DFX Intelligence
ULU Ventures Fund III, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
MatureFundraising status unknownADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
4 additional placement agents, 1 event
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
- 2 LP reportspublic disclosures
2 public LP reports name this vehicle; the latest, Los Angeles City Employees' Retirement System as of 31 Dec 2025 and net IRR -11.1%, 0.64x (the LP's own figures).
A named LP and its own performance figures are the strongest outside read on a fund.
FactPublic pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)For LPs, fund-of-fundsLimited partners → - -30%reported GAV
Reported gross assets fell from $123M to $85.8M between the Form ADV filings of 27 Mar 2024 and 1 Jun 2026.
The fund's assets as the adviser swears them, never its size or dry powder.
Drawing the relationship network…
Amounts, each with its basis
- Vintage
- 2019basis: form d first sale
- Target
- unknownnot announced
- First close
- unknownnever inferred from a Form D
- Final close
- unknownonly from an announcement or an LP disclosure
- Announced size
- unknown
- Form D offering
- $135Mwhat may be sold, not what was raised; file 021-353298, sworn by the adviser or filed under this vehicle
- Form D sold
- $122Mas of the filing of Jan 26, 2021, 55 investors
- First sale
- Nov 14, 2019
- Reported GAV
- $85.8Mon the Form ADV filed Jun 1, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 81
- Reported on ADV
- Mar 30, 2020 to Jun 1, 2026
Fundraising evidence
What counts as raisingA Form D offering is permission to sell, not a fund in market; an amount sold is never a close; an evergreen offering amended every year is not a raise.Unknown
latest Form D 2021-01-26, older than 15 months (fr-1)
evidence dated Jan 26, 2021.
Lifecycle
Mature
Lifecycle
vintage 4 to 7 years
age years: 7first sale: Nov 14, 2019vintage year: 2019adv gav as of: Jun 1, 2026vintage basis: Form d first saleform d sold: $122Mform d offering: $135Mform d latest filed at: Jan 26, 2021
The fund's own reporting through time
6 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 30, 2020 | Venture Capital Fund | $59.6M | 31 | 17% | yes | ||
| Apr 1, 2021 | Venture Capital Fund | $128M | 60 | 8% | yes | ||
| Mar 30, 2022 | Venture Capital Fund | $135M | 80 | 7% | yes | ||
| Mar 31, 2023 | Venture Capital Fund | $129M | 81 | 7% | yes | ||
| Mar 27, 2024 | Venture Capital Fund | $123M | 81 | 7% | yes | ||
| Jun 1, 2026 | Venture Capital Fund | $85.8M | 81 | 7% |
Principals and agents
3 principals on Form D, 1 placement agents
- Clint Korver Director
- Miriam Rivera Director
- Ulu Ventures Fund III GP, LLC Director
- Troy Investment Advisors LLC placement agent
Service providers
7 named on Form ADV Schedule D and Form D
- AuditorFrank, Rimerman + Co. · SAN FRANCISCO, California, United StatesForm ADV filed Jun 1, 2026 reports.adviserinfo.sec.gov
- AdministratorSS&C · SAN FRANCISCO, California, United StatesForm ADV filed Jun 1, 2026 reports.adviserinfo.sec.gov
- CustodianBank of America · SAN JOSE, California, United StatesForm ADV filed Jun 1, 2026 reports.adviserinfo.sec.gov
Limited partners and their reported performance
Whose numbers these areEach row is the LP’s own number: its cash flows and its valuation policy as of its reporting date, not the fund’s. Net IRR is printed only when the LP prints one. The vintage is the LP’s definition (CalPERS: year of its first cash flow; WSIB: year of its initial investment).2 public LP reports
| LP | Vintage (LP’s) | Committed | Paid in | Distributed | Remaining value | Net IRR | Multiple | As of |
|---|---|---|---|---|---|---|---|---|
| Los Angeles City Employees' Retirement System lacers.org | 2020 | Not disclosed | Not disclosed | Not disclosed | Not disclosed | -11.1% | 0.6x | Dec 31, 2025 |
| Los Angeles City Employees' Retirement System lacers.org | 2021 | $10.0M | Not disclosed | Not disclosed | Not disclosed | not meaningful yet | unknown | Jan 8, 2021 |
Known LPs and allocators
What these amounts and dates areA commitment date prints only when the source printed one; otherwise the row carries the date of the report that listed it. A foundation’s 990-PF line is a holding at fair value on its return, never a commitment.3 relationships, public pensions and the allocator graph, each counted once
| Allocator | Type | Amount | Date | Source |
|---|---|---|---|---|
| Los Angeles City Employees' Retirement System | MUNICIPAL RETIREMENT SYSTEM | amount not disclosed | reported as of Dec 31, 2025 | Fact Pension disclosure |
| Marguerite Casey Foundation | FOUNDATION | $1.6M fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
| John D & Catherine T Macarthur Foundation | FOUNDATION | $3.3M fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
Investments attributed to this vehicle
0
No investment attributed to this vehicle. The firm’s investments sit on the firm; a fund gets one only when a source names the vehicle.
