Venture capital in North Carolina
18 venture firms are based in North Carolina, from SEC filings and the fund index. Below them are North Carolina’s other sources of capital, the LPs based here that report holding venture funds, and its SEC-registered family offices. How North Carolina ranks for startup raises and new funds: its Venture Ecosystem Index page.
On this page: 18 venture firms 3 new funds 73 other sources of capital 22 LPs 5 family offices.
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Venture firms based in North Carolina
18 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 | Truebridge Capital PartnersTruebridge Capital Partners LLC | Chapel Hill | 10 | $13.8B | 2010 |
| 2 | Stepstone Private WealthStepstone Group Private Wealth LLC | Charlotte | 1 | $2.4B | 2019 |
| 3 | Echo Health Ventures LLC | Durham | 2 | $518M | 2021 |
| 4 | SJF Management LLC | Durham | 6 | $377M | 2012 |
| 5 | Hatteras Venture Partners EmergingHatteras Venture Advisors VII, LLC | Durham | 2 | $208M | 2022 |
| 6 | Hatteras Venture Partners EmergingHatteras Venture Advisors VI, LLC | Durham | 4 | $184M | 2019 |
| 7 | HCG Fund Management LP | Raleigh | 5 | $347M | 2016 |
| 8 | Pappas Ventures EmergingPappas Capital, LLC | Durham | 8 | $165M | 2012 |
| 9 | Hatteras Venture Partners EmergingHatteras Venture Advisors V LLC | Durham | 3 | $143M | 2017 |
| 10 | Kineticos Life Sciences Management LLC Emerging | Raleigh | 14 | $140M | 2022 |
| 11 | Covenant Venture Capital, LLC Emerging | Wilmington | 4 | $86M | 2021 |
| 12 | Idea Fund Partners, LLC Emerging | Chapel Hill | 11 | $77M | 2015 |
| 13 | Intersouth Advisors, Inc. Emerging | Durham | 2 | $76M | 2012 |
| 14 | Excelerate Health Ventures LLC Emerging | Durham | 2 | $66M | 2021 |
| 15 | Hatteras Venture Partners EmergingHatteras Venture Advisors IV, LLC | Durham | 2 | $52M | 2012 |
| 16 | Dental Innovation Alliance Management Company, LP Emerging | Cary | 1 | $35M | 2024 |
| 17 | Oval Park Capital LLC Emerging | Raleigh | 2 | $97M | 2022 |
| 18 | Hatteras Venture Partners EmergingHatteras Venture Advisors III, LLC | Durham | 1 | $6.4M | 2012 |
New funds raising from North Carolina
3 venture funds managed from North Carolina 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 |
|---|---|---|---|---|---|
| SJF Ventures VI, L.P. | SJF Management LLC | 2026 | $49M | — | September 11, 2026 |
| SJF Ventures VIA, L.P. | SJF Management LLC | 2026 | $2.4M | — | September 11, 2026 |
| Excelerate Health Ventures III LP | Excelerate Health Ventures LLC | 2026 | $22M | — | April 14, 2026 |
Other sources of capital in North Carolina
31 SBICs, 15 community development lenders, 11 SBA lenders, 7 pension master trusts, 4 corporate pension plans, 2 placement agents, 2 university venture funds, and 1 angel group. From public registers and what each organization publishes; see Capital Sources for every state.
