Next Frontier Capital Fund, L.P.
Next Frontier Capital MC · adviser of record: Next Frontier Capital MC, LLC · 2015 vintage
Next Frontier Capital Fund, L.P. is a 2015 venture fund managed by Next Frontier Capital MC, with $19.8mm raised (Form D, amount sold). It reported $26mm in gross assets at year-end 2025, 1.31x its size, against a peak of $55.5mm in 2021.
- Latest value held
- $26mm year-end 2025
- Peak
- $55.5mm year-end 2021
- Fund size
- $19.8mm Form D, amount sold
- Held vs. size
- 1.31x peak 2.81x
Value held by year-end
Gross asset value reported on Form ADV at each year-end. Dashed line: fund size. Open in the Fund Tracker
| Year-end | Gross assets | ÷ size | Change |
|---|---|---|---|
| 2025 | $26mm | 1.31x | -29% over 2 yrs |
| 2023 | $36.4mm | 1.84x | +20% |
| 2022 | $30.4mm | 1.54x | -45% |
| 2021 | $55.5mm | 2.81x | +33% |
| 2020 | $41.8mm | 2.12x | – |
Other funds from Next Frontier Capital MC
- Next Frontier Venture Fund IV, L.P. 2022
- Next Frontier Venture Fund IV E, L.P. 2022
- Next Frontier Venture Fund III, L.P. 2020
- Next Frontier Venture Fund III E, L.P. 2020
- Next Frontier Capital Venture Fund II, LP 2017
All Next Frontier Capital MC funds
About these numbers
Gross asset value is what the manager reports holding in the fund at each fiscal year-end, on SEC Form ADV, Schedule D. It includes the GP’s own commitment and is before carried interest, so it is not the LPs’ net return, and it does not show cash already distributed. A fall in value can mean distributions, markdowns or both. Fund size is the amount sold reported on Form D, which for some funds reflects only a first close. Private fund ID 805-7663760291. Data updated October 13, 2026.
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