Venture capital in Maryland
33 venture firms are based in Maryland, from SEC filings and the fund index. Below them are Maryland’s other sources of capital, the LPs based here that report holding venture funds, and its SEC-registered family offices. How Maryland ranks for startup raises and new funds: its Venture Ecosystem Index page.
On this page: 33 venture firms 10 new funds 57 other sources of capital 36 LPs 2 family offices.
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Venture firms based in Maryland
2 firms in the Venture Capital Fund Index, by latest fund, then 31 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.
| # | Firm | Headquarters | Latest fund | Fund size | AUM |
|---|---|---|---|---|---|
| 1 | Grit Capital PartnersGrit | Baltimore | Grit Capital Seed 2, LLC | $9.7M | — |
| 2 | StepStone Group VCStepStone Group (Greenspring), Greenspring Associates, StepStone VC | Baltimore | — | $24B |
| # | Adviser | Location | Venture funds | Private fund assets | Registered |
|---|---|---|---|---|---|
| 1 | Northpond Ventures, LLC | Bethesda | 5 | $1.7B | 2018 |
| 2 | T. Rowe Price Associates, Inc. | Baltimore | 1 | $2.7B | 1947 |
| 3 | Resolve Growth Partners Management Co., LLC | Baltimore | 7 | $373M | 2019 |
| 4 | Grotech Management Company | Owings Mills | 5 | $311M | 2012 |
| 5 | Datatribe Foundry, LLC | Fulton | 3 | $301M | 2021 |
| 6 | Singh Capital PartnersSingh Capital Partners LLC | Bethesda | 110 | $262M | 2024 |
| 7 | Squadra VenturesSquadra Management, LLC | Baltimore | 3 | $254M | 2024 |
| 8 | Communication Capital Partners, LLC Emerging | Chevy Chase | 4 | $210M | 2012 |
| 9 | Kinetic Ventures, L.L.C. Emerging | Chevy Chase | 4 | $196M | 2021 |
| 10 | Cambium Capital Management LP Emerging | Highland | 8 | $163M | 2021 |
| 11 | Innovation X AdvisorsInnovation X Advisors, LLC | Rockville | 2 | $1.6B | 2022 |
| 12 | New Markets Venture Partners EmergingNMGF Management, LLC | Fulton | 5 | $140M | 2012 |
| 13 | Lifeforce Capital Management, LLC Emerging | Chevy Chase | 16 | $92M | 2020 |
| 14 | Terrain Capital Management, LLC Emerging | Hunt Valley | 4 | $91M | 2025 |
| 15 | Harmonic Growth Partners, LLC Emerging | Chevy Chase | 2 | $74M | 2020 |
| 16 | Blue Sparrow Funds GP LLC Emerging | Bethesda | 1 | $62M | 2022 |
| 17 | Brown Advisory Investment Solutions Group LLC | Baltimore | 3 | $7.4B | 2003 |
| 18 | Inner Loop Capital Management, LLC Emerging | Lutherville | 2 | $54M | 2023 |
| 19 | Atlantica Ventures Management LLC Emerging | College Park | 3 | $49M | 2024 |
| 20 | PTX Capital LLC Emerging | Baltimore | 4 | $47M | 2024 |
| 21 | Mauloa Management, LLC Emerging | Potomac | 2 | $44M | 2024 |
| 22 | Independent Access Partners, LLC | Hunt Valley | 3 | $257M | 2024 |
| 23 | Questmark Management Company, LLC Emerging | Ellicott City | 1 | $39M | 2014 |
| 24 | Broadoak Asset Management, LLC | Bethesda | 1 | $358M | 2021 |
| 25 | Longevity Venture Partners Management, LP Emerging | Pikesville | 1 | $32M | 2025 |
| 26 | TCP Venture Capital EmergingPropel Management, LLC | Owings Mills | 4 | $32M | 2025 |
| 27 | Kluz Ventures EmergingKV Management, LLC | Rockville | 3 | $35M | 2023 |
| 28 | Camden Partners Holdings, LLC | Owings Mills | 1 | $370M | 2001 |
| 29 | Conscious Venture Partners, LLC Emerging | Baltimore | 2 | $21M | 2026 |
| 30 | Lightcone Ventures EmergingLightcone Venture Capital, LLC | Rockville | 1 | $20M | 2025 |
| 31 | Epidarex Capital Management LLC Emerging | Bethesda | 3 | $17M | 2020 |
New funds raising from Maryland
10 venture funds managed from Maryland 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 |
|---|---|---|---|---|---|
| Cambium Capital Retama LP | Cambium Capital Management LP | 2026 | — | — | September 23, 2026 |
| Lightcone Venture Capital I LP | Lightcone Ventures | 2026 | — | — | September 22, 2026 |