| Source | Location | On the record |
|---|---|---|
| RTP Angel Fund | Research Triangle Park | Member group investing at pre-seed, seed and Series A, mainly in North Carolina's Research Triangle Park region and more broadly in the Southeast. |
| Aqueduct Capital Group, LLC | Charlotte | 2 venture funds, 2015–2018 |
| Innovation Partners LLC | Charlotte | 8 venture funds since 2021 |
| Duke Capital Partners | Durham | Duke University's manager-led angel group; members with a Duke connection invest in early-stage companies led by Duke-affiliated people. |
| Wolfpack Investor Network | Raleigh | NC State University's angel investing platform; alumni, parents and friends of the university invest in NC State-affiliated startups. |
| Employees' Retirement Plan of Duke University | Durham | In partnerships and joint ventures: $1.6B |
| First-Citizens Bank & Trust Company and Adopting Related Employers Pension Plan | Raleigh | In partnerships and joint ventures: $47M |
| Itg Brands, LLC Retirement Allowance Plan for Hourly Rated And/Or Piecework Employees | Greensboro | In partnerships and joint ventures: $121M |
| The Pension Plan of Arrowood Indemnity Company | Charlotte | In partnerships and joint ventures: $81M |
| Barings Small Business Fund II, LP | Charlotte | Private Credit · Mezzanine |
| Barings Small Business Fund, L.P. | Charlotte | Hybrid · Mezzanine |
| Capitala SBIC Fund VI, L.P. | Charlotte | Hybrid · Multiple |
| CapitalSouth SBIC Fund IV, L.P. | Charlotte | Hybrid · Mezzanine |
| Concentric Partners I, L.P. | Raleigh | Private Credit · Mezzanine |
| Concentric Partners II, L.P. | Raleigh | Private Credit · Mezzanine |
| Five Points Capital Partners IV, L.P. | Winston-Salem | Hybrid · Mezzanine |
| Five Points Credit SBIC IV, L.P. | Winston-Salem | Hybrid · Mezzanine |
| Five Points Credit SBIC V LP | Winston-Salem | Private Credit · Mezzanine |
| Five Points Mezzanine Fund III, L.P. | Winston-Salem | Hybrid · Mezzanine |
| Kian Growth Partners III, L.P. | Charlotte | Hybrid · Buyout |
| Kian Mezzanine Partners I, L.P. | Charlotte | Hybrid · Mezzanine |
| Kian Mezzanine Partners II, L.P. | Charlotte | Hybrid · Mezzanine |
| Mosaic Capital Investors I, LP | Charlotte | Hybrid · Mezzanine |
| Mosaic Capital Investors II SBIC, L.P. | Charlotte | Private Equity · Buyout |
| Plexus Fund IV-A, L.P. | Raleigh | Hybrid · Mezzanine |
| Plexus Fund IV-B, L.P. | Raleigh | Hybrid · Mezzanine |
| Plexus Fund IV-C, L.P. | Raleigh | Hybrid · Mezzanine |
| Plexus Fund V-A, LP | Raleigh | Private Equity · Hybrid Debt/Equity |
| Plexus Fund V-B, LP | Raleigh | Private Equity · Hybrid Debt/Equity |
| Plexus Fund V-C, L.P. | Raleigh | Hybrid · Mezzanine |
| Plexus Fund VII-A, L.P. | Raleigh | Private Credit · Hybrid Debt/Equity |
| Reynolda Equity Partners V, L.P. | Winston-Salem | Private Equity · Growth Equity |
| Salem Investment Partners IV, LP | Greensboro | Private Credit · Mezzanine |
| Salem Investment Partners V, LP | Greensboro | Private Credit · Mezzanine |
| Salem Investment Partners VI, Limited Parternship | Greensboro | Private Credit · Mezzanine |
| Salem Investment Partners VI, Limited Partnership | Greensboro | Private Credit · Mezzanine |
| SharpVue Capital Credit Fund II, L.P. | Raleigh | Private Credit · Mezzanine |
| SharpVue Capital Credit Fund III, L.P. | Raleigh | Private Credit · Mezzanine |
| SJF Ventures III, LP | Durham | Venture |
| Wells Fargo Strategic Capital SBIC, L.P. | Charlotte | Hybrid · Hybrid Debt/Equity |
| Duke Energy Corporation Master Trust | Charlotte | In partnerships and joint ventures: $68M |
| Honeywell International Inc. Master Retirement Trust | Charlotte | In partnerships and joint ventures: $3.1B |
| Martin Marietta Materials, Inc. Defined Benefit Plans Master Retirement Trust | Raleigh | In partnerships and joint ventures: $94M |
| Reynolds American Defined Benefit Master Trust | Winston-Salem | In partnerships and joint ventures: $1B |
