DFX Intelligence
Friends & Family Capital 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 FundFeeder or parallel vehicle
A feeder, parallel or offshore vehicle of a main fund; its assets may overlap the main fund's.
As of · the latest observation of this vehicle; each figure below carries its own filing date
2 additional placement agents
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
- +55%reported GAV
Reported gross assets rose from $117M to $182M between the Form ADV filings of 31 Jul 2024 and 17 Jun 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
- 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
- $125Mwhat may be sold, not what was raised; file 021-464382, sworn by the adviser or filed under this vehicle
- Form D sold
- $125Mas of the filing of Jun 11, 2025, 162 investors
- First sale
- Nov 10, 2022
- Reported GAV
- $182Mon the Form ADV filed Jun 17, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 168
- Reported on ADV
- Mar 29, 2023 to Jun 17, 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 2025-06-11: the stated $125.0M offering reported fully sold (fr-1)
evidence dated Jun 11, 2025.
LifecycleActive deployment
vintage 2 to 4 years
age years: 4first sale: Nov 10, 2022vintage year: 2022adv gav as of: Jun 17, 2026vintage basis: Form d first saleform d sold: $125Mform d offering: $125Mform d latest filed at: Jun 11, 2025
The fund's own reporting through time
6 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 29, 2023 | Venture Capital Fund | $60.8M | 21 | 25% | yes | ||
| Mar 31, 2023 | Venture Capital Fund | $60.8M | 22 | 25% | yes | ||
| May 8, 2023 | Venture Capital Fund | $76.1M | 34 | 20% | yes | ||
| Mar 29, 2024 | Venture Capital Fund | $115M | 141 | 13% | yes | ||
| Jul 31, 2024 | Venture Capital Fund | $117M | 149 | 13% | yes | ||
| Jun 17, 2026 | Venture Capital Fund | $182M | 168 | 12% |
Principals and agents
1 principal on Form D, 0 placement agents
- General Partner Friends & Family Capital III, LLC Promoter
Service providers
5 named on Form ADV Schedule D and Form D
- AuditorFrank, Rimerman + Co. · SAN FRANCISCO, California, United StatesForm ADV filed Jun 17, 2026 reports.adviserinfo.sec.gov
- AdministratorStandish Management · DALLAS, Texas, United StatesForm ADV filed Jun 17, 2026 reports.adviserinfo.sec.gov
- CustodianJPMorgan · NEW YORK, New York, United StatesForm ADV filed Jun 17, 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
4 events
- Mar 31, 2026Auditor changed: Frank, Rimerman + Co. replaced RSM, first reported on the Form ADV filed March 31, 2026 (previous filing June 3, 2025)Auditor changed Fact Form ADV
- Jun 11, 2025Friends & Family Capital III, L.P. filed Form D/A: $125,000,000 sold of $125,000,000, Venture Capital FundForm D filed Fact Form D
- Mar 29, 2023Friends & Family Capital III, L.P. first reported on Form ADV by Friends & Family Capital Management, LLC (Venture Capital Fund), GAV $60,800,000Fund first reported on Form ADV Fact Form ADV
- Nov 9, 2022Friends & Family Capital III, L.P. filed Form D: no sales yet (indefinite offering), Private Equity FundForm D filed Fact Form D
Evidence
31 observations
Every observation on this vehicle
- Entity type: Limited Partnership Jun 11, 2025 Fact Form D
- Entity type: Limited Partnership Nov 9, 2022 Fact Form D
- Form D fund type: Venture Capital Fund Jun 11, 2025 Fact Form D
- Form D fund type: Private Equity Fund Nov 9, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund Jun 11, 2025 Fact Form D
- Form D industry group: Pooled Investment Fund Nov 9, 2022 Fact Form D
- Amendment: true Jun 11, 2025 Fact Form D
- Amendment: false Nov 9, 2022 Fact Form D
- Revenue range (Form D): Decline to Disclose Jun 11, 2025 Fact Form D
- Revenue range (Form D): Decline to Disclose Nov 9, 2022 Fact Form D
- Incorporated: withinFiveYears Jun 11, 2025 Fact Form D
- Incorporated: withinFiveYears Nov 9, 2022 Fact Form D
- Jurisdiction: Delaware Jun 11, 2025 Fact Form D
- Jurisdiction: Delaware Nov 9, 2022 Fact Form D
- Amount sold (Form D): $125M Jun 11, 2025 Fact Form D
- Amount sold (Form D): $0 Nov 9, 2022 Fact Form D
- Offering amount (Form D): $125M Jun 11, 2025 Fact Form D
- Exemptions: 06c, 3C, 3C.7 Jun 11, 2025 Fact Form D
- Exemptions: 06c, 3C, 3C.7 Nov 9, 2022 Fact Form D
- First sale: 2022-11-10 Jun 11, 2025 Fact Form D
- Indefinite offering: true Nov 9, 2022 Fact Form D
- Investors (Form D): 162 Jun 11, 2025 Fact Form D
- Investors (Form D): 0 Nov 9, 2022 Fact Form D
- Minimum investment (Form D): 0 Jun 11, 2025 Fact Form D
- Minimum investment (Form D): 0 Nov 9, 2022 Fact Form D
- Securities offered: pooled Jun 11, 2025 Fact Form D
- Securities offered: pooled Nov 9, 2022 Fact Form D
- Office address: Jun 11, 2025 Fact Form D
- Office address: Nov 9, 2022 Fact Form D
- Year of incorporation: 2022 Jun 11, 2025 Fact Form D
- Year of incorporation: 2022 Nov 9, 2022 Fact Form D
Relationships across DFX
on 2 other DFX graphs
Across the graphs
Friends & Family Capital III, L.P. is the same institution as 2 records in RIA and Wealth and Private Equity.
RIA and Wealth1Private Equity1
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…
Record history
3 dated events on the change ledger, latest event first
- Form D filed2025-06-11source on record
- Fund first reported on ADV2023-03-29source on record
- Form D filed2022-11-09source 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.