Banyan Partners Fund III, L.P.
Gaorong Capital · adviser of record: Banyan Capital Partners LTD. · 2017 vintage
Banyan Partners Fund III, L.P. is a 2017 venture fund managed by Gaorong Capital, with $350mm raised (Form D, amount sold). It reported $524mm in gross assets at year-end 2025, 1.50x its size, against a peak of $1.76bn in 2020.
- Latest value held
- $524mm year-end 2025
- Peak
- $1.76bn year-end 2020
- Fund size
- $350mm Form D, amount sold
- Held vs. size
- 1.50x peak 5.03x
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 | $524mm | 1.50x | -46% over 2 yrs |
| 2023 | $966mm | 2.76x | -14% |
| 2022 | $1.12bn | 3.21x | -9% |
| 2021 | $1.23bn | 3.53x | -30% |
| 2020 | $1.76bn | 5.03x | +183% |
| 2019 | $623mm | 1.78x | +18% |
| 2018 | $526mm | 1.50x | +51% |
| 2017 | $348mm | 0.99x | – |
Other funds from Gaorong Capital
- Gaorong Partners Fund VI, L.P. 2022
- Gaorong Partners Fund V, L.P. 2020
- Gaorong Partners Fund IV, L.P. 2018
- Banyan Partners CO-Invest 2015, L.P. 2015
- Banyan Partners Fund II, L.P. 2014
- Banyan Partners Fund I, L.P. 2013
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 805-4470188176. Data updated October 13, 2026.
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