DFX Intelligence
B Capital Ascent Fund III, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
- Vintage
- 2023
- Form D sold
- $307M
- Reported gross assets
- $441M
Form ADV, Sep 14, 2026
FundraisingEvergreen or indefinite offeringADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
4 additional placement agents, 1 event
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
- 2 LP reportspublic disclosures
2 public LP reports name this vehicle; the latest, California Public Employees' Retirement System as of 31 Dec 2025, shows $122M committed.
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
- 2023basis: 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 021-494105, sworn by the adviser or filed under this vehicle
- Form D sold
- $307Mas of the filing of Jul 3, 2025, 36 investors
- First sale
- Oct 12, 2023
- Reported GAV
- $441Mon the Form ADV filed Sep 14, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 43
- Reported on ADV
- Mar 28, 2024 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.
Evergreen or indefinite offering
Form D filed or amended 2025-07-03: offering indefinite, sold $307.3M (fr-1)
evidence dated Jul 3, 2025.
LifecycleFundraising
Form D within 18 months and the offering is not sold out
first sale: Oct 12, 2023vintage year: 2023adv gav as of: Sep 14, 2026vintage basis: Form d first saleform d sold: $307Mform d offering: n/aform d latest filed at: Jul 3, 2025
The fund's own reporting through time
3 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 28, 2024 | Venture Capital Fund | $228M | 22 | 14% | yes | ||
| May 29, 2026 | Venture Capital Fund | $441M | 43 | $5.0M | 15% | ||
| Sep 14, 2026 | $441M | 43 | $5.0M | 15% |
Principals and agents
2 principals on Form D, 2 placement agents
- B Capital Ascent GP III, L.P. Promoter
- B Capital Ascent GP III, L.P. general partner (ADV 7.B.(1).A.3)
- Bank of Singapore Limited placement agent
- UBS Ag placement agent
Service providers
7 named on Form ADV Schedule D and Form D
- AuditorEY · BOSTON, Massachusetts, United StatesForm ADV filed Mar 31, 2025 reports.adviserinfo.sec.gov
- AdministratorApex Group · DALLAS, Texas, United StatesForm ADV filed Mar 31, 2025 reports.adviserinfo.sec.gov
- AdministratorStandish Management · SANTA MONICA, California, United StatesForm ADV filed Mar 31, 2025 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).
2 public LP reports
| LP | Vintage (LP’s) | Committed | Paid in | Distributed | Remaining value | Net IRR | Multiple | As of |
|---|---|---|---|---|---|---|---|---|
| California Public Employees' Retirement System calpers.ca.gov | 2024 | $122M | $35.3M | $63,552 | $57.6M | not meaningful yet | unknown | Dec 31, 2025 |
| New York State Common Retirement Fund osc.ny.gov | 2024 | $100M | $8.9M | $9,162 | $12.5M | not meaningful yet | 1.4x | Mar 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.
2 relationships, public pensions and the allocator graph, each counted once
| Allocator | Type | Amount | Date | Source |
|---|---|---|---|---|
| California Public Employees' Retirement System | STATE RETIREMENT SYSTEM | $122M committed | reported as of Dec 31, 2025 | Fact Pension disclosure |
| New York State Common Retirement Fund | PUBLIC INSTITUTIONAL POOL | $100M committed | reported as of Mar 31, 2025 | 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
6 events
- Dec 31, 2025CalPERS reports B Capital Ascent Fund III, L.P.: $122,473,076 committed, vintage 2024LP commitment disclosed Fact Pension disclosure
- Dec 31, 2025CalPERS reports B Capital Ascent Fund III, L.P.: $122,473,076 committed, vintage 2024LP commitment disclosed Fact Pension disclosure
- Jul 3, 2025B Capital Ascent Fund III, L.P. filed Form D/A: $307,334,615 sold (indefinite offering), Venture Capital FundForm D filed Fact Form D
- Mar 31, 2025NYSCRF reports B Capital Ascent Fund III, L.P.: $100,000,000 committed, vintage 2024LP commitment disclosed Fact Pension disclosure
- Mar 28, 2024B Capital Ascent Fund III, L.P. first reported on Form ADV by B Capital Group (Venture Capital Fund), GAV $228,403,846Fund first reported on Form ADV Fact Form ADV
Evidence
32 observations
Every observation on this vehicle
- Adv pdf fund: 441,186,833 Sep 14, 2026 Fact Form ADV
- Entity type: Other Jul 3, 2025 Fact Form D
- Entity type: Other Oct 10, 2023 Fact Form D
- Form D fund type: Venture Capital Fund Jul 3, 2025 Fact Form D
- Form D fund type: Venture Capital Fund Oct 10, 2023 Fact Form D
- Form D industry group: Pooled Investment Fund Jul 3, 2025 Fact Form D
- Form D industry group: Pooled Investment Fund Oct 10, 2023 Fact Form D
- Amendment: true Jul 3, 2025 Fact Form D
- Amendment: false Oct 10, 2023 Fact Form D
- Revenue range (Form D): Decline to Disclose Jul 3, 2025 Fact Form D
- Revenue range (Form D): Decline to Disclose Oct 10, 2023 Fact Form D
- Incorporated: withinFiveYears Jul 3, 2025 Fact Form D
- Incorporated: withinFiveYears Oct 10, 2023 Fact Form D
- Jurisdiction: CAYMAN ISLANDS Jul 3, 2025 Fact Form D
- Jurisdiction: CAYMAN ISLANDS Oct 10, 2023 Fact Form D
- Amount sold (Form D): $307M Jul 3, 2025 Fact Form D
- Amount sold (Form D): $0 Oct 10, 2023 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Jul 3, 2025 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Oct 10, 2023 Fact Form D
- First sale: 2023-10-12 Jul 3, 2025 Fact Form D
- Indefinite offering: true Jul 3, 2025 Fact Form D
- Indefinite offering: true Oct 10, 2023 Fact Form D
- Investors (Form D): 36 Jul 3, 2025 Fact Form D
- Investors (Form D): 0 Oct 10, 2023 Fact Form D
- Minimum investment (Form D): 0 Jul 3, 2025 Fact Form D
- Minimum investment (Form D): 0 Oct 10, 2023 Fact Form D
- Securities offered: pooled Jul 3, 2025 Fact Form D
- Securities offered: pooled Oct 10, 2023 Fact Form D
- Office address: Jul 3, 2025 Fact Form D
- Office address: Oct 10, 2023 Fact Form D
- Year of incorporation: 2023 Jul 3, 2025 Fact Form D
- Year of incorporation: 2023 Oct 10, 2023 Fact Form D
Relationships across DFX
on 2 other DFX graphs · 10 capital paths
Across the graphs
B Capital Ascent Fund 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 what the two were joined on.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
Capital chain
B Capital Ascent Fund III, L.P. sits on 10 traced paths of capital across the graphs.
Allocator to VC fund to manager to company
DFX traced 10 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
6 dated events on the change ledger, latest first
- Form D filed2023-10-10source
- LP commitment disclosed2025-03-31source
- LP commitment disclosed2025-12-31source
+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.