Next Legacy Management, Llc
SEC-registered
Private Fund Manager · Mid-sized ($1B–$10B)
CRD 156640
· SEC file 801-73561
· Portola Valley, CA
· www.instagram.com
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ADV data as of Mar 31, 2026
- Regulatory AUM
- $4.4B
- Discretionary
- $4.4B
- Clients
- 47
- Avg AUM / client
- $93.8M
- Accounts
- 47
- Employees
- 26
AUM over time
$844M
$4.4B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 47 | $4.4B | 100.0% |
Private funds (43)
View all →Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $3.8B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Legacy Venture Vii, Llc | Venture Capital Fund | Delaware | $615M | 147 |
| Legacy Venture Viii, Llc | Venture Capital Fund | Delaware | $561M | 126 |
| Legacy Venture Ix, Llc | Venture Capital Fund | Delaware | $474M | 160 |
| Legacy Venture Xi, Llc | Venture Capital Fund | Delaware | $471M | 222 |
| Legacy Venture Vi (Qp), Llc | Venture Capital Fund | Delaware | $326M | 61 |
| Legacy Venture X, Llc | Venture Capital Fund | Delaware | $323M | 174 |
| Legacy K, Llc | Venture Capital Fund | Delaware | $184M | 1 |
| Next Play Capital Iii Q, L.P. | Venture Capital Fund | Delaware | $164M | 322 |
| Legacy Venture Vi, Llc | Venture Capital Fund | Delaware | $142M | 61 |
| Legacy Venture V (Qp), Llc | Venture Capital Fund | Delaware | $97.3M | 64 |
| Next Play Capital Ii, L.P. | Venture Capital Fund | Delaware | $65.1M | 73 |
| Next Play Capital Ii Q, L.P. | Venture Capital Fund | Delaware | $65.1M | 79 |
| Legacy Venture Iv, Llc | Venture Capital Fund | Delaware | $63.4M | 94 |
| Next Play Capital I, L.P. | Venture Capital Fund | Delaware | $59.1M | 86 |
| Npc Opportunity Fund, L.P. | Venture Capital Fund | Delaware | $38.6M | 84 |
People (4)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Hall, Russell, Bruce | Managing Member And Trustee Of The Hall Family Trust Dated December 20, 2012, And Any Amendments Thereto | Nov 1999 (27y) | Less than 5% | |
| Cullinane, Kelli, Ann | Managing Member, Cco, Cfo And Trustee Of The Cullinane Family Trust Dated March 15, 2019 | Feb 2012 (15y) | 25% – 50% | |
| Nece, Ryan, C | Trustee Of The Nece Family Trust | May 2013 (13y) | 25% – 50% | |
| Choi, Ben, Chung Ming | Managing Member And Trustee Of Choi Family Trust Dated March 2, 2012 | Feb 2015 (12y) | 25% – 50% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| The Cullinane Family Trust Dated March, 15, 2019 | Managing Member | Jan 2019 | A | 25% – 50% |
| Choi Family Trust Dated March 2, 2012 | Managing Member | Feb 2015 | A | 25% – 50% |
| Nece Family Trust | Managing Member | Oct 2016 | A | 25% – 50% |
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (43, $3.8B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Legacy Venture Vii, Llc | Venture Capital Fund | $615M | $1.0M | 147 |
| Legacy Venture Viii, Llc | Venture Capital Fund | $561M | $1.0M | 126 |
| Legacy Venture Ix, Llc | Venture Capital Fund | $474M | $1.0M | 160 |
| Legacy Venture Xi, Llc | Venture Capital Fund | $471M | $1.0M | 222 |
| Legacy Venture Vi (Qp), Llc | Venture Capital Fund | $326M | $1.0M | 61 |
| Legacy Venture X, Llc | Venture Capital Fund | $323M | $1.0M | 174 |
| Legacy K, Llc | Venture Capital Fund | $184M | $0 | 1 |
| Next Play Capital Iii Q, L.P. | Venture Capital Fund | $164M | $500K | 322 |
| Legacy Venture Vi, Llc | Venture Capital Fund | $142M | $1.0M | 61 |
| Legacy Venture V (Qp), Llc | Venture Capital Fund | $97.3M | $1.0M | 64 |
| Next Play Capital Ii, L.P. | Venture Capital Fund | $65.1M | $500K | 73 |
| Next Play Capital Ii Q, L.P. | Venture Capital Fund | $65.1M | $500K | 79 |
| Legacy Venture Iv, Llc | Venture Capital Fund | $63.4M | $1.0M | 94 |
| Next Play Capital I, L.P. | Venture Capital Fund | $59.1M | $250K | 86 |
| Npc Opportunity Fund, L.P. | Venture Capital Fund | $38.6M | $250K | 84 |
| Next Legacy Emerging Leaders 1, L.P. | Venture Capital Fund | $37.2M | $25.0K | 37 |
| Legacy Venture V, Llc | Venture Capital Fund | $23.3M | $1.0M | 50 |
| Npc Guild Ii, Llc | Venture Capital Fund | $19.0M | $25.0K | 25 |
| Next Play Capital Iii, L.P. | Venture Capital Fund | $16.3M | $250K | 76 |
| Cloud All Star Fund, Lp | Venture Capital Fund | $12.8M | $25.0K | 92 |
| Next Play Sjpf, Lp | Venture Capital Fund | $9.3M | $250K | 1 |
| Npc Axiomatic, Llc | Venture Capital Fund | $8.2M | $25.0K | 17 |
| Npc Impossible Foods Ii, Llc | Venture Capital Fund | $6.6M | $25.0K | 51 |
| Npc Exabeam, Llc | Venture Capital Fund | $6.0M | $25.0K | 7 |
| Npc Guild, Llc | Venture Capital Fund | $5.2M | $25.0K | 7 |
Top 25 of 43 funds by gross assets · all funds
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 9.8 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Selection of other advisers
Custody
Firm reports having custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