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 / Pathlight Management III, LLC
Pathlight Management III, LLC
Pathlight is an early-stage venture fund built to forge rebels into category leaders.
venture manager, reported GAV $100M across 1 vehicles
Importance
23
moderate
Active deployment
30
moderate
Emerging
99
high
Completeness
63
high
Freshness
100
high
Research priority
37
elevated
Identity and regulatory footprint
- Headquarters
- unknown
- Office address
- unknown
- Business phone
- 347-255-3130adviserinfo.sec.gov
- Website
- https://pathlight.vc/
- 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
- Aug 4, 2026
- Private funds reported
- 1 (1 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $99.7Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 347-255-3130adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
21 observed deals
Stated (the firm’s website)
- Sectors
- ai, enterprise software, fintech, healthcare, climate, energy, hardware, robotics, space, data infrastructure, logistics, industrial
- Stages
- early
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 81%Other Technology 19%
lead rate n/afollow-on rate n/anew logos, 12 months 21
Funds and vehicles
1 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Pathlight Ventures III, LP | Fund | unknown | Fundraising | $99.7M Sep 12, 2026 | 14 | $0 | Nov 6, 2025 |
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
3 current, 0 departed
Charley Ma
Managing partnerManaging Member Of Pathlight Ventures Gp Iii, Llc · since Sep 1, 2025
Mahdi Raza
Managing partnerManaging Member Of Pathlight Management Iii, Llc · since Dec 1, 2025
Mahdi Raza
Managing partnerManaging Member Of Pathlight Ventures Gp Iii, Llc · since Sep 1, 2025
Investments on record
21 edges, 21 companies, 0 partner-attributed
“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
40 relationships from shared deals, counted for the whole firm
A-Star Partners, LLC 3 shared · recurringAlpha Partners Management, LLC 2 shared · recurringLUX Capital Management, LLC 2 shared · recurringAvenir Management Company, LLC 2 shared · recurringStandard Capital 1 shared · one time · they led 1Emergence Equity Management, Inc 1 shared · one timeSection Partners 1 shared · one timeHuman Capital 1 shared · one timeScribble Ventures Management, LLC 1 shared · one timeThursday Ventures Management LLC 1 shared · one timeAIM Master I (bvi) Ltd. 1 shared · one timeCitta Capital Management, LLC 1 shared · one timeInstitutional Venture 1 shared · one timeStandard Crypto Management LP 1 shared · one timeTrinity Ventures 1 shared · one timeHabitat Partners Management LLC 1 shared · one timeSpider Capital 1 shared · one timeFounders First Advisors 1 shared · one timeChemistry Ventures Management, LLC 1 shared · one timeCarbide Ventures 1 shared · one timeGlynn Capital Management, LLC 1 shared · one timeInterplay Ventures Early Stage Management LLC 1 shared · one timeWebb Investment Network Management, LLC 1 shared · one timeAmplify Partners 1 shared · one timeDCVC 1 shared · one time6th Man Ventures, LLC 1 shared · one timePascal Capital, L.L.C. 1 shared · one timeParadigm Operations LP 1 shared · one time137 Ventures Management, LLC 1 shared · one timeShrug, LLC 1 shared · one timeDark Pool Capital 1 shared · one timeE14 Management, LLC 1 shared · one timeFJ Labs 1 shared · one timeK5 1 shared · one timeCNK Equity Partners I, LLC 1 shared · one timeMatrix 1 shared · one timeStandard Capital Ventures 1 shared · one timeManhattan West Asset Management, LLC 1 shared · one timeNyca Management LLC 1 shared · one timeKhosla Ventures, LLC 1 shared · one time
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
1 dated events
- Aug 4, 2026Pathlight Management III, LLC appears on the SEC adviser roster (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Classification history
- Sep 13, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $100M across 1 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 70%, cls-1)venture manager with no reported fund assets yet (scale unknown)
Evidence
25 observations from 3 sources
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | vc_exemption,vc_funds_reported | Aug 4, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| SEC exemption claimed | venture_capital_fund_adviser | Aug 4, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| SEC adviser type | exempt_reporting_adviser | Aug 4, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Latest Form ADV filing | 2026-08-04 | Aug 4, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Adv pdf loaded | adv-pdf-1 | Sep 12, 2026 | Fact | IAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A) |
| SEC status | ERA - Active | Aug 4, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| SEC status effective | 2026-08-04 | Aug 4, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Business phone | 347-255-3130 | Aug 4, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Description | Pathlight is an early-stage venture fund built to forge rebels into category leaders. “meta description” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Description | Pathlight is an early-stage venture fund built to forge rebels into category leaders. “meta description” | Sep 13, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Self-described type | venture_capital “Pathlight — Early-Stage Venture Fund” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Self-described type | venture_capital “Pathlight — Early-Stage Venture Fund” | Sep 13, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Legal form | Limited Liability Company | Aug 4, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Portfolio page | https://pathlight.vc/portfolio “21 entries read” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Portfolio page | https://pathlight.vc/portfolio “21 entries read” | Sep 13, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Private funds reported | 1 | Aug 4, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Private fund gross assets (reported) | $99.7M | Aug 4, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Stated sectors | ai,enterprise_software,fintech,healthcare,climate,energy,hardware,robotics,space,data_infrastructure,logistics,industrial “sector words on the home page” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Stated sectors | ai,enterprise_software,fintech,healthcare,climate,energy,hardware,robotics,space,data_infrastructure,logistics,industrial “sector words on the home page” | Sep 13, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Stated stages | early “stage words on the home page” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Stated stages | early “stage words on the home page” | Sep 13, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Venture funds reported | 1 | Aug 4, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Website | https://pathlight.vc/ | Aug 4, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Site title | Pathlight — Early-Stage Venture Fund “title tag” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Site title | Pathlight — Early-Stage Venture Fund “title tag” | Sep 13, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |