Stage 2 Capital Fund, L.P.
Stage 2 Capital · adviser of record: Stage 2 Capital Advisors, LLC · 2018 vintage
Stage 2 Capital Fund, L.P. is a 2018 venture fund managed by Stage 2 Capital, with $6.1mm raised (Form D, amount sold). It reported $18mm in gross assets at year-end 2025, 2.96x its size, against a peak of $61.1mm in 2023.
- Latest value held
- $18mm year-end 2025
- Peak
- $61.1mm year-end 2023
- Fund size
- $6.1mm Form D, amount sold
- Held vs. size
- 2.96x peak 10.02x
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 | $18mm | 2.96x | -70% over 2 yrs |
| 2023 | $61.1mm | 10.02x | – |
Other funds from Stage 2 Capital
- Stage 2 Capital SPV LR, LLC 2023
- Stage 2 Capital Fund III-A, L.P. 2022
- Stage 2 Capital Fund III L.P. 2022
- Stage 2 Capital SPV Growth Series LLC - Series Sia 2022
- Stage 2 Capital SPV Growth Series LLC - Series Order 2022
- Stage 2 Capital SPV Sia III, LP 2022
- Stage 2 Capital SPV Growth Series LLC - Series Negotiatus 2021
- Stage 2 Capital SPV Qpa, LP 2021
- Stage 2 Capital SPV Sia II, LP 2021
- Stage 2 Capital SPV MP, LP 2021
- Stage 2 Capital SPV SD, LP 2021
- Stage 2 Capital Fund II-A, L.P. 2020
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 805-6122300580. Data updated October 13, 2026.
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