Fund P
Matrix Partners China · adviser of record: Matrix Partners China Management, LTD. · 2014 vintage
Fund P is a 2014 venture fund managed by Matrix Partners China. It reported $635mm in gross assets at year-end 2025, against a peak of $1.53bn in 2020.
- Latest value held
- $635mm year-end 2025
- Peak
- $1.53bn year-end 2020
- Fund size
- Not on file
Value held by year-end
Gross asset value reported on Form ADV at each year-end. Open in the Fund Tracker
| Year-end | Gross assets | ÷ size | Change |
|---|---|---|---|
| 2025 | $635mm | – | -24% over 2 yrs |
| 2023 | $836mm | – | -10% |
| 2022 | $929mm | – | -19% |
| 2021 | $1.15bn | – | -25% |
| 2020 | $1.53bn | – | +8% |
| 2019 | $1.41bn | – | +4% |
| 2018 | $1.36bn | – | +32% |
| 2017 | $1.03bn | – | +58% |
| 2016 | $656mm | – | +26% |
| 2015 | $520mm | – | +195% |
| 2014 | $176mm | – | – |
What public pensions report
| Investor | As of | Commitment | Cash back (DPI) | Total (TVPI) | Still held |
|---|---|---|---|---|---|
| LACERS | 2022-12-31 | $10mm | 1.94x | 1.94x | 0.00x |
| PA SERS | 2021-06-30 | $7mm | 1.44x | 1.61x | 0.17x |
Latest report from each pension, as multiples of paid-in capital. Where a pension reports only the value it holds, that value is shown in dollars under Still held. Linked dates go to the pension’s report.
What registered funds report
| Holder | As of | Value of stake | Value ÷ cost |
|---|---|---|---|
| FS MVP Private Markets Fund | 2024-09-30 | $32.4mm | – |
From SEC Form N-PORT, filed by mutual funds and other registered funds that hold an interest in this fund.
Other funds from Matrix Partners China
- Fund I 2023
- Fund D 2022
- Fund X 2022
- Fund J 2022
- Fund H 2021
- Fund C 2020
- Fund Q 2020
- Fund A 2018
- Fund B 2018
- Fund F 2018
- Fund Z 2016
- Fund U 2016
All Matrix Partners China funds
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 805-8803254259. Data updated October 13, 2026.
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