Overview
A. Description of the Firm. VCFA Group (comprised of Venture Capital Fund of America III,
Inc., a Delaware corporation, and affiliates) was organized in 1982. VCFA Group is
headquartered in New York, NY with eight employees in the office. VCFA Group is currently
owned by several employees. Other than registration with the SEC as an investment adviser,
VCFA Group is not registered with other regulators and is not a member of a self-regulatory
organization.
B. Types of Advisory Services. VCFA Group manages private secondary funds (each, a
“Secondary Fund”) that primarily purchase venture capital, leveraged buyout and similar
investments on a secondary basis from current investors who are seeking liquidity for their
positions. This is usually accomplished by purchasing a limited partnership interest (“LP
Interest”) in a private fund, from an investor in that fund. The Secondary Funds are typically
organized as limited partnerships. Affiliates within VCFA Group act as the general partners of
the Secondary Funds.
C. Client Tailored Services and Client Tailored Restrictions. VCFA Group tailors its advisory
services to the specific investment objectives and guidelines of each Secondary Fund as set forth
in each fund’s confidential private placement memorandum, limited partnership agreement and
other governing
documents (collectively, the “Governing Documents”). As with other private
equity funds generally, a Secondary Fund’s general partner may enter into “side letters” or
similar agreements with certain investors in the Fund under which an investor is granted specific
rights or benefits that are not applicable to other investors. Each Secondary Fund establishes an
Advisory or Valuation Committee generally comprised of investor representatives, as dictated by
the Fund’s Governing Documents.
D. Wrap Fee Programs. VCFA does not offer wrap fee programs.
E. Assets under Management. As of March 30, 2023, VCFA Group had approximately
$298,172,528 under management including committed capital of investors in its Secondary
Funds. VCFA Group manages all assets of the Secondary Funds on a discretionary basis.
Important Note: This Brochure is for general information only. Each Secondary Fund is
offered only through its Governing Documents to qualified investors as described and
limited therein. Investors and prospective investors must refer to the Governing
Documents of the applicable Fund for information on the investment objectives, investment
restrictions, investment strategies, management, conflicts of interest and risks, fees and
expenses, and other relevant information.