Venture capital in Arizona
8 venture firms are based in Arizona, from SEC filings and the fund index. Below them are Arizona’s other sources of capital, the LPs based here that report holding venture funds, and its SEC-registered family offices. How Arizona ranks for startup raises and new funds: its Venture Ecosystem Index page.
On this page: 8 venture firms 1 new fund 27 other sources of capital 11 LPs 5 family offices.
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Venture firms based in Arizona
8 advisers that report a venture fund on Form ADV, largest estimated venture assets first, from the Venture Adviser Directory. Each one’s page has its funds and, where an LP reports holding them, its LPs.
| # | Adviser | Location | Venture funds | Private fund assets | Registered |
|---|---|---|---|---|---|
| 1 | Indigo Partners LLC | Scottsdale | 10 | $2.4B | 2015 |
| 2 | Social Leverage Advisors, LLC | Scottsdale | 11 | $324M | 2022 |
| 3 | Grayhawk Capital, LLC Emerging | Mesa | 3 | $145M | 2024 |
| 4 | Pangaea Ventures US Inc. Emerging | Scottsdale | 7 | $122M | 2015 |
| 5 | Copper Sky Capital, LLC Emerging | Scottsdale | 2 | $110M | 2024 |
| 6 | Awm Capital, LLC Emerging | Phoenix | 9 | $108M | 2018 |
| 7 | Ascent Capital Partners, LLC Emerging | Scottsdale | 7 | $91M | 2025 |
| 8 | PHX Manco EmergingPHX Management Company, LLC | Tempe | 1 | $31M | 2024 |
New funds raising from Arizona
1 venture funds managed from Arizona started raising in 2025 or later and filed a Form D since October 2025: managers with new money to invest. Amounts are as each fund’s latest Form D reports them, newest filing first.
| Fund | Manager | Started | Raised so far | Target | Latest filing |
|---|---|---|---|---|---|
| Copper Sky Capital II, L.P. | Copper Sky Capital, LLC | 2026 | — | $300M | May 6, 2026 |
Other sources of capital in Arizona
11 community development lenders, 4 SBA lenders, 3 union pension plans, 2 angel groups, 2 venture debt lenders, 2 SBICs, 2 pension master trusts, and 1 corporate pension plan. From public registers and what each organization publishes; see Capital Sources for every state.
| Source | Location | On the record |
|---|---|---|
| Arizona Tech Investors | Phoenix | Phoenix angel investment group funding early-stage Arizona technology startups in software, advanced manufacturing, healthcare, energy and consumer technology. |
| Desert Angels | Tucson | Tucson-based network of accredited investors funding early-stage startups through preferred equity and convertible notes, with members nationwide. |
| Trinity Capital | Phoenix | Provides senior and subordinated venture debt of up to $100M, plus equipment financing, to high-growth, venture capital-backed companies. |
| Western Alliance Bank Innovation Banking | Phoenix | Innovation banking group of Western Alliance Bank offering venture debt term loans, revolving credit lines and asset-based lending to venture-backed companies. |
| Salt River Project Employees' Retirement Plan | Phoenix | In partnerships and joint ventures: $313M |
| Convergent Capital Partners III, L.P. | Scottsdale | Hybrid · Mezzanine |
| Grayhawk Ventures Fund III, L.P. | Scottsdale | Growth Equity · Venture |
| Arizona Pipe Trades Pension Plan | Phoenix | In partnerships and joint ventures: $113M |
| Desert States Employers & UFCW Unions Pension Plan | Phoenix | In partnerships and joint ventures: $484M |
| IBEW Local No 640 & AZ Chapter NECA Defined Benefit Pension Plan | Phoenix | In partnerships and joint ventures: $44M |
| Asarco Master Pension Trust | Sahuarita | In partnerships and joint ventures: $96M |
| Freeport Minerals Corporation Defined Benefit Master Trust | Phoenix | In partnerships and joint ventures: $39M |
| Border Financial Resources Inc | San Luis | Community development loan fund in San Luis, AZ, certified by the US Treasury’s CDFI Fund. |
