# Pelion Venture Partners

Pelion Venture Partners is a Venture Capital based in Salt Lake City, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Salt Lake City, United States
- **Region:** North America
- **Address:** Salt Lake City, UT, United States
- **Founded:** 1986
- **Assets under management:** Undisclosed
- **Website:** www.pelionvp.com
- **LinkedIn:** https://www.linkedin.com/company/pelion-venture-partners

## Regulatory record

- **CRD number:** 162762
- **SEC file number:** 802-75699
- **Registration status:** ACTIVE
- **Latest Form ADV filing:** 2026-03-30T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/162762

## About

Pelion Venture Partners is an exempt reporting adviser based in Salt Lake City, Utah, established in 2012.

## Sectors

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

## People

- Carl Ledbetter — Managing Partner
- Blake Modersitzki — Managing Partner
- Chris Cooper — Managing Partner

## Questions

### Who runs investment decisions at Pelion Venture Partners?

Blake Modersitzki, Carl Ledbetter, and Chris Cooper serve as managing partners and make investment decisions collectively. The three have worked together for more than two decades, giving the partnership unusual decision-making continuity. No single partner has unilateral authority to deploy capital; the firm operates through a consensus-driven investment committee.

### How does Pelion source deal flow outside traditional coastal tech hubs?

Pelion's four-decade presence in Salt Lake City gives it access to founders emerging from the University of Utah, Brigham Young University, and the broader Intermountain West entrepreneurial network. The firm sources through relationships it has built since 1986, long before Utah became a recognized tech market. This embedded network produces proprietary deal flow that visiting coastal firms rarely see, particularly among capital-efficient enterprise software startups.

### Does Pelion lead rounds or participate as a co-investor alongside larger firms?

Pelion frequently leads seed and Series A rounds in its portfolio companies, particularly in the Intermountain West where few venture firms of comparable vintage operate. It also co-invests alongside coastal venture firms when portfolio companies raise later-stage rounds. The firm is known for acting as an anchor institutional investor in a company's first priced round rather than taking passive co-investor positions.

### What is Pelion's history with Utah's technology ecosystem before it became a recognized venture market?

Pelion was founded in 1986, when there were fewer than five institutional venture firms in the entire state of Utah. The firm backed companies like Novell spinouts and early SaaS businesses during the 1990s, and later funded Fusion-io and MX Technologies before the region attracted significant coastal venture attention. This tenure makes Pelion the most enduring institutional venture platform in Utah's modern tech history.

### Which sectors does Pelion explicitly avoid?

Pelion does not invest in consumer internet, hardware-intensive businesses, or life sciences. The firm has consistently avoided frontier technology sectors like space and robotics, preferring to remain within enterprise software and adjacent infrastructure categories where its partners have operator and board experience across multiple market cycles.

### How large is Pelion's current fund and which types of LPs back it?

Pelion Venture Partners VII closed in 2021 with $365 million in committed capital (per the firm, 2021). The LP base includes university endowments, public pension funds, and family offices that value targeted exposure to the Intermountain West venture ecosystem. Fund VII is roughly twice the size of its predecessor, reflecting increased institutional interest in regional venture strategies.

### How does Pelion's geographic concentration affect its portfolio construction?

While Pelion is headquartered in Salt Lake City, its portfolio is not exclusively Utah-based. The firm invests across the western United States, with a historical concentration in the Mountain West and select coastal enterprise software companies. That said, the majority of its early-stage companies are clustered between Denver and the Wasatch Front, creating a portfolio that is deliberately uncorrelated with Bay Area venture vintage risk.

## Related profiles

- [Pelion Green Future](https://altss.com/profile/pelion-green-future)
- [Pelkonen And Associates](https://altss.com/profile/pelkonen-and-associates)

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Last updated: 2026-08-14T12:30:00.000Z

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