Form D · Venture Capital Fund

Section 32 Fund 1, LP

Cardiff By The Sea, CA · CIK 0001691436

Offering snapshot reported May 23, 2017 · SEC filing

Reported sold: $151M
Investors reported: 32
Minimum accepted: $0
First sale: May 12, 2017

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
May 23, 2017	Initial	$151,300,000	No comparison	32	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: 021-287253

Source: Form D, filed May 23, 2017. 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

SECTION 32 FUND 1, LP

Investment adviser: SECTION 32, LLC

Gross asset value: $79M
Beneficial owners: 40
ADV minimum commitment: $0

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 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

Filing source

Form ADV 2087930 · Mar 31, 2026 · Schedule D 7.B.(1), fund 805-6108463707

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
Section 32 Fund 1, LP (this fund)	May 23, 2017	$151,300,000	32
Section 32 Fund 2, LP	Feb 22, 2019	$199,350,000	48

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
Bill Maris	Executive

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

2033 San Elijo Ave., #565
Cardiff By The Sea, CA, 92007