Union Square Ventures 2012 Fund, L.P.
Union Square Ventures · adviser of record: Union Square Ventures, LLC · 2011 vintage
Union Square Ventures 2012 Fund, L.P. is a 2011 venture fund managed by Union Square Ventures, with $200mm raised (Form D target). It reported $130mm in gross assets at year-end 2025, 0.65x its size, against a peak of $1.21bn in 2020.
- Latest value held
- $130mm year-end 2025
- Peak
- $1.21bn year-end 2020
- Fund size
- $200mm Form D target
- Held vs. size
- 0.65x peak 6.05x
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 | $130mm | 0.65x | -46% over 2 yrs |
| 2023 | $242mm | 1.21x | -43% |
| 2022 | $427mm | 2.14x | -51% |
| 2021 | $875mm | 4.37x | -28% |
| 2020 | $1.21bn | 6.05x | +76% |
| 2019 | $689mm | 3.44x | +1% |
| 2018 | $680mm | 3.40x | +35% |
| 2017 | $503mm | 2.52x | +40% |
| 2016 | $359mm | 1.79x | +9% |
| 2015 | $330mm | 1.65x | +2% |
| 2014 | $324mm | 1.62x | +51% |
| 2013 | $214mm | 1.07x | +2% |
| 2012 | $210mm | 1.05x | +9% |
| 2011 | $193mm | 0.96x | – |
What public pensions report
| Investor | As of | Commitment | Cash back (DPI) | Total (TVPI) | Still held |
|---|---|---|---|---|---|
| Oregon PERS | 2025-12-31 | $23.4mm | 23.13x | 23.72x | 0.59x |
Latest report from each pension, as multiples of paid-in capital. Michigan reports dollar value held, shown under Still held.
Other funds from Union Square Ventures
- USV Opportunity 2022, LP 2022
- USV 2022, LP 2022
- USV Climate 2022, LP 2022
- USV Bundled 2022, LP 2022
- USV Bundled Investors 2022, LP 2022
- USV 2021, LP 2020
- USV Climate 2021, LP 2020
- USV Bundled 2021, LP 2020
- USV Climate Investors 2021, LP 2020
- USV Investors 2021, LP 2020
- USV 2019, LP 2018
- USV Opportunity 2019, LP 2018
All Union Square Ventures 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 805-5865696429. Data updated October 13, 2026.
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