Cobalt Tonal SPV III, LP
Cobalt Capital · adviser of record: Cobalt Investment Management LLC · 2023 vintage
Cobalt Tonal SPV III, LP is a 2023 venture fund managed by Cobalt Capital, with $20mm raised (Form D, amount sold). It reported $19.4mm in gross assets at year-end 2025, 0.97x its size, against a peak of $23mm in 2023.
- Latest value held
- $19.4mm year-end 2025
- Peak
- $23mm year-end 2023
- Fund size
- $20mm Form D, amount sold
- Held vs. size
- 0.97x peak 1.15x
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 | $19.4mm | 0.97x | -16% over 2 yrs |
| 2023 | $23mm | 1.15x | – |
Other funds from Cobalt Capital
- Cobalt Tonal SPV II L.P. 2022
- Cobalt Tonal SPV I L.P. 2021
- Cobalt Feather Holdings LLC 2021
- Cobalt Intellimize SPV I L.P 2021
- Emp Scopely Holdings, LLC 2020
- Cobalt Capital Partners I, LP 2019
- Cobalt Strategic Partners I, LP 2018
- Evolution Media III, LLC 2018
- Evolution Media Growth Partners LLC 2018
- Evolution Media Growth Partners II LLC 2018
- Evolution Media VI, LP 2018
- Evolution Media IV, LLC 2018
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 805-9347967530. Data updated October 13, 2026.
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