Gaorong Partners Fund IV, L.P.
Gaorong Capital · adviser of record: Banyan Capital Partners LTD. · 2018 vintage
Gaorong Partners Fund IV, L.P. is a 2018 venture fund managed by Gaorong Capital, with $450mm raised (Form D, amount sold). It reported $977mm in gross assets at year-end 2025, 2.17x its size, against a peak of $1.22bn in 2021.
- Latest value held
- $977mm year-end 2025
- Peak
- $1.22bn year-end 2021
- Fund size
- $450mm Form D, amount sold
- Held vs. size
- 2.17x peak 2.71x
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 | $977mm | 2.17x | -3% over 2 yrs |
| 2023 | $1.01bn | 2.24x | -16% |
| 2022 | $1.2bn | 2.67x | -1% |
| 2021 | $1.22bn | 2.71x | +142% |
| 2020 | $505mm | 1.12x | +281% |
| 2019 | $133mm | 0.29x | -71% |
| 2018 | $450mm | 1.00x | – |
Other funds from Gaorong Capital
- Gaorong Partners Fund VI, L.P. 2022
- Gaorong Partners Fund V, L.P. 2020
- Banyan Partners Fund III, L.P. 2017
- Banyan Partners CO-Invest 2015, L.P. 2015
- Banyan Partners Fund II, L.P. 2014
- Banyan Partners Fund I, L.P. 2013
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 805-2036550123. Data updated October 13, 2026.
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