Venture capital in Virginia
31 venture firms are based in Virginia, from SEC filings and the fund index. Below them are Virginia’s other sources of capital, the LPs based here that report holding venture funds, and its SEC-registered family offices. How Virginia ranks for startup raises and new funds: its Venture Ecosystem Index page.
On this page: 31 venture firms 13 new funds 59 other sources of capital 21 LPs 1 family office.
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Venture firms based in Virginia
1 firm in the Venture Capital Fund Index, by latest fund, then 30 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 | Runtime Ventures | Arlington | Runtime Ventures Fund | $32M | — |
| # | Adviser | Location | Venture funds | Private fund assets | Registered |
|---|---|---|---|---|---|
| 1 | Columbia CapitalColumbia Capital, L.P. | Alexandria | 24 | $13.8B | 2022 |
| 2 | Qed Investors, LLC | Alexandria | 34 | $3.3B | 2021 |
| 3 | Sands Capital Alternatives, LLC | Arlington | 11 | $3.7B | 2011 |
| 4 | ProofProof Management, LLC | Arlington | 104 | $727M | 2016 |
| 5 | Blue Delta Capital Partners, LLC | Mclean | 9 | $711M | 2024 |
| 6 | Razor'S Edge Ventures III, LLC | Reston | 3 | $617M | 2022 |
| 7 | Razor'S Edge GP IV, LLC | Reston | 2 | $561M | 2024 |
| 8 | Sinewave Ventures, LLC | Mclean | 21 | $315M | 2015 |
| 9 | Motley Fool VenturesMotley Fool Ventures Management LLC | Alexandria | 2 | $307M | 2018 |
| 10 | Blue Heron Capital Management, LLC | Richmond | 23 | $301M | 2019 |
| 11 | Lavrock Ventures, LLC | Arlington | 18 | $264M | 2024 |
| 12 | Red Cell Management, LLC Emerging | Tysons | 2 | $246M | 2025 |
| 13 | Razor'S Edge Ventures II, LLC Emerging | Reston | 8 | $243M | 2018 |
| 14 | Blu Venture Management, LLC Emerging | Vienna | 41 | $215M | 2020 |
| 15 | Charted Ventures LLC Emerging | Arlington | 1 | $192M | 2024 |
| 16 | Aafmc LLC Emerging | Mclean | 5 | $182M | 2017 |
| 17 | Ejf Capital LP | Arlington | 1 | $4.7B | 2006 |
| 18 | Merlin Ventures EmergingMerlin Ventures Management LLC | Mclean | 3 | $137M | 2025 |
| 19 | Swan & Legend EmergingSwan & Legend Advisors, LLC | Leesburg | 6 | $93M | 2015 |
| 20 | Cobro Ventures Management, LLC Emerging | Mclean | 2 | $76M | 2020 |
| 21 | Selby Lane Capital, LLC | Charlottesville | 1 | $513M | 2024 |
| 22 | America'S Frontier Management, LLC Emerging | Arlington | 1 | $38M | 2025 |
| 23 | Okeanos Venture Management LLC Emerging | Great Falls | 66 | $68M | 2025 |
| 24 | NRV EmergingNRV Advisory, LLC | Richmond | 1 | $33M | 2017 |
| 25 | Vantage Consulting Group Inc | Virginia Beach | 1 | $255M | 1986 |
| 26 | Aff Funds, LLC Emerging | Arlington | 1 | $24M | 2025 |
| 27 | Ultratech Capital Partners EmergingUltratech Capital Partners LLC | Alexandria | 1 | $23M | 2024 |
| 28 | Mcas EmergingMC Advisory Services, LLC | Lansdowne | 3 | $93M | 2024 |
| 29 | 100km Ventures LLC Emerging | Arlington | 1 | $12M | 2026 |
| 30 | Lighthouse Network Ventures LLC Emerging | Richmond | 1 | $80K | 2026 |
New funds raising from Virginia
13 venture funds managed from Virginia 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 |
|---|---|---|---|---|---|
| Proof II Gi LLC | Proof | 2026 | $5.6M | $5.6M | September 2, 2026 |
| Proof IV Onbi LLC | Proof | 2026 | $840K | $840K | September 2, 2026 |
| SineWave Ventures AI-2 Fund III, LP | Sinewave Ventures, LLC | 2026 | — | — | August 26, 2026 |
| Red Cell Incubation Fund II, L.P. | Red Cell Management, LLC | 2025 | $87M | $750M | August 7, 2026 |
| Blu Venture Investors Cyber Fund 2026-A, LP | Blu Venture Management, LLC | 2026 | — | — | June 24, 2026 |
| Proof IV Fhi LLC | Proof | 2026 | $630K | $630K | May 7, 2026 |
| Proof III Hli LLC | Proof | 2026 | $3.2M | $3.2M | April 16, 2026 |
