DFX Intelligence
Theory Ventures, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
UnknownFundraising status unknownADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
1 additional placement agent
Every relationship, signal and contact on this record, with the source on each.
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What matters now
- +10%reported GAV
Reported gross assets rose from $233M to $257M between the Form ADV filings of 14 Mar 2024 and 25 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
- unknownno dated first sale or first report yet
- 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
- $235Mwhat may be sold, not what was raised; file 021-474341, sworn by the adviser or filed under this vehicle
- Form D sold
- $0as of the filing of Feb 27, 2023
- First sale
- unknown
- Reported GAV
- $257Mon the Form ADV filed Mar 25, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 92
- Reported on ADV
- May 1, 2023 to Mar 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.
Unknown
latest Form D 2023-02-27, older than 15 months (fr-1)
evidence dated Feb 27, 2023.
LifecycleUnknown
no vintage and no recent Form D
first sale: n/avintage year: n/aadv gav as of: Mar 25, 2026vintage basis: n/aform d sold: $0form d offering: $235Mform d latest filed at: Feb 27, 2023
The fund's own reporting through time
3 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| May 1, 2023 | Venture Capital Fund | $237M | 92 | $25,000 | 2% | no | |
| Mar 14, 2024 | Venture Capital Fund | $233M | 92 | $25,000 | 2% | yes | |
| Mar 25, 2026 | Venture Capital Fund | $257M | 92 | $25,000 | 2% |
Principals and agents
2 principals on Form D, 0 placement agents
- Theory Ventures GP, LLC Director
- Tomasz Tunguz-Zawislak Director
Service providers
4 named on Form ADV Schedule D and Form D
- AuditorDeloitte · SAN FRANCISCO, California, United StatesForm ADV filed Mar 25, 2026 reports.adviserinfo.sec.gov
- AdministratorADURO ADVISORS, LLC · DENVER, Colorado, United StatesForm ADV filed Mar 25, 2026 reports.adviserinfo.sec.gov
- CustodianSTIFEL BANK · SAINT LOUIS, Missouri, United StatesForm ADV filed Mar 25, 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
5 events
- Mar 25, 2026Auditor changed: Deloitte replaced KPMG, first reported on the Form ADV filed March 25, 2026 (previous filing March 31, 2025)Auditor changed Fact Form ADV
- Mar 31, 2025Custodian changed: JPMorgan, STIFEL BANK replaced First Republic Bank, Goldman Sachs, first reported on the Form ADV filed March 31, 2025 (previous filing March 14, 2024)Custodian changed Fact Form ADV
- Mar 14, 2024Administrator changed: ADURO ADVISORS, LLC replaced Juniper Square, first reported on the Form ADV filed March 14, 2024 (previous filing May 1, 2023)Administrator changed Fact Form ADV
- May 1, 2023Theory Ventures, L.P. first reported on Form ADV by Theory Ventures Management, LLC (Venture Capital Fund), GAV $237,219,388Fund first reported on Form ADV Fact Form ADV
- Feb 27, 2023Theory Ventures, L.P. filed Form D: no sales yet of $235,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
15 observations
Every observation on this vehicle
- Entity type: Limited Partnership Feb 27, 2023 Fact Form D
- Form D fund type: Venture Capital Fund Feb 27, 2023 Fact Form D
- Form D industry group: Pooled Investment Fund Feb 27, 2023 Fact Form D
- Amendment: false Feb 27, 2023 Fact Form D
- Revenue range (Form D): Decline to Disclose Feb 27, 2023 Fact Form D
- Incorporated: withinFiveYears Feb 27, 2023 Fact Form D
- Jurisdiction: Delaware Feb 27, 2023 Fact Form D
- Amount sold (Form D): $0 Feb 27, 2023 Fact Form D
- Offering amount (Form D): $235M Feb 27, 2023 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 Feb 27, 2023 Fact Form D
- Investors (Form D): 0 Feb 27, 2023 Fact Form D
- Minimum investment (Form D): 0 Feb 27, 2023 Fact Form D
- Securities offered: pooled Feb 27, 2023 Fact Form D
- Office address: Feb 27, 2023 Fact Form D
- Year of incorporation: 2023 Feb 27, 2023 Fact Form D
Relationships across DFX
on 1 other DFX graph
Across the graphs
Theory Ventures, L.P. is the same institution as 1 record in RIA and Wealth.
RIA and Wealth1
The joined record opens with the product, beside every other relationship on this page.
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Record history
2 dated events on the change ledger, latest event first
- Fund first reported on ADV2023-05-01source on record
- Form D filed2023-02-27source 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.