Fifth Down Capital
Fifth Down Capital is a Boston-based private equity and venture capital firm founded in 2014 that operates a multi-strategy platform of direct investments, fund-of-funds, and secondaries, primarily in technology and consumer companies, and serves institutional and family-office limited partners.
- Company typePrivate
- Founded2014
- HeadquartersDover, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Fifth Down Capital does
Fifth Down Capital is a Boston-headquartered private equity and venture capital firm founded in 2014 by Andrew Spellman, a former Goldman Sachs and Credit Suisse vice president and co-founder of Fireman Capital. The firm operates a multi-strategy investment platform spanning direct venture and growth-stage investments, fund-of-funds commitments, and secondary purchases of private company and fund interests, deployed through two affiliated entities (Fifth Down Cap LLC and Fifth Down Capital Partners, LLC). Its direct portfolio includes at least 25 disclosed active core holdings across defense technology (Anduril, Valinor, Gecko Robotics, Vulcan Elements), AI/data (Arena, Chapter, Numeric, Peregrine, Reflexivity, SentiLink), fintech, consumer brands (Fishwife, Mike's Hot Honey, Dumpling Daughter, Kindred Motorworks, Two Chairs), infrastructure software (MaintainX, Verkada, SpaceX), and other growth-stage technology companies, with disclosed direct checks of $1M or more per company. Sourcing is relationship-driven through a curated network of venture firms and portfolio company founders rather than via outbound deal flow.
The firm's business model relies on traditional asset-management economics: management fees and carried interest on direct, fund-of-funds, and secondary vehicles, supplemented by advisory work from a bench of senior advisors and operating partners. LP composition is undisclosed and investor relations are routed through [email protected]. The team includes roughly 25 named professionals across investment, legal, finance, compliance, and operations functions, with notable recent senior additions including Managing Partner Janki Gandhi (Q4 2025), Managing Director Jerod Mayo (Feb 2026), Senior Managing Director Anthony Mulrain (Q2 2026), and a full investor-relations and finance buildout through 2025-2026. Notable 2026 transactions include a $250M Series D lead for Peregrine Technologies alongside Sequoia Capital, a $100M Series E participation in Chapter with Generation Investment Management, and Series A participations in Valinor Enterprises ($54M) and Northslope ($22M). The firm pairs capital with a high-profile advisory bench (former Converse CEO, former Bausch + Lomb CEO Brent Saunders, former American Express National Bank CEO Anre Williams, former Rithm Capital President Dean Dakolias, WNBA champion Candace Parker, former Patriots head coach Jerod Mayo) to differentiate sourcing and portfolio support.
Fifth Down Capital firmographics
Firmographics- Name
- Fifth Down Capital
- Legal name
- Fifth Down Cap LLC
- Website
- https://fifthdown.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Fifth Down Capital is a Boston-based private equity and venture capital firm founded in 2014 that operates a multi-strategy platform of direct investments, fund-of-funds, and secondaries, primarily in technology and consumer companies, and serves institutional and family-office limited partners.
- Ownership category
- akta.pro rank
Where Fifth Down Capital is headquartered
LocationHeadquarters
- HQ city
- Dover
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Fifth Down Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Fund Management & Investment Returns: Operates multiple investment vehicles (direct, fund of funds, secondaries) that generate revenue through management fees and carried interest on appreciated portfolio holdings. Active direct portfolio includes Anduril, Cape, Chapter, Gecko Robotics, MaintainX, Peregrine, SentiLink, SpaceX, and Verkada.
- Carried Interest on Portfolio Exits: Revenue share from successful exits across active portfolio companies (typically a percentage of profits above a hurdle rate per fund/SPV).
- Advisory & Operating Partner Fees: Senior Advisors and Operating Partners (Jared Carver, Dean Dakolias, Candace Parker, Brian Rowen, etc.) may be engaged by FDC to provide consulting services compensated with fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | — | Management fees and carried interest typical of venture capital/private equity funds |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels3 records
Fifth Down Capital product offering
Product offeringCore offering
Fifth Down Capital is a relationship-driven private equity and venture capital firm that allocates capital across the venture landscape via three strategies: direct investments into private companies, fund of funds commitments to other venture managers, and secondary purchases of private company and fund interests. The firm sources deals through a curated ecosystem of venture firms and portfolio company founders, deploying minimum direct investments of $1M per portfolio company via multi-asset vehicles managed by Fifth Down Cap LLC and Fifth Down Capital Partners, LLC.
