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 / Defy Partners II, L.P.

Defy Partners II, L.P.

MatureClosed to new capitalFundADV: Venture Capital FundDefy Partners Management, LLCDelaware
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
$262Mwhat may be sold, not what was raised; file 021-337037, sworn by the adviser or filed under this vehicle
Form D sold
$262Mas of the filing of Apr 11, 2019, 49 investors
First sale
Mar 28, 2019
Reported GAV
$217Mon the Form ADV filed Mar 7, 2024; the fund's assets, never its size or dry powder
Owners (ADV)
48
Reported on ADV
Mar 19, 2020 to Mar 7, 2024
Fundraising evidence
Closed to new capital
Form D filed or amended 2019-04-11: the stated $262.0M offering reported fully sold (fr-1)
evidence dated Apr 11, 2019. 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: 7first sale: 2019-03-28vintage year: $2,019adv gav as of: 2024-03-07vintage basis: form_d_first_saleform d sold usd: $262Mform d offering usd: $262Mform d latest filed at: 2019-04-11
The fund's own reporting through time
5 Form ADV filings
FiledTypeGross asset value OwnersMin. investmentAdviser-ownedAudit
Mar 19, 2020Venture Capital Fund$262M
482%yes
Mar 25, 2021Venture Capital Fund$306M
482%yes
Mar 10, 2022Venture Capital Fund$306M
482%yes
Mar 16, 2023Venture Capital Fund$339M
482%yes
Mar 7, 2024Venture Capital Fund$217M
482%yes
Principals and agents
3 principals on Form D, 0 placement agents
Limited partners and their reported performance
2 public LP reports
LPVintage (LP’s)CommittedPaid inDistributedRemaining valueNet IRRMultipleAs of
Los Angeles City Employees' Retirement System lacers.org2019$18.0M$13.9Mn/a$34.4M24.5%2.5xDec 31, 2025
Los Angeles City Employees' Retirement System lacers.org2019$18.0Mn/an/an/anot meaningful yetunknownMar 22, 2019

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
4 events
  1. Dec 31, 2025
    LACERS reports Defy Partners II: $18,010,000 committed, vintage 2019, net IRR 24.5%, 2.48x
    LP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
  2. Mar 19, 2020
    Defy Partners II, L.P. first reported on Form ADV by Defy Partners Management, LLC (Venture Capital Fund), GAV $262,000,000
    Fund first reported on Form ADV Fact SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  3. Apr 11, 2019
    Defy Partners II, L.P. filed Form D: $262,000,000 sold of $262,000,000, Venture Capital Fund
    Form D filed Fact SEC EDGAR Form D data sets (quarterly)
  4. Mar 22, 2019
    LACERS commits $18,000,000 to DEFY Partners II (DEFY), closed 2019-03-22, existing relationship
    LP commitment closed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
Evidence
32 observations
Every observation on this vehicle