Spectrum 28 Capital I, L.P.
S28 Capital · adviser of record: S28 Capital LLC · 2014 vintage
Spectrum 28 Capital I, L.P. is a 2014 venture fund managed by S28 Capital, with $170mm raised (Form D, amount sold). It reported $434mm in gross assets at year-end 2025, 2.56x its size, against a peak of $540mm in 2023.
- Latest value held
- $434mm year-end 2025
- Peak
- $540mm year-end 2023
- Fund size
- $170mm Form D, amount sold
- Held vs. size
- 2.56x peak 3.18x
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 | $434mm | 2.56x | -19% over 2 yrs |
| 2023 | $540mm | 3.18x | +8% |
| 2022 | $501mm | 2.95x | +162% |
| 2021 | $191mm | 1.13x | +0% over 2 yrs |
| 2019 | $191mm | 1.13x | +11% |
| 2018 | $173mm | 1.02x | +8% |
| 2017 | $160mm | 0.94x | -3% |
| 2016 | $165mm | 0.97x | +20% |
| 2015 | $137mm | 0.81x | +5% |
| 2014 | $131mm | 0.77x | – |
Other funds from S28 Capital
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 805-2300170600. Data updated October 13, 2026.
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