Select the type that matches your fund's actual investment strategy: venture capital fund, private equity fund, hedge fund, or other. Your classification should be consistent with your Form D filing and with the exemption you elected on Form ADV.
Consistency across filings matters. If you rely on the VC fund adviser exemption on Form ADV, your funds should be classified as venture capital funds in Schedule D. If your Form D says "venture capital fund" but your Schedule D says "private equity fund," it creates a mismatch that can draw SEC staff questions or complicate LP diligence. Review your Form D and your Form ADV exemption election side by side when completing Schedule D.
If your fund has a mixed strategy (for example, primarily VC with some opportunistic positions), classify based on the predominant strategy. The "other" category is available if none of the standard types fits, but use it sparingly. Most emerging manager funds fit cleanly into venture capital, private equity, or hedge fund categories based on their LPA terms and investment focus.
See Schedule D: Private Fund Reporting.
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