Lightspeed Opportunity Fund II, L.P.

Feeder or parallelmanaged by Lightspeed Venture Partners· Cayman Islands
Vintage
2022
Reported gross assets
$5.4B
Form ADV, May 6, 2026
Active deploymentFundraising status unknownADV: Venture Capital FundFeeder or parallel vehicle

A feeder, parallel or offshore vehicle of a main fund; its assets may overlap the main fund's.

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Ask DFX about thisView relationshipsAmountsLimited partners
As of · the latest observation of this vehicle; each figure below carries its own filing date

4 additional principals, 1 additional placement agent

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

  1. 1 LP report
    public disclosures

    1 public LP report name this vehicle; the latest, California Public Employees' Retirement System as of 31 Dec 2025, shows $200M committed and net IRR 37.1%, 2.00x (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 →
  2. -51%
    reported GAV

    Reported gross assets fell from $5.38B to $2.62B between the Form ADV filings of 6 May 2026 and 14 Sep 2026.

    The fund's assets as the adviser swears them, never its size or dry powder.

    Derivedtwo Form ADV Schedule D filingsFor LPs, secondaries buyersReporting →
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
indefinitewhat may be sold, not what was raised; file 021-422496, sworn by the adviser or filed under this vehicle
Form D sold
$0as of the filing of Nov 24, 2021
First sale
unknown
Reported GAV
$5.4Bon the Form ADV filed May 6, 2026; the fund's assets, never its size or dry powder
Owners (ADV)
104
Reported on ADV
Mar 25, 2022 to May 6, 2026
Fundraising evidence
Unknown
latest Form D 2021-11-24, older than 15 months (fr-1)
evidence dated Nov 24, 2021.
Lifecycle
Active deployment
vintage 2 to 4 years
age years: 4first sale: n/avintage year: 2022adv gav as of: May 6, 2026vintage basis: ADV first reportedform d sold: $0form d offering: n/aform d latest filed at: Nov 24, 2021
The fund's own reporting through time
5 Form ADV filings
FiledTypeGross asset value OwnersMin. investmentAdviser-ownedAudit
Mar 25, 2022Venture Capital Fund$716M
321%yes
Mar 29, 2023Venture Capital Fund$2.4B
1041%yes
Mar 29, 2024Venture Capital Fund$2.3B
1041%yes
May 6, 2026Venture Capital Fund$5.4B
1041%
Sep 14, 2026$2.6B
2052%
Principals and agents
7 principals on Form D, 0 placement agents
Service providers
4 named on Form ADV Schedule D and Form D
Limited partners and their reported performance
1 public LP report
LPVintage (LP’s)CommittedPaid inDistributedRemaining valueNet IRRMultipleAs of
California Public Employees' Retirement System calpers.ca.gov2022$200M$198M$0$400M37.1%2.0xDec 31, 2025
Known LPs and allocators
3 relationships, public pensions and the allocator graph, each counted once
AllocatorTypeAmountDateSource
California Public Employees' Retirement SystemSTATE RETIREMENT SYSTEM$200M
committed
reported as of Dec 31, 2025Fact Pension disclosure
Ohio SERS Traditional DB Pension PlanSTATE RETIREMENT SYSTEM$50.0M
committed
committed Apr 28, 2022Fact Pension disclosure
Jessie Ball Dupont Religious Charitable & Educational FundFOUNDATION$4.3M
fair value on the foundation's return
reported as of Dec 31, 2024Fact 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
4 events
  1. Dec 31, 2025
    CalPERS reports Lightspeed Opportunity Fund II, LP: $200,000,000 committed, vintage 2022, net IRR 37.1%, 2.0x
    LP commitment disclosed Fact Pension disclosure
  2. Dec 31, 2025
    CalPERS reports Lightspeed Opportunity Fund II, LP: $200,000,000 committed, vintage 2022, net IRR 37.1%, 2.0x
    LP commitment disclosed Fact Pension disclosure
  3. Mar 25, 2022
    Lightspeed Opportunity Fund II, L.P. first reported on Form ADV by Lightspeed Venture Partners (Venture Capital Fund), GAV $716,250,000
    Fund first reported on Form ADV Fact Form ADV
  4. Nov 24, 2021
    Lightspeed Venture Partners XIV-B (Ignite), L.P. filed Form D: no sales yet (indefinite offering), Venture Capital Fund
    Form D filed Fact Form D
Evidence
16 observations
Every observation on this vehicle
  • Adv pdf fund: 5,381,049,064 Sep 14, 2026 Fact Form ADV
  • Entity type: Other Nov 24, 2021 Fact Form D
  • Form D fund type: Venture Capital Fund Nov 24, 2021 Fact Form D
  • Form D industry group: Pooled Investment Fund Nov 24, 2021 Fact Form D
  • Amendment: false Nov 24, 2021 Fact Form D
  • Revenue range (Form D): Decline to Disclose Nov 24, 2021 Fact Form D
  • Incorporated: withinFiveYears Nov 24, 2021 Fact Form D
  • Jurisdiction: CAYMAN ISLANDS Nov 24, 2021 Fact Form D
  • Amount sold (Form D): $0 Nov 24, 2021 Fact Form D
  • Exemptions: 06c, 3C, 3C.7 Nov 24, 2021 Fact Form D
  • Indefinite offering: true Nov 24, 2021 Fact Form D
  • Investors (Form D): 0 Nov 24, 2021 Fact Form D
  • Minimum investment (Form D): 0 Nov 24, 2021 Fact Form D
  • Securities offered: Equity, pooled Nov 24, 2021 Fact Form D
  • Office address: Nov 24, 2021 Fact Form D
  • Year of incorporation: 2021 Nov 24, 2021 Fact Form D

Relationships across DFX

on 3 other DFX graphs · 15 capital paths
Across the graphs

Lightspeed Opportunity Fund II, 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

Lightspeed Opportunity Fund II, L.P. sits on 15 traced paths of capital across the graphs.

Allocator to VC fund to manager to company

DFX traced 15 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

1 identity change, 5 dated events on the change ledger, latest event first
  • Fund folded
    2026-09-14
  • LP commitment disclosed
    2025-12-31source on record
  • LP commitment disclosed
    2025-12-31source on record

+3 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.