DFX Intelligence
Five Elms III B, LP
As of · the latest observation of this vehicle; each figure below carries its own filing date
HarvestFundraising status unknownother manager vehicleADV: 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
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
- -22%reported GAV
Reported gross assets fell from $108M to $83.7M between the Form ADV filings of 28 Mar 2024 and 1 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
- 2017basis: 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
- $125Mwhat may be sold, not what was raised; file 021-271478, sworn by the adviser or filed under this vehicle
- Form D sold
- $0as of the filing of Sep 28, 2016
- First sale
- unknown
- Reported GAV
- $83.7Mon the Form ADV filed Jun 1, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 39
- Reported on ADV
- Mar 31, 2017 to Jun 1, 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.
Unknown
latest Form D 2016-09-28, older than 15 months (fr-1)
evidence dated Sep 28, 2016.
LifecycleHarvest
vintage over 7 years, still reported
age years: 9first sale: n/avintage year: 2017adv gav as of: Jun 1, 2026vintage basis: ADV first reportedform d sold: $0form d offering: $125Mform d latest filed at: Sep 28, 2016
The fund's own reporting through time
13 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 31, 2017 | Private Equity Fund | $37.7M | 35 | $250,000 | 0% | yes | |
| Jun 28, 2017 | Private Equity Fund | $56.0M | 35 | $250,000 | 0% | yes | |
| Mar 30, 2018 | Private Equity Fund | $82.7M | 39 | $250,000 | 1% | yes | |
| May 14, 2018 | Private Equity Fund | $82.7M | 39 | $250,000 | 1% | yes | |
| Mar 29, 2019 | Private Equity Fund | $111M | 39 | $250,000 | 1% | yes | |
| Jul 2, 2019 | Private Equity Fund | $111M | 39 | $250,000 | 1% | yes | |
| Mar 30, 2020 | Private Equity Fund | $125M | 39 | $250,000 | 0% | yes | |
| Mar 31, 2021 | Private Equity Fund | $137M | 39 | $250,000 | 0% | yes | |
| Mar 29, 2022 | Private Equity Fund | $150M | 39 | $250,000 | 0% | yes | |
| Mar 30, 2023 | Private Equity Fund | $195M | 39 | $250,000 | 0% | yes | |
| Feb 15, 2024 | Private Equity Fund | $195M | 39 | $250,000 | 0% | yes | |
| Mar 28, 2024 | Private Equity Fund | $108M | 39 | $250,000 | 0% | yes | |
| Jun 1, 2026 | Private Equity Fund | $83.7M | 39 | $250,000 | 0% |
Principals and agents
2 principals on Form D, 1 placement agents
- Five Elms III GP, LLC Executive Officer
- Fred N. Coulson, IV Executive Officer
- Sparring Partners Capital LLC placement agent
Service providers
5 named on Form ADV Schedule D and Form D
- AuditorDeloitte · KANSAS CITY, Missouri, United StatesForm ADV filed Jun 1, 2026 reports.adviserinfo.sec.gov
- AdministratorCarta · SAN FRANCISCO, California, United StatesForm ADV filed Jun 1, 2026 reports.adviserinfo.sec.gov
- CustodianACADEMY BANK, NATIONAL ASSOCIATION · KANSAS CITY, Missouri, United StatesForm ADV filed Jun 1, 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
5 events
- Mar 30, 2020Administrator changed: Carta replaced LEVERPOINT MANAGEMENT, LLC, first reported on the Form ADV filed March 30, 2020 (previous filing July 2, 2019)Administrator changed Fact Form ADV
- Mar 30, 2018Auditor changed: Deloitte replaced RSM, first reported on the Form ADV filed March 30, 2018 (previous filing June 28, 2017)Auditor changed Fact Form ADV
- Mar 30, 2018Custodian changed: SQUARE 1 BANK replaced MISSOURI BANK, first reported on the Form ADV filed March 30, 2018 (previous filing June 28, 2017)Custodian changed Fact Form ADV
- Mar 31, 2017Five Elms III B, LP first reported on Form ADV by Five Elms Capital (Private Equity Fund), GAV $37,714,701Fund first reported on Form ADV Fact Form ADV
- Sep 28, 2016Five Elms III B, L.P. filed Form D: no sales yet of $125,000,000, Private Equity FundForm D filed Fact Form D
Evidence
15 observations
Every observation on this vehicle
- Entity type: Limited Partnership Sep 28, 2016 Fact Form D
- Form D fund type: Private Equity Fund Sep 28, 2016 Fact Form D
- Form D industry group: Pooled Investment Fund Sep 28, 2016 Fact Form D
- Amendment: false Sep 28, 2016 Fact Form D
- Revenue range (Form D): Not Applicable Sep 28, 2016 Fact Form D
- Incorporated: withinFiveYears Sep 28, 2016 Fact Form D
- Jurisdiction: Delaware Sep 28, 2016 Fact Form D
- Amount sold (Form D): $0 Sep 28, 2016 Fact Form D
- Offering amount (Form D): $125M Sep 28, 2016 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 Sep 28, 2016 Fact Form D
- Investors (Form D): 0 Sep 28, 2016 Fact Form D
- Minimum investment (Form D): 0 Sep 28, 2016 Fact Form D
- Securities offered: pooled Sep 28, 2016 Fact Form D
- Office address: Sep 28, 2016 Fact Form D
- Year of incorporation: 2016 Sep 28, 2016 Fact Form D
Relationships across DFX
on 2 other DFX graphs
Across the graphs
Five Elms III B, LP 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.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
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Record history
2 dated events on the change ledger, latest event first
- Fund first reported on ADV2017-03-31source on record
- Form D filed2016-09-28source 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.