Terrain
Terrain last closed a fund in July 2026 — 4 months ago.
It raises on several lines, too close together for one rhythm. No month is guessed; the filing will say.
This firm closed a fund in the last 18 months, so it has money to put to work now.
- Funds on file
- 7
- Capital raised
- not stated
- Latest close
- July 2026
- Based in
- MD
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| Terrain Opportunity IV, LP | July 2026 | not stated | 0002146099 ↗ |
| Terrain Opportunity V, LP | July 2026 | not stated | 0002142194 ↗ |
| Terrain II, LP | April 2026 | not stated | 0002130617 ↗ |
| Terrain Opportunity III, LP | November 2025 | not stated | 0002096378 ↗ |
| Terrain Opportunity II, LP | September 2025 | not stated | 0002085072 ↗ |
| Terrain Opportunity I, LP | February 2025 | not stated | 0002057302 ↗ |
| Terrain I, LP | July 2024 | not stated | 0002031602 ↗ |
7 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
Eric Stromberg
What Terrain invests in
- Website
- terrain.com
Service providers
- Fund administrator
- HIGH Divide Management (4 funds)
- Auditor
- Frank Rimerman (2 funds)
From Form ADV filed by TERRAIN CAPITAL MANAGEMENT, LLC CRD 333460 ↗, latest filing March 2026, covering 4 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.