Form D · Venture Capital Fund

Next Legacy Emerging Leaders 1, L.P.

Palo Alto, CA · CIK 0001944364

Offering snapshot reported Nov 2, 2023 · SEC filing

Reported sold: $33.2M
Investors reported: 24
Minimum accepted: $0
First sale: Oct 31, 2022

Fundraising history

Reported sold

Dates are filing dates, not cash receipt dates. Decreases are reported revisions, not evidence of withdrawals. Separate offering histories are not added together.

What changed?

Latest filing versus its linked predecessor, where available.

Reported sold$1,800,000 → $33,200,000
Reported investors4 → 24

Filing history

Scroll to see all columns →

Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Nov 2, 2023	Amendment	$33,200,000	$31,400,000vs Nov 15, 2022	24	SEC filing
Nov 15, 2022	Initial	$1,800,000	No comparison	4	SEC filing

Offering details

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

Sales commissions: $0
Finders' fees: $0
Form D file number: 021-464886

Source: Form D, filed Nov 2, 2023. 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

NEXT LEGACY EMERGING LEADERS 1, L.P.

Investment adviser: NEXT LEGACY MANAGEMENT, LLC

Gross asset value: $49.3M
Beneficial owners: 37,262
ADV minimum commitment: $25K

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 ADURO ADVISORS, LLC SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor FRANK, RIMERMAN & CO. LLP PALO ALTO, California, United States

Custodian FIRST REPUBLIC BANK MENLO PARK, 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

FRANK, RIMERMAN & CO. LLP
PCAOB 1596

FIRST REPUBLIC BANK
LEI YWC0TIKBQM2JV8L4IV08

Filing source

Form ADV 2069530 · Mar 31, 2026 · Schedule D 7.B.(1), fund 805-3714482084

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
Next Legacy Emerging Leaders 1, L.P. (this fund)	Nov 2, 2023	$33,200,000	24
Next Legacy Emerging Leaders 2, L.P.	Apr 25, 2025	Yet to sell	0

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
John Ailanjian	Director
Ben Choi	Director
Ryan Nece	Director
N/A Next Legacy Emerging Leaders 1 Gp, Llc	Director
N/A Next Play Capital, Llc	Director
N/A Npc Emerging Leaders Fund Gp, Llc	Executive
Eric Valle	Director

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

180 Lytton Avenue
Palo Alto, CA, 94301