DFX Intelligence
March Capital Partners Fund III, LP
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
1 additional principal, 1 additional placement agent
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
- -19%reported GAV
Reported gross assets fell from $485M to $392M between the Form ADV filings of 1 Apr 2024 and 30 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
- $410Mwhat may be sold, not what was raised; file 021-348854, sworn by the adviser or filed under this vehicle
- Form D sold
- $365Mas of the filing of Nov 18, 2020, 81 investors
- First sale
- Sep 20, 2019
- Reported GAV
- $392Mon the Form ADV filed Mar 30, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 81
- Reported on ADV
- Mar 25, 2020 to Mar 30, 2026
- Structure
- master
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 2020-11-18, older than 15 months (fr-1)
evidence dated Nov 18, 2020.
Lifecycle
Mature
Lifecycle
vintage 4 to 7 years
age years: 7first sale: Sep 20, 2019vintage year: 2019adv gav as of: Mar 30, 2026vintage basis: Form d first saleform d sold: $365Mform d offering: $410Mform d latest filed at: Nov 18, 2020
The fund's own reporting through time
12 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 25, 2020 | Venture Capital Fund | $15.8M | 34 | $120,000 | 2% | yes | |
| May 1, 2020 | Venture Capital Fund | $15.8M | 34 | $120,000 | 2% | yes | |
| Mar 15, 2021 | Venture Capital Fund | $144M | 81 | $25,000 | 4% | yes | |
| Apr 30, 2021 | Venture Capital Fund | $144M | 81 | $25,000 | 4% | yes | |
| Mar 22, 2022 | Venture Capital Fund | $523M | 81 | $25,000 | 4% | yes | |
| Apr 7, 2022 | Venture Capital Fund | $523M | 81 | $25,000 | 4% | yes | |
| Mar 27, 2023 | Venture Capital Fund | $475M | 81 | $25,000 | 4% | yes | |
| Apr 4, 2023 | Venture Capital Fund | $475M | 81 | $25,000 | 4% | yes | |
| May 30, 2023 | Venture Capital Fund | $475M | 81 | $25,000 | 4% | yes | |
| Mar 24, 2024 | Venture Capital Fund | $485M | 81 | $25,000 | 4% | yes | |
| Apr 1, 2024 | Venture Capital Fund | $485M | 81 | $25,000 | 4% | yes | |
| Mar 30, 2026 | Venture Capital Fund | $392M | 81 | $25,000 | 4% |
Principals and agents
4 principals on Form D, 0 placement agents
- Gregory Milken Promoter
- Sumant Mandal Promoter
- March Capital Partners GP III, LLC Promoter
Service providers
4 named on Form ADV Schedule D and Form D
- AuditorKPMG · LOS ANGELES, California, United StatesForm ADV filed Mar 30, 2026 reports.adviserinfo.sec.gov
- AdministratorStandish Management · SANTA MONICA, California, United StatesForm ADV filed Mar 30, 2026 reports.adviserinfo.sec.gov
- MarketerABG ADVISORY · NEW YORK, New York, United StatesForm ADV filed Mar 30, 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).0 public LP reports
No public LP has reported this vehicle. The LP tape is read from public pension disclosures (see Limited partners); a fund appears here only when an LP’s report names it.
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 |
|---|---|---|---|---|
| Karsh Family Foundation | FOUNDATION | $874,789 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
- Mar 24, 2024Auditor changed: KPMG replaced BDO, first reported on the Form ADV filed March 24, 2024 (previous filing May 30, 2023)Auditor changed Fact Form ADV
- Nov 18, 2020March Capital Partners Fund III, L.P. filed Form D/A: $365,270,000 sold of $410,000,000, Venture Capital FundForm D filed Fact Form D
- Mar 25, 2020March Capital Partners Fund III, LP first reported on Form ADV by March Capital Partners (Venture Capital Fund), GAV $15,844,703Fund first reported on Form ADV Fact Form ADV
- Sep 13, 2019March Capital Partners Fund III, L.P. filed Form D: no sales yet of $410,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
46 observations
Every observation on this vehicle
- Entity type: Limited Partnership Fact Form D
- Entity type: Limited Partnership Nov 18, 2020 Fact Form D
- Entity type: Limited Partnership Sep 13, 2019 Fact Form D
- Form D fund type: Venture Capital Fund Fact Form D
- Form D fund type: Venture Capital Fund Nov 18, 2020 Fact Form D
- Form D fund type: Venture Capital Fund Sep 13, 2019 Fact Form D
- Form D industry group: Pooled Investment Fund Fact Form D
- Form D industry group: Pooled Investment Fund Nov 18, 2020 Fact Form D
- Form D industry group: Pooled Investment Fund Sep 13, 2019 Fact Form D
- Amendment: false Fact Form D
- Amendment: true Nov 18, 2020 Fact Form D
- Amendment: false Sep 13, 2019 Fact Form D
- Revenue range (Form D): Decline to Disclose Fact Form D
- Revenue range (Form D): Decline to Disclose Nov 18, 2020 Fact Form D
- Revenue range (Form D): Decline to Disclose Sep 13, 2019 Fact Form D
- Incorporated: withinFiveYears Fact Form D
- Incorporated: withinFiveYears Nov 18, 2020 Fact Form D
- Incorporated: withinFiveYears Sep 13, 2019 Fact Form D
- Jurisdiction: Delaware Fact Form D
- Jurisdiction: Delaware Nov 18, 2020 Fact Form D
- Jurisdiction: Delaware Sep 13, 2019 Fact Form D
- Amount sold (Form D): $0 Fact Form D
- Amount sold (Form D): $365M Nov 18, 2020 Fact Form D
- Amount sold (Form D): $0 Sep 13, 2019 Fact Form D
- Offering amount (Form D): $410M Fact Form D
- Offering amount (Form D): $410M Nov 18, 2020 Fact Form D
- Offering amount (Form D): $410M Sep 13, 2019 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Nov 18, 2020 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Sep 13, 2019 Fact Form D
- First sale: 2019-09-20 Nov 18, 2020 Fact Form D
- Investors (Form D): 0 Fact Form D
- Investors (Form D): 81 Nov 18, 2020 Fact Form D
- Investors (Form D): 0 Sep 13, 2019 Fact Form D
- Minimum investment (Form D): 0 Fact Form D
- Minimum investment (Form D): 0 Nov 18, 2020 Fact Form D
- Minimum investment (Form D): 0 Sep 13, 2019 Fact Form D
- Securities offered: pooled Fact Form D
- Securities offered: pooled Nov 18, 2020 Fact Form D
- Securities offered: pooled Sep 13, 2019 Fact Form D
- Office address: Fact Form D
- Office address: Nov 18, 2020 Fact Form D
- Office address: Sep 13, 2019 Fact Form D
- Year of incorporation: 2019 Fact Form D
- Year of incorporation: 2019 Nov 18, 2020 Fact Form D
- Year of incorporation: 2019 Sep 13, 2019 Fact Form D
Relationships across DFX
on 3 other DFX graphs
Across the graphs
March Capital Partners Fund III, LP 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.
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Record history
1 identity change, 5 dated events on the change ledger, latest event first
- Fund folded2026-09-14
- Fund dropped from ADV2023-05-30source on record
- Form D filed2020-11-18source 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.