Directory — Venture Capital
Background Capital
Madison-based venture manager; 3 funds on file with the SEC (2021–2025).
Background Capital is a venture manager headquartered in Madison, WI. This profile is built from the firm’s own filings with the Securities and Exchange Commission.
Filed vehicles
| Fund | Form D filed | Amount reported sold |
|---|---|---|
| BACKGROUND CAPITAL FUND V, L.P. | 2025-12-12 | $0 sold to date |
| BACKGROUND CAPITAL FUND IV, L.P. | 2023-04-18 | $0 sold to date |
| BACKGROUND CAPITAL FUND III, L.P. | 2021-01-13 | $0 sold to date |
What this entry does not establish
A Form D filing tells you that a fund exists, where it is located, what it calls itself, and how much it reported raising. It does not establish check size, sector focus, stage, current assets under management, or whether the fund is still actively deploying. Those fields are left empty here rather than estimated.
The WI tag reflects where the manager is headquartered, not a confirmed investment mandate.
If you are with this firm and want the profile completed or corrected, tell us — we will update it and mark it confirmed.
On the record
Team
| Name | Title |
|---|---|
| Rafael Corrales | Manager of the General Partner of the Issuer |
Sources
- SEC Form D — BACKGROUND CAPITAL FUND V, L.P., filed 2025-12-12 — retrieved August 7, 2026
- SEC Form D — BACKGROUND CAPITAL FUND IV, L.P., filed 2023-04-18 — retrieved August 7, 2026
- SEC Form D — BACKGROUND CAPITAL FUND III, L.P., filed 2021-01-13 — retrieved August 7, 2026
Entry last verified August 7, 2026. Suggest a correction