Form D · Venture Capital Fund

M25 Fund III, L.P.

Chicago, IL · CIK 0001775069

Offering snapshot reported Apr 22, 2020 · SEC filing

Reported sold: $16.6M
Investors reported: 35
Minimum accepted: $0
First sale: May 6, 2019

What changed?

Latest filing versus its linked predecessor, where available.

Reported investors0 → 35

Filing history

Scroll to see all columns →

Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Apr 22, 2020	Amendment	$16,625,000	No comparison	35	SEC filing
Apr 29, 2019	Initial	Yet to sell	No comparison	0	SEC filing

Offering details

Securities: Equity, Pooled investment fund
Exemptions: 06b, 3C, 3C.1
Duration over one year: Yes
Business combination: No

Sales commissions: $0
Finders' fees: $0
Form D file number: 021-338382

Source: Form D, filed Apr 22, 2020. Minimum accepted may differ from a standard advertised minimum.

Fund connections

The linked fund shows its most recently reported ADV details.

Matched by reported Form D file number

M25 FUND III, L.P.

Investment adviser: M25 GROUP, LLC

Gross asset value: $57.9M
Beneficial owners: 85
ADV minimum commitment: $250K

Reported in Form ADV on Mar 31, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator E78 PARTNERS CHICAGO, Illinois, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PLANTE MORAN CHICAGO, Illinois, United States

Custodian JPMORGAN CHASE BANK NEWARK, Delaware, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

PLANTE MORAN
PCAOB 6581

Filing source

Form ADV 2078083 · Mar 31, 2026 · Schedule D 7.B.(1), fund 805-6874416206

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Related funds

Funds whose names form a numbered series with this one and that share its city or the name of a related person. Form D does not state how these funds are related.

Fund	Latest Form D	Reported sold	Investors
M25 Fund III, L.P. (this fund)	Apr 22, 2020	$16,625,000	35
M25 Fund IV, L.P.	Dec 10, 2024	$28,245,000	40

People & organizations

Current and past Form D appearances. These existing records do not establish a person's current role or uniquely identify them across issuers.

People and organizations reported in Form D filings
Name	Reported role
Delali Michael Asem	Executive
Victor Gutwein	Executive

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

116 West Hubbard Street 5 Th Floor #28
Chicago, IL, 60654