Flagship Ventures Fund V, L.P.
Flagship Pioneering · adviser of record: Flagship Pioneering, Inc. · 2014 vintage
Flagship Ventures Fund V, L.P. is a 2014 venture fund managed by Flagship Pioneering, with $350mm raised (Form D, amount sold). It reported $335mm in gross assets at year-end 2025, 0.96x its size, against a peak of $1.59bn in 2020.
- Latest value held
- $335mm year-end 2025
- Peak
- $1.59bn year-end 2020
- Fund size
- $350mm Form D, amount sold
- Held vs. size
- 0.96x peak 4.54x
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 | $335mm | 0.96x | -31% over 2 yrs |
| 2023 | $489mm | 1.40x | -31% |
| 2022 | $708mm | 2.02x | -43% |
| 2021 | $1.24bn | 3.54x | -22% |
| 2020 | $1.59bn | 4.54x | +53% |
| 2019 | $1.04bn | 2.96x | +17% |
| 2018 | $887mm | 2.53x | +60% |
| 2017 | $553mm | 1.58x | +17% |
| 2016 | $472mm | 1.35x | +46% |
| 2015 | $324mm | 0.93x | +42% |
| 2014 | $228mm | 0.65x | – |
What public pensions report
| Investor | As of | Commitment | Cash back (DPI) | Total (TVPI) | Still held |
|---|---|---|---|---|---|
| Michigan SMIB | 2025-12-31 | – | – | – | $40.5mm |
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
- Flagship Pioneering Special Opportunities Fund II, L.P. 2018
- Nutritional Health LTP Fund, L.P. 2018
- Flagship Pioneering Fund VI, L.P. 2017
- Flagship Venturelabs VI LLC 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 805-5368409829. Data updated October 13, 2026.
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