Polychain Ventures LP
Polychain Capital · adviser of record: Polychain Capital LLC · 2017 vintage
Polychain Ventures LP is a 2017 venture fund managed by Polychain Capital, with $174mm raised (Form D, amount sold). It reported $826mm in gross assets at year-end 2025, 4.74x its size, against a peak of $1.19bn in 2021.
- Latest value held
- $826mm year-end 2025
- Peak
- $1.19bn year-end 2021
- Fund size
- $174mm Form D, amount sold
- Held vs. size
- 4.74x peak 6.87x
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 | $826mm | 4.74x | +4% over 2 yrs |
| 2023 | $793mm | 4.56x | +38% |
| 2022 | $576mm | 3.31x | -52% |
| 2021 | $1.19bn | 6.87x | +276% |
| 2020 | $318mm | 1.83x | +149% |
| 2019 | $127mm | 0.73x | +32% |
| 2018 | $96.3mm | 0.55x | +277% |
| 2017 | $25.5mm | 0.15x | – |
Other funds from Polychain Capital
- Polychain Ventures III LP 2021
- Polychain Ventures III (Parallel) LP 2021
- Polychain Ventures II LP 2019
- Polychain Ventures II (Parallel) 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 805-5357137071. Data updated October 13, 2026.
Is this your fund?
Spot an error and email a correction. Facing DPI pressure? See how distribution financing works.