DFX Intelligence
Spark Capital Growth Fund III, 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
4 additional principals
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
- 2 LP reportspublic disclosures
2 public LP reports name this vehicle; the latest, Los Angeles City Employees' Retirement System as of 31 Dec 2025 and net IRR 21.4%, 2.29x (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 →
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
- $900Mwhat may be sold, not what was raised; file 021-332797, sworn by the adviser or filed under this vehicle
- Form D sold
- $900Mas of the filing of Feb 13, 2020, 95 investors
- First sale
- Feb 14, 2019
- Reported GAV
- $2.3Bon the Form ADV filed Sep 14, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 95
- Reported on ADV
- Mar 27, 2019 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.Closed to new capital
Form D filed or amended 2020-02-13: the stated $900.0M offering reported fully sold (fr-1)
evidence dated Feb 13, 2020.
Lifecycle
Mature
Lifecycle
vintage 4 to 7 years
age years: 7first sale: Feb 14, 2019vintage year: 2019adv gav as of: Sep 14, 2026vintage basis: Form d first saleform d sold: $900Mform d offering: $900Mform d latest filed at: Feb 13, 2020
The fund's own reporting through time
9 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 27, 2019 | Venture Capital Fund | $645M | 62 | 1% | yes | ||
| Mar 26, 2020 | Venture Capital Fund | $909M | 96 | 1% | yes | ||
| Mar 30, 2021 | Venture Capital Fund | $892M | 96 | 1% | yes | ||
| Jan 7, 2022 | Venture Capital Fund | $892M | 96 | 1% | yes | ||
| Mar 23, 2022 | Venture Capital Fund | $1.5B | 96 | 1% | yes | ||
| Mar 27, 2023 | Venture Capital Fund | $1.6B | 95 | 1% | yes | ||
| Mar 27, 2024 | Venture Capital Fund | $1.5B | 95 | 1% | yes | ||
| Mar 27, 2026 | Venture Capital Fund | $2.3B | 95 | 1% | |||
| Sep 14, 2026 | $2.3B | 95 | 1% |
Principals and agents
7 principals on Form D, 0 placement agents
- Jeremy Philips Executive Officer
- Bijan Sabet Executive Officer
- Alex Finkelstein Executive Officer
Service providers
3 named on Form ADV Schedule D and Form D
- AuditorMAYER HOFFMAN MCCANN P.C. · BOSTON, Massachusetts, United StatesForm ADV filed Mar 27, 2026 reports.adviserinfo.sec.gov
- CustodianJPMorgan · NEW YORK, New York, United StatesForm ADV filed Mar 27, 2026 reports.adviserinfo.sec.gov
- CustodianUBS FINANCIAL SERVICES INC. · BOSTON, Massachusetts, 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).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 | 2020 | Not disclosed | Not disclosed | Not disclosed | Not disclosed | 21.4% | 2.3x | Dec 31, 2025 |
| Los Angeles City Employees' Retirement System lacers.org | 2019 | $26.7M | Not disclosed | Not disclosed | Not disclosed | not meaningful yet | unknown | Feb 14, 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 | amount not disclosed | reported as of Dec 31, 2025 | Fact Pension disclosure |
| Hillman Family Foundations | FOUNDATION | $7.1M fair value on the foundation's return | reported as of Dec 31, 2024 | 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
5 events
- Dec 31, 2025LACERS reports Spark Capital Growth Fund III: an undisclosed amount committed, vintage 2020, net IRR 21.4%, 2.29xLP commitment disclosed Fact Pension disclosure
- Feb 13, 2020Spark Capital Growth Fund III, L.P. filed Form D/A: $900,000,000 sold of $900,000,000, Venture Capital FundForm D filed Fact Form D
- Mar 27, 2019Spark Capital Growth Fund III, L.P. first reported on Form ADV by Spark Capital (Venture Capital Fund), GAV $644,949,767Fund first reported on Form ADV Fact Form ADV
