Underscore.VC Fund II, LP
Underscore.vc · adviser of record: Underscore.VC Management Company, LLC · 2018 vintage
Underscore.VC Fund II, LP is a 2018 venture fund managed by Underscore.vc, with $132mm raised (Form D, amount sold). It reported $192mm in gross assets at year-end 2025, 1.45x its size, its highest reported value.
- Latest value held
- $192mm year-end 2025
- Peak
- $192mm year-end 2025
- Fund size
- $132mm Form D, amount sold
- Held vs. size
- 1.45x peak 1.45x
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 | $192mm | 1.45x | +7% over 2 yrs |
| 2023 | $180mm | 1.36x | -3% |
| 2022 | $185mm | 1.40x | +14% |
| 2021 | $161mm | 1.22x | +11% |
| 2020 | $146mm | 1.10x | +9% |
| 2019 | $133mm | 1.01x | +4% |
| 2018 | $128mm | 0.97x | – |
Other funds from Underscore.vc
- Underscore.VC Fund III, L.P 2023
- Underscore.VC Fund II Extension, LP 2021
- Underscore.VC Core Fund II, LLC 2018
- Underscore.VC Core Fund, LLC 2017
- Underscore.VC Salsify SPV, L.P. 2016
- Underscore.VC Fund I, LP 2015
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 805-7061183967. Data updated October 13, 2026.
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