# Tvc Capital
TVC Capital is an operator-led growth equity firm based in San Diego, California, that invests in and acquires business-to-business (B2B) software companies.[1](https://tvccapital.com/) The firm was co-founded by managing partners Jeb Spencer and Steven Hamerslag, according to a directory compiled from SEC filings.[2](https://fundraisingfox.com/investors/tvc-capital) The one fund filing documented directly in the primary record is TVC Capital II, L.P., whose Form D notice was filed in March 2012; the same directory reports four funds on record, most recently TVC Capital IV, L.P.[3](https://www.sec.gov/Archives/edgar/data/1544165/000154416512000001/0001544165-12-000001-index.htm) • [2](https://fundraisingfox.com/investors/tvc-capital)
| Fact | Detail |
|---|---|
| Type | Software-focused growth equity firm (self-described operator-led)[1](https://tvccapital.com/) |
| Base | San Diego, California (directory sources place it in La Jolla)[1](https://tvccapital.com/) • [2](https://fundraisingfox.com/investors/tvc-capital) |
| Founders | Jeb Spencer and Steven Hamerslag, managing partners and co-founders (per SEC-derived directory)[2](https://fundraisingfox.com/investors/tvc-capital) |
| Funds | TVC Capital II, L.P. (Form D filed March 9, 2012); directory reports four funds on record, most recently TVC Capital IV, L.P. (unverified)[3](https://www.sec.gov/Archives/edgar/data/1544165/000154416512000001/0001544165-12-000001-index.htm) • [2](https://fundraisingfox.com/investors/tvc-capital) |
| Strategy | B2B software companies with $3M+ ARR; stated check size $8M to $25M[4](https://tvccapital.com/fund-focus/) |
## History, people and fund structure
The firm's public record rests on a sequence of fund vehicles rather than a single entity. TVC Capital II, L.P. filed its Form D notice of exempt offering on March 9, 2012, under file number 021-174665, with Jeb S. Spencer listed as a related person and TVC Capital II GP, LLC associated with the filing.[3](https://www.sec.gov/Archives/edgar/data/1544165/000154416512000001/0001544165-12-000001-index.htm) EDGAR carries the fund under CIK 0001544165 for Fund II.[5](https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001544165&action=getcompany&count=40&owner=include)
Identifying the people behind the filings depends partly on secondary sources. The SEC-derived directory Fundraising Fox names Jeb Spencer and Steven Hamerslag as managing partners and co-founders.[2](https://fundraisingfox.com/investors/tvc-capital) Spencer's role is corroborated by the Fund II filing itself, which names him as a related person.[3](https://www.sec.gov/Archives/edgar/data/1544165/000154416512000001/0001544165-12-000001-index.htm)
## Strategy
TVC Capital describes its focus as investments in and acquisitions of innovative B2B software companies, positioning itself, in its own words, at a stage of growth between traditional venture capital and large growth equity firms.[1](https://tvccapital.com/) • [4](https://tvccapital.com/fund-focus/) Bloomberg's profile similarly describes TVC Capital, LLC as a private equity firm that acquires and invests in software and software-enabled service firms serving customers in the United States.[6](https://www.bloomberg.com/profile/company/2662951Z:US)
The firm's stated criteria are specific: ideal candidates are capital-efficient companies generating $3 million or more in annual recurring revenue from a product their customers, in the firm's phrasing, cannot live without. Its stated investment size is $8 million to $25 million, and it plans for 15 to 20 portfolio companies per fund, a concentration it contrasts with both seed-stage funds (25+ companies) and large growth funds (fewer than 10).[4](https://tvccapital.com/fund-focus/)
TVC calls its approach "Railroad Track Investing", a thesis-driven method of identifying software sectors whose infrastructure is already in place for follow-on growth.[4](https://tvccapital.com/fund-focus/) Compared with typical Sand Hill Road venture funds, the differences the firm itself claims are sector concentration (enterprise software only), a revenue floor ($3M+ ARR rather than pre-revenue stages), and a smaller portfolio that allows closer involvement with each company. These are the firm's own descriptions; independent verification of its portfolio outcomes is not available in the sources.
## Funds, by the numbers
The Regulation D record documented directly in the sources shows one fund filing: TVC Capital II, L.P., first filed on March 9, 2012, under SEC accession number 0001544165-12-000001 and file number 021-174665.[3](https://www.sec.gov/Archives/edgar/data/1544165/000154416512000001/0001544165-12-000001-index.htm) • [5](https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001544165&action=getcompany&count=40&owner=include) Beyond that, Fundraising Fox, an SEC-derived directory, reports TVC Capital as a [La Jolla](https://www.edgepedia.org/la-jolla), California venture fund manager with four funds on record, most recently TVC Capital IV, L.P., a $180 million target offering filed in May 2018 under Rule 506(b); this figure is unverified beyond the directory.[2](https://fundraisingfox.com/investors/tvc-capital) No source in the available record states fund-by-fund amounts sold or a total raised across the series.
The identity of TVC's limited partners is not answered by any available source; Form D filings identify the offering and its related persons but do not name investors.
## References
1. [TVC Capital | Software-Focused Growth Equity](https://tvccapital.com/)
2. [TVC Capital — Investment Thesis, Check Size & Team | Fundraising Fox](https://fundraisingfox.com/investors/tvc-capital)
3. [SEC EDGAR Form D filing index for TVC Capital II, L.P. (CIK 0001544165)](https://www.sec.gov/Archives/edgar/data/1544165/000154416512000001/0001544165-12-000001-index.htm)
4. [Fund Focus | Software Growth Equity | TVC Capital](https://tvccapital.com/fund-focus/)
5. [SEC EDGAR filing list for TVC Capital II, L.P.](https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001544165&action=getcompany&count=40&owner=include)
6. [TVC Capital LLC - Company Profile and News - Bloomberg Markets](https://www.bloomberg.com/profile/company/2662951Z:US)
---
*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Venture capital firms of the Americas › Growth and multi-stage investors › Titles M to Y*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license