DFX Intelligence
Defy Partners II, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
MatureClosed to new capitalADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
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, shows $18M committed and net IRR 24.5%, 2.48x (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 → - +188%reported GAV
Reported gross assets rose from $217M to $626M between the Form ADV filings of 7 Mar 2024 and 24 Mar 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
- $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
- $626Mon the Form ADV filed Mar 24, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 48
- Reported on ADV
- Mar 19, 2020 to Mar 24, 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 2019-04-11: the stated $262.0M offering reported fully sold (fr-1)
evidence dated Apr 11, 2019.
Lifecycle
Mature
Lifecycle
vintage 4 to 7 years
age years: 7first sale: Mar 28, 2019vintage year: 2019adv gav as of: Mar 24, 2026vintage basis: Form d first saleform d sold: $262Mform d offering: $262Mform d latest filed at: Apr 11, 2019
The fund's own reporting through time
6 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 19, 2020 | Venture Capital Fund | $262M | 48 | 2% | yes | ||
| Mar 25, 2021 | Venture Capital Fund | $306M | 48 | 2% | yes | ||
| Mar 10, 2022 | Venture Capital Fund | $306M | 48 | 2% | yes | ||
| Mar 16, 2023 | Venture Capital Fund | $339M | 48 | 2% | yes | ||
| Mar 7, 2024 | Venture Capital Fund | $217M | 48 | 2% | yes | ||
| Mar 24, 2026 | Venture Capital Fund | $626M | 48 | 0% |
Principals and agents
3 principals on Form D, 0 placement agents
- Neil Sequeira Director
- Defy Partners GP II, LLC Director
- Trae Vassallo Director
Service providers
2 named on Form ADV Schedule D and Form D
- AuditorKPMG · SAN FRANCISCO, California, United StatesForm ADV filed Mar 24, 2026 reports.adviserinfo.sec.gov
- AdministratorStandish Management · SAN FRANCISCO, California, United StatesForm ADV filed Mar 24, 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 | 2019 | $18.0M | $13.9M | Not disclosed | $34.4M | 24.5% | 2.5x | Dec 31, 2025 |
| Los Angeles City Employees' Retirement System lacers.org | 2019 | $18.0M | Not disclosed | Not disclosed | Not disclosed | not meaningful yet | unknown | Mar 22, 2019 |
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 |
|---|---|---|---|---|
| Los Angeles City Employees' Retirement System | MUNICIPAL RETIREMENT SYSTEM | $18.0M committed | reported as of Dec 31, 2025 | Fact Pension disclosure |
| The Teagle Foundation Incorporated | FOUNDATION | $1.5M fair value on the foundation's return | reported as of Jun 30, 2025 | 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
4 events
- Dec 31, 2025LACERS reports Defy Partners II: $18,010,000 committed, vintage 2019, net IRR 24.5%, 2.48xLP commitment disclosed Fact Pension disclosure
- Mar 19, 2020Defy Partners II, L.P. first reported on Form ADV by Defy Partners Management, LLC (Venture Capital Fund), GAV $262,000,000Fund first reported on Form ADV Fact Form ADV
- Apr 11, 2019Defy Partners II, L.P. filed Form D: $262,000,000 sold of $262,000,000, Venture Capital FundForm D filed Fact Form D
- Mar 22, 2019LACERS commits $18,000,000 to DEFY Partners II (DEFY), closed 2019-03-22, existing relationshipLP commitment closed Fact Pension disclosure
Evidence
32 observations
Every observation on this vehicle
- Entity type: Limited Partnership Fact Form D
- Entity type: Limited Partnership Apr 11, 2019 Fact Form D
- Form D fund type: Venture Capital Fund Fact Form D
- Form D fund type: Venture Capital Fund Apr 11, 2019 Fact Form D
- Form D industry group: Pooled Investment Fund Fact Form D
- Form D industry group: Pooled Investment Fund Apr 11, 2019 Fact Form D
- Amendment: false Fact Form D
- Amendment: false Apr 11, 2019 Fact Form D
- Revenue range (Form D): Decline to Disclose Fact Form D
- Revenue range (Form D): Decline to Disclose Apr 11, 2019 Fact Form D
- Incorporated: withinFiveYears Fact Form D
- Incorporated: withinFiveYears Apr 11, 2019 Fact Form D
- Jurisdiction: Delaware Fact Form D
- Jurisdiction: Delaware Apr 11, 2019 Fact Form D
- Amount sold (Form D): $262M Fact Form D
- Amount sold (Form D): $262M Apr 11, 2019 Fact Form D
- Offering amount (Form D): $262M Fact Form D
- Offering amount (Form D): $262M Apr 11, 2019 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 Apr 11, 2019 Fact Form D
- First sale: 2019-03-28 Fact Form D
- First sale: 2019-03-28 Apr 11, 2019 Fact Form D
- Investors (Form D): 49 Fact Form D
- Investors (Form D): 49 Apr 11, 2019 Fact Form D
- Minimum investment (Form D): 0 Fact Form D
- Minimum investment (Form D): 0 Apr 11, 2019 Fact Form D
- Securities offered: pooled Fact Form D
- Securities offered: pooled Apr 11, 2019 Fact Form D
- Office address: Fact Form D
- Office address: Apr 11, 2019 Fact Form D
- Year of incorporation: 2019 Fact Form D
- Year of incorporation: 2019 Apr 11, 2019 Fact Form D
Relationships across DFX
on 3 other DFX graphs · 2 capital paths
Across the graphs
Defy Partners II, 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
Defy Partners II, L.P. sits on 2 traced paths of capital across the graphs.
Allocator to VC fund to manager to company
DFX traced 2 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
4 dated events on the change ledger, latest event first
- LP commitment disclosed2025-12-31source on record
- Fund first reported on ADV2020-03-19source on record
- Form D filed2019-04-11source on record
+1 more change 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.