Background Capital
Background Capital last closed a fund in December 2025 — 11 months ago. By its own rhythm, that is not yet halfway to the next one.
Background Capital has raised 4 times about every 32 months. The last was BACKGROUND CAPITAL FUND V, L.P. That points to Aug 2028.
Historically about 1 in 8 firms this early in their cycle filed within a year. The month is approximate — how often this is right.
This firm closed a fund in the last 18 months, so it has money to put to work now.
- Funds on file
- 5
- Capital raised
- $9M+
- Latest close
- December 2025
- Based in
- CA, WI
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| BACKGROUND CAPITAL FUND V, L.P. | December 2025 | not stated | 0002095229 ↗ |
| BACKGROUND CAPITAL FUND IV, L.P. | April 2023 | not stated | 0001964605 ↗ |
| BACKGROUND CAPITAL FUND III, L.P. | January 2021 | not stated | 0001840277 ↗ |
| BACKGROUND CAPITAL FUND I, L.P. | January 2018 | $9M | 0001727926 ↗ |
| BACKGROUND CAPITAL FUND II, L.P. | — | not stated | 0001771243 ↗ |
4 of these filed no amount (an “Indefinite” offering), so the total above is a floor.
Dated from filing date; no date of first sale was reported.
Each row links to that vehicle’s Form D filings on EDGAR — the name, date and amount above should match what is filed there.
Named on filings
Rafael Corrales
What Background Capital invests in
- Typical fund
- $9M median, pre-seed / seed scale
What this is. Every figure on this page comes from Form D filings with the U.S. Securities and Exchange Commission — public records, reproduced here as filed. Service providers, where shown, come from the adviser’s Form ADV and are dated.
What it is not. Single-deal SPVs, feeder vehicles and GP or employee commitment funds are listed but excluded from fund counts and capital totals: an SPV is one investment, a feeder holds the same capital as its master, and a “Principals” or “Entrepreneurs” fund closes alongside a main fund rather than being raised in its own right. Capital deployed from a family office, a corporate balance sheet or an evergreen structure never arrives as a fund close, so a firm doing that looks quiet here. Amounts are as of the last amendment and go stale. Dates are the date of first sale — a fund's first close, not its final one. Funds filed as “Indefinite” are excluded from totals rather than counted as zero, so a total is a floor.
“No recent fund” is a statement about filings. It is not a statement about whether a firm is solvent, investing, or still in business.