Section
Section last closed a fund in March 2023 — 44 months ago. By its own rhythm, that is already past its usual gap.
Section has raised 3 times about every 25 months. The last was Section Ventures II, LP. That pointed to Apr 2025. It is 19 months past its own gap and has not filed a new fund.
Historically about 1 in 4 firms in this position filed within a year. The month is approximate — how often this is right.
Late-cycle This firm is deep enough into its last fund that a new one would not be a surprise.
Still filing with the SEC: September 2025. 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
- 7
- Capital raised
- $1.98B
- Latest close
- March 2023
- Based in
- CA
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| Section Ventures II, LP | March 2023 | $23M | 0001924819 ↗ |
| Section 32 Fund 5, LP | July 2022 | $481M | 0001938166 ↗ |
| Section 32 Fund 4, LP | July 2021 | $700M | 0001873345 ↗ |
| Section Ventures, LP | June 2020 | $24M | 0001808676 ↗ |
| Section 32 Fund 2, LP | January 2018 | $250M | 0001725306 ↗ |
| Section 32 Fund 1, LP | May 2017 | $151M | 0001691436 ↗ |
| Section 32 Fund 3, LP | — | $350M | 0001808115 ↗ |
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
John David Crowder, William Maris, Bill Maris
What Section invests in
- Typical fund
- $250M median, multistage
- Says it invests in
- AI · health/bio
- Website
- s32.com
Sector and stage are quoted from the firm’s own website, not inferred, and dated.
Service providers
- Fund administrator
- Apex (5 funds), Standish (2 funds)
- Auditor
- Baker Tilly (5 funds), BDO (2 funds)
From Form ADV filed by SECTION 32, LLC CRD 288739 ↗, latest filing March 2026, covering 7 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.