DFX Intelligence
DFJ Mercury II, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
HarvestFundraising status unknownADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
What matters now
- 1 LP reportpublic disclosures
1 public LP report name this vehicle; the latest, San Diego City Employees' Retirement System as of 31 Mar 2026, shows $10M committed and net IRR 1.0%, 1.08x (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 → - -19%reported GAV
Reported gross assets fell from $27.4M to $22.3M between the Form ADV filings of 11 Mar 2024 and 16 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
- 2008basis: 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
- $75.0Mwhat may be sold, not what was raised; file 021-115591, sworn by the adviser or filed under this vehicle
- Form D sold
- $50.0Mas of the filing of Apr 28, 2010, 60 investors
- First sale
- Feb 14, 2008
- Reported GAV
- $22.3Mon the Form ADV filed Mar 16, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 73
- Reported on ADV
- Jul 12, 2012 to Mar 16, 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.Unknown
latest Form D 2010-04-28, older than 15 months (fr-1)
evidence dated Apr 28, 2010.
Lifecycle
Harvest
Lifecycle
vintage over 7 years, still reported
age years: 18first sale: Feb 14, 2008vintage year: 2008adv gav as of: Mar 16, 2026vintage basis: Form d first saleform d sold: $50.0Mform d offering: $75.0Mform d latest filed at: Apr 28, 2010
The fund's own reporting through time
15 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Jul 12, 2012 | Venture Capital Fund | $46.5M | 65 | $25,000 | 1% | yes | |
| Mar 28, 2013 | Venture Capital Fund | $54.1M | 65 | $25,000 | 1% | yes | |
| Mar 28, 2014 | Venture Capital Fund | $60.0M | 65 | $25,000 | 1% | yes | |
| Mar 28, 2014 | Venture Capital Fund | $60.0M | 65 | $25,000 | 1% | yes | |
| Mar 31, 2015 | Venture Capital Fund | $64.7M | 65 | $25,000 | 1% | yes | |
| Mar 11, 2016 | Venture Capital Fund | $66.7M | 65 | $25,000 | 1% | yes | |
| Mar 23, 2017 | Venture Capital Fund | $100M | 65 | $25,000 | 1% | yes | |
| Mar 13, 2018 | Venture Capital Fund | $75.7M | 65 | $25,000 | 1% | yes | |
| Mar 21, 2019 | Venture Capital Fund | $59.2M | 65 | $25,000 | 1% | yes | |
| Mar 10, 2020 | Venture Capital Fund | $61.0M | 67 | $25,000 | 1% | yes | |
| Mar 23, 2021 | Venture Capital Fund | $82.6M | 71 | $25,000 | 1% | yes | |
| Mar 25, 2022 | Venture Capital Fund | $48.5M | 71 | $25,000 | 1% | yes | |
| Mar 23, 2023 | Venture Capital Fund | $40.2M | 70 | $25,000 | 1% | yes | |
| Mar 11, 2024 | Venture Capital Fund | $27.4M | 71 | $25,000 | 1% | yes | |
| Mar 16, 2026 | Venture Capital Fund | $22.3M | 73 | $25,000 | 1% |
Principals and agents
3 principals on Form D, 1 placement agents
- M. Blair Garrou Director
- Daniel M. Watkins Director
- Edward B Hill Director
- Cazenave & Co., Inc. placement agent
Service providers
3 named on Form ADV Schedule D and Form D
- AuditorBDO · HOUSTON, Texas, United StatesForm ADV filed Mar 16, 2026 reports.adviserinfo.sec.gov
- AdministratorCarta · SAN FRANCISCO, California, United StatesForm ADV filed Mar 16, 2026 reports.adviserinfo.sec.gov
- Placement agentCazenave & Co., Inc.filing date not on record 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).1 public LP report
| LP | Vintage (LP’s) | Committed | Paid in | Distributed | Remaining value | Net IRR | Multiple | As of |
|---|---|---|---|---|---|---|---|---|
| San Diego City Employees' Retirement System content.sdcers.gov | 2008 | $10.0M | $10.2M | $9.0M | $2.0M | 1.0% | 1.1x | Mar 31, 2026 |
