Flagship Pioneering Special Opportunities Fund II, L.P.
Flagship Pioneering · adviser of record: Flagship Pioneering, Inc. · 2018 vintage
Flagship Pioneering Special Opportunities Fund II, L.P. is a 2018 venture fund managed by Flagship Pioneering, with $824mm raised (Form D, amount sold). It reported $643mm in gross assets at year-end 2025, 0.78x its size, against a peak of $1.02bn in 2022.
- Latest value held
- $643mm year-end 2025
- Peak
- $1.02bn year-end 2022
- Fund size
- $824mm Form D, amount sold
- Held vs. size
- 0.78x peak 1.24x
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 | $643mm | 0.78x | -25% over 2 yrs |
| 2023 | $855mm | 1.04x | -16% |
| 2022 | $1.02bn | 1.24x | +2% |
| 2021 | $1.01bn | 1.22x | +13% |
| 2020 | $887mm | 1.08x | +9% |
| 2019 | $814mm | 0.99x | -1% |
| 2018 | $824mm | 1.00x | – |
What public pensions report
| Investor | As of | Commitment | Cash back (DPI) | Total (TVPI) | Still held |
|---|---|---|---|---|---|
| Michigan SMIB | 2025-12-31 | – | – | – | $82.2mm |
Latest report from each pension, as multiples of paid-in capital. Michigan reports dollar value held, shown under Still held.
Other funds from Flagship Pioneering
- Flagship Pioneering Fund VIII, L.P. 2023
- ET Fund 2023
- FPN III, L.P. 2022
- FPN II, L.P. 2021
- Fpa, L.P. 2021
- Flagship Pioneering Fund VII, L.P. 2020
- FPN, L.P. 2020
- Flagship Labs VII LLC 2020
- Nutritional Health LTP Fund, L.P. 2018
- Flagship Pioneering Fund VI, L.P. 2017
- Flagship Venturelabs VI LLC 2017
- Flagship Ventures Opportunities Fund 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 805-3360286973. Data updated October 13, 2026.
Is this your fund?
Spot an error and email a correction. Facing DPI pressure? See how distribution financing works.