DFX Intelligence
Y Combinator Es20, LLC
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
What matters now
- 1 LP reportpublic disclosures
1 public LP report name this vehicle; the latest, Alaska Permanent Fund Corporation as of 31 Dec 2025, shows $15.2M 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
- 2020basis: 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
- indefinitewhat may be sold, not what was raised; file 021-366900, sworn by the adviser or filed under this vehicle
- Form D sold
- $0as of the filing of May 14, 2020, 11 investors
- First sale
- Apr 27, 2020
- Reported GAV
- $3.1Bon the Form ADV filed Sep 14, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 88
- Reported on ADV
- Mar 31, 2021 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.Unknown
latest Form D 2020-05-14, older than 15 months (fr-1)
evidence dated May 14, 2020.
Lifecycle
Mature
Lifecycle
vintage 4 to 7 years
age years: 6first sale: Apr 27, 2020vintage year: 2020adv gav as of: Sep 14, 2026vintage basis: Form d first saleform d sold: $0form d offering: n/aform d latest filed at: May 14, 2020
The fund's own reporting through time
6 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 31, 2021 | Venture Capital Fund | $17.8M | 26 | $1.0M | 20% | yes | |
| Mar 30, 2022 | Venture Capital Fund | $425M | 26 | $1.0M | 20% | yes | |
| Mar 31, 2023 | Venture Capital Fund | $1.1B | 26 | $1.0M | 20% | yes | |
| Mar 29, 2024 | Venture Capital Fund | $1.4B | 26 | $1.0M | 20% | yes | |
| Mar 27, 2026 | Venture Capital Fund | $3.1B | 88 | $1.0M | 20% | ||
| Sep 14, 2026 | $3.1B | 88 | $1.0M | 20% |
Principals and agents
2 principals on Form D, 0 placement agents
- - Ycbatch20, LLC Promoter
- YC Batch20, L.P. general partner (ADV 7.B.(1).A.3)
Service providers
1 named on Form ADV Schedule D and Form D
- AuditorBDO · SAN FRANCISCO, California, United StatesForm ADV filed Mar 27, 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).1 public LP report
| LP | Vintage (LP’s) | Committed | Paid in | Distributed | Remaining value | Net IRR | Multiple | As of |
|---|---|---|---|---|---|---|---|---|
| Alaska Permanent Fund Corporation apfc.org | 2020 | $15.2M | Not disclosed | Not disclosed | Not disclosed | not meaningful yet | unknown | Dec 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.1 relationship, public pensions and the allocator graph, each counted once
| Allocator | Type | Amount | Date | Source |
|---|---|---|---|---|
| Alaska Permanent Fund Corporation | SOVEREIGN LINKED US ALLOCATOR | $15.2M committed | reported as of Dec 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
3 events
- Dec 31, 2025APFC reports Y Combinator ES20 LLC: $15,217,391 committed, vintage 2020LP commitment disclosed Fact Pension disclosure
- Mar 31, 2021Y Combinator Es20, LLC first reported on Form ADV by Y Combinator (Venture Capital Fund), GAV $17,817,687Fund first reported on Form ADV Fact Form ADV
- May 14, 2020Y Combinator ES20, LLC filed Form D: no sales yet (indefinite offering), Venture Capital FundForm D filed Fact Form D
Evidence
33 observations
Every observation on this vehicle
- Adv pdf fund: Y COMBINATOR ES20, LLC Sep 14, 2026 Fact Form ADV
- Entity type: Limited Liability Company Fact Form D
- Entity type: Limited Liability Company May 14, 2020 Fact Form D
- Form D fund type: Venture Capital Fund Fact Form D
- Form D fund type: Venture Capital Fund May 14, 2020 Fact Form D
- Form D industry group: Pooled Investment Fund Fact Form D
- Form D industry group: Pooled Investment Fund May 14, 2020 Fact Form D
- Amendment: false Fact Form D
- Amendment: false May 14, 2020 Fact Form D
- Revenue range (Form D): Decline to Disclose Fact Form D
- Revenue range (Form D): Decline to Disclose May 14, 2020 Fact Form D
- Incorporated: withinFiveYears Fact Form D
- Incorporated: withinFiveYears May 14, 2020 Fact Form D
- Jurisdiction: Delaware Fact Form D
- Jurisdiction: Delaware May 14, 2020 Fact Form D
- Amount sold (Form D): $0 Fact Form D
- Amount sold (Form D): $0 May 14, 2020 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Fact Form D
- Exemptions: 06b, 3C, 3C.7 May 14, 2020 Fact Form D
- First sale: 2020-04-27 Fact Form D
- First sale: 2020-04-27 May 14, 2020 Fact Form D
- Indefinite offering: true Fact Form D
- Indefinite offering: true May 14, 2020 Fact Form D
- Investors (Form D): 11 Fact Form D
- Investors (Form D): 11 May 14, 2020 Fact Form D
- Minimum investment (Form D): 0 Fact Form D
- Minimum investment (Form D): 0 May 14, 2020 Fact Form D
- Securities offered: pooled Fact Form D
- Securities offered: pooled May 14, 2020 Fact Form D
- Office address: Fact Form D
- Office address: May 14, 2020 Fact Form D
- Year of incorporation: 2020 Fact Form D
- Year of incorporation: 2020 May 14, 2020 Fact Form D
Relationships across DFX
on 2 other DFX graphs · 5 capital paths
Across the graphs
Y Combinator Es20, LLC 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.
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Capital chain
Y Combinator Es20, LLC sits on 5 traced paths of capital across the graphs.
Allocator to VC fund to manager to company
DFX traced 5 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.
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Record history
3 dated events on the change ledger, latest event first
- LP commitment disclosed2025-12-31source on record
- Fund first reported on ADV2021-03-31source on record
- Form D filed2020-05-14source 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.