Defy Partners III, L.P.
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 $20M committed and net IRR -5.0%, 0.93x (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 → - +741%reported GAV
Reported gross assets rose from $26.3M to $221M 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.
Amounts, each with its basis
- Vintage
- 2022basis: adv first reported
- 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
- $300Mwhat may be sold, not what was raised; file 021-418227, sworn by the adviser or filed under this vehicle
- Form D sold
- $0as of the filing of Oct 22, 2021
- First sale
- unknown
- Reported GAV
- $221Mon the Form ADV filed Mar 24, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 37
- Reported on ADV
- Mar 10, 2022 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.Lifecycle
Active deployment
Lifecycle
The fund's own reporting through time
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 10, 2022 | Venture Capital Fund | $223M | 34 | 2% | yes | ||
| Mar 16, 2023 | Venture Capital Fund | $227M | 37 | 2% | yes | ||
| Mar 7, 2024 | Venture Capital Fund | $26.3M | 37 | 2% | yes | ||
| Mar 24, 2026 | Venture Capital Fund | $221M | 37 | 0% |
Principals and agents
- Neil Sequeira Director
- Defy Partners GP III, LLC Director
Service providers
- 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).| LP | Vintage (LP’s) | Committed | Paid in | Distributed | Remaining value | Net IRR | Multiple | As of |
|---|---|---|---|---|---|---|---|---|
| Los Angeles City Employees' Retirement System lacers.org | 2021 | $20.0M | $10.5M | Not disclosed | $9.7M | -5.0% | 0.9x | Dec 31, 2025 |
| Los Angeles City Employees' Retirement System lacers.org | 2021 | $20.0M | Not disclosed | Not disclosed | Not disclosed | not meaningful yet | unknown | Oct 21, 2021 |
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.| Allocator | Type | Amount | Date | Source |
|---|---|---|---|---|
| Los Angeles City Employees' Retirement System | MUNICIPAL RETIREMENT SYSTEM | $20.0M committed | reported as of Dec 31, 2025 | Fact Pension disclosure |
Investments attributed to this vehicle
Timeline
- Dec 31, 2025LACERS reports Defy Partners III: $20,000,000 committed, vintage 2021, net IRR -5.0%, 0.93xLP commitment disclosed Fact Pension disclosure
- Mar 10, 2022Defy Partners III, L.P. first reported on Form ADV by Defy Partners Management, LLC (Venture Capital Fund), GAV $222,984,693Fund first reported on Form ADV Fact Form ADV
- Oct 22, 2021Defy Partners III, L.P. filed Form D: no sales yet of $300,000,000, Venture Capital FundForm D filed Fact Form D
- Oct 21, 2021LACERS commits $20,000,000 to Defy Partners III (Defy Partners Management), closed 2021-10-21, existing relationshipLP commitment closed Fact Pension disclosure
Evidence
Every observation on this vehicle
- Entity type: Limited Partnership Oct 22, 2021 Fact Form D
- Form D fund type: Venture Capital Fund Oct 22, 2021 Fact Form D
- Form D industry group: Pooled Investment Fund Oct 22, 2021 Fact Form D
- Amendment: false Oct 22, 2021 Fact Form D
- Revenue range (Form D): Decline to Disclose Oct 22, 2021 Fact Form D
- Incorporated: withinFiveYears Oct 22, 2021 Fact Form D
- Jurisdiction: Delaware Oct 22, 2021 Fact Form D
- Amount sold (Form D): $0 Oct 22, 2021 Fact Form D
- Offering amount (Form D): $300M Oct 22, 2021 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 Oct 22, 2021 Fact Form D
- Investors (Form D): 0 Oct 22, 2021 Fact Form D
- Minimum investment (Form D): 0 Oct 22, 2021 Fact Form D
- Securities offered: pooled Oct 22, 2021 Fact Form D
- Office address: Oct 22, 2021 Fact Form D
- Year of incorporation: 2021 Oct 22, 2021 Fact Form D
Relationships across DFX
on 2 other DFX graphs · 1 capital path
Defy Partners III, L.P. is the same institution as 2 records in RIA and Wealth and Allocators.
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.
Checking your plan…
Defy Partners III, L.P. sits on 1 traced path of capital across the graphs.
DFX traced 1 path 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
- LP commitment disclosed2025-12-31source on record
- Fund first reported on ADV2022-03-10source on record
- Form D filed2021-10-22source 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.