| The Hearst Corporation Master Trust for Pension and Profit Sharing Plans | Charlotte | In partnerships and joint ventures: $444M |
| The Hearst Corporation Master Trust for Pension and Profit Sharing Plans | Charlotte | In partnerships and joint ventures: $444M |
| Volvo Group Retirement Trust | Greensboro | In partnerships and joint ventures: $74M |
| ASPIRE Community Capital | Charlotte | Community development loan fund in Charlotte, NC, certified by the US Treasury’s CDFI Fund. |
| Business Expansion Funding Corporation | Charlotte | Community development loan fund in Charlotte, NC, certified by the US Treasury’s CDFI Fund. |
| CAHEC Capital, Inc. | Raleigh | Community development loan fund in Raleigh, NC, certified by the US Treasury’s CDFI Fund. |
| Cares Project, Inc., The | Winston Salem | Community development loan fund in Winston Salem, NC, certified by the US Treasury’s CDFI Fund. |
| Carolina Community Impact, Inc. | Raleigh | Community development loan fund in Raleigh, NC, certified by the US Treasury’s CDFI Fund. |
| Carolina Small Business Development Fund (The Support Center) | Raleigh | Community development loan fund in Raleigh, NC, certified by the US Treasury’s CDFI Fund. |
| DreamKey Partners Mortgage, Inc. | Charlotte | Community development loan fund in Charlotte, NC, certified by the US Treasury’s CDFI Fund. |
| Great Rivers Community Trust, DBA Scale Link | Zebulon | Community development loan fund in Zebulon, NC, certified by the US Treasury’s CDFI Fund. |
| Institute Capital, Inc. | Durham | Community development loan fund in Durham, NC, certified by the US Treasury’s CDFI Fund. |
| Mechanics and Farmers Bank | Durham | Community development bank or thrift in Durham, NC, certified by the US Treasury’s CDFI Fund. |
| Mountain BizCapital, Inc. d/b/a Mountain BizWorks | Asheville | Community development loan fund in Asheville, NC, certified by the US Treasury’s CDFI Fund. |
| Mountain Housing Opportunities Loan Fund | Asheville | Community development loan fund in Asheville, NC, certified by the US Treasury’s CDFI Fund. |
| Piedmont Business Capital | Greensboro | Community development loan fund in Greensboro, NC, certified by the US Treasury’s CDFI Fund. |
| Self-Help Ventures Fund | Durham | Community development loan fund in Durham, NC, certified by the US Treasury’s CDFI Fund. |
| Sequoyah Fund Inc., The | Cherokee | Native community development loan fund in Cherokee, NC, certified by the US Treasury’s CDFI Fund. |
| Bank of America, National Association | Charlotte | 7(a) loans approved, fiscal year 2026: $319M |
| Bank of Oak Ridge | Oak Ridge | 7(a) loans approved, fiscal year 2026: $57M |
| First Bank | Southern Pines | 7(a) loans approved, fiscal year 2026: $45M |
| First-Citizens Bank & Trust Company | Raleigh | 7(a) loans approved, fiscal year 2026: $176M |
| HomeTrust Bank | Asheville | 7(a) loans approved, fiscal year 2026: $79M |
| Live Oak Banking Company | Wilmington | 7(a) loans approved, fiscal year 2026: $2.6B |
| Mechanics and Farmers Bank | Durham | 7(a) loans approved, fiscal year 2026: $6.3M |
| North State Bank | Raleigh | 7(a) loans approved, fiscal year 2026: $38M |
| The Fidelity Bank | Fuquay Varina | 7(a) loans approved, fiscal year 2026: $87M |
| Truist Bank | Charlotte | 7(a) loans approved, fiscal year 2026: $126M |
| Truliant FCU | Winston-Salem | 7(a) loans approved, fiscal year 2026: $162M |
LPs based in North Carolina
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 North Carolina
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 |
|---|---|---|
| Biltmore Family Office, LLC | Charlotte | $3.5B |
| Colony Family Offices, LLC | Charlotte | $3.4B |
| Safe Harbor Family Capital, LLC | Chapel Hill | $614M |
| Timonier | Winston Salem | $450M |
| Family Wealth Partners, LLC | Matthews | $392M |
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.