Venture fund · from SEC filings

KPCB Digital Growth Fund III, LLC

Kleiner Perkins · adviser of record: Kleiner Perkins Caufield & Byers, LLC · 2016 vintage

KPCB Digital Growth Fund III, LLC is a 2016 venture fund managed by Kleiner Perkins, with $1bn raised (Form D, amount sold). It reported $817mm in gross assets at year-end 2025, 0.82x its size, against a peak of $1.41bn in 2021.

Latest value held: $817mm year-end 2025
Peak: $1.41bn year-end 2021
Fund size: $1bn Form D, amount sold
Held vs. size: 0.82x peak 1.41x

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	$817mm	0.82x	+2% over 2 yrs
2023	$797mm	0.80x	-11%
2022	$897mm	0.90x	-36%
2021	$1.41bn	1.41x	+21%
2020	$1.16bn	1.16x	-3%
2019	$1.2bn	1.20x	+21%
2018	$993mm	0.99x	+2%
2017	$975mm	0.97x	-2%
2016	$990mm	0.99x	–

Other funds from Kleiner Perkins

All Kleiner Perkins 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 805-7245305166. Data updated October 13, 2026.

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