Next Legacy
Next Legacy last closed a fund in April 2025 — 19 months ago.
It raises on several lines, too close together for one rhythm. No month is guessed; the filing will say.
Mid-cycle This firm is far enough into its last fund to be investing, and too early to be raising again.
Still filing with the SEC: July 2026. That is an amendment to an existing offering, not a new fund - which is what an evergreen structure looks like in this data.
- Funds on file
- 5
- Single-deal SPVs
- 1
- Capital raised
- $658M
- Latest close
- April 2025
- Based in
- CA, non-US
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| Next Legacy Emerging Leaders 2, L.P. | April 2025 | $50M | 0002058159 ↗ |
| Next Legacy Alpha 4, L.P. | December 2024 | $100M | 0002042414 ↗ |
| Next Legacy XII, LLC | December 2024 | $400M | 0002042221 ↗ |
| Next Legacy Inflection Fund 2, L.P. | October 2023 | $75M | 0001987165 ↗ |
| Next Legacy Emerging Leaders 1, L.P. | October 2022 | $33M | 0001944364 ↗ |
| Next Legacy Alpha 4 (Feeder), L.P. | December 2025 | $10M | 0002100099 ↗ |
| Next Legacy SPV Series, LLC - Series 1 | July 2026 | not stated | 0002145849 ↗ |
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
Ben Choi, John Ailanjian
What Next Legacy invests in
- Typical fund
- $75M median, early stage, Series A-B scale
Service providers
- Fund administrator
- Aduro (1 fund); no administrator reported for 1 fund
- Auditor
- Frank Rimerman (2 funds)
From Form ADV filed by NEXT LEGACY MANAGEMENT, LLC CRD 156640 ↗, latest filing March 2026, covering 2 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.