# KeyState: portfolio, investments and team > KeyState is an investment firm based in United States. 1 investment on record, 1 in the last 12 months, latest Apr 2026. Source: https://millionrounds.com/fund/keystate (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # KeyState Last cheque observed Apr 2026; 1 cheques on record. Deploying now Investment firm Debt Deploying now **100%** of best year **1** **cheques in 12 months**, 1 on record Since the last cheque **200** days **00** hrs **00** min **00** sec Median round **$155M** Rounds led **0 of 1** Sole investor **1 rounds** Pitch KeyState ## KeyState highlights - 01 1 cheques in the last 12 months - 02 Mostly Debt: 100% of its rounds - 03 Sole investor in 1 rounds, median $155M ## What they do - **Type:** Investment firm (from a list, unverified) - **Cheque size:** Not stated - **Based in:** LAS VEGAS, United States - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **1 appearances** - **2026** 1 round - **Apr** **[Generate Capital](https://millionrounds.com/company/generate-capital)** Debt · US · Pulse 2.0 **$155M** Sole investor An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **$17B** assets it manages Oct 2026 **Registered** investment adviser full reporting to the SEC - **Legal name:** Keystate Advisory, LLC - **SEC number:** CRD 156226 Funds they back ## 1 fund commitment on record - **Managers:** 1 Every fund on record that it has committed money to, and the managers who invest it. Source: fund news. Managers it backs most - [Generate Capital 1 fund](https://millionrounds.com/fund/generate-capital) Most recent commitments - [Generate Capital Community Solar Tax Equity Fund](https://millionrounds.com/fund/generate-capital) ## The cheque Debt Median round joined **$155M** the round, not its cheque Alone, median **$155M** Led 0 of 1 rounds **0%** - **Sole investor:** 1 rounds - **Last cheque:** Apr 2026 Rounds by stage said on their site - Debt *1* Cheques by month Led Joined Nov 2023 Oct 2026 **Pitching KeyState?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Recently backed The latest companies KeyState put money into. [**Generate Capital** $155M · Apr 2026](https://millionrounds.com/company/generate-capital) ## Quick answers about KeyState ### What does KeyState invest in? KeyState invests most often at Debt (100% of the rounds on record). ### How active is KeyState? 1 investments on record, 1 of them in the last 12 months. The most recent was in Apr 2026. ### What has KeyState invested in recently? Its most recent investments on record: Generate Capital (Debt, Apr 2026). ### How big are KeyState's cheques? The median round it joins is $155M. ### Is KeyState investing now? Yes: it is actively investing, with 1 investments in the last 12 months. ### What kind of investor is KeyState? KeyState is an investment firm based in LAS VEGAS, United States. ### How much does KeyState manage? About $17B, as regulatory assets under management (Oct 2026). ### When was KeyState founded? KeyState was founded in 1991. ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=keystate) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=keystate)