DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Funds / Menlo Inflection III, L.P.
Menlo Inflection III, L.P.
Active deploymentClosed to new capitalOpportunity fundADV: Venture Capital FundMenlo VenturesDelaware
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
- $761Mwhat may be sold, not what was raised; file 021-430204, sworn by the adviser or filed under this vehicle
- Form D sold
- $761Mas of the filing of Jul 20, 2022, 29 investors
- First sale
- Jan 21, 2022
- Reported GAV
- $1.3Bon the Form ADV filed Sep 14, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 36
- Reported on ADV
- Feb 28, 2023 to Sep 14, 2026
Fundraising evidence
Closed to new capital
Form D filed or amended 2022-07-20: the stated $761.5M offering reported fully sold (fr-1)
evidence dated Jul 20, 2022. A 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
vintage 2 to 4 years
age years: 4first sale: 2022-01-21vintage year: $2,022adv gav as of: 2026-09-14vintage basis: form_d_first_saleform d sold usd: $761Mform d offering usd: $761Mform d latest filed at: 2022-07-20
The fund's own reporting through time
3 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Feb 28, 2023 | Venture Capital Fund | $773M | 36 | $2.0M | 3% | yes | |
| Mar 29, 2024 | Venture Capital Fund | $759M | 36 | $2.0M | 3% | yes | |
| Sep 14, 2026 | $1.3B | 36 | $2.0M | 3% |
Principals and agents
7 principals on Form D, 1 placement agents
- Venky Ganesan Director
- Shawn T. Carolan Director
- MVM GP, L.L.C. Promoter
- Matthew Murphy Director
- Msop GP III, LLC Promoter
- Menlo Ventures Management, L.P. Promoter
- Msop GP III, LLC general partner (ADV 7.B.(1).A.3)
- Goldman Sachs & Co. LLC placement agent
Limited partners and their reported performance
1 public LP report
| LP | Vintage (LP’s) | Committed | Paid in | Distributed | Remaining value | Net IRR | Multiple | As of |
|---|---|---|---|---|---|---|---|---|
| Washington State Investment Board sib.wa.gov | 2022 | $250M | $250M | $45.5M | $371M | 34.8% | 1.7x | Dec 31, 2025 |
Each 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).
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
- Dec 31, 2025WSIB reports Menlo Inflection III, L.P.: $250,000,000 committed, vintage 2022, net IRR 34.8%, 1.7xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Dec 31, 2025WSIB reports Menlo Inflection III, L.P.: $250,000,000 committed, vintage 2022, net IRR 34.8%, 1.7xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Feb 28, 2023Menlo Inflection III, L.P. first reported on Form ADV by Menlo Ventures (Venture Capital Fund), GAV $772,698,872Fund first reported on Form ADV Fact SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 20, 2022Menlo Special Opportunities Fund III, L.P. filed Form D/A: $761,475,000 sold of $761,475,000, Venture Capital FundForm D filed Fact SEC EDGAR Form D data sets (quarterly)
- Jan 20, 2022Menlo Special Opportunities Fund III, L.P. filed Form D: no sales yet of $750,000,000, Venture Capital FundForm D filed Fact SEC EDGAR Form D data sets (quarterly)
Evidence
32 observations
Every observation on this vehicle
- Adv pdf fund: MENLO INFLECTION III, L.P. Sep 14, 2026 Fact IAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
- Entity type: Limited Partnership Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Entity type: Limited Partnership Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Form D fund type: Venture Capital Fund Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Form D fund type: Venture Capital Fund Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Form D industry group: Pooled Investment Fund Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Form D industry group: Pooled Investment Fund Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Amendment: true Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Amendment: false Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Revenue range (Form D): Decline to Disclose Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Revenue range (Form D): Decline to Disclose Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Incorporated: withinFiveYears Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Incorporated: withinFiveYears Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Jurisdiction: DELAWARE Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Jurisdiction: DELAWARE Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Amount sold (Form D): $761M Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Amount sold (Form D): $0 Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Offering amount (Form D): $761M Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Offering amount (Form D): $750M Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Exemptions: 06b, 3C, 3C.7 Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Exemptions: 3C, 06b, 3C.7 Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- First sale: 2022-01-21 Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Investors (Form D): 29 Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Investors (Form D): 0 Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Minimum investment (Form D): 0 Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Minimum investment (Form D): 0 Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Securities offered: pooled Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Securities offered: pooled Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Office address: 1300 El Camino Real, Suite 150, MENLO PARK, CA, 94025 Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Office address: c/o Menlo Ventures, 1300 El Camino Real, Suite 150, Menlo Park, CA, 94025 Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Year of incorporation: 2022 Jul 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)
- Year of incorporation: 2022 Jan 20, 2022 Fact SEC EDGAR Form D data sets (quarterly)