Foundry Group is a investment adviser based in Boulder, CO, that holds a 73.2/100 Fidelon TransparencyScore (th percentile), with 6 registered advisors. Score based on public SEC and FINRA filings.
Foundry Group
Foundry Group, LLC · CRD #159541
A fee-only investment adviser with a clean regulatory record and fiduciary commitment.
Fidelon Fact Sheet
Foundry Group, LLC is an investment adviser that manages private funds. It is based in Boulder, Colorado. The firm charges asset-based fees and reports no commission income. It holds client assets, which means it or a related party can access client funds. The firm has a clean regulatory record with no complaints or fines. It used to operate under the names Foundry Group Next, LLC, FG Advisory, LLC, and MFVC, Inc.
How This Firm Works
Registration & Standard of Care
Investment Adviser — this firm is a registered investment adviser, held to a fiduciary standard — legally required to act in clients' best interests.
How This Firm Gets Paid
- Charges a percentage of assets under management
- Does not earn commissions on product sales
What you’d pay
Your balance falls in the All accounts band, charged at 1.00% on the full amount.
This fee is negotiable
Foundry Group, LLC states in its Form ADV that advisory fees may be negotiated.
From their Form ADV Part 2A. Most investors never ask.
Not included above
- • In addition to any Management Fees payable to Foundry Group, a Fund will incur certain charges imposed by third parties and other expenses. Such expenses may include (but are not limited to): (i) organizational and liquidation expenses of each Fund
- • (ii) any sales or other taxes that may be assessed against the Fund
- • (iii) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities
- • (iv) fees and expenses of members of the Fund’s advisory committee
- • (v) the costs and expenses of hosting annual or special meetings for the Fund’s investors
- • (vi) interest expense for borrowed money
- • (vii) expenses relating to litigation
- • (viii) expenses attributable to certain consulting services and to normal and extraordinary investment banking, accounting, auditing, tax, appraisal, insurance, legal, custodial, and registration services
- • (ix) other due diligence expenses
- • (x) broken-deal fees and expenses
- • (xi) fees payable to any placement agent
- • and (xii) all other expenses properly chargeable to the activities of the Fund. For applicable investments in each of the Other Investment Funds, the Funds may pay management fees, carried interest, and other expenses to a management company and/or general partner that is not affiliated with Foundry Group.
Estimated from the firm’s Form ADV Part 2A brochure — not a quote. Actual fees are set in your agreement and may differ. Costs charged by others (custodians, fund managers) are not included.
What This Firm Charges
| Account Size | Annual Fee |
|---|---|
| All accounts | 1.00% |
Extracted from Form ADV Part 2A brochure
Specializations
Extracted from Form ADV Part 2A brochure
Who They Typically Serve
Extracted from Form ADV Part 2A brochure
Key Findings
Strengths
- Fee-only compensation — no commission income reported
- Registered as investment adviser with fiduciary obligation
- No broker-dealer registration — advisory services only
- Clean regulatory record — no disclosures, arbitrations, or fines
- Transparent fee structure — charges advisory fees, no commissions
Things You Should Know
- Fee disclosure could be more detailed — while this firm charges fee-only (no commissions), its regulatory filings describe fee schedules and service terms less clearly than top-scoring peers
Conflict Audit
Our analysis identified 1 potential conflict of interest in regulatory filings.
Source: Form ADV Part 1, Items 6-8; Part 2A, Items 10-14
Regulatory Track Record
0
Disclosures
Clean record — no disclosures found
$0
Total Fines
Clean record — no fines found
Regulatory Events
TransparencyScore Dimensions
Disclosure Record
Customer complaints, arbitrations, and fines. Frequency and recency matter.
99/100
Strong
Avg for investment adviser firms: 82.6 | Top 10%: 99.5
Filing Quality
How clearly the firm describes services, fees, and investment approach in regulatory filings.
69/100
Fair
Avg for investment adviser firms: 84.1 | Top 10%: 100
Conflict Disclosure
How openly the firm explains who pays it and what it's paid to sell. The conflict isn't the problem — hiding it is.
49/100
Weak
Avg for investment adviser firms: 54 | Top 10%: 67
Enforcement History
Self-reported legal and disciplinary history from Form ADV Item 11.
100/100
Strong
Avg for investment adviser firms: 99.7 | Top 10%: 100
Next Steps
Advisor Roster
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Frequently Asked Questions
What does the TransparencyScore measure?
The TransparencyScore measures how clearly and completely an advisor or firm discloses important information in their regulatory filings — things like fees, conflicts of interest, disciplinary history, and business practices. A higher score means better disclosure quality, not better investment performance.
Where does this data come from?
All data comes from public regulatory filings: SEC Form ADV (Parts 1, 2, and 3), FINRA BrokerCheck, and the SEC's Investment Adviser Public Disclosure (IAPD) database. These are official filings that firms and advisors are legally required to submit.
Does a low score mean they're a bad advisor?
Not necessarily. A low score means the firm's public filings are less transparent — they may use vague language about fees, skip details about conflicts, or have a more complex regulatory history. Some excellent advisors work at firms with poor disclosure practices. The score measures the filing, not the person.
How often is this data updated?
Fidelon refreshes data from SEC and FINRA sources on a regular schedule. Form ADV filings are updated annually by firms (with amendments throughout the year), and BrokerCheck data is updated as events are reported. Scores are recalculated after each data refresh.
Can an advisor or firm improve their score?
Yes. Scores are based on what's in public filings. A firm that rewrites its ADV brochure in clearer language, discloses conflicts more specifically, or resolves outstanding regulatory issues will see its score improve at the next refresh. The incentive structure is intentional.
Data Sources
Scores are generated using Fidelon's published scoring methodology and reflect the quality of public disclosures, not the quality of investment advice. A firm that improves its disclosures will see its score improve. Fidelon does not provide investment advice.
Verify on SEC IAPD
Last scored: · Score version: 3.8 · CRD #159541