Transformation Capital Fund II, L.P.
Transformation Capital · adviser of record: Transformation Capital Partners, L.P. · 2019 vintage
Transformation Capital Fund II, L.P. is a 2019 venture fund managed by Transformation Capital, with $500mm raised (Form D, amount sold). It reported $847mm in gross assets at year-end 2025, 1.69x its size, its highest reported value.
- Latest value held
- $847mm year-end 2025
- Peak
- $847mm year-end 2025
- Fund size
- $500mm Form D, amount sold
- Held vs. size
- 1.69x peak 1.69x
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 | $847mm | 1.69x | +27% over 2 yrs |
| 2023 | $668mm | 1.34x | -6% |
| 2022 | $711mm | 1.42x | -7% |
| 2021 | $761mm | 1.52x | +36% |
| 2020 | $561mm | 1.12x | +227% |
| 2019 | $172mm | 0.34x | – |
Other funds from Transformation Capital
- Transformation Capital Partners I-DV, L.P. 2023
- Transformation Capital Executive Fund III, L.P. 2022
- Transformation Capital Fund III, L.P. 2021
- Transformation Capital Partners I-A, L.P. 2021
All Transformation Capital 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 805-2168862972. Data updated October 13, 2026.
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