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PWD AnalysisDeals & PEFund Watch

Benchmark, AP Maverick funds carry 85% of $188.3M sold

Ten of the 18 vehicles sold under $1 million each, and four of those name Belltower Fund Group, Ltd. as a related person.

85%of $188.3M sold

At a glance

  1. The filing names four individuals as related persons — Jack Altman, Peter Fenton, An-Yen Hu and Chetan Puttagunta — and files as a venture capital fund.
  2. Two AP Maverick Co-Invest II vehicles, (UB) at $61.8 million and (B) at $13.2 million, put the top three filings at $160.5 million.
  3. For an advisor, three fields do most of the work in these records: offering amount and amount sold size the vehicle, first-sale date fixes its vintage, and related persons name the sponsor.

Benchmark Partners Growth I, L.P. reported its full $85.5 million offering sold in a Form D filed Oct. 23, 14 days after its Oct. 9 first sale. The filing names four individuals as related persons — Jack Altman, Peter Fenton, An-Yen Hu and Chetan Puttagunta — and files as a venture capital fund.

Two AP Maverick Co-Invest II vehicles, (UB) at $61.8 million and (B) at $13.2 million, put the top three filings at $160.5 million. The three account for 85% of the $188.3 million the 18 funds with non-zero sales reported. (UB) took 82% of the $75 million the pair raised. The eight largest filings account for $184.8 million, or 98%.

For an advisor, three fields do most of the work in these records: offering amount and amount sold size the vehicle, first-sale date fixes its vintage, and related persons name the sponsor. The third field carries more than it looks. Four of the ten smallest vehicles name the same platform, Belltower Fund Group, Ltd., inside four partnerships whose names share nothing with it, so the entity issuing the interest and the brand on the deck are different strings of text.

Below the top three, five vehicles reported between $2 million and $10 million sold: Connelly Capital QP Fund LLC - Series 9 at $10.0 million against an undisclosed offering, with an Oct. 13 first sale; Climber Capital Master LLC - Series 1 at $4.9 million against a $4.9 million offering; Automaton II at $4.5 million; AVSF - Lambda 2026 Q at $2.9 million; and BARRAMUNDI - SERIES 48 - LAMBDA at $2.0 million against an $11.4 million offering.

Ten vehicles, $3.5 million

Ten of the 18 funds reported less than $1 million sold each. Summed, the ten raised $3.5 million, an average of about $354,000 per vehicle and 1.9% of the run's total. Benchmark's single vehicle outweighs all ten by 24 to 1.

Fund, as filedAmount soldFirst sale
CA-0903 Fund I, a series of Ventioneers Funds, LP$55,000Oct. 16
B&BC 0926 a Series of CGF2026 LLC$120,000Oct. 21
Constellate Partners Fund I, a series of Decile Start Fund, LP$135,000Oct. 15
AVSF - Databento 2026B, LLC$163,000Oct. 16
CY-1032 Fund I, a series of MV Funds, LP$200,000Oct. 21
BQP-GA-0921 Fund I, a series of Platform Funds 2026, LP$281,000Oct. 20
DPV Goddard I a Series of DataPower Capital Partners LLC$548,000Oct. 21
Atomic Fund, a series of Blue Horseshoe Funds, LP$564,000Oct. 16
CCO BBQ LLC$725,000July 16
CA-0605 Fund II, a series of Podemsky Ventures, LP$750,000Oct. 21

Amounts sold and first-sale dates above are as reported in each fund's Form D filed with the SEC. Eight of the ten file as venture capital funds; DPV Goddard I, a series of DataPower Capital Partners LLC, and B&BC 0926, a series of CGF2026 LLC, file as private equity. Eight of the ten also carry "a series of" in the issuer name, including B&BC 0926 inside CGF2026 LLC and Constellate Partners Fund I inside Decile Start Fund, LP.

Constellate reports $135,000 sold against a $135,000 offering with an Oct. 15 first sale, the earliest October first sale among the ten. CCO BBQ LLC's is earlier still: $725,000 sold against a $1.5 million offering, first sold July 16, 99 days before the Oct. 23 filing.

Four filings, one platform name

Four of the ten sub-$1 million filings name Belltower Fund Group, Ltd. as a related person: CY-1032 Fund I at $200,000 sold, BQP-GA-0921 Fund I at $281,000, CA-0605 Fund II at $750,000 and CA-0903 Fund I at $55,000. Each is a series of a differently named partnership — MV Funds, LP; Platform Funds 2026, LP; Podemsky Ventures, LP; and Ventioneers Funds, LP — and each also lists a "Fund GP, LLC" among its related persons.

The four vehicles raised $1.29 million between them, less than 1% of the run's total. Their first sales cluster in mid-October: Oct. 16 for CA-0903, Oct. 20 for BQP-GA-0921, Oct. 21 for CY-1032 and CA-0605.

Zero sold, undisclosed amounts

Not every filing in the run reports money. Crescent Capital Group LP is a related person on three evergreen private lending vehicles filed Oct. 23, each with an undisclosed offering amount and $0 sold: Crescent Private Lending Evergreen Levered Fund (Luxembourg) SCSp, Crescent Private Lending Evergreen Fund (Luxembourg) SCSp and Crescent Private Lending Evergreen Fund (Delaware) LP. ELEAH, L.P., a venture capital fund whose related persons as filed are Marc Andreessen and Ben Horowitz, reported an undisclosed amount and $0 sold. CF Venture Direct - Horizon, L.P., a private equity fund listing Fairfield Partners XVI L.P. and Mark Anson among its related persons, reported an undisclosed amount and $0 sold.

For scale, FFL Capital Partners VI LP, tied to FFL Partners, is sized at $1.35 billion — about seven times the $188.3 million the 18 selling funds reported.

First-sale dates across the 18 filings stretch from July 16 to Oct. 23, which makes the $188.3 million a filing-window total rather than a period total. The range shows up most plainly at the small end: CCO BBQ's $725,000 took 99 days to accumulate, while Climber Capital Master LLC - Series 1 reported $4.9 million sold against a $4.9 million offering with a first sale dated Oct. 23, the day of its filing.

Reported by PWD Editors from SEC EDGAR Form D filings and FFL Capital Partners VI fund record. Published . Corrections

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