Managers/Private equity/California/Next Legacy Management

Next Legacy Management

Next Legacy Management is a private equity and venture manager in Portola Valley, CA. It is registered with the SEC as an investment adviser with $4.4B in regulatory assets and 26 staff. It has 14 funds on file, the latest reported in September 2026.

Funds on file
14
Raised, all funds
$448.3M
Regulatory assets
$4.4B
Staff
26
Pension investors
None found
See the adviser's own filing →

Latest fund filing

Funds

DateFundTypeRaisedTarget
Sep 2026 AI All Star Fund 2, L.P. Venture $0 $50M
Dec 2025 NLP AI, LP Venture $10.3M $10.3M
Dec 2025 Next Legacy Alpha 4 (Feeder), L.P. Venture $0 $10M
Apr 2025 Next Legacy Emerging Leaders 2, L.P. Venture $0 $50M
Dec 2024 Next Legacy Alpha 4, L.P. Venture $0 $100M
Dec 2024 Next Legacy XII, LLC Venture $0 $400M
Nov 2023 Next Legacy Emerging Leaders 1, L.P. Venture $33.2M $50M
Oct 2023 Next Legacy Inflection Fund 2, L.P. Venture $0 $75M
Jun 2022 Legacy Venture XI, LLC Venture $0 $475M
Apr 2022 Next Play Capital III Q, L.P. Private equity $172.4M Not given
Mar 2021 NPC Opportunity Fund, L.P. Private equity $32.4M Not given
Jan 2021 Next Play Capital III, L.P. Private equity $0 Not given
Nov 2020 Legacy K, LLC Private equity $200M $200M
Oct 2020 Legacy Venture X, LLC Venture $0 $340M

Adviser record

RegistrationRegistered with the SEC as an investment adviser.
Regulatory assets$4.4B
Employees26
Clients47 private funds.
Control personsBen, Chung-ming Choi, Kelli, Ann Cullinane, Russell, Bruce Hall, Ryan, C Nece.
Private funds43 private funds holding $3.8B in gross assets.

Private funds it reports

FundTypeGross assets
Legacy Venture Vii Venture $615.4M
Legacy Venture Viii Venture $560.6M
Legacy Venture IX Venture $473.7M
Legacy Venture XI Venture $470.8M
Legacy Venture VI (QP) Venture $326M
Legacy Venture X Venture $322.5M
Legacy K Venture $183.5M
Next Play Capital Iii Q Venture $164.2M
Legacy Venture VI Venture $141.9M
Legacy Venture V (QP) Venture $97.3M
Next Play Capital II Venture $65.1M
Next Play Capital II Q Venture $65.1M
Legacy Venture IV Venture $63.4M
Next Play Capital I Venture $59.1M
NPC Opportunity Fund Venture $38.6M