Alumni Ventures and the SEC: Summary of Settlements

In April 2022, the Securities and Exchange Commission (SEC) and MA and NH state regulators settled an investigation related to operational procedures and disclosures at Alumni Ventures, based on events that took place in the early stages of the company between 2016 and 2020. The SEC alleged that certain descriptions of AV fees in marketing during that period should have been more explicitly detailed, and that certain loan advances to affiliated funds should have been more thoroughly documented, even though they were fully repaid and accounted for. Alumni Ventures cooperated fully with regulators throughout the inquiry, made voluntary process improvements in advance of settlement, and admitted no wrongdoing. For a more thorough review of these issues, please refer to AV’s Form ADV filing, available here.

The matter was resolved via settlement, which had no material impact on Alumni Ventures’ operations or investor funds. Since then, AV has implemented enhanced compliance controls and formalized disclosures across all funds. The SEC has not alleged any form of wrongdoing by AV in the years since the settlement.

Continued Recognition

Since the resolution of this inquiry, Alumni Ventures has been recognized as one of the most active and founder-aligned venture firms in the U.S.:

Top 20 Global Venture Firm, CB Insights (2024) ¹
Top 50 Unicorn VCs, Stanford GSB Research (2025) ²
Top 3 Most Active U.S. VC, PitchBook (2018–2024) ^{3,4,5,6,7,8,9}
Most Founder-Friendly VCs, Inc. Magazine (2024) ¹⁰
Largest U.S. VC for Individual Investors, Internal Estimate (2024-2025)

AV’s Loyalty Rewards, Performance, and Fees brochure can be found here.

Alumni Ventures is independently audited each year by Withum.