Product overview
Fifth Down Capital is a relationship-driven private equity and venture capital investment firm (not a software product company). Its offering is a single unified investment platform composed of three core strategies — a Direct Investment Strategy, a Fund of Funds Strategy, and a Secondary Strategy — which together allow the firm to allocate capital across stages of the venture landscape. The Direct Investment Strategy is supported by the firm's publicly disclosed Active Core Portfolio Companies list (e.g., Anduril, Arena, Cape, Chapter, Peregrine, Verkada), which represents companies in which Fifth Down invested directly through one or more multi-asset vehicles; the Fund of Funds and Secondary Strategies round out the platform by providing access to external managers and liquidity in private positions.
Differentiator
Problem solved
Functional benefit
Products and services
- Direct Investment Strategy
- Fund of Funds Strategy
- Secondary Strategy
Quantifiable outcome
- Co-led/participated in $250M Peregrine Technologies Series D at $6.8B valuation (June 2026)
- +3 more outcomes
Companies that use Fifth Down Capital
Customer profileSegments4 records
Ideal customer profiles3 records
Fifth Down Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Fifth Down Capital partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Goldcrest CapitalcoreGoldcrest Capital is represented on Fifth Down's Board of Advisors by Adam Ross, Co-Founder & Partner of Goldcrest Capital, who previously served on Palantir's board.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
Fifth Down Capital competitors and assessment
Company assessmentDirect peers
- Fireman Capital Partners: Boston-area growth and consumer-focused private investment firm co-founded by Fifth Down's founder Andrew Spellman. Most directly comparable by lineage, geography, and stage focus.
- Volition Capital: Boston-based growth equity firm investing in technology and consumer companies, comparable in size, stage, and Boston footprint; previous employer of Fifth Down's Controller Meghan Smith.
- Anzu Partners: Multi-strategy industrial/tech venture and growth firm that has been a feeder for Fifth Down talent (Mara Smith was Fund Controller there), and operates a similar direct + fund-of-funds approach.
- Constitution Capital: Boston-based private investment manager with primary fund, secondary, and co-invest programs, comparable in size and multi-strategy orientation; employer of Fifth Down's former fund accountant Julia Auger.
- Goldcrest Capital: Co-investor alongside Fifth Down in Peregrine ($250M) and Northslope ($22M) with comparable multi-stage strategy; partner Adam Ross sits on Fifth Down's Board of Advisors (ex-Palantir board).
- Great Hill Partners: Boston-based growth equity investor of comparable size and consumer/tech focus; previous employer of Fifth Down's Becky D'Amour (16 years on finance/IR team).
Broad incumbents
- Charlesbank Capital Partners: Larger Boston-based multi-strategy private investment firm employing Fifth Down alumni in compliance, legal, and IR roles; similar fund/secondary orientation at meaningfully greater AUM.
- StepStone Group: Large global private markets firm with primary fund, secondary, and direct co-investment strategies directly overlapping Fifth Down's three pillars; previous employer of Fifth Down VP JP Steers.
- H.I.G. Capital: Global multi-strategy private investment platform with direct, fund, and secondary capabilities; previous employer of Fifth Down IR Senior Associate Payton Donato.
- Bain Capital Credit: Large multi-strategy alternatives platform with a credit and direct investment orientation that overlaps Fifth Down's finance/compliance operating model; previous employer of Fifth Down's Mara Smith.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Fifth Down Capital social profiles
Digital presenceFifth Down Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fifth Down Capital leadership team
Management profileNumber of profiles
Profiles8 records
Fifth Down Capital funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fifth Down Capital M&A and investment
M&A and investmentM&A
Investments45 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fifth Down Capital
What does Fifth Down Capital do?
Fifth Down Capital is a relationship-driven private equity and venture capital firm that allocates capital across the venture landscape via three strategies: direct investments into private companies, fund of funds commitments to other venture managers, and secondary purchases of private company and fund interests. The firm sources deals through a curated ecosystem of venture firms and portfolio company founders, deploying minimum direct investments of $1M per portfolio company via multi-asset vehicles managed by Fifth Down Cap LLC and Fifth Down Capital Partners, LLC.
Is Fifth Down Capital a public or private company?
Fifth Down Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Fifth Down Capital founded?
Fifth Down Capital was founded in 2014. It employs 11 to 50 people.
Where is Fifth Down Capital based?
Fifth Down Capital is headquartered in Dover, United States, in the North America region.
How does Fifth Down Capital make money?
Three revenue lines are on record. Fund Management & Investment Returns are the primary driver. The others are carried Interest on Portfolio Exits and advisory & Operating Partner Fees.
Who are Fifth Down Capital's main competitors?
Direct peers on record are Fireman Capital Partners, Volition Capital, Anzu Partners, Constitution Capital, Goldcrest Capital and Great Hill Partners. Broad incumbents are Charlesbank Capital Partners, StepStone Group, H.I.G. Capital and Bain Capital Credit.
Does Fifth Down Capital have an API?
No public API is recorded for Fifth Down Capital.