Form D · Private Equity Fund

Headlands Capital Secondary Fund III, LP

San Francisco, CA · CIK 0001781261

Offering snapshot reported Jul 23, 2021 · SEC filing

Reported sold: $271M
Investors reported: Not reported
Minimum accepted: Not reported
First sale: Not reported

What changed?

Latest filing versus its linked predecessor, where available.

No comparable changes in the displayed metrics.

Filing history

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Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Jul 23, 2021	Amendment	$270,740,000	No comparison	Not reported	SEC filing
Jul 23, 2020	Amendment	$175,920,000	No comparison	107	SEC filing
Jul 3, 2019	Initial	Yet to sell	No comparison	0	SEC filing

Offering details

Securities: Not reported
Exemptions: Not reported
Duration over one year: Not reported
Business combination: Not reported

Sales commissions: Not reported
Finders' fees: Not reported
Form D file number: 021-343514

Source: Form D, filed Jul 23, 2021. Minimum accepted may differ from a standard advertised minimum.

Fund connections

The linked fund shows its most recently reported ADV details.

Matched by reported Form D file number

HEADLANDS CAPITAL SECONDARY FUND III, LP

Investment adviser: HCSF MANAGEMENT, LLC

Gross asset value: $232M
Beneficial owners: 160
ADV minimum commitment: $5M

Reported in Form ADV on Mar 31, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator STRATA FUND SOLUTIONS SALT LAKE CITY, Utah, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS LLP SAN FRANCISCO, California, United States

Custodian FIRST CITIZENS BANK & TRUST MENLO PARK, California, United States Related to adviser: No

Custodian PERSHING LLC JERSEY CITY, New Jersey, United States Related to adviser: No

Prime broker PERSHING LLC JERSEY CITY, New Jersey, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

PERSHING LLC
SEC 8-17574

PERSHING LLC
CRD 7560 · SEC 8-17574

Filing source

Form ADV 2068543 · Mar 31, 2026 · Schedule D 7.B.(1), fund 805-1252185868

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

Related funds

Funds whose names form a numbered series with this one and that share its city or the name of a related person. Form D does not state how these funds are related.

Fund	Latest Form D	Reported sold	Investors
Headlands Capital Secondary Fund, LP	Apr 22, 2015	$76,555,000	79
Headlands Capital Secondary Fund II, LP	Oct 5, 2016	$232,425,000	185
Headlands Capital Secondary Fund III, LP (this fund)	Jul 23, 2021	$270,740,000	Not reported
Headlands Capital Secondary Fund IV, LP	Apr 12, 2023	$91,015,000	72
Headlands Capital Secondary Fund V, LP	Jan 13, 2026	$151,260,000	90

People & organizations

Current and past Form D appearances. These existing records do not establish a person's current role or uniquely identify them across issuers.

People and organizations reported in Form D filings
Name	Reported role
N/A N/A Headlands Capital, Llc	Promoter
Headlands Capital, Llc	Promoter
N/A N/A Headlands Capital Secondary Management Iii, Llc	Promoter
Headlands Capital Secondary Management Iii, Llc	Promoter
David Eugene Park, Iii	Executive

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

One Embarcadero Center Suite 1600
San Francisco, CA, 94111