DFX Intelligence
Menlo Inflection 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
4 additional principals
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 LP reportpublic disclosures
1 public LP report name this vehicle; the latest, Washington State Investment Board as of 31 Dec 2025, shows $250M committed and net IRR 34.8%, 1.70x (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 →
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
- $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 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 2022-07-20: the stated $761.5M offering reported fully sold (fr-1)
evidence dated Jul 20, 2022.
LifecycleActive deployment
vintage 2 to 4 years
age years: 4first sale: Jan 21, 2022vintage year: 2022adv gav as of: Sep 14, 2026vintage basis: Form d first saleform d sold: $761Mform d offering: $761Mform d latest filed at: Jul 20, 2022
The fund's own reporting through time
4 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 | |
| Mar 31, 2026 | Venture Capital Fund | $1.3B | 36 | $2.0M | 3% | ||
| 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
- Goldman Sachs & Co. LLC placement agent
Service providers
3 named on Form ADV Schedule D and Form D
- AuditorEY · SAN FRANCISCO, California, United StatesForm ADV filed Mar 31, 2026 reports.adviserinfo.sec.gov
- Placement agentGoldman Sachs & Co. LLCForm D filed Jul 20, 2022 sec.gov
- MarketerGoldman Sachs · NEW YORK, New York, 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).
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 |
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.
1 relationship, public pensions and the allocator graph, each counted once
| Allocator | Type | Amount | Date | Source |
|---|---|---|---|---|
| Washington State Investment Board | PUBLIC INSTITUTIONAL POOL | $250M committed | committed Mar 15, 2022 | Fact Pension disclosure |
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 Pension disclosure
- Dec 31, 2025WSIB reports Menlo Inflection III, L.P.: $250,000,000 committed, vintage 2022, net IRR 34.8%, 1.7xLP commitment disclosed Fact Pension disclosure
- 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 Form ADV
- 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 Form D
- 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 Form D
Evidence
32 observations
Every observation on this vehicle
- Adv pdf fund: 1,275,992,115 Sep 14, 2026 Fact Form ADV
- Entity type: Limited Partnership Jul 20, 2022 Fact Form D
- Entity type: Limited Partnership Jan 20, 2022 Fact Form D
- Form D fund type: Venture Capital Fund Jul 20, 2022 Fact Form D
- Form D fund type: Venture Capital Fund Jan 20, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund Jul 20, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund Jan 20, 2022 Fact Form D
- Amendment: true Jul 20, 2022 Fact Form D
- Amendment: false Jan 20, 2022 Fact Form D
- Revenue range (Form D): Decline to Disclose Jul 20, 2022 Fact Form D
- Revenue range (Form D): Decline to Disclose Jan 20, 2022 Fact Form D
- Incorporated: withinFiveYears Jul 20, 2022 Fact Form D
- Incorporated: withinFiveYears Jan 20, 2022 Fact Form D
- Jurisdiction: Delaware Jul 20, 2022 Fact Form D
- Jurisdiction: Delaware Jan 20, 2022 Fact Form D
- Amount sold (Form D): $761M Jul 20, 2022 Fact Form D
- Amount sold (Form D): $0 Jan 20, 2022 Fact Form D
- Offering amount (Form D): $761M Jul 20, 2022 Fact Form D
- Offering amount (Form D): $750M Jan 20, 2022 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Jul 20, 2022 Fact Form D
- Exemptions: 3C, 06b, 3C.7 Jan 20, 2022 Fact Form D
- First sale: 2022-01-21 Jul 20, 2022 Fact Form D
- Investors (Form D): 29 Jul 20, 2022 Fact Form D
- Investors (Form D): 0 Jan 20, 2022 Fact Form D
- Minimum investment (Form D): 0 Jul 20, 2022 Fact Form D
- Minimum investment (Form D): 0 Jan 20, 2022 Fact Form D
- Securities offered: pooled Jul 20, 2022 Fact Form D
- Securities offered: pooled Jan 20, 2022 Fact Form D
- Office address: Jul 20, 2022 Fact Form D
- Office address: Jan 20, 2022 Fact Form D
- Year of incorporation: 2022 Jul 20, 2022 Fact Form D
- Year of incorporation: 2022 Jan 20, 2022 Fact Form D
Relationships across DFX
on 2 other DFX graphs · 5 capital paths
Across the graphs
Menlo Inflection III, 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
Menlo Inflection III, L.P. sits on 5 traced paths of capital across the graphs.
Allocator to VC fund to manager to company
DFX traced 5 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
5 dated events on the change ledger, latest event first
- LP commitment disclosed2025-12-31source on record
- LP commitment disclosed2025-12-31source on record
- Fund first reported on ADV2023-02-28source on record
+2 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.