HMC Needles
HMC Needles last closed a fund in May 2025 — 18 months ago. By its own rhythm, that is inside the window where it usually raises again.
HMC Needles has raised 3 times about every 21 months. The last was HMC Needles III, L.P. That points to Feb 2027 — it is inside its window now.
Historically about 1 in 4 firms in this position 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
- 3
- Capital raised
- $60M
- Latest close
- May 2025
- Based in
- CA, WA
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| HMC Needles III, L.P. | May 2025 | $20M | 0002071272 ↗ |
| HMC Needles II, L.P. | July 2023 | $16M | 0001983366 ↗ |
| HMC Needles I, L.P. | November 2021 | $24M | 0001892751 ↗ |
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
Semil Shah
What HMC Needles invests in
- Typical fund
- $20M median, pre-seed / seed scale
Service providers
- Fund administrator
- Aduro (1 fund); no administrator reported for 2 funds
- Auditor
- Sensiba (1 fund), Frank Rimerman (1 fund)
From Form ADV filed by HAYSTACK MANAGEMENT COMPANY, LLC CRD 292586 ↗, latest filing March 2026, covering 3 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.