- Feb 14, 2019LACERS commits $26,700,000 to Spark Capital Growth Fund III (Spark Capital), closed 2019-02-14LP commitment closed Fact Pension disclosure
- Feb 13, 2019Spark Capital Growth Fund III, L.P. filed Form D: no sales yet of $800,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
52 observations
Every observation on this vehicle
- Adv pdf fund: 2,337,714,625 Sep 14, 2026 Fact Form ADV
- Entity type: Limited Partnership Fact Form D
- Entity type: Limited Partnership Feb 13, 2020 Fact Form D
- Entity type: Limited Partnership Feb 13, 2019 Fact Form D
- Form D fund type: Venture Capital Fund Fact Form D
- Form D fund type: Venture Capital Fund Feb 13, 2020 Fact Form D
- Form D fund type: Venture Capital Fund Feb 13, 2019 Fact Form D
- Form D industry group: Pooled Investment Fund Fact Form D
- Form D industry group: Pooled Investment Fund Feb 13, 2020 Fact Form D
- Form D industry group: Pooled Investment Fund Feb 13, 2019 Fact Form D
- Amendment: true Fact Form D
- Amendment: false Fact Form D
- Amendment: true Feb 13, 2020 Fact Form D
- Amendment: false Feb 13, 2019 Fact Form D
- Revenue range (Form D): Not Applicable Fact Form D
- Revenue range (Form D): Not Applicable Feb 13, 2020 Fact Form D
- Revenue range (Form D): Not Applicable Feb 13, 2019 Fact Form D
- Incorporated: withinFiveYears Fact Form D
- Incorporated: yetToBeFormed Fact Form D
- Incorporated: withinFiveYears Feb 13, 2020 Fact Form D
- Incorporated: yetToBeFormed Feb 13, 2019 Fact Form D
- Jurisdiction: Delaware Fact Form D
- Jurisdiction: Delaware Feb 13, 2020 Fact Form D
- Jurisdiction: Delaware Feb 13, 2019 Fact Form D
- Amount sold (Form D): $900M Fact Form D
- Amount sold (Form D): $0 Fact Form D
- Amount sold (Form D): $900M Feb 13, 2020 Fact Form D
- Amount sold (Form D): $0 Feb 13, 2019 Fact Form D
- Offering amount (Form D): $900M Fact Form D
- Offering amount (Form D): $800M Fact Form D
- Offering amount (Form D): $900M Feb 13, 2020 Fact Form D
- Offering amount (Form D): $800M Feb 13, 2019 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Feb 13, 2020 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Feb 13, 2019 Fact Form D
- First sale: 2019-02-14 Fact Form D
- First sale: 2019-02-14 Feb 13, 2020 Fact Form D
- Investors (Form D): 95 Fact Form D
- Investors (Form D): 0 Fact Form D
- Investors (Form D): 95 Feb 13, 2020 Fact Form D
- Investors (Form D): 0 Feb 13, 2019 Fact Form D
- Minimum investment (Form D): 0 Fact Form D
- Minimum investment (Form D): 0 Feb 13, 2020 Fact Form D
- Minimum investment (Form D): 0 Feb 13, 2019 Fact Form D
- Securities offered: pooled Fact Form D
- Securities offered: pooled Feb 13, 2020 Fact Form D
- Securities offered: pooled Feb 13, 2019 Fact Form D
- Office address: Fact Form D
- Office address: Feb 13, 2020 Fact Form D
- Office address: Feb 13, 2019 Fact Form D
- Year of incorporation: 2019 Fact Form D
- Year of incorporation: 2019 Feb 13, 2020 Fact Form D
Relationships across DFX
on 3 other DFX graphs · 10 capital paths
Across the graphs
Spark Capital Growth Fund III, 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.
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Capital chain
Spark Capital Growth Fund III, L.P. sits on 10 traced paths of capital across the graphs.
Allocator to VC fund to manager to company
DFX traced 10 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
5 dated events on the change ledger, latest event first
- LP commitment disclosed2025-12-31source on record
- Form D filed2020-02-13source on record
- Fund first reported on ADV2019-03-27source on record
+2 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.