Incubate Fund last closed a fund in September 2025 — 12 months ago.
This firm closed a fund recently and has capital to put to work.
| Vehicle | First close | Amount |
|---|---|---|
| Incubate Fund US III, LP | September 2025 | not stated |
| Incubate Fund VI, L.P. | April 2024 | $127M |
| Incubate Fund US II, LP | June 2022 | not stated |
| Incubate Fund US, L.P. | — | not stated |
2 of these filed no amount (an “Indefinite” offering), so the total above is a floor.
General Partner Incubate Fund US GP, L.L.C., Kazuki Notsu, N/A Incubate Fund US GP III, LLC, XIANG YAO KWONG, Xiang Yao Kwong, n/a Incubate Fund US GP II, LLC
Dated from filing date; no date of first sale was reported.
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.
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. Roughly 40% of venture rounds are raised under exemptions that carry no filing obligation, so a firm that does not file 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.