Khosla Ventures III, L.P.
Khosla Ventures · adviser of record: Khosla Ventures, LLC · 2011 vintage
Khosla Ventures III, L.P. is a 2011 venture fund managed by Khosla Ventures, with $1bn raised (Form D, amount sold). It reported $63.1mm in gross assets at year-end 2025, 0.06x its size, against a peak of $2.9bn in 2020.
- Latest value held
- $63.1mm year-end 2025
- Peak
- $2.9bn year-end 2020
- Fund size
- $1bn Form D, amount sold
- Held vs. size
- 0.06x peak 2.94x
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 | $63.1mm | 0.06x | -63% over 2 yrs |
| 2023 | $173mm | 0.17x | -34% |
| 2022 | $261mm | 0.26x | -69% |
| 2021 | $856mm | 0.86x | -71% |
| 2020 | $2.9bn | 2.94x | +686% |
| 2019 | $374mm | 0.37x | -56% |
| 2018 | $841mm | 0.84x | -1% |
| 2017 | $851mm | 0.85x | -23% |
| 2016 | $1.1bn | 1.10x | -20% |
| 2015 | $1.37bn | 1.37x | -18% |
| 2014 | $1.66bn | 1.66x | +3% |
| 2013 | $1.61bn | 1.61x | +3% |
| 2012 | $1.57bn | 1.57x | +28% |
| 2011 | $1.22bn | 1.22x | – |
What public pensions report
| Investor | As of | Commitment | Cash back (DPI) | Total (TVPI) | Still held |
|---|---|---|---|---|---|
| Michigan SMIB | 2025-12-31 | – | – | – | $1.8mm |
| CalPERS | 2025-09-30 | $200mm | 1.81x | 1.85x | 0.04x |
| University of California | 2021-06-30 | $60mm | 1.67x | 2.50x | 0.84x |
Latest report from each pension, as multiples of paid-in capital. Michigan reports dollar value held, shown under Still held.
What registered funds report
| Holder | As of | Value of stake | Value ÷ cost |
|---|---|---|---|
| Franklin Lexington Private Markets Fund | 2026-06-30 | $274k | – |
From SEC Form N-PORT, filed by mutual funds and other registered funds that hold an interest in this fund.
Other funds from Khosla Ventures
- Khosla Ventures VIII, L.P. 2023
- Khosla Ventures Opportunity II, L.P. 2023
- Khosla Ventures Excelsior, L.P. 2023
- Khosla Ventures Seed F, L.P. 2023
- Khosla Ventures CFS SPV, LLC 2021
- Khosla Ventures Ifspv II-A, LLC 2021
- Khosla Ventures VII, L.P. 2020
- Khosla Ventures Opportunity I, L.P. 2020
- Khosla Ventures Seed E, L.P. 2020
- Khosla Ventures Ifspv I, LLC 2019
- Khosla Ventures VI, L.P. 2017
- Khosla Ventures Seed D, L.P. 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 805-9158420927. Data updated October 13, 2026.
Is this your fund?
Spot an error and email a correction. Facing DPI pressure? See how distribution financing works.