FINAL ASSESSMENT
Taylor Frigon Growth Partners has a substantially stronger verification profile than many newly filed private funds. The issuer, investment manager, GP-related entity, address, Gerard Frigon, adviser registration and investment philosophy all align across SEC and first-party sources. The fund has also demonstrated a real fundraising history: approximately $49.81 million was reported sold to 35 investors in July 2025, rising to $60.91 million and 36 investors by September 2026. The manager's separate TFCGX mutual fund provides an unusual level of visibility into Taylor Frigon's public-equity research style and growth-company preferences.
The biggest diligence gap remains the private portfolio itself. Form D does not reveal which private companies Growth Partners owns, current valuations, gross or net returns, realized exits, distributions, fee percentages or the proportion invested in private versus emerging public companies. Investors should therefore treat Taylor Frigon's public mutual fund as evidence of manager identity and investment process, not as a proxy for Growth Partners performance. The most useful private-fund evidence would be audited financial statements, a current portfolio schedule, valuation methodology and a complete performance record showing both realized and unrealized results.
SEC SNAPSHOT
Issuer: Taylor Frigon Growth Partners LP CIK: 0002030932 SEC File Number: 021-519502 Film Number: 261391437 Entity Type: Delaware Limited Partnership Formation Year: 2024 Principal Address: 18835 N. Thompson Peak Pkwy., Suite C-200, Scottsdale, Arizona 85255 Phone: 805-226-0280 Latest Filing: Form D/A Latest Filing Date: September 18, 2026 Date of First Sale: July 24, 2024 Industry: Pooled Investment Fund / Other Investment Fund Federal Exemption: Rule 506(b) Investment Company Act Exclusion: Section 3(c)(1) Security Types: Pooled Investment Fund Interests / Limited Partnership Interests Offering Duration: More than one year Offering Amount: Indefinite Amount Sold: $60,906,081 Amount Remaining: Indefinite Investors: 36 Minimum Investment Reported: $0 Sales Commissions: $0 estimated Finder Fees: $0 estimated Payments to Related Persons: Management and performance-based fees may be paid; percentage not disclosed Investment Manager: Taylor Frigon Capital Management LLC Private Fund GP Entity: Taylor Frigon Capital Advisors LLC Signatory: Gerard J. Frigon Current NAV: Not publicly disclosed Private Portfolio: Not publicly disclosed Dedicated Manager Website: Verified
FUNDRAISING HISTORY
July 2024: Fund formed and private offering commenced. First Sale: July 24, 2024
July 16, 2025 Form D/A: Amount Sold: $49,808,118 Investors: 35 Offering: Indefinite
September 18, 2026 Form D/A: Amount Sold: $60,906,081 Investors: 36 Offering: Indefinite
Increase in Reported Securities Sold: Approximately $11,097,963
Investor Count Increase: 1
Latest Average Cumulative Amount Sold Per Reported Investor: Approximately $1.69 million
Important: These figures describe securities subscriptions under the offering. They do not represent fund performance or current NAV.
ADVISER REGULATORY PENETRATION
Legal Name: Taylor Frigon Capital Management LLC
CRD: 142617
SEC File: 801-67498
SEC Registration Status: Approved
SEC Registration Effective: February 5, 2007
Current Headquarters: Scottsdale, Arizona
Official Website: taylorfrigon.com
Latest Form ADV Reviewed: March 24, 2026 amendment
Investment Manager of Growth Partners: Confirmed directly in Form D
Adviser to Taylor Frigon Core Growth Fund: Confirmed in SEC registered-fund filings
GERARD FRIGON PENETRATION
Name: Gerard J. "Gerry" Frigon
Roles: Founder of Taylor Frigon Capital Management President Chief Investment Officer Portfolio Manager of Taylor Frigon Core Growth Fund Managing Member of Taylor Frigon Capital Advisors Private-fund management role for Taylor Frigon Growth Partners
Taylor Frigon public materials state that Frigon has decades of experience managing portfolios for private investors and institutions.
PUBLIC FUND COMPARISON
Registered Fund: Taylor Frigon Core Growth Fund
Ticker: TFCGX
Adviser: Taylor Frigon Capital Management LLC
Public Portfolio Transparency: Yes
Selected Holdings Reported as of June 30, 2026: Astera Labs Alkami Technology Apyx Medical BILL Holdings Boot Barn Dutch Bros Camtek CBIZ Cardinal Infrastructure Group Compugen
Earlier Top Holdings Included: Credo Technology Group Monolithic Power Systems Carvana Procore Technologies KLA Glaukos Onto Innovation Cloudflare Tower Semiconductor
Important: These are TFCGX holdings. They are not confirmed Taylor Frigon Growth Partners holdings.