| Cambium Capital Alder LP | Cambium Capital Management LP | 2026 | — | — | July 30, 2026 |
| PTX Capital Fund III LP | PTX Capital LLC | 2026 | — | — | June 29, 2026 |
| Cambium Capital Jacaranda LP | Cambium Capital Management LP | 2026 | — | — | June 26, 2026 |
| Cambium Capital Tamarind LP | Cambium Capital Management LP | 2026 | — | — | May 21, 2026 |
| Harmonic Growth Partners II, L.P. | Harmonic Growth Partners, LLC | 2025 | $35M | — | May 4, 2026 |
| Terrain II, LP | Terrain Capital Management, LLC | 2026 | — | — | April 27, 2026 |
| Squadra Ventures III, LP | Squadra Ventures | 2025 | $24M | — | March 26, 2026 |
| Cambium Capital Juniper LP | Cambium Capital Management LP | 2025 | — | — | October 9, 2025 |
Other sources of capital in Maryland
23 union pension plans, 12 SBICs, 12 community development lenders, 6 pension master trusts, 3 corporate pension plans, and 1 SBA lender. From public registers and what each organization publishes; see Capital Sources for every state.
| Source | Location | On the record |
|---|---|---|
| International Association of Machinists and Aerospace Workers Pension Plan | Upper Marlboro | In partnerships and joint ventures: $272M |
| Johns Hopkins University Support Staff Pension Plan | Baltimore | In partnerships and joint ventures: $248M |
| McCormick Pension Plan | Hunt Valley | In partnerships and joint ventures: $33M |
| Enlightenment Capital Solutions SBIC Fund, L.P. | Chevy Chase | Private Credit · Hybrid Debt/Equity |
| Farragut SBIC Fund II, L.P. | Chevy Chase | Hybrid · Mezzanine |
| Farragut SBIC Fund III, LP | Chevy Chase | Private Equity · Mezzanine |
| IMB Partners SBIC I, L.P. | Bethesda | Hybrid · Hybrid Debt/Equity |
| Patriot Capital III SBIC, L.P. | Baltimore | Hybrid · Mezzanine |
| Patriot Capital IV (A), L.P. | Baltimore | Hybrid · Mezzanine |
| Patriot Capital V, L.P. | Balitmore | Hybrid · Mezzanine |
| PCI II, L.P. | Baltimore | Private Credit · Hybrid Debt/Equity |
| PCI III, L.P. | Towson | Private Credit · Hybrid Debt/Equity |
| Spring Capital Partners III, L.P. | Lutherville | Private Credit · Mezzanine |
| Spring Capital Partners IV, L.P. | Lutherville | Private Credit · Mezzanine |
| Spring Capital Partners V, L.P. | Lutherville | Private Credit · Mezzanine |
| Eastern Shore Teamsters Pension Fund | Baltimore | In partnerships and joint ventures: $34M |
| Electrical Workers Local No. 26 Pension Trust Fund | Lanham | In partnerships and joint ventures: $251M |
| Heating, Piping and Refrigeration Pension FD Pension Fund | Capitol Heights | In partnerships and joint ventures: $230M |
| International Painters and Allied Trades Industry Pension Plan | Hanover | In partnerships and joint ventures: $1.2B |
| Laborers District Council Pension and Disability Trust Fund No. 2 | Columbia | In partnerships and joint ventures: $47M |
| Major League Baseball Players Pension Plan | Sparks | In partnerships and joint ventures: $1.2B |
| Masters, Mates & Pilots Pension Plan | Linthicum Heights | In partnerships and joint ventures: $113M |
| MEBA Pension Trust-Defined Benefit Plan | Baltimore | In partnerships and joint ventures: $167M |
| Mid-Atlantic Regional Council of Carpenters' Pension Plan | Oxon Hill | In partnerships and joint ventures: $262M |
| Milk Drivers and Dairy Employees Local 246 Pension Fund | Landover | In partnerships and joint ventures: $40M |
| National Automatic Sprinkler Industry Pension Fund | Landover | In partnerships and joint ventures: $1.7B |
| National Electrical Benefit Fund | Rockville | In partnerships and joint ventures: $3.1B |
| NFL Player Retirement Plan | Baltimore | In partnerships and joint ventures: $2.5B |
| Operating Engineers Local No 37 Pension Fund | Baltimore | In partnerships and joint ventures: $65M |
| Operating Engineers Pension Trust Fund of Washington D.C. and Vicinity | Sparks | In partnerships and joint ventures: $63M |
