Cendana Capital
UnclaimedAt a Glance
- Check Size
- $3M – $15M
- Stage
- Pre-Seed, Seed
- AUM
- $1B
- Sectors
- Enterprise, Consumer, AI +1
- Founded
- 2010
- HQ
- San Francisco, CA
About Cendana Capital
Cendana Capital was founded by Michael Kim in 2010 as one of the first dedicated fund-of-funds focused on emerging venture capital managers. The firm pioneered the model of backing first-time and emerging VC fund managers, recognizing that diverse backgrounds and fresh perspectives often lead to superior returns and access to underrepresented founders. Cendana typically invests $1-3M in micro-VC funds ranging from $10-50M in size. The firm has backed over 100+ emerging managers across multiple fund cycles, with their portfolio managers going on to invest in companies like Uber, Warby Parker, Ring, and Cruise. Kim's thesis is that emerging managers often outperform established funds due to their hunger, focus, and ability to access overlooked opportunities. The firm has become a kingmaker in the VC ecosystem, with many of their backed fund managers becoming household names in venture capital.
Investment Thesis
“Backs the next generation of venture fund managers by investing in emerging micro-VC funds with differentiated strategies.”
Leadership Team
Michael Kim founded Cendana in 2010 and remains its principal, named as executive officer on every Regulation D filing from the 2012 debut fund through Fund VI in 2025. The investment team is deliberately small and geographically split: partner Kelli Fontaine in San Francisco, partner Graham Pingree in Boston, principal Thomas Ikeda in New York, senior investment associate Tess Gong in New York and investment associate Anoushka Patel in San Francisco.
Finance and compliance run through Joshua Grimm, chief financial and compliance officer, with Jon Coquia as vice president of finance. Cendana also carries a dedicated data function that is rare at a fund-of-funds of its size, with Fernandina Ko as director of data and strategy and Rohan Gandhi as data associate in Miami, which is the machinery behind selecting seed managers at scale. Irwin Gross chairs the advisory board.
Sector Focus
Investment Stage
Notable Portfolio Companies
Fund History
Michael Kim has raised six flagship Cendana funds, each roughly doubling on its predecessor. Cendana Capital, L.P. was organized in 2012 against a $100 million target and closed at $28.2 million in March 2013. Cendana Capital II filed in November 2013 with a $30 million target. Fund III was organized in 2016 and closed at $80 million in 2017. Fund IV, structured in three classes and organized in 2018, closed at $217.9 million by July 2020 after an interim amendment showed $155.7 million against a $195 million target. Fund V was organized in 2022 and closed at $340.5 million in November 2023. Fund VI was organized in November 2024 and closed at $400 million by March 2025, taking the flagship series past $1.09 billion.
Separate accounts and co-investment vehicles run alongside, including Cendana Blackbird, Longhorns, Kendall, Nano, Sandstorm, Fulcrum and Kearney, plus the Cendana International and Cendana Investments series. Kim is the named executive officer on every filing.
SEC Fund Filings
- Vehicles filed, last 24 months
- 6
- Latest filing
Cendana Capital filed a Form D for 6 fund vehicles between Sep 26, 2024 and Sep 25, 2026.
| Fund vehicle | Source |
|---|---|
| Cendana Kearney II, LP - Class #1 | SEC Form D, filed |
| Cendana Kearney II, LP - Class #2 | SEC Form D, filed |
| Cendana Kearney II, LP - Class #3 | SEC Form D, filed |
| Cendana Fulcrum, LP | SEC Form D, filed |
| Cendana Sandstorm, L.P. | SEC Form D, filed |
| Cendana Capital VI, L.P. | SEC Form D, filed |
A Form D is the notice a fund files with the SEC when it raises money in a private offering. Feeder funds, parallel funds and SPVs each file their own, so the count measures filing activity, not the number of flagship funds.
Source: SEC EDGAR Form D filings for pooled investment funds, original filings only (amendments excluded). Our filing data starts Jul 1, 2024. Vehicles are matched to Cendana Capital by fund name and checked against the sponsor address and named principals on each filing; offering amounts are not shown. Each “SEC Form D” link opens an EDGAR full-text search for that vehicle’s exact name, where the filing itself is listed. See every new fund filing on the Form D Radar.
Frequently Asked Questions
What stage does Cendana Capital invest at?
Cendana Capital primarily invests at the Pre-Seed, Seed stages. This means they focus on companies that are at the earliest idea or prototype phase.
Where is Cendana Capital located?
Cendana Capital is headquartered in San Francisco, CA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Cendana Capital focus on?
Cendana Capital focuses on investments in Enterprise, Consumer, AI, Fintech. Their portfolio reflects deep expertise and networks within these sectors.
What is Cendana Capital's typical check size?
Cendana Capital's typical investment check size ranges from $3M to $15M. Actual amounts may vary based on the stage, sector, and specific opportunity.
How much does Cendana Capital have under management?
Cendana Capital manages approximately $1B in assets under management (AUM) across their funds.
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