Mercury Fund
Institutional venture firm, based in Houston, Texas, reporting $741M of fund assets on its funds' Form ADV filings.
Composed from this organization's classification, location and filed figures.
2 additional team members, 17 additional co-investors and affiliates, 57 additional investments, funds and LPs, 47 events, 1 verified contact (1 firm phone)
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What matters now
- 1 companynew in 12 months
1 new company in the last 12 months. Latest round Venus Aerospace round ($91M round, led) on 8 Jul 2026.
A firm writing cheques this quarter is one a founder can pitch now.
- 2 dealswith Prime Movers Lab
Invests most often alongside Prime Movers Lab (2 shared deals) and Renewal Funds (2 shared deals).
pair last observed on record 30 Sep 2026, not a deal date · The firms it syndicates with are the likeliest to see the same deals and to fill out its rounds.
Measuredshared rounds and portfolio companies on recordFor Founders building a round, co-investorsCo-investors →
People to know
View all people- co-founder and Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
- Managing MemberWhy: Named with investment responsibilityNo route on file yet
- Managing MemberWhy: Named with investment responsibilityNo route on file yet
Relationship network
92 connected entities30 observed rounds8 repeat counterparties4 dated rounds shown here, 2020 to 2026
From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.
- Sponsor
- Company
- Capital provider
- Fund or vehicle
- Person
›How strength and recency are read
Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
How am I connected?
Name your firm, a company or a person, and DFX finds the published routes to Mercury Fund: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.
See how you connect to Mercury Fund
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
18 companies on record, 1 new in 12 months
Investments on record
What these amounts mean“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.Acquired, Public, Exited and Active are what the firm’s own portfolio card says, read on the date shown when you hover the chip; they are not deal dates. A company with no chip is one whose card states no outcome: DFX does not assume it is active.| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| ArborXR | portfolio listing | lead | unknown | unknown | unknown | Sep 22, 2026 | Fact Company website |
| Maximizing Your Amazon Growth Potential | portfolio listing | lead | unknown | unknown | unknown | Sep 17, 2026 | Fact Company website |
| Venus Aerospace Corp. | Funding round | lead | Blair Garrou (confirmed) | $91.0M | unknown | Jul 8, 2026 | Fact Press release |
Stated thesis versus observed behaviour
- 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
Team
5 current, 3 departed
Decision makers
- Blair Garrou · co-founder and Managing PartnerWhy this person: Managing partner: runs the firm; Named with investment responsibility; Led 1 round on record
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Investment team
How the team is orderedPartners who lead rounds first (rounds led, then deals attributed, then seniority), then the rest of the investment team, then investor relations, finance and operations. A person named by two sources under two spellings is shown once.- co-founder and Managing Partner · led 1 round on record
- Managing Member · 4 deals attributed
- Managing Member · 3 deals attributed
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
Contacts
1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
45 vehicles, 1 LPs disclosed
Funds and vehicles
What these amounts meanGAV 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.| 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 | $952,993 Mar 16, 2026 | 9 | $0 of $610,000 | Oct 6, 2023 |
| Mercury Fund V, LP | Fund | 2022 form d first sale | Active deployment | $205M Mar 16, 2026 | 132 | $128M of $150M | Mar 10, 2023 |
| Mercury Fund Affiliates V, LP | Feeder or parallel | 2022 form d first sale | Active deployment | $20.8M Mar 16, 2026 | 92 | $128M of $150M | Mar 10, 2023 |
Limited partners
- 2 commitments to 2 funds · $16.0M disclosed
Known LPs and allocators
What these amounts and dates areEach commitment is counted once across the pension tape and the allocator graph. A commitment date prints only when the source printed one; otherwise the row carries the report date. A foundation’s 990-PF line is a holding at fair value, never a commitment. Rows without a fund on the venture graph are commitments to this manager.| Allocator | Type | Fund | Amount | Date | Source |
|---|---|---|---|---|---|
| San Diego City Employees' Retirement System | MUNICIPAL RETIREMENT SYSTEM | DFJ Mercury II, L.P. | $10.0M committed | reported as of Mar 31, 2026 | Fact Pension disclosure |
| San Diego City Employees' Retirement System | MUNICIPAL RETIREMENT SYSTEM | DFJ Mercury Silverstone Fund, LP | $6.0M committed | reported as of Mar 31, 2026 | Fact Pension disclosure |
| Charles T Bauer Charitable Foundation | FOUNDATION | DFJ Mercury II, L.P. | $126,276 fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
Relationships across DFX
20 co-investors · on 2 other DFX graphs
Co-investors
- 2026-09-302 shared deals · recurring
- 2021-09-292 shared deals · recurring
- 2026-10-011 shared deal · one time
Compare portfolios with Prime Movers Lab LLC, Renewal Funds, Halogen Ventures or any firm. Co-investors across the market
Across DFX and the capital chainon 2 other DFX graphs · 17 capital paths ShowHide
- The same institution is held on Allocators, RIA and Wealth, matched by identifier. See which records
Mercury Fund is the same institution as 2 records in Allocators and RIA and Wealth.
