Venture fund · from SEC filings

Math And Magic K2, LLC

Phobos · adviser of record: Phobos, LLC · 2023 vintage

Math And Magic K2, LLC is a 2023 venture fund managed by Phobos, with $10mm raised (Form D, amount sold). It reported $103mm in gross assets at year-end 2025, 10.26x its size, its highest reported value.

Latest value held: $103mm year-end 2025
Peak: $103mm year-end 2025
Fund size: $10mm Form D, amount sold
Held vs. size: 10.26x peak 10.26x

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	$103mm	10.26x	–

Other funds from Phobos

All Phobos 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 805-2224984870. Data updated October 13, 2026.

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