LiveOak funds report major in-kind transfer of CS Disco (LAW) stock
Rhea-AI Filing Summary
LOVP SBIC Management Services, L.L.C. and affiliated LiveOak entities reported related-party transfers of CS Disco, Inc. (LAW) common stock on 09/17/2025 executed as a pro rata in-kind distribution rather than a purchase or sale. The filing shows LiveOak Venture Partners 1A, L.P. disposed of 4,889,700 shares via the distribution. LiveOak Venture Partners I, L.P. received 4,612,116 shares and now beneficially owns 6,324,973 shares. Additional direct or indirect holdings are reported: 51,432 shares directly, 561,314 held by LiveOak I Co-Invest L.P., 768,058 by LiveOak I Co-Invest II L.P., and 172,940 by LiveOak I Co-Invest IV LP. Reporting parties include LOVP SBIC Management Services, L.L.C. and managing member Venu Shamapant, with multiple affiliated GP/LP entities disclaiming beneficial ownership except to the extent of pecuniary interest. Signatures date the filing 09/19/2025.
Positive
- Large block transfer executed as an in-kind distribution, indicating no open-market sale pressure from the reporting group
- LiveOak Venture Partners I, L.P. increased beneficial ownership to 6,324,973 shares following the distribution
- Clear disclaimers and attribution by general partners and managing members provide transparency on indirect holdings
Negative
- LiveOak Venture Partners 1A, L.P. disposed of 4,889,700 shares (distribution), reducing that entity's direct holdings to zero
- Complex ownership structure across multiple GP/LP entities may complicate outside investors' ability to track ultimate economic interests
Insights
TL;DR: Reallocation of holdings among affiliated LiveOak funds shifted large blocks of LAW shares without open-market trades, leaving aggregate ownership within the group.
The Form 4 documents a significant in-kind distribution on 09/17/2025 where LiveOak Venture Partners 1A, L.P. distributed 4,889,700 shares to affiliated partners and funds; no cash changed hands. One affiliated vehicle, LiveOak Venture Partners I, L.P., received 4,612,116 shares and reports 6,324,973 shares beneficially owned after the transaction. Several co-invest vehicles show substantial indirect holdings (561,314; 768,058; 172,940). From an ownership construct perspective, this is an internal reallocation across related entities rather than a dilution event or market sale, so it does not directly change the company’s outstanding shares or signal liquidity from the group via a public sale.
TL;DR: The filing discloses compliant attribution and disclaimers across multiple affiliated GP/LP structures after an in-kind distribution.
The Form 4 provides clear attribution: general partners and managing members (including Venu Shamapant) disclose their roles and include standard disclaimers that they disclaim beneficial ownership except for pecuniary interests. The filing records signatures dated 09/19/2025 and explains the transfer was pro rata and in-kind. For disclosure and compliance purposes, the report appears to document related-party distributions and appropriate Section 16 reporting by the applicable entities and individuals rather than an external transfer or sale.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Stock | 4,889,700 | $0.00 | -- |
| Other | Common Stock | 4,612,116 | $0.00 | -- |
| Other | Common Stock | 51,432 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by LiveOak Venture Partners 1A, L.P. ("LVP IA") to its general partner and limited partners without additional consideration. Securities are directly held by LVP IA. LOVP SBIC Management Services, L.L.C. ("SBIC GP") is the general partner of LVP IA and Messrs. Krishna Srinivasan and Venu Shamapant are the managing members of SBIC GP. Each of SBIC GP and Mr. Shamapant disclaims beneficial ownership of these securities except to the extent of its or his respective pecuniary interest therein. Mr. Srinivasan is a director of the Issuer and files separate Section 16 reports. Represents receipt of shares in the distribution in kind described in footnote (1). Securities are directly held by LiveOak Venture Partners I, L.P. ("LVP I"). LOVP GP I, L.P. ("LOVP GP I") is the general partner of LVP I and LOVP Upper Tier GP I, LLC ("LOVPUT GP I") is the general partner of LOVP GP I. Messrs. Krishna Srinivasan and Venu Shamapant are the managing members of LOVPUT GP I. Each of LOVPUT GP I and Mr. Shamapant disclaims beneficial ownership of these securities except to the extent of its or his respective pecuniary interest therein. Mr. Srinivasan is a director of the Issuer and files separate Section 16 reports. Securities are directly held by SBIC GP. Messrs. Krishna Srinivasan and Venu Shamapant are the managing members of SBIC GP. Mr. Shamapant disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein. Mr. Srinivasan is a director of the Issuer and files separate Section 16 reports. Securities are directly held by LiveOak I Co-Invest L.P. ("LICI"). LOVP TDA GP, LP ("LOVP TDA GP") is the general partner of LICI and LOVPUT GP I is the general partner of LOVP TDA GP. Messrs. Krishna Srinivasan and Venu Shamapant are the managing members of LOVPUT GP I. Each of LOVPUT GP I and Mr. Shamapant disclaims beneficial ownership of these securities except to the extent of its or his respective pecuniary interest therein. Mr. Srinivasan is a director of the Issuer and files separate Section 16 reports. Securities are directly held by LiveOak I Co-Invest II L.P. ("LICI II"). LOVP TDA GP is the general partner of LICI II and LOVPUT GP I is the general partner of LOVP TDA GP. Messrs. Krishna Srinivasan and Venu Shamapant are the managing members of LOVPUT GP I. Each of LOVPUT GP I and Mr. Shamapant disclaims beneficial ownership of these securities except to the extent of its or his respective pecuniary interest therein. Mr. Srinivasan is a director of the Issuer and files separate Section 16 reports. Securities are directly held by LiveOak I Co-Invest IV LP ("LICI IV"). LiveOak Co-Invest GP, LLC ("LICI GP") is the general partner of LICI IV and Messrs. Krishna Srinivasan and Venu Shamapant are the managing members of LICI GP. Each of LICI GP and Mr. Shamapant disclaims beneficial ownership of these securities except to the extent of its or his respective pecuniary interest therein. Mr. Srinivasan is a director of the Issuer and files separate Section 16 reports.
