Refactor Capital, L.P.
Refactor Capital · adviser of record: Refactor Capital Management, LLC · 2016 vintage
Refactor Capital, L.P. is a 2016 venture fund managed by Refactor Capital, with $50mm raised (Form D, amount sold). It reported $194mm in gross assets at year-end 2025, 3.87x its size, against a peak of $235mm in 2023.
- Latest value held
- $194mm year-end 2025
- Peak
- $235mm year-end 2023
- Fund size
- $50mm Form D, amount sold
- Held vs. size
- 3.87x peak 4.69x
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 | $194mm | 3.87x | -17% over 2 yrs |
| 2023 | $235mm | 4.69x | +13% |
| 2022 | $208mm | 4.17x | +299% over 2 yrs |
| 2020 | $52.2mm | 1.04x | -13% |
| 2019 | $60.3mm | 1.21x | +10% |
| 2018 | $54.9mm | 1.10x | +9% |
| 2017 | $50.2mm | 1.00x | -4% |
| 2016 | $52.4mm | 1.05x | – |
What registered funds report
| Holder | As of | Value of stake | Value ÷ cost |
|---|---|---|---|
| StepStone Private Venture & Growth Fund | 2026-06-30 | $3.1mm | 1.49x |
From SEC Form N-PORT, filed by mutual funds and other registered funds that hold an interest in this fund.
Other funds from Refactor Capital
- Refactor Scaleup, L.P. 2022
- Refactor Mulberry, L.P. 2022
- Refactor Capital III, L.P. 2021
- Refactor Specialty, L.P. 2021
- Refactor Aurora, L.P. 2021
- Refactor Synthesis, L.P. 2021
- Refactor Ivy, L.P. 2020
- Refactor Sugar, L.P. 2020
- Refactor Ivy, L.P. 2020
- Refactor Specialty, L.P. 2020
- Refactor Capital II, L.P. 2019
- Refactor Apogee, L.P. 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 805-8537891267. Data updated October 13, 2026.
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