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Fjell Capital
FJELL CAPITAL is an SEC-registered investment adviser in Fargo, ND, registered since 2023. The firm manages $187 million in assets under regulation.
Fjell Capital
FJELL CAPITAL is an SEC-registered investment adviser in Fargo, ND, registered since 2023. The firm manages $187 million in assets under regulation. It has 4 employees and 3 investment advisers.
General information
Firm type
Single Family Office
Year founded
2020
Location
Region
North America
Country
United States
City
Fargo
Corporate office
Fargo, ND, United States
Principals
Andrew P. Koehl
Founder & CEO
Benefit Koehl
Member, Investment Committee
Sector focus
Frequently asked questions
Who runs investment decisions at Fjell Capital?
Andrew Koehl, the founder and CEO, leads all investment decisions. The investment committee also includes family member Benefit Koehl, per public record. The firm describes its process as operator-led, reflecting Koehl's background as a technology company founder.
Where does Fjell Capital's underlying wealth come from?
The capital base was generated by founder Andrew Koehl through the successful sale of a technology services business prior to 2020. The firm deploys this liquidity directly as a single-family office rather than raising external commitments, which is consistent with the personal balance-sheet model.
Does Fjell Capital participate in fund commitments or only direct deals?
Fjell Capital primarily executes direct deals through equity and SAFE agreements in early-stage companies, rather than allocating to a diversified set of venture fund managers. The firm's website and portfolio disclosures reflect only direct company positions, though it has noted an opportunistic posture toward secondary transactions in some communications.
How does Fjell Capital source proprietary deal flow?
The firm leans on its founder's operator network and technical founder relationships to source deals, consistent with its stated preference for evaluating founder density and technical merit over geographic location. Its lean structure and balance-sheet-only capital base also attract founders seeking a fast, non-institutional diligence process.
Is Fjell Capital structured as a single family office or does it operate more like a venture firm?
Fjell Capital is a single-family office deploying personal capital from the Koehl family. While its investment cadence and stage focus resemble an early-stage venture firm, the absence of external LP capital, fund-lifecycle constraints, and a fee structure differentiates it from a traditional VC fund.
What investment stages does Fjell Capital typically target?
The firm focuses on pre-seed through Series A, with an emphasis on companies that have a technical founder and a clear product thesis in enterprise software, AI/ML, or fintech. It will occasionally evaluate secondary positions in later-stage companies when the opportunity aligns with its sector lens.
Does Fjell Capital maintain philanthropic structures, and how are they separated?
No separate philanthropic foundation or donor-advised fund has been publicly tied to Fjell Capital or the Koehl family as of this profile. The firm's existing public disclosures are limited to direct investment activities.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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