Evolution Fund I, L.P.
5Y Capital · adviser of record: 5Y Capital Management Limited · 2017 vintage
Evolution Fund I, L.P. is a 2017 venture fund managed by 5Y Capital, with $396mm raised (Form D, amount sold). It reported $876mm in gross assets at year-end 2025, 2.21x its size, against a peak of $1.36bn in 2022.
- Latest value held
- $876mm year-end 2025
- Peak
- $1.36bn year-end 2022
- Fund size
- $396mm Form D, amount sold
- Held vs. size
- 2.21x peak 3.43x
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 | $876mm | 2.21x | -28% over 2 yrs |
| 2023 | $1.22bn | 3.09x | -10% |
| 2022 | $1.36bn | 3.43x | +9% |
| 2021 | $1.25bn | 3.16x | +341% |
| 2020 | $284mm | 0.72x | +122% |
| 2019 | $128mm | 0.32x | +67% |
| 2018 | $76.6mm | 0.19x | -87% |
| 2017 | $600mm | 1.52x | – |
Other funds from 5Y Capital
- 5Y Capital Evolution Fund III, L.P. 2023
- 5Y Capital Evolution Fund III CO-Investment, L.P. 2023
- 5Y Capital Growth Fund I, L.P. 2021
- 5Y Capital Evolution Fund II, L.P. 2021
- 5Y Capital Growth Fund I CO-Investment, L.P. 2021
- 5Y Capital Evolution Fund II CO-Investment, L.P. 2021
- 5Y SPF III, L.P. 2021
- Evolution Special Opportunity Fund I, L.P. 2017
- Evolution Fund I CO-Investment, L.P. 2017
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 805-3768834279. Data updated October 13, 2026.
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