XYZ Venture Capital AUM 2026: $327.5M Confirmed in SEC Filings, Plus the Fund History and Portfolio Behind It

XYZ Venture Capital has never disclosed a single firm-wide AUM figure, but SEC filings from August 5, 2024 confirm its fourth fund and a parallel "Go Faster" vehicle had together raised $327.5 million from the same 78 investors.

Ross Fubini founded the San Francisco firm in 2017 to back early-stage companies in defense, security, and enterprise software. Its best-known bet, Anduril Industries, came out of that debut fund; its newest disclosed position is Peregrine Technologies, the public-safety data platform that closed a $250 million Series D at a $6.8 billion valuation in June 2026. Here's what SEC Form D filings, press reporting, and the firm's own portfolio page actually confirm — and where the publicly cited AUM numbers stop being reliable.

XYZ Venture Capital AUM: What's Actually Confirmed

XYZ Venture Capital's assets under management have never appeared in a firm disclosure, a press release, or an SEC Form ADV. The most reliable number available is $327.5 million — the total XYZ Venture Capital Fund IV, LP ($202.5 million sold) and XYZ Venture Capital Go Faster Fund II, LP ($125.0 million sold) had raised from 78 investors apiece, per SEC Form D filings both dated August 5, 2024, with a first sale date of October 31, 2022 on each.

Third-party aggregators cite wildly different totals for the firm's overall size — figures near $200 million, around $760 million, and "over $1.5 billion" all appear on different listing sites, none tied to a dated primary source. Per our own standard for unverified figures, none of those totals is treated as the firm's AUM here; $327.5 million is the only number that traces directly to a federal filing.

We confirmed that number by searching SEC EDGAR's company database for every entity named "XYZ Venture Capital," which returns six registered fund vehicles, and then opening each one's Form D primary document directly on EDGAR rather than relying on a third-party summary. Two of the six — Fund IV and Go Faster Fund II — list a specific dollar amount in the "total amount sold" field; the other four show either a specific offering ceiling with zero investors recorded, or an "indefinite" ceiling with zero investors recorded, meaning the firm filed before any capital had actually closed and never came back to update the number.

XYZ Venture Capital Fund History, Fund by Fund

XYZ has raised at least six named vehicles since 2017, based on SEC EDGAR's filing history for the firm. Only the two most recent show a confirmed amount sold — the earlier funds' Form D filings were made on each fund's launch date, before any capital had closed, and none was ever amended to report a final total:

How we counted: every "XYZ Venture Capital" and "XYZ Venture Capital Go Faster Fund" entity with a Form D on file with the SEC, by filing date; 6 funds; as of November 2, 2026. Source: SEC EDGAR company filings, CIKs 0001699219, 0001786632, 0001851221, 0001851669, 0001958979, and 0001958997.

Fund I and Fund II bars show the SEC offering ceiling, not a confirmed amount sold — the firm never updated either filing. Fund IV and Go Faster Fund II bars show the actual confirmed sold total.

What the "Go Faster" Fund Pairing Likely Means

XYZ has registered a "Go Faster" fund alongside its main fund twice: Go Faster Fund I filed the same day as Fund III (March 31, 2021), and Go Faster Fund II filed the same day as Fund IV (August 5, 2024) — and that second pairing also shares an identical first-sale date (October 31, 2022) and investor count (78) with its companion fund. One read on this: a same-day filing with matching investor counts and sale dates points to a parallel vehicle raised alongside the main fund from the same limited-partner base, rather than a separate strategy with its own distinct backers. XYZ's own materials don't explain the structure, so this is our inference from the filing pattern, not a confirmed fact.

Either way, the practical effect for anyone sizing up the firm is the same: the $327.5 million in confirmed 2022-vintage capital is split across two SEC entities rather than one, which is part of why no single Form D filing shows XYZ's full fund size for that vintage.

Who Is Ross Fubini, and What Does XYZ Invest In?

Ross Fubini is XYZ Venture Capital's founder and Managing Partner, and has held that role since launching the firm in San Francisco in 2017. XYZ's own site and its SEC-filed fund family describe an early-stage focus — writing checks into seed and early-stage rounds — concentrated in defense, security, insurance, HR technology, and intelligence-adjacent enterprise software, rather than a generalist mandate.

Before XYZ, Fubini co-founded enterprise-collaboration company CubeTree, which SuccessFactors acquired, then spent a year at Kapor Capital under Mitch Kapor writing seed checks into Omada Health, Optimizely, and LendUp, according to TechCrunch's December 2020 profile of the firm. He then became a venture partner at Canaan Partners for roughly three years before co-founding Village Global in 2017 — the firm backed by Bill Gates and Reid Hoffman — where he began raising his own pool of capital under the XYZ brand.

