Defy Partners III, L.P.
Defy.vc · adviser of record: Defy Partners Management, LLC · 2021 vintage
Defy Partners III, L.P. is a 2021 venture fund managed by Defy.vc, with $300mm raised (Form D, amount sold). It reported $221mm in gross assets at year-end 2025, 0.74x its size, against a peak of $227mm in 2022.
- Latest value held
- $221mm year-end 2025
- Peak
- $227mm year-end 2022
- Fund size
- $300mm Form D, amount sold
- Held vs. size
- 0.74x peak 0.76x
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 | $221mm | 0.74x | +741% over 2 yrs |
| 2023 | $26.3mm | 0.09x | -88% |
| 2022 | $227mm | 0.76x | +2% |
| 2021 | $223mm | 0.74x | – |
What public pensions report
| Investor | As of | Commitment | Cash back (DPI) | Total (TVPI) | Still held |
|---|---|---|---|---|---|
| LACERS | 2025-12-31 | $20mm | 0.00x | 0.93x | 0.93x |
Latest report from each pension, as multiples of paid-in capital. Michigan reports dollar value held, shown under Still held.
Other funds from Defy.vc
- Defy Partners Goals I, L.P. 2021
- Defy N, L.P. 2021
- Defy Partners II, L.P. 2019
- Defy Partners I, L.P. 2016
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 805-8900571999. Data updated October 13, 2026.
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