AF Fund III, L.P.
Af VC · adviser of record: AF VC, LLC · 2017 vintage
AF Fund III, L.P. is a 2017 venture fund managed by Af VC, with $57.1mm raised (Form D, amount sold). It reported $52.8mm in gross assets at year-end 2025, 0.92x its size, against a peak of $81.9mm in 2021.
- Latest value held
- $52.8mm year-end 2025
- Peak
- $81.9mm year-end 2021
- Fund size
- $57.1mm Form D, amount sold
- Held vs. size
- 0.92x peak 1.43x
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 | $52.8mm | 0.92x | -34% over 2 yrs |
| 2023 | $80.1mm | 1.40x | +14% |
| 2022 | $70.5mm | 1.23x | -14% |
| 2021 | $81.9mm | 1.43x | +44% |
| 2020 | $56.7mm | 0.99x | +0% |
| 2019 | $56.5mm | 0.99x | +18% |
| 2018 | $47.8mm | 0.84x | +18% |
| 2017 | $40.4mm | 0.71x | – |
Other funds from Af VC
- AF CO-Invest MJ, LLC 2023
- AF CO-Invest Ventures, LLC 2023
- AF Y SPV, LLC 2021
- AF Alpha SPV II, LLC 2021
- AF CKL SPV, LLC 2020
- AF Lola SPV I, LLC 2020
- AF Alpha SPV I, LLC 2019
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 805-6623363976. Data updated October 13, 2026.
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