Initialized Capital
Also known as Initialized
San Francisco, United States Founded 2011 initialized.com San Francisco Bay Area ecosystem (#1 of 32)
Initialized Capital’s latest fund is Initialized VII: $114M, 2025 (interim close), #232 of 427 firms by latest fund.
The numbers
| Year | Raised |
|---|---|
| 2020 | $230M |
| 2021 | $700M |
| 2025 | $114M |
Updates from Initialized Capital
Overview
No newer flagship fund found after Dec 2021.
Funds
| Fund | Closed | Size | Source |
|---|---|---|---|
| Initialized VII interim close | 2025 | $114M | sec.gov |
| Fund VI + Opportunity Fund | 2021 | $700M | finance.yahoo.com |
| Fund V | 2020 | $230M | finance.yahoo.com |
LPs on the record
2 LPs report holding Initialized Capital’s funds.
Find LPs that back firms like this one in Hottub’s LP Intelligence: ranked by overlap, with what each holds and how to reach it.
Firms whose LPs overlap
The firms sharing the most LPs on record with Initialized Capital, relative to how many LPs each has. A peer set like this is what Find LPs ranks LPs from.
Find LPs for Initialized Capital and these firms: Hottub ranks the LPs that hold their funds, the ones still adding funds first.
Reported fund performance
As reported by public LPs that invested in these funds, net of fees. “Versus vintage” ranks each fund against every other fund of the same vintage in that LP’s report, mostly private equity and venture funds. Open a fund for its cash flows and full peer ranking.
| Fund | Vintage | Net IRR | Versus vintage (IRR) | TVPI | DPI | Reported by |
|---|---|---|---|---|---|---|
| INITIALIZED SUPERCLASS II | — | N/M | — | — | UTIMCO (Permanent University Fund) | |
| INITIALIZED VI | — | N/M | — | — | UTIMCO (Permanent University Fund) |
UTIMCO (Permanent University Fund): Permanent University Fund Detail Schedules of Investment Securities, Schedule H: Private Investment Funds, as of August 31, 2025. Holdings only: the audited Schedule H lists each private investment fund held by the Permanent University Fund, which UTIMCO manages, with its fair value at the August 31 fiscal year end and nothing else, so vintage year, commitment, contributions, distributions, total value, IRR and multiples are blank (UTIMCO reports none of them here); each fund's fair value is kept as market_value_usd in whole dollars as printed. Fund names are as printed (capitals, abbreviated). Included are the schedule's Private Equity (159 funds), Venture (165) and Emerging Market Equity (29) sections; its Credit, Infrastructure, Natural Resources and Real Estate sections are not imported, and neither are 24 direct investments in the imported sections, which UTIMCO lists only as numbered "Direct Investment" rows because their names are confidential under Texas Government Code 552.143(c). Covers the Permanent University Fund only: UTIMCO publishes no such schedule for the General Endowment Fund, and it provides its fund-level Private Markets performance reports only in answer to an open records request. View source
About this data
Fund sizes come from firm announcements, SEC filings, and press reports, converted to US dollars near the closing date. Compiled as of October 9, 2026. Notable portfolio companies are examples from public sources, not a complete list.
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