DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Mercury Fund
Mercury Fund
venture manager, reported GAV $524M across 12 vehicles
Importance
41
elevated
Active deployment
36
elevated
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
15
moderate
Identity and regulatory footprint
- Headquarters
- Houston, TXadviserinfo.sec.gov
- Office address
- 3737 BUFFALO SPEEDWAY, SUITE 1750, Houston, TX, 77098adviserinfo.sec.gov
- Business phone
- 713-715-6820adviserinfo.sec.gov
- Website
- HTTP://WWW.MERCURYFUND.COM
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 16, 2026
- Private funds reported
- 45 (45 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $741Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 713-715-6820adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
3 observed deals
Stated (the firm’s website)
- Sectors
- not stated or not yet read
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 50%Other Technology 50%
lead rate 100%follow-on rate 0%new logos, 12 months 3
Funds and vehicles
12 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Mercury Fund Executives V, LP | Fund | 2024 adv first reported | Early deployment | $399,613 Mar 11, 2024 | 9 | $0 of $610,000 | Oct 6, 2023 |
| Mercury Fund V, LP | Fund | 2022 form d first sale | Active deployment | $93.6M Mar 11, 2024 | 135 | $128M of $150M | Mar 10, 2023 |
| Mercury Fund Affiliates V, LP | Feeder or parallel | 2022 form d first sale | Active deployment | $6.5M Mar 11, 2024 | 93 | $128M of $150M | Mar 10, 2023 |
| Mercury Fund Affiliates IV, LP | Feeder or parallel | 2021 adv first reported | Mature | $8.5M Mar 11, 2024 | 42 | $0 of $10.0M | Jan 28, 2020 |
| Mercury Fund Ventures IV, LP | Fund | 2018 form d first sale | Harvest | $237M Mar 11, 2024 | 98 | $82.3M of $125M | Jun 19, 2019 |
| Mercury Fund III Affiliates, L.P. | Feeder or parallel | 2014 adv first reported | Harvest | $6.2M Mar 11, 2024 | 57 | $0 of $7.0M | Feb 13, 2014 |
| Mercury Fund Ventures III, L.P. | Fund | 2013 form d first sale | Harvest | $133M Mar 11, 2024 | 62 | $97.4M of $125M | Oct 30, 2014 |
| DFJ Mercury II, L.P. | Fund | 2008 form d first sale | Harvest | $27.4M Mar 11, 2024 | 71 | $50.0M of $75.0M | Apr 28, 2010 |
| DFJ Mercury Silverstone Fund, LP | Fund | unknown | Unknown | $4.6M Mar 11, 2024 | 19 | unknown | unknown |
| Draper Fisher Jurvetson Mercury Venture Partners, L.P. | Fund | unknown | Unknown | $3.9M Mar 11, 2024 | 74 | unknown | unknown |
| DFJ Mercury I Annex Fund, L.P. | Continuation vehicle | unknown | Unknown | $2.3M Mar 11, 2024 | 37 | unknown | unknown |
| DFJ Mercury II Affiliates Fund, LP | Feeder or parallel | unknown | Unknown | $530,281 Mar 11, 2024 | 31 | unknown | unknown |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
5 current, 3 departed
Adrian Michael-Carr Fortino
Managing partnerManaging Member · since Jan 1, 2023
Aziz Ahmed Gilani
Managing partnerManaging Member · since Jan 1, 2023
Blair Garrou
Managing partnerco-founder and Managing Partner
Marshall Blair Garrou
Managing partnerManaging Member · since Mar 1, 2005
Andreas Robert Galliker
Platform and operationsChief Financial Officer · since Jul 1, 2021
3 departed (kept with end dates)
- Daniel Marvin Watkins · Managing Member · Mar 1, 2005 to Mar 23, 2023 Inference
- Edward B Hill · Managing Member · Sep 1, 2007 to Mar 11, 2016 Inference
- Winston Gilpin · Chief Financial Officer · Mar 1, 2005 to Mar 25, 2022 Inference
Investments on record
3 edges, 2 companies, 2 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Maximizing Your Amazon Growth Potential | portfolio listing | lead | unknown | unknown | unknown | Sep 17, 2026 | Fact Portfolio company websites (about, investors, press pages) |
| Venus Aerospace Corp. | Funding round | lead | Blair Garrou (confirmed) | $91.0M | unknown | Jul 8, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
| Venus Aerospace Corp. | board seat | unknown · board | Blair Garrou (strongly supported) | unknown | unknown | May 4, 2026 | Inference SEC EDGAR Form D data sets (quarterly) |
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
12 relationships from shared deals, counted for the whole firm
