Key Takeaways
- K5 Tech Fund II, LP (Series 206) is raising $200M under 506(b) exemption via two named GPs (Baum and Kives)
- Series II vehicle signals fund one operated below EDGAR thresholds, making this the first documented raise from this manager structure
- The mid-2026 filing arrives as venture market rebounds from 2024–2025 compression, with LPs actively rebalancing into growth-stage allocations
- LPs should verify first fund performance before committing; 506(b) structure and lean GP team create decision velocity but concentration risk

The Filing: A Lean, Relationship-First Raise

K5 Global was founded in 2018 by Michael Kives and Bryan Baum, and the firm has deployed capital of around $1B as of March 31, 2024. The Form D filing for K5 Tech Fund II signals a deliberate structural choice: the 506(b) exemption means no broad marketing, no general solicitation. This is capital formation by referral.

The Series II designation confirms K5 Tech already closed at least one fund. The absence of any prior EDGAR filing for Fund I creates a critical information gap. Either the first fund closed below $100M in AUM, operated through a different entity structure, or never crossed the Form D threshold. This opacity around Fund I performance matters. Without disclosed returns, LPs are betting on two principals' venture track record based almost entirely on reputation and network depth.

The 506(b) structure with only two named GPs reflects a lean partnership model. K5 Global's team includes Bryan Baum and Michael Kives as Co-Founders & Managing Partners, Keenan Rice as General Partner, Jessica Bixby as Associate Partner, Dana Pollick as General Counsel, and Chris Moore as Chief Financial Officer. A two-GP fund signals faster decision-making and concentrated conviction but also concentrated risk. Decision velocity matters in venture. Risk concentration matters more when capital concentration is high.

Manager Profile: Networks Over Pedigree

Michael Kives is a former top CAA talent agent and Clinton political aide described as "the most well-connected man in Hollywood," who built his career representing figures like Arnold Schwarzenegger, Katy Perry, and Warren Buffett. This is not a traditional venture background. It's a super-connector business model transplanted into VC.

K5 Global invests across stages and sectors. The firm targets AI, consumer products, fintech, healthcare, food-agtech, media, mobility, proptech, and web3. The breadth signals either genuine multi-stage conviction or portfolio drift. K5 Global has deployed over $1.1 billion in capital and made 174 direct investments, resulting in 11 exits, with portfolio companies including SpaceX, Uber, Coinbase, Lyft, and The Boring Company. The exit count (11 from 174 investments) is worth scrutinizing—what was the timing and valuation outcome of those exits?

One note: K5 Global received $700 million total from Sam Bankman-Fried between March and September 2022, with FTX's estate later filing suit to claw back the funds. The litigation resolved, but the episode signals how deeply the founders' network integration cuts—and where reputational risk concentrates when connected networks fail.

Market Timing: LP Rebalancing into Growth

Global venture investment in 2025 was on pace to be the third-highest on record, with $205 billion raised through mid-2025, up 32% from H1 2024, and marking the strongest half-year for venture capital since the first half of 2022. The market rebounded sharply after 2024–2025 compression.

However, if 2021 was about velocity and 2022–2023 was about triage, the end of 2025 into 2026 feels surgical: fewer deals, bigger checks and conviction concentrated at the very top, with abundance at the apex and measured scarcity elsewhere. The bifurcation is extreme. Deal count fell 15% quarter-over-quarter in Q1 2026, reaching just under 7,000 deals globally—the lowest quarterly total since Q4 2016 and roughly 61% below the peak set in Q1 2022, marking four consecutive years of deal count contraction even as total dollar volume set records.

AI continues to redefine venture capital: through Q3 2025, AI startups captured 65% of the year's total VC deal value, with more than half of new unicorns built on AI innovation, and multistage firms and corporate investors fueling this momentum with record capital deployment into AI-driven opportunities. For a broad-stage fund like K5 Tech, timing a $200M raise now means fishing in a competitive pool. Generalist advantage erodes as capital chases category-defining AI bets.

What LPs Must Verify

Before committing, perform three checks:

First, dig into Fund I performance. The absence of EDGAR history creates opacity. Check LP reporting portals, third-party databases like PitchBook and PreqIn, or ask direct references. Did Fund I generate >1.0x TVPI? What was the J-curve shape? How many exits hit, and at what multiple? Series II conversions often signal success, but not always—they can also reflect GP capital recycling with limited LP returns.

Second, assess concentration risk in a two-GP structure. Baum and Kives drive deal sourcing and LP relations. If either departs, does Fund II have institutional continuity? The network is personal. Venture partnerships with two principals often depend more on founder stickiness than institutional process. Ask about carry guarantees, GP commitment, and succession plans.

Third, evaluate sector fit in a bifurcated market. K5's broad mandate (AI, fintech, consumer, proptech) positions it as a generalist fund raising in an AI-obsessed moment. The number of active investors writing early-stage checks in non-AI sectors was lower in Q1 2026 than in any quarter since 2016, creating a tighter market than headlines suggest for founders pitching outside the AI consensus. If Fund II intends to deploy 30% or more outside AI, LPs should understand the conviction thesis and why that thesis works when capital is scarce and concentrated at the top.

The $200M raise arrives at the right moment for a network-driven fund. But Series II conviction hinges on Fund I proving itself first.