Stage 2 Capital
Stage 2 Capital last closed a fund in July 2024 — 28 months ago. By its own rhythm, that is already past its usual gap.
Stage 2 Capital has raised 4 times about every 25 months. The last was Stage 2 Capital Fund IV-A, LP. That pointed to Aug 2026. It is 3 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.
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: January 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
- 7
- Single-deal SPVs
- 8
- Capital raised
- $199M+
- Latest close
- July 2024
- Based in
- MA, NY, WA
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| Stage 2 Capital Fund IV, LP | July 2024 | not stated | 0002009340 ↗ |
| Stage 2 Capital Fund IV-A, LP | July 2024 | not stated | 0002009331 ↗ |
| Stage 2 Capital Fund III-A, LP | May 2022 | $134M | 0001926663 ↗ |
| Stage 2 Capital Fund III, LP | May 2022 | $15M | 0001926664 ↗ |
| Stage 2 Capital Fund II-A, L.P. | April 2020 | $33M | 0001808741 ↗ |
| Stage 2 Capital Fund II, L.P. | April 2020 | $10M | 0001808742 ↗ |
| Stage 2 Capital Fund, L.P. | October 2018 | $6M | 0001756267 ↗ |
| Catalyst Fund IV, a series of Stage 2 Capital X Fund, LP | October 2025 | $3M | 0002069776 ↗ |
| Catalyst Fund III, a series of Stage 2 Capital X Fund, LP | July 2024 | $3M | 0001996380 ↗ |
| X Fund II, a series of Stage 2 Capital X Fund, LP | May 2023 | $3M | 0001958624 ↗ |
| Stage 2 Capital SPV Growth Series LLC - Series Order.co | September 2022 | not stated | 0001946062 ↗ |
| X Fund I, a series of Stage 2 Capital X Fund, LP | April 2022 | $2M | 0001925010 ↗ |
| Stage 2 Capital Growth Series LLC - Series SIA | March 2022 | $5M | 0001923630 ↗ |
| Stage 2 Capital SPV Growth Series LLC | July 2021 | not stated | 0001875133 ↗ |
| Stage 2 Capital SPV Growth Series LLC - Series Negotiatus | July 2021 | $15M | 0001875153 ↗ |
2 of these filed no amount (an “Indefinite” offering), so the total above is a floor.
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
Jay Po, Mark Roberge
What Stage 2 Capital invests in
- Typical fund
- $15M median, pre-seed / seed scale
- Says it invests in
- AI · enterprise/SaaS
- Says it invests at
- pre-seed · seed · Series A
- Cheque size, in its words
- $
- Website
- stage2.capital
Sector and stage are quoted from the firm’s own website, not inferred, and dated.
Service providers
- Fund administrator
- Carta (10 funds), AngelList (Belltower) (4 funds)
- Auditor
- Frank Rimerman (6 funds)
From Form ADV filed by STAGE 2 CAPITAL ADVISORS, LLC CRD 314199 ↗, latest filing July 2026, covering 14 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.