DFX found 2 relationships across 2 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
Mercury Fund sits on 17 traced paths of capital across the graphs.
DFX traced 17 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Evidence and history
52 dated events, 58 observations from 3 sources
Timeline
- Mar 16, 2026Mercury Affiliates Xviii, LLC first reported on Form ADV by Mercury Fund (Venture Capital Fund), GAV $1,754,366
- Mar 16, 2026Mercuy Affiliates Xvii, LLC first reported on Form ADV by Mercury Fund (Venture Capital Fund), GAV $369,689
- Mar 16, 2026Mercury Inscription II, LLC first reported on Form ADV by Mercury Fund (Venture Capital Fund), GAV $1,284,999
- Mar 16, 2026Mercuy Affiliates Xxx, LLC first reported on Form ADV by Mercury Fund (Venture Capital Fund), GAV $3,306,766
- Mar 16, 2026Mercury Affiliates X, LLC first reported on Form ADV by Mercury Fund (Venture Capital Fund), GAV $2,785,320
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 16, 2026 · 45 private fundsShowHide
- Headquarters
- Houston, TXadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- 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, adviser total
- $741Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Classification history
Classification history
Every classification this record has carried2 on recordShowHide
- Sep 23, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $741M across 45 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $524M across 12 vehicles
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Mar 16, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 16, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 11, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 16, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 16, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 11, 2024 | Fact | Form ADV |
| First Form ADV filing | 2012-07-12 | Mar 16, 2026 | Fact | Form ADV |
| First Form ADV filing | 2012-07-12 | Mar 11, 2024 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-30 | Oct 1, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-29 | Sep 30, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-25 | Sep 26, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-23 | Sep 24, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-21 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-22 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1 | Sep 12, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-16 | Mar 16, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-16 | Mar 16, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-03-11 | Mar 11, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 16, 2026 | Fact | Form ADV |
| SEC status effective | 2012-07-12 | Mar 16, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 16, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 11, 2024 | Fact | Form ADV |
| Business phone | Mar 16, 2026 | Fact | Form ADV | |
| Business phone | Mar 11, 2024 | Fact | Form ADV | |
| Headquarters | Houston, TX | Mar 16, 2026 | Fact | Form ADV |
| Headquarters | Houston, TX | Mar 11, 2024 | Fact | Form ADV |
| Office address | Mar 16, 2026 | Fact | Form ADV | |
| Office address | Mar 11, 2024 | Fact | Form ADV | |
| Legal form | Limited Liability Company | Mar 16, 2026 | Fact | Form ADV |
| Legal form | Limited Liability Company | Mar 11, 2024 | Fact | Form ADV |
| Private funds reported | 45 | Mar 16, 2026 | Fact | Form ADV |
| Private funds reported | 45 | Mar 16, 2026 | Fact | Form ADV |
| Private funds reported | 12 | Mar 11, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $741M | Mar 16, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $741M | Mar 16, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $524M | Mar 11, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Mar 16, 2026 | Fact | Form ADV |
| Venture funds reported | 45 | Mar 16, 2026 | Fact | Form ADV |
| Venture funds reported | 45 | Mar 16, 2026 | Fact | Form ADV |
| Venture funds reported | 12 | Mar 11, 2024 | Fact | Form ADV |
| Website | Mar 16, 2026 | Fact | Form ADV | |
| Website | Mar 11, 2024 | Fact | Form ADV | |
| Robots | disallowed “robots.txt disallows our user agent” | Sep 16, 2026 | Fact | |
| Robots | disallowed “robots.txt disallows our user agent” | Sep 12, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShowHide
Venture manager, reported GAV $741M across 45 vehicles
- importance
- gav: 0.57 · funds: 1 · people: 0.28 · investments: 0.56 · co investors: 0.53
- active deployment
- investments 12m: 0.25 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-07-08
- emerging manager
- fund count: 45 · reported gav: $741M · first adv filing: 2012-07-12 · years since first filing: 14.2
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Record history
- Adviser's first ADV filing2012-07-12source on record
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.