That defense-and-security tilt traces back to the firm's earliest bet: XYZ wrote the first check into Anduril Industries, per TechCrunch's reporting, and the defense-technology company has since become one of the most valuable venture-backed startups in the country. By December 2020, XYZ said the companies its debut fund backed were worth a combined $6 billion or more, according to Crunchbase News' reporting on the firm's second fund.

XYZ's Check Sizes and Fund II's Institutional LPs

XYZ closed its second fund at $80 million in capital commitments in December 2020, Fubini told TechCrunch, with the backers "predominantly institutional" — a shift from a debut fund that, per its $70 million SEC offering ceiling, was likely weighted more toward individual and strategic investors typical of a first-time manager. By the time of that report, XYZ had written checks into roughly 30 startups, with individual investments ranging from $500,000 to $4 million for stakes of 12% to 20% of each company — a concentrated, high-ownership style more common among specialist seed funds than generalist multi-stage shops.

That ownership-heavy approach is consistent with the firm's small check count relative to its capital: six named SEC-registered vehicles since 2017 is a modest fund count for a firm nearly a decade old, suggesting XYZ has prioritized concentrated bets in a narrow sector list over the broader spray-and-pray model some seed funds adopt once they scale into a $200 million-plus fund size.

Inside the XYZ Venture Capital Portfolio

XYZ's own portfolio page names more than 20 active companies. Beyond Anduril, the disclosed list includes physical-security camera company Verkada, satellite manufacturer Astranis, trucking-payments company AtoB, industrial-inspection robotics firm Gecko Robotics, and fraud-prevention platform Sardine — a mix weighted toward hardware-adjacent defense and security bets alongside enterprise fintech and compliance software.

Other named positions round out the enterprise-and-defense side of the thesis: software supply-chain-security company Manifest Cyber, fraud-prevention and identity-verification platform Bureau, and Legion Intelligence, an agentic-AI company serving defense and intelligence customers that achieved FedRAMP High authorization in January 2026. None of these has a disclosed valuation as current as Peregrine's, which is itself a reminder that XYZ's $6 billion-plus "combined portfolio value" claim from 2020 is now six years stale and almost certainly understates the current total, given how much Anduril and Peregrine alone have appreciated since.

The firm's newest disclosed position is Peregrine Technologies, a public-safety data-integration platform. XYZ Ventures was named among six re-upping investors — alongside Fifth Down Capital, Sequoia Capital, O.G. Venture Partners, Goldcrest Capital, and Godfrey Capital — in Peregrine's $250 million Series D, announced June 22, 2026 at a $6.8 billion post-money valuation, according to Peregrine's own announcement. The round carried no single named lead and followed a $2.5 billion valuation at Peregrine's Series C just 15 months earlier — a sign XYZ's position grew in value without the firm writing a fresh check as a new lead investor.

How does XYZ's defense-and-security bet compare to the category's 2026 funding?

XYZ's heaviest disclosed concentration — defense, security, and public-safety software — sits inside a venture category that stayed well-funded through 2026. Security and privacy startups alone raised a combined $10.6 billion globally in the first half of 2026, per Crunchbase News, and Peregrine's own valuation path — from $2.5 billion to $6.8 billion in 15 months — shows how fast a single defense-tech position can re-rate inside that funding environment.

That timing cuts both ways: XYZ's Fund I-era bet on Anduril looks well-placed in hindsight, but a firm this concentrated in one thesis is also more exposed than a generalist fund if defense-tech valuations cool from their current pace.

Scale is the other way to read XYZ's position: its $327.5 million in SEC-confirmed capital is a fraction of what multi-stage firms investing in the same sector carry. Bessemer Venture Partners reported roughly $20.2 billion in AUM on a March 2026 regulatory filing, and Acrew Capital disclosed about $1.7 billion as of October 2024 — both multiples of XYZ's confirmed total. That size gap is consistent with XYZ's own description of itself as an early-stage, concentrated-ownership shop rather than a growth-stage firm competing for the same late-stage checks as Bessemer or Acrew's discovery strategy.

Where the numbers get thin

XYZ Venture Capital does not publish its own AUM, fund-count, or portfolio-size figures, so every capital figure in this post traces back to an SEC Form D filing, a single 2020 Crunchbase News article, or a single December 2020 TechCrunch profile, rather than an audited, firm-issued disclosure. Fund I, Fund II, Fund III, and Go Faster Fund I never show a confirmed amount sold on EDGAR because the firm filed each one on its launch date and never amended it — a common pattern among smaller venture shops that treat Form D as a one-time notice rather than a running disclosure, but one that leaves roughly a decade of the firm's actual fundraising history unconfirmed by any primary source. The gap also means XYZ's total portfolio count, its number of exits, and any performance figures like IRR or TVPI are simply not public, so this post makes no claim about returns — only about disclosed capital and disclosed positions. A clearer picture would require XYZ to register a Form ADV or disclose a total directly.