Dundee Venture Capital 1 shared · one time · we led 1Cincytech, LLC 1 shared · one time · they led 1 · we led 1Halogen Ventures 1 shared · one timeFlux Capital 1 shared · one timePrime Movers Lab LLC 1 shared · one timeDraper Associates 1 shared · one time · we led 1MESH 1 shared · one time · we led 1Lockheed Martin Ventures 1 shared · one time · we led 1Starboard Star Venture Capital 1 shared · one time · we led 1Green Sands Equity 1 shared · one time · we led 1PEAK6 1 shared · one time · we led 1Type One Management 1 shared · one time
Limited partners
2 disclosed
Timeline
19 dated events
- Mar 11, 2024Mercury Fund Executives V, LP first reported on Form ADV by Mercury Fund (Venture Capital Fund), GAV $399,613Fund first reported on Form ADVFundsFactMercury Fund Executives V, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 23, 2023Mercury Fund V, LP first reported on Form ADV by Mercury Fund (Venture Capital Fund), GAV $33,488,234Fund first reported on Form ADVFundsFactMercury Fund V, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 23, 2023Daniel Marvin Watkins (Managing Member) no longer on Schedule A of Mercury Fund
- Mar 23, 2023Mercury Fund Affiliates V, LP first reported on Form ADV by Mercury Fund (Venture Capital Fund), GAV $2,934,988Fund first reported on Form ADVFundsFactMercury Fund Affiliates V, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 1, 2023Adrian Michael-Carr Fortino joined Schedule A of Mercury Fund as Managing Member
- Jan 1, 2023Aziz Ahmed Gilani joined Schedule A of Mercury Fund as Managing Member
- Mar 25, 2022Winston Gilpin (Chief Financial Officer) no longer on Schedule A of Mercury Fund
- Jul 1, 2021Andreas Robert Galliker joined Schedule A of Mercury Fund as Chief Financial Officer
- Mar 23, 2021Mercury Fund Affiliates IV, LP first reported on Form ADV by Mercury Fund (Venture Capital Fund), GAV $2,253,786Fund first reported on Form ADVFundsFactMercury Fund Affiliates IV, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 21, 2019Mercury Fund Ventures IV, LP first reported on Form ADV by Mercury Fund (Venture Capital Fund), GAV $5,351,599Fund first reported on Form ADVFundsFactMercury Fund Ventures IV, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 11, 2016Edward B Hill (Managing Member) no longer on Schedule A of DFJ Mercury
- Mar 28, 2014Mercury Fund Ventures III, L.P. first reported on Form ADV by DFJ Mercury (Venture Capital Fund), GAV $5,314,918Fund first reported on Form ADVFundsFactMercury Fund Ventures III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2014Mercury Fund III Affiliates, L.P. first reported on Form ADV by DFJ Mercury (Venture Capital Fund)Fund first reported on Form ADVFundsFactMercury Fund III Affiliates, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 12, 2012Draper Fisher Jurvetson Mercury Venture Partners, L.P. first reported on Form ADV by DFJ Mercury (Venture Capital Fund), GAV $42,459,782Fund first reported on Form ADVFundsFactDraper Fisher Jurvetson Mercury Venture Partners, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 12, 2012DFJ Mercury I Annex Fund, L.P. first reported on Form ADV by DFJ Mercury (Venture Capital Fund), GAV $7,868,108Fund first reported on Form ADVFundsFactDFJ Mercury I Annex Fund, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 12, 2012DFJ Mercury first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 12, 2012DFJ Mercury Silverstone Fund, LP first reported on Form ADV by DFJ Mercury (Venture Capital Fund), GAV $15,885,842Fund first reported on Form ADVFundsFactDFJ Mercury Silverstone Fund, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 12, 2012DFJ Mercury II Affiliates Fund, LP first reported on Form ADV by DFJ Mercury (Venture Capital Fund), GAV $795,121Fund first reported on Form ADVFundsFactDFJ Mercury II Affiliates Fund, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 12, 2012DFJ Mercury II, L.P. first reported on Form ADV by DFJ Mercury (Venture Capital Fund), GAV $46,487,078Fund first reported on Form ADVFundsFactDFJ Mercury II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $524M across 12 vehicles
Evidence
44 observations from 3 sources