| Proof IV Rfi LLC | Proof | 2026 | $788K | $788K | March 27, 2026 |
| Proof III FTC LLC | Proof | 2026 | $496K | $496K | March 3, 2026 |
| Proof IV Hyhi LLC | Proof | 2025 | $928K | $928K | November 13, 2025 |
| Proof IV Gxai LLC | Proof | 2025 | $420K | $420K | November 13, 2025 |
| SineWave Ventures Direct 2D, L.P. | Sinewave Ventures, LLC | 2025 | $1.1M | — | October 30, 2025 |
| Proof III Umti LLC | Proof | 2025 | $1.3M | $1.3M | October 9, 2025 |
Other sources of capital in Virginia
18 community development lenders, 12 pension master trusts, 9 SBA lenders, 7 corporate pension plans, 6 SBICs, 4 union pension plans, 1 corporate venture arm, 1 placement agent, and 1 university venture fund. From public registers and what each organization publishes; see Capital Sources for every state.
| Source | Location | On the record |
|---|---|---|
| Capital One Ventures | McLean | Strategic investor of Capital One; invests in startups in data, technology and financial services that relate to Capital One's business. |
| Frontier Solutions, LLC | Richmond | 8 venture funds since 2021 |
| UVA LVG Seed Fund | Charlottesville | Fund size: $10M |
| Retirement Plan of Carilion Clinic | Roanoke | In partnerships and joint ventures: $518M |
| Retirement Security Plan | Arlington | In partnerships and joint ventures: $2.8B |
| Riverside Health System Retirement Income Plan | Newport News | In partnerships and joint ventures: $30M |
| Sentara Pension Plan | Virginia Beach | In partnerships and joint ventures: $313M |
| SMWIA Staff Pension Plan | Falls Church | In partnerships and joint ventures: $40M |
| The Retirement Income Plan for Employees of the Colonial Williamsburg Foundation | Williamsburg | In partnerships and joint ventures: $121M |
| Vencore, Inc. Pension Plan | Chantilly | In partnerships and joint ventures: $36M |
| BIP III SBIC, LP | McLean | Private Equity · Buyout |
| BSCP SBIC I, LP | Alexandria | Private Credit · Direct Lending |
| BSCP SBIC II, LP | Alexandria | Private Credit · Direct Lending |
| Frontier Fund I Alpha, LP | Arlington | Venture |
| LNC Partners II - SBIC, L.P. | Reston | Hybrid · Hybrid Debt/Equity |
| LNC Partners III-SBIC, L.P. | Reston | Hybrid · Hybrid Debt/Equity |
| Sheet Metal Workers' National Pension Fund | Falls Church | In partnerships and joint ventures: $928M |
| Smart Local Unions and Councils Pension Fund | Falls Church | In partnerships and joint ventures: $73M |
| Teamsters Joint Council No. 83 of Virginia Pension Fund | Richmond | In partnerships and joint ventures: $374M |
| United Association National Pension Fund | Alexandria | In partnerships and joint ventures: $1.3B |
| Bae Systems Master Pension Investment Trust | Falls Church | In partnerships and joint ventures: $144M |
| BWXT Master Trust | Lynchburg | In partnerships and joint ventures: $154M |
| Dominion Energy, Inc. Defined Benefit Master Trust | Richmond | In partnerships and joint ventures: $2B |
| General Dynamics Corporation Group Retirement Trust - Diversifying Pool | Reston | In partnerships and joint ventures: $332M |
| New Ships, Inc. Pension Master Trust | Newport News | In partnerships and joint ventures: $1.1B |
| NG DB Mt Alternative Investments Fund | Falls Church | In partnerships and joint ventures: $5.9B |
| NG DB Mt Fixed Income Fund | Falls Church | In partnerships and joint ventures: $488M |
| NG DB Mt Global Equity Fund | Falls Church | In partnerships and joint ventures: $4.5B |
| NG DB Mt Private Credit Fund | Falls Church | In partnerships and joint ventures: $1.8B |
| Smithfield Foods Master Trust | Smithfield | In partnerships and joint ventures: $285M |
| The Boeing Company Employee Retirement Plans Master Trust | Arlington | In partnerships and joint ventures: $7.2B |
