DFX Intelligence
Industry Ventures Direct III, LP
As of · the latest observation of this vehicle; each figure below carries its own filing date
Active deploymentClosed to new capitalADV: Private Equity Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
4 additional placement agents
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Nothing material in the last 365 days. Last change: 30 Sep 2022, Latest Form D filed on 30 Sep 2022: $300M sold of $300M offered, 56 investors. A Form D amount is what was sold at the filing, never a final close.
Drawing the relationship network…
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 021-426224, sworn by the adviser or filed under this vehicle
- Form D sold
- $300Mas of the filing of Sep 30, 2022, 56 investors
- First sale
- unknown
- Reported GAV
- $337Mon the Form ADV filed Sep 25, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 187
- Reported on ADV
- Mar 30, 2022 to Sep 25, 2026
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 2022-09-30: the stated $300.0M offering reported fully sold (fr-1)
evidence dated Sep 30, 2022.
LifecycleActive deployment
vintage 2 to 4 years
age years: 4first sale: n/avintage year: 2022adv gav as of: Sep 25, 2026vintage basis: ADV first reportedform d sold: $300Mform d offering: $300Mform d latest filed at: Sep 30, 2022
The fund's own reporting through time
9 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 30, 2022 | Venture Capital Fund | $173M | 42 | $1.0M | 2% | yes | |
| Jun 24, 2022 | Venture Capital Fund | $173M | 42 | $1.0M | 2% | yes | |
| Nov 4, 2022 | Venture Capital Fund | $173M | 42 | $1.0M | 2% | yes | |
| Mar 29, 2023 | Venture Capital Fund | $305M | 195 | $1.0M | 2% | yes | |
| Jun 1, 2023 | Venture Capital Fund | $305M | 195 | $1.0M | 2% | yes | |
| Aug 29, 2023 | Venture Capital Fund | $305M | 195 | $1.0M | 2% | yes | |
| Mar 28, 2024 | Venture Capital Fund | $293M | 195 | $1.0M | 2% | yes | |
| May 22, 2026 | Private Equity Fund | $337M | 187 | $1.0M | 2% | ||
| Sep 25, 2026 | Private Equity Fund | $337M | 187 | $1.0M | 2% |
Principals and agents
3 principals on Form D, 0 placement agents
- GP Industry Ventures, LLC Promoter
- GP IV Direct III GP, LLC Director
- Johan D. Swildens Executive Officer
Service providers
7 named on Form ADV Schedule D and Form D
- AuditorPwC · BOSTON, Massachusetts, United StatesForm ADV filed May 22, 2026 reports.adviserinfo.sec.gov
- AdministratorDYNAMO SOFTWARE, LLC · HOLDEN, Massachusetts, United StatesForm ADV filed May 22, 2026 reports.adviserinfo.sec.gov
- CustodianCITY NATIONAL BANK · SAN FRANCISCO, California, United StatesForm ADV filed May 22, 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
4 events
- Mar 31, 2026Auditor changed: PwC replaced EY, first reported on the Form ADV filed March 31, 2026 (previous filing January 29, 2026)Auditor changed Fact Form ADV
- Sep 30, 2022Industry Ventures Direct III, L.P. filed Form D/A: $300,000,000 sold of $300,000,000, Venture Capital FundForm D filed Fact Form D
- Mar 30, 2022Industry Ventures Direct III, LP first reported on Form ADV by Industry Ventures, L.L.C. (Venture Capital Fund), GAV $172,602,041Fund first reported on Form ADV Fact Form ADV
- Dec 22, 2021Industry Ventures Direct III, L.P. filed Form D: no sales yet of $300,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
30 observations
Every observation on this vehicle
- Entity type: Limited Partnership Sep 30, 2022 Fact Form D
- Entity type: Limited Partnership Dec 22, 2021 Fact Form D
- Form D fund type: Venture Capital Fund Sep 30, 2022 Fact Form D
- Form D fund type: Venture Capital Fund Dec 22, 2021 Fact Form D
- Form D industry group: Pooled Investment Fund Sep 30, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund Dec 22, 2021 Fact Form D
- Amendment: true Sep 30, 2022 Fact Form D
- Amendment: false Dec 22, 2021 Fact Form D
- Revenue range (Form D): Decline to Disclose Sep 30, 2022 Fact Form D
- Revenue range (Form D): Decline to Disclose Dec 22, 2021 Fact Form D
- Incorporated: withinFiveYears Sep 30, 2022 Fact Form D
- Incorporated: withinFiveYears Dec 22, 2021 Fact Form D
- Jurisdiction: Delaware Sep 30, 2022 Fact Form D
- Jurisdiction: Delaware Dec 22, 2021 Fact Form D
- Amount sold (Form D): $300M Sep 30, 2022 Fact Form D
- Amount sold (Form D): $0 Dec 22, 2021 Fact Form D
- Offering amount (Form D): $300M Sep 30, 2022 Fact Form D
- Offering amount (Form D): $300M Dec 22, 2021 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 Sep 30, 2022 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 Dec 22, 2021 Fact Form D
- Investors (Form D): 56 Sep 30, 2022 Fact Form D
- Investors (Form D): 0 Dec 22, 2021 Fact Form D
- Minimum investment (Form D): 0 Sep 30, 2022 Fact Form D
- Minimum investment (Form D): 0 Dec 22, 2021 Fact Form D
- Securities offered: pooled Sep 30, 2022 Fact Form D
- Securities offered: pooled Dec 22, 2021 Fact Form D
- Office address: Sep 30, 2022 Fact Form D
- Office address: Dec 22, 2021 Fact Form D
- Year of incorporation: 2021 Sep 30, 2022 Fact Form D
- Year of incorporation: 2021 Dec 22, 2021 Fact Form D
Relationships across DFX
on 2 other DFX graphs
Across the graphs
Industry Ventures Direct III, LP is the same institution as 2 records in Private Equity and RIA and Wealth.
Private Equity1RIA 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.
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Record history
3 dated events on the change ledger, latest event first
- Form D filed2022-09-30source on record
- Fund first reported on ADV2022-03-30source on record
- Form D filed2021-12-22source 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.