DFX Intelligence
Defy Partners I, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
HarvestClosed to new capitalADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
What matters now
- 1 LP reportpublic disclosures
1 public LP report name this vehicle; the latest, Los Angeles City Employees' Retirement System as of 31 Dec 2025, shows $10M committed and net IRR 14.4%, 2.14x (the LP's own figures).
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 → - +106%reported GAV
Reported gross assets rose from $156M to $322M between the Form ADV filings of 7 Mar 2024 and 24 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
- 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
- $322Mon the Form ADV filed Mar 24, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 37
- Reported on ADV
- Sep 24, 2017 to Mar 24, 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 2017-09-27: the stated $151.0M offering reported fully sold (fr-1)
evidence dated Sep 27, 2017.
LifecycleHarvest
vintage over 7 years, still reported
age years: 9first sale: May 12, 2017vintage year: 2017adv gav as of: Mar 24, 2026vintage basis: Form d first saleform d sold: $151Mform d offering: $151Mform d latest filed at: Sep 27, 2017
The fund's own reporting through time
10 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Sep 24, 2017 | Venture Capital Fund | $151M | 37 | 2% | yes | ||
| Oct 16, 2017 | Venture Capital Fund | $151M | 37 | 2% | yes | ||
| Mar 14, 2018 | Venture Capital Fund | $151M | 37 | 2% | yes | ||
| Mar 26, 2019 | Venture Capital Fund | $152M | 37 | 2% | yes | ||
| Mar 19, 2020 | Venture Capital Fund | $151M | 37 | 2% | yes | ||
| Mar 25, 2021 | Venture Capital Fund | $180M | 37 | 2% | yes | ||
| Mar 10, 2022 | Venture Capital Fund | $180M | 37 | 2% | yes | ||
| Mar 16, 2023 | Venture Capital Fund | $188M | 37 | 2% | yes | ||
| Mar 7, 2024 | Venture Capital Fund | $156M | 37 | 2% | yes | ||
| Mar 24, 2026 | Venture Capital Fund | $322M | 37 | 0% |
Principals and agents
3 principals on Form D, 0 placement agents
- DEFY Partners GP I, LLC Director
- Trae Vassallo Director
- Neil Sequeira Director
Service providers
2 named on Form ADV Schedule D and Form D
- AuditorKPMG · SAN FRANCISCO, California, United StatesForm ADV filed Mar 24, 2026 reports.adviserinfo.sec.gov
- AdministratorStandish Management · SAN FRANCISCO, California, United StatesForm ADV filed Mar 24, 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).
1 public LP report
| LP | Vintage (LP’s) | Committed | Paid in | Distributed | Remaining value | Net IRR | Multiple | As of |
|---|---|---|---|---|---|---|---|---|
| Los Angeles City Employees' Retirement System lacers.org | 2017 | $10.0M | $9.5M | $2.3M | $18.1M | 14.4% | 2.1x | Dec 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.
1 relationship, public pensions and the allocator graph, each counted once
| Allocator | Type | Amount | Date | Source |
|---|---|---|---|---|
| Los Angeles City Employees' Retirement System | MUNICIPAL RETIREMENT SYSTEM | $10.0M committed | reported as of Dec 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
4 events
- Dec 31, 2025LACERS reports Defy Partners I: $10,000,000 committed, vintage 2017, net IRR 14.4%, 2.14xLP commitment disclosed Fact Pension disclosure
- Sep 27, 2017DEFY Partners I, L.P. filed Form D/A: $151,000,000 sold of $151,000,000, Venture Capital FundForm D filed Fact Form D
- Sep 24, 2017Defy Partners I, L.P. first reported on Form ADV by Defy Partners Management, LLC (Venture Capital Fund), GAV $151,000,000Fund first reported on Form ADV Fact Form ADV
- May 11, 2017DEFY Partners I, L.P. filed Form D: no sales yet of $125,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
31 observations
Every observation on this vehicle
- Entity type: Limited Partnership Sep 27, 2017 Fact Form D
- Entity type: Limited Partnership May 11, 2017 Fact Form D
- Form D fund type: Venture Capital Fund Sep 27, 2017 Fact Form D
- Form D fund type: Venture Capital Fund May 11, 2017 Fact Form D
- Form D industry group: Pooled Investment Fund Sep 27, 2017 Fact Form D
- Form D industry group: Pooled Investment Fund May 11, 2017 Fact Form D
- Amendment: true Sep 27, 2017 Fact Form D
- Amendment: false May 11, 2017 Fact Form D
- Revenue range (Form D): Decline to Disclose Sep 27, 2017 Fact Form D
- Revenue range (Form D): Decline to Disclose May 11, 2017 Fact Form D
- Incorporated: withinFiveYears Sep 27, 2017 Fact Form D
- Incorporated: withinFiveYears May 11, 2017 Fact Form D
- Jurisdiction: Delaware Sep 27, 2017 Fact Form D
- Jurisdiction: Delaware May 11, 2017 Fact Form D
- Amount sold (Form D): $151M Sep 27, 2017 Fact Form D
- Amount sold (Form D): $0 May 11, 2017 Fact Form D
- Offering amount (Form D): $151M Sep 27, 2017 Fact Form D
- Offering amount (Form D): $125M May 11, 2017 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 Sep 27, 2017 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 May 11, 2017 Fact Form D
- First sale: 2017-05-12 Sep 27, 2017 Fact Form D
- Investors (Form D): 36 Sep 27, 2017 Fact Form D
- Investors (Form D): 0 May 11, 2017 Fact Form D
- Minimum investment (Form D): 0 Sep 27, 2017 Fact Form D
- Minimum investment (Form D): 0 May 11, 2017 Fact Form D
- Securities offered: pooled Sep 27, 2017 Fact Form D
- Securities offered: pooled May 11, 2017 Fact Form D
- Office address: Sep 27, 2017 Fact Form D
- Office address: May 11, 2017 Fact Form D
- Year of incorporation: 2017 Sep 27, 2017 Fact Form D
- Year of incorporation: 2017 May 11, 2017 Fact Form D
Relationships across DFX
on 2 other DFX graphs · 1 capital path
Across the graphs
Defy Partners I, 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 how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
Capital chain
Defy Partners I, L.P. sits on 1 traced path of capital across the graphs.
Allocator to VC fund to manager to company
DFX traced 1 path 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
4 dated events on the change ledger, latest event first
- LP commitment disclosed2025-12-31source on record
- Form D filed2017-09-27source on record
- Fund first reported on ADV2017-09-24source on record
+1 more change 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.