| Plumbers and Steamfitters Local 486 Pension Fund | Columbia | In partnerships and joint ventures: $130M |
| Steamship Trade Association of Baltimore, Incorporated - International Longshoremen's Association Pension Plan | Baltimore | In partnerships and joint ventures: $248M |
| Truck Drivers & Helpers Local Union No. 355 Retirement Plan | Baltimore | In partnerships and joint ventures: $67M |
| Unite Here Local 25 and Hotel Association of Washington, DC Pension Plan | Sparks | In partnerships and joint ventures: $89M |
| United Assn Full-Time Sal Off & Emp of Locl Unions Councils, St & Prov Pen Plan | Annapolis | In partnerships and joint ventures: $247M |
| United Association General Officers and Employees Pension Fund | Annapolis | In partnerships and joint ventures: $56M |
| Warehouse Employees Local No. 570 Pension Fund | Baltimore | In partnerships and joint ventures: $45M |
| Warehouse Employees Union Local No. 730 Pension Trust Fund | Sparks | In partnerships and joint ventures: $61M |
| LMC Defined Contribution Master Trust | Bethesda | In partnerships and joint ventures: $66M |
| Lockheed Martin Corporation Master Retirement Trust | Bethesda | In partnerships and joint ventures: $10.4B |
| Medstar Health, Inc. and Affiliates Master Retirement Trust | Columbia | In partnerships and joint ventures: $253M |
| The Johns Hopkins University Retiree Medical Benefits Trust | Baltimore | In partnerships and joint ventures: $90M |
| Ullico Infrastructure Tax Exempt Fund LP | Silver Spring | In partnerships and joint ventures: $5.3B |
| Ullico Infrastructure Taxable Fund LP | Silver Spring | In partnerships and joint ventures: $906M |
| 22BEACON, INC. | Hanover | Community development loan fund in Hanover, MD, certified by the US Treasury’s CDFI Fund. |
| Baltimore Community Lending, Inc. | Baltimore | Community development loan fund in Baltimore, MD, certified by the US Treasury’s CDFI Fund. |
| Enterprise Community Loan Fund, Inc. | Columbia | Community development loan fund in Columbia, MD, certified by the US Treasury’s CDFI Fund. |
| Harbor Bank of Maryland | Baltimore | Community development bank or thrift in Baltimore, MD, certified by the US Treasury’s CDFI Fund. |
| Harbor Bank of Maryland Community Development Corporation | Baltimore | Community development loan fund in Baltimore, MD, certified by the US Treasury’s CDFI Fund. |
| HIAS Economic Advancement Fund Inc | Silver Spring | Community development loan fund in Silver Spring, MD, certified by the US Treasury’s CDFI Fund. |
| Maryland Capital Enterprises, Inc. | Salisbury | Community development loan fund in Salisbury, MD, certified by the US Treasury’s CDFI Fund. |
| Neighborhood Housing Services of Baltimore, Inc. | Baltimore | Community development loan fund in Baltimore, MD, certified by the US Treasury’s CDFI Fund. |
| Neighborhood Impact Investment Fund, Inc. | Baltimore | Community development loan fund in Baltimore, MD, certified by the US Treasury’s CDFI Fund. |
| Neighborworks Capital Corporation | Silver Spring | Community development loan fund in Silver Spring, MD, certified by the US Treasury’s CDFI Fund. |
| New American Community Lending Corporation | Baltimore | Community development loan fund in Baltimore, MD, certified by the US Treasury’s CDFI Fund. |
| Prince Georges Financial Services Corporation | Largo | Community development loan fund in Largo, MD, certified by the US Treasury’s CDFI Fund. |
| Capital Bank, National Association | Rockville | 7(a) loans approved, fiscal year 2026: $109M |
LPs based in Maryland
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.
Family offices in Maryland
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 |
|---|---|---|
| Family Office Research, LLC | Bethesda | $648M |
| Tred Avon Family Wealth, LLC | Easton | $432M |
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.