| Champions Funding, LLC | Gilbert | Community development loan fund in Gilbert, AZ, certified by the US Treasury’s CDFI Fund. |
| Growth Partners Arizona | Tucson | Community development loan fund in Tucson, AZ, certified by the US Treasury’s CDFI Fund. |
| Hopi Credit Association | Keams Canyon | Native community development loan fund in Keams Canyon, AZ, certified by the US Treasury’s CDFI Fund. |
| MicroCare Community Development Solutions | Tucson | Community development loan fund in Tucson, AZ, certified by the US Treasury’s CDFI Fund. |
| Navajo community Development Financial Institution Inc Non Profit | Window Rock | Native community development loan fund in Window Rock, AZ, certified by the US Treasury’s CDFI Fund. |
| PPEP Microbusiness and Housing Development Corporation, Inc. | Tucson | Community development loan fund in Tucson, AZ, certified by the US Treasury’s CDFI Fund. |
| Prestamos CDFI, LLC | Phoenix | Community development loan fund in Phoenix, AZ, certified by the US Treasury’s CDFI Fund. |
| Raza Development Fund, Inc. | Phoenix | Community development loan fund in Phoenix, AZ, certified by the US Treasury’s CDFI Fund. |
| San Carlos Apache Tribe Relending Enterprise | Peridot | Native community development loan fund in Peridot, AZ, certified by the US Treasury’s CDFI Fund. |
| UPI LOAN FUND | Chandler | Community development loan fund in Chandler, AZ, certified by the US Treasury’s CDFI Fund. |
| Arizona Financial Credit Union | Phoenix | 7(a) loans approved, fiscal year 2026: $10M |
| Desert Financial Credit Union | Phoenix | 7(a) loans approved, fiscal year 2026: $9.5M |
| Integro Bank | Phoenix | 7(a) loans approved, fiscal year 2026: $30M |
| Western Alliance Bank | Phoenix | 7(a) loans approved, fiscal year 2026: $47M |
LPs based in Arizona
Foundations, pension plans, and other LPs here that report the venture funds they hold, by the number they hold. Local LPs often back local managers.
| # | LP | Location | Venture funds | In venture funds | Total assets |
|---|---|---|---|---|---|
| 1 | Foundation for Educational Research and Development | Paradise Valley | 5 | $6.2M | $36M |
| 2 | Canyon Institute | Phoenix | 5 | $2.4M | $42M |
| 3 | The HS Lopez Family Foundation | Tucson | 3 | $291K | $24M |
| 4 | Lincoln Institute of Land Policy | Phoenix | 1 | $7.1M | $809M |
| 5 | The Kiita Foundation | Phoenix | 1 | $1M | $20M |
| 6 | Lapan Memorial Sunshine Foundation Inc | Tucson | 1 | $200K | $31M |
| 7 | Robert & Judith Atlas Family Foundation | Scottsdale | 1 | $197K | $10M |
| 8 | Joy in Blue Foundation | Litchfield Park | 1 | $114K | $29M |
| 9 | Buuck Family Foundation | Scottsdale | 1 | $15K | $25M |
| 10 | Pivotal Foundation | Phoenix | 0 | $1.7M | $92M |
| 11 | The Ronald and Maxine Linde Foundation | Paradise Valley | 0 | $1.3M | $37M |
Family offices in Arizona
Family offices registered with the SEC as investment advisers, from the Family Office Index. Most family offices are exempt from registering and aren’t on this list.
| Family office | City | Regulatory assets |
|---|---|---|
| TFO Family Office Partners | Phoenix | $5B |
| Fortitude Family Office | Scottsdale | $1B |
| Heritage Family Offices, LLP | Scottsdale | $423M |
| Taylor Frigon Family Office, LLC | Scottsdale | $20M |
| Family Office Investment Advisory LLC | Scottsdale | — |
About the data
An adviser’s state is where its Form ADV says its main office is. A fund-index firm is placed by the headquarters city the index lists, or by its Form ADV when the city doesn’t tell. Capital sources, LPs, and family offices are placed by the address their own register gives. Angel investors who list themselves are at hottub.vc/investors. Organizations only: no individuals are listed here, and a listing is a public record, not a recommendation. See the methodology.