| The Graham Holdings Company Master Retirement Trust | Arlington | In partnerships and joint ventures: $557M |
| Appalachian Community Capital Corporation | Christiansburg | Community development loan fund in Christiansburg, VA, certified by the US Treasury’s CDFI Fund. |
| Bridging Virginia Inc | Richmond | Community development loan fund in Richmond, VA, certified by the US Treasury’s CDFI Fund. |
| Business Seed Capital, Inc. | Roanoke | Community development loan fund in Roanoke, VA, certified by the US Treasury’s CDFI Fund. |
| Capital Impact Partners | Arlington | Community development loan fund in Arlington, VA, certified by the US Treasury’s CDFI Fund. |
| Community Investment Collaborative | Charlottesville | Community development loan fund in Charlottesville, VA, certified by the US Treasury’s CDFI Fund. |
| ECDC Enterprise Development Group | Arlington | Community development loan fund in Arlington, VA, certified by the US Treasury’s CDFI Fund. |
| Foodshed Capital | Charlottesville | Community development loan fund in Charlottesville, VA, certified by the US Treasury’s CDFI Fund. |
| Locus Bank, Inc. | Richmond | Community development bank or thrift in Richmond, VA, certified by the US Treasury’s CDFI Fund. |
| Locus Impact Fund | Richmond | Community development loan fund in Richmond, VA, certified by the US Treasury’s CDFI Fund. |
| Lower Brule Community Development Enterprise, LLC | Reston | Native community development loan fund in Reston, VA, certified by the US Treasury’s CDFI Fund. |
| Mobility Credit Acceptance LLC | Richmond | Community development loan fund in Richmond, VA, certified by the US Treasury’s CDFI Fund. |
| People Incorporated Financial Services | Abingdon | Community development loan fund in Abingdon, VA, certified by the US Treasury’s CDFI Fund. |
| Piedmont Housing Alliance | Charlottesville | Community development loan fund in Charlottesville, VA, certified by the US Treasury’s CDFI Fund. |
| Rochdale Capital Corporation Inc | Arlington | Community development loan fund in Arlington, VA, certified by the US Treasury’s CDFI Fund. |
| Shenandoah Community Capital Fund, Inc. | Staunton | Community development loan fund in Staunton, VA, certified by the US Treasury’s CDFI Fund. |
| Southeast Rural Community Assistance Project, Inc. | Roanoke | Community development loan fund in Roanoke, VA, certified by the US Treasury’s CDFI Fund. |
| Virginia Affordable Housing Loan Fund | Charlottesville | Community development loan fund in Charlottesville, VA, certified by the US Treasury’s CDFI Fund. |
| Virginia Community Development Fund, Inc., The | Richmond | Community development loan fund in Richmond, VA, certified by the US Treasury’s CDFI Fund. |
| Atlantic Union Bank | Richmond | 7(a) loans approved, fiscal year 2026: $41M |
| Bank of Clarke | Berryville | 7(a) loans approved, fiscal year 2026: $32M |
| Capital One National Association | Mclean | 7(a) loans approved, fiscal year 2026: $70M |
| First Community Bank | Bluefield | 7(a) loans approved, fiscal year 2026: $21M |
| John Marshall Bank | Reston | 7(a) loans approved, fiscal year 2026: $4.8M |
| Primis Bank | Tappahannock | 7(a) loans approved, fiscal year 2026: $62M |
| Select Bank | Forest | 7(a) loans approved, fiscal year 2026: $4.6M |
| The Freedom Bank of Virginia | Fairfax | 7(a) loans approved, fiscal year 2026: $5M |
| TowneBank | Portsmouth | 7(a) loans approved, fiscal year 2026: $204M |
LPs based in Virginia
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 Virginia
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 |
|---|---|---|
| Activ8 Family Office LLC | McLean | $1.5B |
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.