Form D · Venture Capital Fund

Pappy Capital 2, LP

San Francisco, CA · CIK 0002095658

Offering snapshot reported Dec 17, 2025 · SEC filing

Reported sold: Yet to sell
Investors reported: 0
Minimum accepted: $0
First sale: Yet to occur

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
Dec 17, 2025	Initial	Yet to sell	No comparison	0	SEC filing

Offering details

Securities: Pooled investment fund
Exemptions: 06b, 3C, 3C.1
Duration over one year: No
Business combination: No

Sales commissions: $0
Finders' fees: $0
Form D file number: 021-567179

Source: Form D, filed Dec 17, 2025. 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

PAPPY CAPITAL 2, LP

Investment adviser: PAPPY CAPITAL MANAGEMENT CO LLC

Gross asset value: $29.5M
Beneficial owners: 60
ADV minimum commitment: $500K

Reported in Form ADV on Mar 2, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator JUNIPER SQUARE, INC. SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor EISNERAMPER LLP NEW YORK, New York, United States

Custodian BANK OF AMERICA CORPORATION NEW YORK, New York, United States Related to adviser: No

Custodian CITIZENS FINANCIAL GROUP, INC. RIVERSIDE, Rhode Island, United States Related to adviser: No

Custodian JPMORGAN CHASE & CO. NEW YORK, New York, United States Related to adviser: No

Custodian SILICON VALLEY BANK SANTA CLARA, 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

EISNERAMPER LLP
PCAOB 274

BANK OF AMERICA CORPORATION
LEI 9DJT3UXIJIZJI4WXO774

CITIZENS FINANCIAL GROUP, INC.
LEI 2138004JDDA4ZQUPFW65

JPMORGAN CHASE & CO.
LEI 8I5DZWZKVSZI1NUHU748

SILICON VALLEY BANK
LEI 0K2D5AK28E3O5CC06E35

Filing source

Form ADV 2050508 · Mar 2, 2026 · Schedule D 7.B.(1), fund 805-1891032811

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
Pappy Capital I, LP	Feb 4, 2022	Yet to sell	0
Pappy Capital 2, LP (this fund)	Dec 17, 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
Anthony Baldino	Promoter
General Partner Pappy Capital 2 Gp, Llc	Promoter

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

251 Bonview Street
San Francisco, CA, 94110