PRIVATE FUND STRATEGY EVIDENCE
Taylor Frigon's own public-fund materials state that Taylor Frigon Growth Partners and Taylor Frigon Capital Partners invest in:
Private companies Small emerging public companies
This creates a potential investment continuum from private growth equity into emerging public growth equities.
However, public materials reviewed do not disclose:
Growth Partners current private portfolio Private-company ownership percentages Entry valuations Cost basis Current NAV Portfolio-company financing rounds Realized exits Gross IRR Net IRR TVPI DPI Write-offs Current private/public allocation
FEE STRUCTURE
Form D explicitly states that Taylor Frigon Capital Advisors LLC and certain related persons may receive:
Management fees based on asset value Performance-based fees based on issuer profits
Public Form D does not disclose:
Management fee percentage Performance allocation percentage High-water mark Hurdle rate Clawback Organizational expenses Audit expenses Administration expenses
These should be confirmed in the current LPA and offering memorandum.
WEBSITE / ENTITY PENETRATION
Exact SEC issuer verified: Yes CIK verified: Yes Investment manager verified: Yes Taylor Frigon Capital Advisors connection verified: Yes Gerard Frigon connection verified: Yes Scottsdale address matched: Yes Phone matched: Yes SEC adviser registration verified: Yes CRD verified: Yes SEC file number verified: Yes Official manager website verified: Yes Public mutual fund verified: Yes Public mutual fund SEC filings verified: Yes Private-fund strategy description independently identified in Taylor Frigon materials: Yes Growth Partners private portfolio identified publicly: No Growth Partners current NAV identified: No Private-fund fee percentages identified: No Private-fund auditor identified in reviewed Form D: No Private-fund administrator identified in reviewed Form D: No Private-fund custodian identified: No Private-fund audited performance identified publicly: No
CORE RISKS
Private Valuation Risk: Private-company investments may rely on financing-round or manager-estimated fair values.
Growth-Stock Risk: Emerging growth companies can experience significant valuation compression when interest rates rise or growth expectations decline.
Liquidity Risk: Private holdings may remain illiquid for years.
Small-Cap Liquidity Risk: Emerging public companies may also have lower trading liquidity than large-cap securities.
Portfolio Transparency Risk: Growth Partners holdings are not disclosed through Form D.
Public/Private Confusion Risk: TFCGX holdings and performance should not be attributed to Growth Partners.
Allocation Conflict Risk: The same manager operates private funds, a mutual fund and advisory accounts that may sometimes have overlapping investment opportunities.
Cross-Trade Risk: Investors should understand whether securities can be transferred among affiliated funds or accounts.
IPO Allocation Risk: If a private holding becomes public, investors should understand which Taylor Frigon vehicle receives future allocations.
Fee Transparency Risk: Management and performance-based fees are acknowledged but percentages are not disclosed.
NAV Interpretation Risk: $60.91 million sold does not equal current fund NAV.
Minimum-Investment Interpretation Risk: The $0 Form D field does not establish public or zero-dollar access.
Concentration Risk: Only 36 investors are reported despite more than $60 million of cumulative securities sold.
Track-Record Transfer Risk: TFCGX performance does not establish Growth Partners performance.
CORE INVESTOR QUESTIONS
Investors should obtain the current Growth Partners portfolio schedule; identify each private and public holding; determine the percentage of NAV invested in private companies; obtain entry valuation, current fair value and financing-round history for each material private position; request audited fund financial statements; obtain gross and net IRR, TVPI and DPI; identify realized exits and write-offs; confirm management fee and performance allocation; determine whether a hurdle or high-water mark applies; review valuation policies for private holdings; identify auditor, administrator and custodian; obtain the investment-allocation policy governing Growth Partners, Taylor Frigon Capital Partners, TFCGX and separately managed accounts; determine how IPO allocations and post-IPO securities are handled; and reconcile cumulative Form D sales with current NAV and investor capital accounts.
PRIMARY EVIDENCE REVIEWED
SEC EDGAR — Taylor Frigon Growth Partners LP Form D/A filed September 18, 2026 SEC EDGAR — Taylor Frigon Growth Partners LP Form D/A filed July 16, 2025 SEC IAPD — Taylor Frigon Capital Management LLC, CRD 142617 / SEC 801-67498 Taylor Frigon Capital Management Form ADV amendment dated March 24, 2026 Taylor Frigon Capital Management official disclosures Taylor Frigon Core Growth Fund official website Taylor Frigon Core Growth Fund SEC shareholder reports Taylor Frigon Core Growth Fund fact sheet describing Gerard Frigon's private-fund roles and the private-company / emerging-public-company strategy
IMPORTANT FORM D NOTICE
Form D is a notice filing for an offering relying on an exemption from Securities Act registration. It is not SEC approval, certification, endorsement or verification of investment performance. Taylor Frigon Growth Partners' reported $60.91 million amount sold represents cumulative securities sales under the offering and should not be interpreted as current NAV, current portfolio value or investor profit.