VC firm
Base Case Capital
Also known as Base Case Capital I L.P., Base Case Capital II L.P., Base Case Capital III L.P., Base Case Capital Venture Fund I, L.P., Base Case Management
- Investor type
- VC
- Investing status
- Activeas of 2026-09-18Source (opens in a new tab)
- Headquarters
- SAN FRANCISCO, CA, United States
- Assets under management
- $180MForm ADV private fund GAV, as of 2026-03-31Source (opens in a new tab)
- Latest fund size
- $21.3MSEC amount sold, as of 2022-07-27Source (opens in a new tab)
- Funds
- 9
- Check size
- i lead rounds with $1-5m checks, no board seatSource (opens in a new tab)
- Legal name
- BASE CASE MANAGEMENT, LLC
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Record updated 29 September 2026
About
basecase writes the first check to builders who are still dreaming, tinkering, and exploring what they want to create.
Investment approach
- Thesis
- i work with founders pre-product, pre-traction, and often pre-idea. i am often the first check, and always the first institutional round. i am not a good fit for companies that are actively raising. i invest in relationships that have compounded over months, if not years. i exclusively lead rounds, concentrate heavily, and show up consistently for the companies i back. i’m often an early beta tester, active user, and paying customer of the products founders build. i put my network to work for founders and roll up my sleeves for any task, big or small.Source (opens in a new tab)
- Leads rounds
- Yes
- Lead policy
- i lead rounds with $1-5m checks, no board seat
- Takes board seats
- No
- Board policy
- i lead rounds with $1-5m checks, no board seat
- Eligibility
- i spend most of my time with people who have not yet started companies and don't take pitch meetings
- Traction requirement
- i work with founders pre-product, pre-traction, and often pre-idea
- Investing status notes
- basecase writes the first check to builders who are still dreaming, tinkering, and exploring what they want to create.
Funds
- Base Case Capital III L.P.
- Vintage 2025Main fund
- Base Case Capital II L.P.
- Vintage 2023Main fund
- Base Case Capital Venture Fund I, L.P.
- $21.3MVintage 2022, Main fund, SEC amount sold
- Base Case Capital I L.P.
- $20.2MVintage 2021, Main fund, SEC amount sold
- BASE CASE CAPITAL VENTURE FUND I LP
- Main fund
- BASE CASE CAPITAL I LP
- Main fund
- BASE CASE CAPITAL, LLC
- Main fund
- BASE CASE CAPITAL II, LP
- Main fund
- BASE CASE CAPITAL III, L.P.
- Main fund
SEC registration
- Registered adviser
- BASE CASE MANAGEMENT, LLC
- CRD number
- 323761 (opens in a new tab)
- SEC file number
- 802-132516
- Registration
- Exempt reporting adviser
- Regulatory AUM
- $180Mas of 2026-03-31
- Private funds reported
- 5
- Principal office
- SAN FRANCISCO, CA, United States
- SEC CIK
- 1888380, 1924034, 1997264
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