Initialized III L.P.
Initialized Capital · adviser of record: Initialized Capital Management, LLC · 2016 vintage
Initialized III L.P. is a 2016 venture fund managed by Initialized Capital, with $125mm raised (Form D, amount sold). It reported $1.16bn in gross assets at year-end 2025, 9.28x its size, against a peak of $1.47bn in 2022.
- Latest value held
- $1.16bn year-end 2025
- Peak
- $1.47bn year-end 2022
- Fund size
- $125mm Form D, amount sold
- Held vs. size
- 9.28x peak 11.74x
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 | $1.16bn | 9.28x | +3% over 2 yrs |
| 2023 | $1.12bn | 8.97x | -24% |
| 2022 | $1.47bn | 11.74x | +25% |
| 2021 | $1.18bn | 9.40x | +238% |
| 2020 | $348mm | 2.78x | +60% |
| 2019 | $217mm | 1.74x | +85% |
| 2018 | $117mm | 0.94x | +174% |
| 2017 | $42.7mm | 0.34x | -56% |
| 2016 | $97.1mm | 0.78x | – |
What registered funds report
| Holder | As of | Value of stake | Value ÷ cost |
|---|---|---|---|
| StepStone Private Venture & Growth Fund | 2026-06-30 | $32.8mm | 1.26x |
From SEC Form N-PORT, filed by mutual funds and other registered funds that hold an interest in this fund.
Other funds from Initialized Capital
- Initialized VI L.P. 2021
- Initialized Superclass II L.P. 2021
- Initialized FG SPV LLC 2021
- Initialized Robin HBF SPV LLC 2021
- Initialized PA SPV LLC 2021
- Initialized TP SPV LLC 2021
- Initialized CBH SPV LLC 2021
- Initialized VI Associates L.P. 2021
- Initialized V L.P. 2020
- Initialized V Associates L.P. 2020
- Initialized Superclass Iss L.P. 2019
- Initialized Robin Fund, LP 2019
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 805-5009898790. Data updated October 13, 2026.
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