Venture fund · from SEC filings

USV Opportunity 2022, LP

Union Square Ventures · adviser of record: Union Square Ventures, LLC · 2022 vintage

USV Opportunity 2022, LP is a 2022 venture fund managed by Union Square Ventures, with $350mm raised (Form D, amount sold). It reported $388mm in gross assets at year-end 2025, 1.11x its size, its highest reported value.

Latest value held: $388mm year-end 2025
Peak: $388mm year-end 2025
Fund size: $350mm Form D, amount sold
Held vs. size: 1.11x peak 1.11x

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	$388mm	1.11x	+21% over 2 yrs
2023	$322mm	0.92x	+0%
2022	$321mm	0.92x	–

What public pensions report

Investor	As of	Commitment	Cash back (DPI)	Total (TVPI)	Still held
Oregon PERS	2025-12-31	$18.8mm	0.00x	1.47x	1.47x

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

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 805-4093136623. Data updated October 13, 2026.

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