# Doll Capital Advisors

Doll Capital Advisors is an Asset Manager based in San Juan Capistrano, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** San Juan Capistrano, United States
- **Region:** North America
- **Address:** Menlo Park, CA, United States
- **Founded:** 1996
- **Assets under management:** Undisclosed
- **Website:** dca.com
- **LinkedIn:** https://www.linkedin.com/company/scott-w-doll-cmt-6011148

## Regulatory record

- **CRD number:** 134089
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/134089

## About

DOLL CAPITAL ADVISORS INCORPORATED is a state-registered investment adviser in SAN JUAN CAPISTRANO, CA. The firm manages approximately $76 million in regulatory assets. It has 1 employee and 1 investment adviser.

## Sectors

- Enterprise Software
- FinTech
- Digital Health
- AI/ML

## Offices

- New York, NY
- San Francisco, CA
- London, United Kingdom

## People

- David Chao — Co-Founder & Managing Partner
- Dixon Doll — Co-Founder

## Questions

### Who runs investment decisions at DCM?

Co-founder David Chao serves as Managing Partner and remains the firm's most visible investment leader, operating alongside a partnership that includes General Partners based in Menlo Park, Tokyo, and Beijing. The firm maintains investment committees with full local authority in each region, a structure designed to avoid headquarters bottlenecking on Asia-based deals. In 2024, DCM elevated several senior investors to partner, signaling a deliberate succession buildout across both geographies.

### What investment stages does DCM typically target?

DCM invests across seed, Series A, and growth-stage rounds, with the flexibility to write initial checks ranging from under $1 million to over $20 million depending on the opportunity. The firm has historically concentrated its early-stage activity in enterprise software and fintech, while reserving growth capital for breakout portfolio companies across all sectors.

### How does DCM source proprietary deal flow in Asia?

DCM sources Asia deal flow through locally based partners with full investment authority, not through a centralized US team flying in quarterly. The firm's early relationships with Japanese institutional LPs — banks, insurers, and corporate venture arms — also create a strategic co-investor network that surfaces opportunities before they reach broader auction processes. This LP base functions as an extension of the sourcing apparatus.

### Does DCM participate in fund commitments or only direct deals?

DCM deploys capital exclusively through direct investments into operating companies. The firm does not operate a fund-of-funds program or make LP commitments to other venture firms. Its funds are structured for direct equity stakes in seed through growth-stage technology companies across North America and Asia.

### What is DCM's known posture on co-investments alongside external GPs?

DCM regularly co-invests alongside other venture firms, particularly in later-stage rounds where syndicate formation is standard practice. The firm's cross-border positioning makes it a natural co-investor for US firms seeking an Asia-capable partner and for Asia-based firms seeking US market access. It does not operate a formal co-investment club or membership network.

## Related profiles

- [Etzler Financial Advisors](https://altss.com/profile/etzler-financial-advisors-llc)
- [Fleming Financial Advising](https://altss.com/profile/fleming-financial-advising)

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Last updated: 2026-06-03T20:00:00.000Z

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