Investment adviser · CRD 288739

SECTION 32, LLC

Exempt reporting adviser (ERA)

Exempt reporting advisers use a shorter Form ADV report. Some adviser-level figures are not reported; fund disclosures appear below when available.

PALO ALTO, CA, United States · Form ADV filed Mar 31, 2026

Adviser-level assets, account counts and staffing figures are unavailable in this filing. View the reported fund disclosures below →

Private funds & service providers

6 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

SECTION 32 FUND 4, LPVenture Capital Fund · Last reported Mar 31, 2026$893MGross asset value

Form D fundraising filings

Section 32 Fund 4, LP

Fund administrator APEX GROUP BURLINGAME, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor BAKER TILLY US, LLP SAN JOSE, California, United States
Custodian BOFA SECURITIES, INC. SAN FRANCISCO, California, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, California, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

BAKER TILLY US, LLP
PCAOB 23

BOFA SECURITIES, INC.
SEC 8-69787

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-4484998160
Reported beneficial owners
151
Minimum commitment
$0
Form D file number
021-408239

Form ADV 2087930 · Mar 31, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SECTION 32 FUND 5, LPVenture Capital Fund · Last reported Mar 31, 2026$627MGross asset value

Form D fundraising filings

Section 32 Fund 5, LP

Fund administrator APEX GROUP BURLINGAME, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor BAKER TILLY US, LLP SAN JOSE, California, United States
Custodian BOFA SECURITIES, INC. SAN FRANCISCO, California, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, California, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

BAKER TILLY US, LLP
PCAOB 23

BOFA SECURITIES, INC.
SEC 8-69787

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-1401758044
Reported beneficial owners
140
Minimum commitment
$0
Form D file number
021-452361

Form ADV 2087930 · Mar 31, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

S32 FUND 6, LPVenture Capital Fund · Last reported Mar 31, 2026$442MGross asset value

Form D fundraising filings

S32 Fund 6, LP

Fund administrator APEX GROUP BURLINGAME, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor BAKER TILLY US, LLP SAN JOSE, California, United States
Custodian BOFA SECURITIES, INC. SAN FRANCISCO, California, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, California, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

BAKER TILLY US, LLP
PCAOB 23

BOFA SECURITIES, INC.
SEC 8-69787

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-6012086174
Reported beneficial owners
104
Minimum commitment
$0
Form D file number
021-543396

Form ADV 2087930 · Mar 31, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SECTION 32 FUND 3, LPVenture Capital Fund · Last reported Mar 31, 2026$299MGross asset value

Form D fundraising filings

Section 32 Fund 3, LP

Fund administrator APEX GROUP BURLINGAME, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor BAKER TILLY US, LLP SAN JOSE, California, United States
Custodian BOFA SECURITIES, INC. SAN FRANCISCO, California, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, California, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

BAKER TILLY US, LLP
PCAOB 23

BOFA SECURITIES, INC.
SEC 8-69787

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-9182600583
Reported beneficial owners
80
Minimum commitment
$0
Form D file number
021-364956

Form ADV 2087930 · Mar 31, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SECTION 32 FUND 2, LPVenture Capital Fund · Last reported Mar 31, 2026$193MGross asset value

Form D fundraising filings

Section 32 Fund 2, LP

Fund administrator APEX GROUP BURLINGAME, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor BAKER TILLY US, LLP SAN JOSE, California, United States
Custodian BOFA SECURITIES, INC. SAN FRANCISCO, California, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, New York, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

BAKER TILLY US, LLP
PCAOB 23

BOFA SECURITIES, INC.
SEC 8-69787

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-2065024600
Reported beneficial owners
52
Minimum commitment
$0
Form D file number
021-301286

Form ADV 2087930 · Mar 31, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SECTION 32 FUND 1, LPVenture Capital Fund · Last reported Mar 31, 2026$79MGross asset value

Form D fundraising filings

Section 32 Fund 1, LP

Fund administrator APEX GROUP BURLINGAME, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor BAKER TILLY US, LLP SAN JOSE, California, United States
Custodian BOFA SECURITIES, INC. SAN FRANCISCO, California, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, New York, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

BAKER TILLY US, LLP
PCAOB 23

BOFA SECURITIES, INC.
SEC 8-69787

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-6108463707
Reported beneficial owners
40
Minimum commitment
$0
Form D file number
021-287253

Form ADV 2087930 · Mar 31, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Mar 31, 2026. View historical filings

Reported services

Not reported in these imported fields

Compensation

Not reported in these imported fields

Principal office

169 UNIVERSITY AVE.
PALO ALTO, CA, 94301, United States

CRD 288739

Filing source

Form ADV 2087930 · Mar 31, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.