Polychain Ventures II LP
Polychain Capital · adviser of record: Polychain Capital LLC · 2019 vintage
Polychain Ventures II LP is a 2019 venture fund managed by Polychain Capital, with $204mm raised (Form D, amount sold). It reported $222mm in gross assets at year-end 2025, 1.09x its size, against a peak of $881mm in 2023.
- Latest value held
- $222mm year-end 2025
- Peak
- $881mm year-end 2023
- Fund size
- $204mm Form D, amount sold
- Held vs. size
- 1.09x peak 4.32x
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 | $222mm | 1.09x | -75% over 2 yrs |
| 2023 | $881mm | 4.32x | +211% |
| 2022 | $283mm | 1.39x | -9% |
| 2021 | $311mm | 1.52x | +471% |
| 2020 | $54.5mm | 0.27x | – |
Other funds from Polychain Capital
- Polychain Ventures III LP 2021
- Polychain Ventures III (Parallel) LP 2021
- Polychain Ventures II (Parallel) LP 2019
- Polychain Ventures LP 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 805-3088252049. Data updated October 13, 2026.
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