DFX Intelligence
Zetland Special Situations Master Fund III (usd)
As of · the latest observation of this vehicle; each figure below carries its own filing date
Early deploymentFundraising status unknownADV: Private Equity FundOutside venture scope
A private equity fund outside venture scope, shown because its manager is on the venture graph.
As of · the latest observation of this vehicle; each figure below carries its own filing date
What matters now
- +2143%reported GAV
Reported gross assets rose from $7.43M to $167M between the Form ADV filings of 9 Jul 2024 and 15 Apr 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
- 2024basis: adv first reported
- 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
- unknownwhat may be sold, not what was raised; file 021-489366, sworn by the adviser or filed under this vehicle
- Form D sold
- unknown
- First sale
- unknown
- Reported GAV
- $167Mon the Form ADV filed Apr 15, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 31
- Reported on ADV
- Mar 29, 2024 to Apr 15, 2026
- Structure
- master
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.Unknown
no Form D or close on record (fr-1)
Lifecycle
Early deployment
Lifecycle
vintage within 2 years
age years: 2first sale: n/avintage year: 2024adv gav as of: Apr 15, 2026vintage basis: ADV first reportedform d sold: n/aform d offering: n/aform d latest filed at: n/a
The fund's own reporting through time
3 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 29, 2024 | Private Equity Fund | $7.4M | 3 | $5.0M | 0% | yes | |
| Jul 9, 2024 | Private Equity Fund | $7.4M | 3 | $5.0M | 0% | yes | |
| Apr 15, 2026 | Private Equity Fund | $167M | 31 | $5.0M | 0% |
Principals and agents
0 principals on Form D, 0 placement agents
No Form D related person on record.
Service providers
3 named on Form ADV Schedule D and Form D
- AuditorDeloitte · LUXEMBOURG, LuxembourgForm ADV filed Apr 15, 2026 reports.adviserinfo.sec.gov
- AdministratorSS&C · LUXEMBOURG, LuxembourgForm ADV filed Apr 15, 2026 reports.adviserinfo.sec.gov
- CustodianCACEIS BANK · LONDON, United KingdomForm ADV filed Apr 15, 2026 reports.adviserinfo.sec.gov
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
1 event
- Mar 29, 2024Zetland Special Situations Master Fund III (usd) first reported on Form ADV by Vistra Fund Management S.A. (Private Equity Fund), GAV $7,427,631Fund first reported on Form ADV Fact Form ADV
Evidence
0 observations
Every observation on this vehicle
Relationships across DFX
on 2 other DFX graphs
Across the graphs
Zetland Special Situations Master Fund III (usd) is the same institution as 2 records in Private Equity and RIA and Wealth.
Private Equity1RIA 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.
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Record history
1 identity change, 1 dated event on the change ledger, latest event first
- Event retracted2026-10-01
- Fund first reported on ADV2024-03-29source 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.