Timeline
6 events
- Dec 31, 2025LACERS reports Ulu Ventures Fund III: an undisclosed amount committed, vintage 2020, net IRR -11.1%, 0.64xLP commitment disclosed Fact Pension disclosure
- Jan 26, 2021Ulu Ventures Fund III, L.P. filed Form D/A: $122,255,222 sold of $135,000,000, Venture Capital FundForm D filed Fact Form D
- Jan 8, 2021LACERS commits $10,000,000 to Ulu Ventures Fund III (Ulu Ventures), closed 2021-01-08, new relationshipLP commitment closed Fact Pension disclosure
- Nov 17, 2020Ulu Ventures Fund III, L.P. filed Form D/A: $80,780,000 sold of $100,000,000, Venture Capital FundForm D filed Fact Form D
- Mar 30, 2020ULU Ventures Fund III, L.P. first reported on Form ADV by ULU Ventures Management Company, LLC (Venture Capital Fund), GAV $59,630,000Fund first reported on Form ADV Fact Form ADV
Evidence
62 observations
Every observation on this vehicle
- Entity type: Limited Partnership Fact Form D
- Entity type: Limited Partnership Jan 26, 2021 Fact Form D
- Entity type: Limited Partnership Nov 17, 2020 Fact Form D
- Entity type: Limited Partnership Nov 13, 2019 Fact Form D
- Form D fund type: Venture Capital Fund Fact Form D
- Form D fund type: Venture Capital Fund Jan 26, 2021 Fact Form D
- Form D fund type: Venture Capital Fund Nov 17, 2020 Fact Form D
- Form D fund type: Venture Capital Fund Nov 13, 2019 Fact Form D
- Form D industry group: Pooled Investment Fund Fact Form D
- Form D industry group: Pooled Investment Fund Jan 26, 2021 Fact Form D
- Form D industry group: Pooled Investment Fund Nov 17, 2020 Fact Form D
- Form D industry group: Pooled Investment Fund Nov 13, 2019 Fact Form D
- Amendment: false Fact Form D
- Amendment: true Jan 26, 2021 Fact Form D
- Amendment: true Nov 17, 2020 Fact Form D
- Amendment: false Nov 13, 2019 Fact Form D
- Revenue range (Form D): Decline to Disclose Fact Form D
- Revenue range (Form D): Decline to Disclose Jan 26, 2021 Fact Form D
- Revenue range (Form D): Decline to Disclose Nov 17, 2020 Fact Form D
- Revenue range (Form D): Decline to Disclose Nov 13, 2019 Fact Form D
- Incorporated: withinFiveYears Fact Form D
- Incorporated: withinFiveYears Jan 26, 2021 Fact Form D
- Incorporated: withinFiveYears Nov 17, 2020 Fact Form D
- Incorporated: withinFiveYears Nov 13, 2019 Fact Form D
- Jurisdiction: Delaware Fact Form D
- Jurisdiction: Delaware Jan 26, 2021 Fact Form D
- Jurisdiction: Delaware Nov 17, 2020 Fact Form D
- Jurisdiction: Delaware Nov 13, 2019 Fact Form D
- Amount sold (Form D): $0 Fact Form D
- Amount sold (Form D): $122M Jan 26, 2021 Fact Form D
- Amount sold (Form D): $80.8M Nov 17, 2020 Fact Form D
- Amount sold (Form D): $0 Nov 13, 2019 Fact Form D
- Offering amount (Form D): $100M Fact Form D
- Offering amount (Form D): $135M Jan 26, 2021 Fact Form D
- Offering amount (Form D): $100M Nov 17, 2020 Fact Form D
- Offering amount (Form D): $100M Nov 13, 2019 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Jan 26, 2021 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Nov 17, 2020 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Nov 13, 2019 Fact Form D
- First sale: 2019-11-14 Jan 26, 2021 Fact Form D
- First sale: 2019-11-14 Nov 17, 2020 Fact Form D
- Investors (Form D): 0 Fact Form D
- Investors (Form D): 55 Jan 26, 2021 Fact Form D
- Investors (Form D): 42 Nov 17, 2020 Fact Form D
- Investors (Form D): 0 Nov 13, 2019 Fact Form D
- Minimum investment (Form D): 0 Fact Form D
- Minimum investment (Form D): 0 Jan 26, 2021 Fact Form D
- Minimum investment (Form D): 0 Nov 17, 2020 Fact Form D
- Minimum investment (Form D): 0 Nov 13, 2019 Fact Form D
- Securities offered: Equity, pooled Fact Form D
- Securities offered: Equity, pooled Jan 26, 2021 Fact Form D
- Securities offered: Equity, pooled Nov 17, 2020 Fact Form D
- Securities offered: Equity, pooled Nov 13, 2019 Fact Form D
- Office address: Fact Form D
- Office address: Jan 26, 2021 Fact Form D
- Office address: Nov 17, 2020 Fact Form D
- Office address: Nov 13, 2019 Fact Form D
- Year of incorporation: 2019 Fact Form D
- Year of incorporation: 2019 Jan 26, 2021 Fact Form D
- Year of incorporation: 2019 Nov 17, 2020 Fact Form D
- Year of incorporation: 2019 Nov 13, 2019 Fact Form D
Relationships across DFX
on 3 other DFX graphs · 15 capital paths
Across the graphs
ULU Ventures Fund III, L.P. is the same institution as 3 records in Allocators, RIA and Wealth and Family Offices.
Allocators1RIA and Wealth1Family Offices1
DFX found 3 relationships across 3 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…
Capital chain
ULU Ventures Fund III, L.P. sits on 15 traced paths of capital across the graphs.
Allocator to VC fund to manager to company
DFX traced 15 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…
Record history
6 dated events on the change ledger, latest event first
- LP commitment disclosed2025-12-31source on record
- Form D filed2021-01-26source on record
- LP commitment made2021-01-08source on record
+3 more changes on this record's ledger
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
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.