DFX Intelligence
B Capital Opportunities Fund II, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
Active deploymentClosed to new capitalADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
5 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, California Public Employees' Retirement System as of 31 Dec 2025, shows $240M committed.
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 →
Drawing the relationship network…
Amounts, each with its basis
- Vintage
- 2022basis: 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
- $754Mwhat may be sold, not what was raised; file 021-448382, sworn by the adviser or filed under this vehicle
- Form D sold
- $754Mas of the filing of Mar 15, 2024, 52 investors
- First sale
- May 23, 2022
- Reported GAV
- $813Mon the Form ADV filed Sep 14, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 65
- Reported on ADV
- Mar 31, 2023 to Sep 14, 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.Closed to new capital
Form D filed or amended 2024-03-15: the stated $754.1M offering reported fully sold (fr-1)
evidence dated Mar 15, 2024.
Lifecycle
Active deployment
Lifecycle
vintage 2 to 4 years
age years: 4first sale: May 23, 2022vintage year: 2022adv gav as of: Sep 14, 2026vintage basis: Form d first saleform d sold: $754Mform d offering: $754Mform d latest filed at: Mar 15, 2024
The fund's own reporting through time
5 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 31, 2023 | Venture Capital Fund | $321M | 28 | $5.0M | 5% | yes | |
| Sep 1, 2023 | Venture Capital Fund | $321M | 28 | $5.0M | 5% | yes | |
| Mar 28, 2024 | Venture Capital Fund | $810M | 53 | $5.0M | 5% | yes | |
| May 29, 2026 | Venture Capital Fund | $813M | 65 | $5.0M | 5% | ||
| Sep 14, 2026 | $813M | 65 | $5.0M | 5% |
Principals and agents
3 principals on Form D, 2 placement agents
- B Capital Opportunities GP II, L.P. Promoter
- B Capital GP Select 2022, L.P. Promoter
- B Capital Opportunities GP II, L.P. general partner (ADV 7.B.(1).A.3)
- Connaught (U.S.) LLC placement agent
- Astris Advisory Japan Kk placement agent
Service providers
8 named on Form ADV Schedule D and Form D
- AuditorEY · BOSTON, Massachusetts, United StatesForm ADV filed May 29, 2026 reports.adviserinfo.sec.gov
- AdministratorStandish Management · SANTA MONICA, California, United StatesForm ADV filed May 29, 2026 reports.adviserinfo.sec.gov
- CustodianCarta · SALT LAKE CITY, Utah, United StatesForm ADV filed May 29, 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 |
|---|---|---|---|---|---|---|---|---|
| California Public Employees' Retirement System calpers.ca.gov | 2024 | $240M | $60.6M | $0 | $75.4M | not meaningful yet | unknown | Dec 31, 2025 |
| New York State Common Retirement Fund osc.ny.gov | 2024 | $150M | $12.2M | $0 | $22.6M | not meaningful yet | 1.9x | Mar 31, 2025 |
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.2 relationships, public pensions and the allocator graph, each counted once
| Allocator | Type | Amount | Date | Source |
|---|---|---|---|---|
| California Public Employees' Retirement System | STATE RETIREMENT SYSTEM | $240M committed | reported as of Dec 31, 2025 | Fact Pension disclosure |
| New York State Common Retirement Fund | PUBLIC INSTITUTIONAL POOL | $150M committed | reported as of Mar 31, 2025 | Fact Pension disclosure |
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, 2025CalPERS reports B Capital Opportunities Fund II, L.P.: $240,000,000 committed, vintage 2024LP commitment disclosed Fact Pension disclosure
- Dec 31, 2025CalPERS reports B Capital Opportunities Fund II, L.P.: $240,000,000 committed, vintage 2024LP commitment disclosed Fact Pension disclosure
- Mar 31, 2025NYSCRF reports B Capital Opportunities Fund II, L.P.: $150,000,000 committed, vintage 2024LP commitment disclosed Fact Pension disclosure
- Mar 15, 2024B Capital Opportunities Fund II, L.P. filed Form D/A: $754,082,500 sold of $754,082,500, Venture Capital FundForm D filed Fact Form D
- Mar 31, 2023B Capital Opportunities Fund II, L.P. first reported on Form ADV by B Capital Group (Venture Capital Fund), GAV $321,365,000Fund first reported on Form ADV Fact Form ADV
Evidence
33 observations
Every observation on this vehicle
- Adv pdf fund: 812,748,129 Sep 14, 2026 Fact Form ADV
- Entity type: Other Mar 15, 2024 Fact Form D
- Entity type: Other Jun 7, 2022 Fact Form D
- Form D fund type: Venture Capital Fund Mar 15, 2024 Fact Form D
- Form D fund type: Venture Capital Fund Jun 7, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund Mar 15, 2024 Fact Form D
- Form D industry group: Pooled Investment Fund Jun 7, 2022 Fact Form D
- Amendment: true Mar 15, 2024 Fact Form D
- Amendment: false Jun 7, 2022 Fact Form D
- Revenue range (Form D): Decline to Disclose Mar 15, 2024 Fact Form D
- Revenue range (Form D): Decline to Disclose Jun 7, 2022 Fact Form D
- Incorporated: withinFiveYears Mar 15, 2024 Fact Form D
- Incorporated: withinFiveYears Jun 7, 2022 Fact Form D
- Jurisdiction: CAYMAN ISLANDS Mar 15, 2024 Fact Form D
- Jurisdiction: CAYMAN ISLANDS Jun 7, 2022 Fact Form D
- Amount sold (Form D): $754M Mar 15, 2024 Fact Form D
- Amount sold (Form D): $310M Jun 7, 2022 Fact Form D
- Offering amount (Form D): $754M Mar 15, 2024 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Mar 15, 2024 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Jun 7, 2022 Fact Form D
- First sale: 2022-05-23 Mar 15, 2024 Fact Form D
- First sale: 2022-05-23 Jun 7, 2022 Fact Form D
- Indefinite offering: true Jun 7, 2022 Fact Form D
- Investors (Form D): 52 Mar 15, 2024 Fact Form D
- Investors (Form D): 23 Jun 7, 2022 Fact Form D
- Minimum investment (Form D): 0 Mar 15, 2024 Fact Form D
- Minimum investment (Form D): 0 Jun 7, 2022 Fact Form D
- Securities offered: pooled Mar 15, 2024 Fact Form D
- Securities offered: pooled Jun 7, 2022 Fact Form D
- Office address: Mar 15, 2024 Fact Form D
- Office address: Jun 7, 2022 Fact Form D
- Year of incorporation: 2021 Mar 15, 2024 Fact Form D
- Year of incorporation: 2021 Jun 7, 2022 Fact Form D
Relationships across DFX
on 2 other DFX graphs · 10 capital paths
Across the graphs
B Capital Opportunities Fund II, L.P. is the same institution as 2 records in Allocators and RIA and Wealth.
Allocators1RIA and Wealth1
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…
Capital chain
B Capital Opportunities Fund II, L.P. sits on 10 traced paths of capital across the graphs.
Allocator to VC fund to manager to company
DFX traced 10 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
- LP commitment disclosed2025-12-31source on record
- LP commitment disclosed2025-03-31source 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.