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.
Funds / TCV XI
TCV XI
Amounts, each with its basis
- Vintage
- 2020basis: lp reported
- 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
- unknownwhat may be sold, not what was raised
- Form D sold
- unknown
- First sale
- unknown
- Reported GAV
- unknown
- Owners (ADV)
- unknown
- Reported on ADV
- unknown
Fundraising evidence
Unknown
no Form D or close on record (fr-1)
A 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.
Lifecycle
Mature
vintage 4 to 7 years
age years: 6first sale: n/avintage year: $2,020adv gav as of: n/avintage basis: lp_reportedform d sold usd: n/aform d offering usd: n/aform d latest filed at: n/a
The fund's own reporting through time
0 Form ADV filings
No Form ADV reporting row: this vehicle is known from Form D only.
Principals and agents
0 principals on Form D, 0 placement agents
No Form D related person on record.
Limited partners and their reported performance
6 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 | 2021 | $261M | $258M | $18.0M | $273M | 3.9% | 1.1x | Dec 31, 2025 |
| Washington State Investment Board sib.wa.gov | 2021 | $250M | $217M | n/a | $261M | 5.9% | 1.2x | Dec 31, 2025 |
| Alaska Permanent Fund Corporation apfc.org | 2021 | $65.0M | n/a | n/a | n/a | not meaningful yet | unknown | Dec 31, 2025 |
| Los Angeles City Employees' Retirement System lacers.org | 2021 | n/a | n/a | n/a | n/a | 5.9% | 1.2x | Dec 31, 2025 |
| California State Teachers' Retirement System calstrs.com | 2021 | $200M | $174M | n/a | $207M | 6.6% | 1.2x | Jun 30, 2025 |
| Los Angeles City Employees' Retirement System lacers.org | 2020 | $40.0M | n/a | n/a | n/a | not meaningful yet | unknown | Oct 2, 2020 |
Each 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).
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 TCV XI: an undisclosed amount committed, vintage 2021, net IRR 5.9%, 1.2xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Dec 31, 2025APFC reports TCV XI LP: $65,000,000 committed, vintage 2021LP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Dec 31, 2025WSIB reports TCV XI, L.P.: $250,000,000 committed, vintage 2021, net IRR 5.9%, 1.2xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Dec 31, 2025CalPERS reports TCV XI, L.P.: $261,229,279 committed, vintage 2021, net IRR 3.9%, 1.1xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Jun 30, 2025CalSTRS reports TCV XI, L.P.: $200,000,000 committed, vintage 2021, net IRR 6.6%, 1.19xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Oct 2, 2020LACERS commits $40,000,000 to TCV XI (Technology Crossover Ventures), closed 2020-10-02, existing relationship
Evidence
1 observations
Every observation on this vehicle
- Lp reported fund: TCV XI Oct 2, 2020 Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)