Form D · Other Investment Fund

IN-CAP UL HOLDINGS, LLC

San Francisco, CA · CIK 0001874837

Offering snapshot reported Aug 3, 2022 · SEC filing

Reported sold: $110M
Investors reported: 4
Minimum accepted: $0
First sale: Jul 23, 2021

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
Aug 3, 2022	Amendment	$109,642,665	No comparison	4	SEC filing
Jul 27, 2021	Initial	Yet to sell	No comparison	Not reported	SEC filing

Offering details

Securities: Pooled investment fund
Exemptions: 06b, 3C, 3C.7
Duration over one year: No
Business combination: No

Sales commissions: $0
Finders' fees: $0
Form D file number: 021-407882

Source: Form D, filed Aug 3, 2022. 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

IN-CAP UL HOLDINGS, LLC

Investment adviser: INCLUSIVE CAPITAL PARTNERS, L.P.

Gross asset value: $1.06M
Beneficial owners: 4
ADV minimum commitment: $10M

Reported in Form ADV on May 27, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator MORGAN STANLEY FUND SERVICES USA LLC PURCHASE, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG, LLP SAN FRANCISCO, California, United States

Custodian JPMORGAN CHASE BANK, N.A. NEW YORK, New York, United States Related to adviser: No

Custodian THE NORTHERN TRUST BANKING INTERNATIONAL CORPORATION CHICAGO, Illinois, 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

KPMG, LLP
PCAOB 185

JPMORGAN CHASE BANK, N.A.
LEI 7H6GLXDRUGQFU57RNE97

Filing source

Form ADV 2108546 · May 27, 2026 · Schedule D 7.B.(1), fund 805-7453014410

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

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
Lynn Forester De Rothschild	Executive
George Felix Hamel	Executive
Na Spring Gp Ii, L.P.	Promoter
Jeffrey Williams Ubben	Executive
Eva Tiffany Zlotnicka	Executive

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

1170 Gorgas Avenue
San Francisco, CA, 94129