First Analysis
First Analysis last closed a fund in July 2023 — 40 months ago.
2 funds on record — a rhythm needs three. No month is guessed; the filing will say.
Late-cycle This firm is deep enough into its last fund that a new one would not be a surprise.
- Funds on file
- 2
- Capital raised
- $215M
- Latest close
- July 2023
- Based in
- IL
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| First Analysis Fund XIV, L.P. | July 2023 | $100M | 0001974193 ↗ |
| FIRST ANALYSIS FUND XII, L.P. | June 2017 | $115M | 0001708772 ↗ |
| First Analysis Fund XIV-A, L.P. | August 2023 | $100M | 0001988851 ↗ |
| First Analysis Fund XIV (Cayman), L.P. | August 2023 | $100M | 0001987996 ↗ |
| First Analysis Fund XII (Cayman), L.P. | — | $115M | 0001711737 ↗ |
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
Corey Greendale, Howard Smith, James Macdonald, Matthew Nicklin, Tracy Marshbanks
What First Analysis invests in
- Typical fund
- $115M median, early stage, Series A-B scale
- Website
- firstanalysis.com
Service providers
- Fund administrator
- HC Global (5 funds)
- Auditor
- RSM (5 funds)
From Form ADV filed by FIRST ANALYSIS CAPITAL MANAGEMENT LLC CRD 161373 ↗, latest filing May 2026, covering 5 funds linked to this firm by Form D file number. Form ADV is filed once a year, so a provider may have changed since. How this is matched.
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.