Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.

Funds / Defy Partners I, L.P.

Defy Partners I, L.P.

HarvestClosed to new capitalFundADV: Venture Capital FundDefy Partners Management, LLCDelaware
Amounts, each with its basis
Vintage
2017basis: 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
$151Mwhat may be sold, not what was raised; file 021-286547, sworn by the adviser or filed under this vehicle
Form D sold
$151Mas of the filing of Sep 27, 2017, 36 investors
First sale
May 12, 2017
Reported GAV
$156Mon the Form ADV filed Mar 7, 2024; the fund's assets, never its size or dry powder
Owners (ADV)
37
Reported on ADV
Sep 24, 2017 to Mar 7, 2024
Fundraising evidence
Closed to new capital
Form D filed or amended 2017-09-27: the stated $151.0M offering reported fully sold (fr-1)
evidence dated Sep 27, 2017. A 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.
Lifecycle
Harvest
vintage over 7 years, still reported
age years: 9first sale: 2017-05-12vintage year: $2,017adv gav as of: 2024-03-07vintage basis: form_d_first_saleform d sold usd: $151Mform d offering usd: $151Mform d latest filed at: 2017-09-27
The fund's own reporting through time
9 Form ADV filings
FiledTypeGross asset value OwnersMin. investmentAdviser-ownedAudit
Sep 24, 2017Venture Capital Fund$151M
372%yes
Oct 16, 2017Venture Capital Fund$151M
372%yes
Mar 14, 2018Venture Capital Fund$151M
372%yes
Mar 26, 2019Venture Capital Fund$152M
372%yes
Mar 19, 2020Venture Capital Fund$151M
372%yes
Mar 25, 2021Venture Capital Fund$180M
372%yes
Mar 10, 2022Venture Capital Fund$180M
372%yes
Mar 16, 2023Venture Capital Fund$188M
372%yes
Mar 7, 2024Venture Capital Fund$156M
372%yes
Principals and agents
3 principals on Form D, 0 placement agents
Limited partners and their reported performance
1 public LP report
LPVintage (LP’s)CommittedPaid inDistributedRemaining valueNet IRRMultipleAs of
Los Angeles City Employees' Retirement System lacers.org2017$10.0M$9.5M$2.3M$18.1M14.4%2.1xDec 31, 2025

Each 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).

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
  1. Dec 31, 2025
    LACERS reports Defy Partners I: $10,000,000 committed, vintage 2017, net IRR 14.4%, 2.14x
    LP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
  2. Sep 27, 2017
    DEFY Partners I, L.P. filed Form D/A: $151,000,000 sold of $151,000,000, Venture Capital Fund
    Form D filed Fact SEC EDGAR Form D data sets (quarterly)
  3. Sep 24, 2017
    Defy Partners I, L.P. first reported on Form ADV by Defy Partners Management, LLC (Venture Capital Fund), GAV $151,000,000
    Fund first reported on Form ADV Fact SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  4. May 11, 2017
    DEFY Partners I, L.P. filed Form D: no sales yet of $125,000,000, Venture Capital Fund
    Form D filed Fact SEC EDGAR Form D data sets (quarterly)
Evidence
31 observations
Every observation on this vehicle