Activate Capital Partners II, LP
Activate Capital · adviser of record: Activate Capital Management, LP · 2021 vintage
Activate Capital Partners II, LP is a 2021 venture fund managed by Activate Capital, with $300mm raised (Form D, amount sold). It reported $589mm in gross assets at year-end 2025, 1.96x its size, its highest reported value.
- Latest value held
- $589mm year-end 2025
- Peak
- $589mm year-end 2025
- Fund size
- $300mm Form D, amount sold
- Held vs. size
- 1.96x peak 1.96x
Value held by year-end
Gross asset value reported on Form ADV at each year-end. Dashed line: fund size. Open in the Fund Tracker
| Year-end | Gross assets | ÷ size | Change |
|---|---|---|---|
| 2025 | $589mm | 1.96x | +45% over 2 yrs |
| 2023 | $406mm | 1.35x | +81% |
| 2022 | $224mm | 0.75x | +151% |
| 2021 | $89.3mm | 0.30x | – |
Other funds from Activate Capital
About these numbers
Gross asset value is what the manager reports holding in the fund at each fiscal year-end, on SEC Form ADV, Schedule D. It includes the GP’s own commitment and is before carried interest, so it is not the LPs’ net return, and it does not show cash already distributed. A fall in value can mean distributions, markdowns or both. Fund size is the amount sold reported on Form D, which for some funds reflects only a first close. Private fund ID 805-3209777117. Data updated October 13, 2026.
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