Three years into Fund III, the portfolio has matured into what we believed it could become — a concentrated bet on applied intelligence, healthcare infrastructure, and climate-adjacent software, delivered with the discipline this vintage demanded.
Fund III closed its investment period in Q2 2024 having deployed the full $150M across 22 companies at an average initial check of $5.8M. We led or co-led 18 of these rounds, secured board seats in 16, and reserved 42% of committed capital for follow-on participation — a reserve ratio we expect to exercise aggressively through 2026.
Three exits materialized this year against a broadly constrained liquidity environment: two IPOs and one strategic acquisition. These outcomes returned $135M to LPs, bringing DPI to 0.9x in under three years from first close — a pace we believe is in the top quartile for the 2022 vintage.
Net TVPI of 2.8x reflects both realized proceeds and mark-to-model fair value across the remaining 19 active positions, seven of which have raised upward financings in the last twelve months.
| Company | Stage / Status | Invested | Fair Value | MOIC |
|---|---|---|---|---|
| HealthAI Clinical decision intelligence | Series C · Active | $7.5M | $90.0M | 12.0× |
| Cinder Energy Grid-scale battery orchestration | Series B · Active | $6.0M | $28.2M | 4.7× |
| Parallel Systems Agentic developer tooling | Series B · Active | $5.5M | $22.0M | 4.0× |
| Lumen Therapeutics Precision oncology | IPO · Realized | $4.2M | $26.0M | 6.2× |
| Northwind Security Identity observability | M&A · Realized | $5.0M | $27.0M | 5.4× |
| Meridian Robotics Warehouse automation | Series B · Active | $6.8M | $19.4M | 2.9× |
Our Series A lead into HealthAI in late 2022 ($7.5M at a $42M post) has been marked to $90M following the company's $180M Series C at a $1.1B valuation, led by Sequoia with participation from General Catalyst. ARR grew from $3M to $48M in 2024. We continue to reserve capital and retain a board seat. We believe the exit trajectory here is measured in multiples of the current mark, not discounts to it.
The portfolio tilts decisively toward applied AI and healthcare infrastructure — categories where Fund III's vintage timing allowed us to enter at 2021 discipline with 2024 tailwinds. Climate and industrial allocations remain deliberately concentrated.
Deployed selectively into winners. We expect the bulk to land in five to seven positions over the next eighteen months.
Two companies are in active S-1 preparation. At least two strategic processes are underway. DPI is our focus.
We anticipate a first close in H2 2025, at a similar size and pace. Existing LPs will receive preferred allocation.