DFX Intelligence
Dragonfly Ventures III, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
Active deploymentClosed to new capitalADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
5 additional placement agents
Every relationship, signal and contact on this record, with the source on each.
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What matters now
- +79%reported GAV
Reported gross assets rose from $743M to $1.33B between the Form ADV filings of 29 Mar 2024 and 31 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
- 2022basis: 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
- $650Mwhat may be sold, not what was raised; file 021-430673, sworn by the adviser or filed under this vehicle
- Form D sold
- $650Mas of the filing of May 6, 2022, 151 investors
- First sale
- Jan 28, 2022
- Reported GAV
- $1.3Bon the Form ADV filed Mar 31, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 154
- Reported on ADV
- Aug 11, 2022 to Mar 31, 2026
- Structure
- master
Fundraising evidenceWhat 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 2022-05-06: the stated $650.0M offering reported fully sold (fr-1)
evidence dated May 6, 2022.
LifecycleActive deployment
vintage 2 to 4 years
age years: 4first sale: Jan 28, 2022vintage year: 2022adv gav as of: Mar 31, 2026vintage basis: Form d first saleform d sold: $650Mform d offering: $650Mform d latest filed at: May 6, 2022
The fund's own reporting through time
6 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Aug 11, 2022 | Venture Capital Fund | $644M | 152 | $5.0M | 4% | yes | |
| Nov 9, 2022 | Venture Capital Fund | $644M | 152 | $5.0M | 4% | yes | |
| Mar 30, 2023 | Venture Capital Fund | $634M | 154 | $5.0M | 4% | yes | |
| Jul 18, 2023 | Venture Capital Fund | $634M | 154 | $5.0M | 4% | yes | |
| Mar 29, 2024 | Venture Capital Fund | $743M | 153 | $5.0M | 6% | yes | |
| Mar 31, 2026 | Venture Capital Fund | $1.3B | 154 | $5.0M | 16% |
Principals and agents
3 principals on Form D, 0 placement agents
- Dragonfly GP III, LLC Promoter
- Haseeb Ahmad Qureshi Promoter
- BO Feng Promoter
Service providers
8 named on Form ADV Schedule D and Form D
- AuditorKPMG · GRAND CAYMAN, Cayman IslandsForm ADV filed Mar 31, 2026 reports.adviserinfo.sec.gov
- AdministratorFormidium · DOWNERS GROVE, Illinois, United StatesForm ADV filed Mar 31, 2026 reports.adviserinfo.sec.gov
- CustodianBITGO TRUST COMPANY, INC. · SIOUX FALLS, South Dakota, United StatesForm ADV filed Mar 31, 2026 reports.adviserinfo.sec.gov
Limited partners and their reported performanceWhose 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 allocatorsWhat 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.
0 relationships, public pensions and the allocator graph, each counted once
No allocator names this vehicle in a public disclosure DFX holds: pension reports, foundation 990-PF returns or endowment disclosures.
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
- Mar 29, 2024Administrator changed: Formidium replaced Sudrania, first reported on the Form ADV filed March 29, 2024 (previous filing July 18, 2023)Administrator changed Fact Form ADV
- Mar 29, 2024Custodian changed: ANCHORAGE DIGITAL SINGAPORE PTE LTD, BITGO TRUST COMPANY INC., COINBASE CUSTODY TRUST COMPANY, DBS BANK, NORTHBROOK BANK & TRUST, SILVERGATE BANK replaced SIGNATURE BANK, Silicon Valley Bank, first reported on the Form ADV filed March 29, 2024 (previous filing July 18, 2023)Custodian changed Fact Form ADV
- Aug 11, 2022Dragonfly Ventures III, L.P. first reported on Form ADV by Dragonfly Digital Management, LLC (Venture Capital Fund), GAV $644,255,950Fund first reported on Form ADV Fact Form ADV
- May 6, 2022Dragonfly Ventures III, L.P. filed Form D/A: $650,000,000 sold of $650,000,000, Venture Capital FundForm D filed Fact Form D
- Jan 25, 2022Dragonfly Ventures III, L.P. filed Form D: no sales yet of $500,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
31 observations
Every observation on this vehicle
- Entity type: Other May 6, 2022 Fact Form D
- Entity type: Other Jan 25, 2022 Fact Form D
- Form D fund type: Venture Capital Fund May 6, 2022 Fact Form D
- Form D fund type: Venture Capital Fund Jan 25, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund May 6, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund Jan 25, 2022 Fact Form D
- Amendment: true May 6, 2022 Fact Form D
- Amendment: false Jan 25, 2022 Fact Form D
- Revenue range (Form D): Decline to Disclose May 6, 2022 Fact Form D
- Revenue range (Form D): Decline to Disclose Jan 25, 2022 Fact Form D
- Incorporated: withinFiveYears May 6, 2022 Fact Form D
- Incorporated: withinFiveYears Jan 25, 2022 Fact Form D
- Jurisdiction: CAYMAN ISLANDS May 6, 2022 Fact Form D
- Jurisdiction: CAYMAN ISLANDS Jan 25, 2022 Fact Form D
- Amount sold (Form D): $650M May 6, 2022 Fact Form D
- Amount sold (Form D): $0 Jan 25, 2022 Fact Form D
- Offering amount (Form D): $650M May 6, 2022 Fact Form D
- Offering amount (Form D): $500M Jan 25, 2022 Fact Form D
- Exemptions: 06b, 3C, 3C.7 May 6, 2022 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Jan 25, 2022 Fact Form D
- First sale: 2022-01-28 May 6, 2022 Fact Form D
- Investors (Form D): 151 May 6, 2022 Fact Form D
- Investors (Form D): 0 Jan 25, 2022 Fact Form D
- Minimum investment (Form D): 0 May 6, 2022 Fact Form D
- Minimum investment (Form D): 0 Jan 25, 2022 Fact Form D
- Securities offered: pooled May 6, 2022 Fact Form D
- Securities offered: pooled Jan 25, 2022 Fact Form D
- Office address: May 6, 2022 Fact Form D
- Office address: Jan 25, 2022 Fact Form D
- Year of incorporation: 2021 May 6, 2022 Fact Form D
- Year of incorporation: 2021 Jan 25, 2022 Fact Form D
Relationships across DFX
on 1 other DFX graph
Across the graphs
Dragonfly Ventures III, L.P. is the same institution as 1 record in RIA and Wealth.
RIA and Wealth1
The joined record opens with the product, beside every other relationship on this page.
Checking your plan…
Record history
3 dated events on the change ledger, latest event first
- Fund first reported on ADV2022-08-11source on record
- Form D filed2022-05-06source on record
- Form D filed2022-01-25source on record
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.