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 |
|---|---|---|---|---|
| San Diego City Employees' Retirement System | MUNICIPAL RETIREMENT SYSTEM | $10.0M committed | reported as of Mar 31, 2026 | Fact Pension disclosure |
| Charles T Bauer Charitable Foundation | FOUNDATION | $126,276 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
- Mar 31, 2026SDCERS reports DFJ Mercury Fund II, L.P.: $10,000,000 committed, vintage 2008, net IRR 1.0%, 1.08xLP commitment disclosed Fact Pension disclosure
- Mar 11, 2024Auditor changed: BDO replaced EY, first reported on the Form ADV filed March 11, 2024 (previous filing March 23, 2023)Auditor changed Fact Form ADV
- Jul 12, 2012DFJ Mercury II, L.P. first reported on Form ADV by DFJ Mercury (Venture Capital Fund), GAV $46,487,078Fund first reported on Form ADV Fact Form ADV
- Jun 10, 2010DFJ Mercury II LP filed Form D/A: $62,275,000 sold of $75,000,000, Venture Capital FundForm D filed Fact Form D
- Apr 28, 2010DFJ Mercury II LP filed Form D/A: $50,000,000 sold of $75,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
32 observations
Every observation on this vehicle
- Entity type: Limited Partnership Jun 10, 2010 Fact Form D
- Entity type: Limited Partnership Apr 28, 2010 Fact Form D
- Form D fund type: Venture Capital Fund Jun 10, 2010 Fact Form D
- Form D fund type: Venture Capital Fund Apr 28, 2010 Fact Form D
- Form D industry group: Pooled Investment Fund Jun 10, 2010 Fact Form D
- Form D industry group: Pooled Investment Fund Apr 28, 2010 Fact Form D
- Amendment: true Jun 10, 2010 Fact Form D
- Amendment: true Apr 28, 2010 Fact Form D
- Revenue range (Form D): Decline to Disclose Jun 10, 2010 Fact Form D
- Revenue range (Form D): Decline to Disclose Apr 28, 2010 Fact Form D
- Incorporated: withinFiveYears Jun 10, 2010 Fact Form D
- Incorporated: withinFiveYears Apr 28, 2010 Fact Form D
- Jurisdiction: Delaware Jun 10, 2010 Fact Form D
- Jurisdiction: Delaware Apr 28, 2010 Fact Form D
- Amount sold (Form D): $62.3M Jun 10, 2010 Fact Form D
- Amount sold (Form D): $50.0M Apr 28, 2010 Fact Form D
- Offering amount (Form D): $75.0M Jun 10, 2010 Fact Form D
- Offering amount (Form D): $75.0M Apr 28, 2010 Fact Form D
- Exemptions: 06 Jun 10, 2010 Fact Form D
- Exemptions: 06 Apr 28, 2010 Fact Form D
- First sale: 2008-02-14 Jun 10, 2010 Fact Form D
- First sale: 2008-02-14 Apr 28, 2010 Fact Form D
- Investors (Form D): 65 Jun 10, 2010 Fact Form D
- Investors (Form D): 60 Apr 28, 2010 Fact Form D
- Minimum investment (Form D): 100,000 Jun 10, 2010 Fact Form D
- Minimum investment (Form D): 100,000 Apr 28, 2010 Fact Form D
- Securities offered: pooled Jun 10, 2010 Fact Form D
- Securities offered: pooled Apr 28, 2010 Fact Form D
- Office address: Jun 10, 2010 Fact Form D
- Office address: Apr 28, 2010 Fact Form D
- Year of incorporation: 2008 Jun 10, 2010 Fact Form D
- Year of incorporation: 2008 Apr 28, 2010 Fact Form D
Relationships across DFX
on 2 other DFX graphs · 10 capital paths
Across the graphs
DFJ Mercury II, L.P. is the same institution as 2 records in Allocators and RIA and Wealth.
Allocators1RIA and Wealth1
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…
Capital chain
DFJ Mercury II, 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.
Checking your plan…
Record history
4 dated events on the change ledger, latest event first
- LP commitment disclosed2026-03-31source on record
- Fund first reported on ADV2012-07-12source on record
- Form D filed2010-06-10source 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.