DFX Intelligence
Pathbreaker Ventures Fund III, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
FundraisingEvergreen or indefinite offeringADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
What matters now
- $18.4Msold at the filing
Latest Form D filed on 17 Apr 2026: $18.4M sold, 45 investors. A Form D amount is what was sold at the filing, never a final close.
A new or amended Form D means the vehicle is taking money now.
Drawing the relationship network…
Amounts, each with its basis
- Vintage
- 2024basis: 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
- indefinitewhat may be sold, not what was raised; file 021-526853, sworn by the adviser or filed under this vehicle
- Form D sold
- $18.4Mas of the filing of Apr 17, 2026, 45 investors
- First sale
- Sep 30, 2024
- Reported GAV
- unknown
- Owners (ADV)
- unknown
- Reported on ADV
- unknown
Fundraising evidence
What 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.Evergreen or indefinite offering
Form D filed or amended 2026-04-17: offering indefinite, sold $18.4M (fr-1)
evidence dated Apr 17, 2026.
Lifecycle
Fundraising
Lifecycle
Form D within 18 months and the offering is not sold out
first sale: Sep 30, 2024vintage year: 2024adv gav as of: n/avintage basis: Form d first saleform d sold: $18.4Mform d offering: n/aform d latest filed at: Apr 17, 2026
The fund's own reporting through time
0 Form ADV filings
No Form ADV reporting row: this vehicle is known from Form D only.
Principals and agents
2 principals on Form D, 0 placement agents
- Pathbreaker Ventures III, LLC Executive Officer
- Ryan Gembala Executive Officer
Service providers
none named
No auditor, administrator, custodian or placement agent is named for this vehicle on a filing DFX holds.
Limited partners and their reported performance
Whose 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 allocators
What 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
3 events
- Apr 17, 2026Pathbreaker Ventures Fund III, L.P. filed Form D/A: $18,425,000 sold (indefinite offering), Venture Capital FundForm D filed Fact Form D
- Oct 15, 2024Pathbreaker Ventures II, LLC filed the first Form D for Pathbreaker Ventures Fund III, L.P. (fund 3), its next fund after Pathbreaker Ventures Fund II, L.P. (vintage 2020)Fund next filed Inference
- Oct 15, 2024Pathbreaker Ventures Fund III, L.P. filed Form D: $11,000,000 sold (indefinite offering), Venture Capital FundForm D filed Fact Form D
Evidence
33 observations
Every observation on this vehicle
- Entity type: Limited Partnership Apr 17, 2026 Fact Form D
- Entity type: Limited Partnership Oct 15, 2024 Fact Form D
- Form D fund type: Venture Capital Fund Apr 17, 2026 Fact Form D
- Form D fund type: Venture Capital Fund Oct 15, 2024 Fact Form D
- Form D industry group: Pooled Investment Fund Apr 17, 2026 Fact Form D
- Form D industry group: Pooled Investment Fund Oct 15, 2024 Fact Form D
- Amendment: true Apr 17, 2026 Fact Form D
- Amendment: false Oct 15, 2024 Fact Form D
- Revenue range (Form D): Decline to Disclose Apr 17, 2026 Fact Form D
- Revenue range (Form D): Decline to Disclose Oct 15, 2024 Fact Form D
- Incorporated: withinFiveYears Apr 17, 2026 Fact Form D
- Incorporated: withinFiveYears Oct 15, 2024 Fact Form D
- Jurisdiction: Delaware Apr 17, 2026 Fact Form D
- Jurisdiction: Delaware Oct 15, 2024 Fact Form D
- Amount sold (Form D): $18.4M Apr 17, 2026 Fact Form D
- Amount sold (Form D): $11.0M Oct 15, 2024 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Apr 17, 2026 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Oct 15, 2024 Fact Form D
- First sale: 2024-09-30 Apr 17, 2026 Fact Form D
- First sale: 2024-09-30 Oct 15, 2024 Fact Form D
- Indefinite offering: true Apr 17, 2026 Fact Form D
- Indefinite offering: true Oct 15, 2024 Fact Form D
- Investors (Form D): 45 Apr 17, 2026 Fact Form D
- Investors (Form D): 26 Oct 15, 2024 Fact Form D
- Minimum investment (Form D): 0 Apr 17, 2026 Fact Form D
- Minimum investment (Form D): 0 Oct 15, 2024 Fact Form D
- Offering other type: Limited Partnership Interests Apr 17, 2026 Fact Form D
- Securities offered: pooled Apr 17, 2026 Fact Form D
- Securities offered: pooled Oct 15, 2024 Fact Form D
- Office address: Apr 17, 2026 Fact Form D
- Office address: Oct 15, 2024 Fact Form D
- Year of incorporation: 2024 Apr 17, 2026 Fact Form D
- Year of incorporation: 2024 Oct 15, 2024 Fact Form D
Record history
2 dated events on the change ledger, latest event first
- Form D filed2026-04-17source on record
- Form D filed2024-10-15source 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.