Meridian Ventures Fund III

LP Relations & Capital Deployment Transparency — Vintage 2021, $120M Committed

Fund DPI
0.47×
+0.12 QoQ
RVPI
2.14×
+0.18 QoQ
Dry Powder
$18.2M
7% behind sched.
HHI Concentration
0.086
Diversified
Cap Call Compliance
98.6%
+1.2% YoY
Co-Invest Conv.
42%
+6% QoQ

Deployment Velocity vs. Commitment Schedule

Cumulative capital called ($M) — actual vs. planned deployment pace

DPI by Vintage Quarter

Distributions to Paid-In by investment cohort

RVPI by Investment Stage

Residual Value to Paid-In across portfolio stages

LP Net IRR by Commitment Tranche

IRR performance segmented by close timing

NAV Mark Frequency & Mark Direction

Quarterly mark updates and valuation movement

HHI Concentration Trend

Lower = more diversified

Current Index
0.086
Target: <0.15

Coverage Ratio

Liquid reserves vs. unfunded

Current Ratio
1.86×
Min: 1.25×

Dist. Yield vs. Peers

Cambridge Assoc. quartile

2nd
Quartile
9.2% vs. 7.8% median
Trailing 12M Yield
9.2%

LP Capital Account Summary

Top 10 LPs by commitment size — sortable view

LP Name Tier Committed Called Distributed NAV DPI RVPI Net IRR Compliance
CalPERS Emerging Mgrs. Anchor $15.0M $12.8M $6.1M $27.2M 0.48× 2.13× 24.3% 100%
Sequoia Heritage LP Fund Anchor $12.0M $10.2M $4.8M $21.6M 0.47× 2.12× 23.8% 100%
Princeton Endowment Anchor $10.0M $8.5M $4.0M $18.0M 0.47× 2.11× 23.5% 100%
Yosemite Partners III Institutional $8.0M $6.8M $3.2M $14.4M 0.47× 2.12× 23.9% 100%
Ohio Police & Fire Pension Institutional $6.5M $5.5M $2.6M $11.7M 0.47× 2.13× 24.0% 100%
Blue Shield of CA Foundation Institutional $5.0M $4.3M $2.0M $9.0M 0.47× 2.09× 22.8% 100%
Anderson Family Office Institutional $4.5M $3.8M $1.8M $8.1M 0.47× 2.13× 24.1% 100%
Clearwater Capital Advisors Institutional $3.8M $3.2M $1.5M $6.8M 0.47× 2.13× 23.7% 96%
Redwood Trust Ventures Institutional $3.2M $2.7M $1.3M $5.7M 0.48× 2.11× 23.2% 100%
Singh HNW Trust HNW $2.0M $1.7M $0.8M $3.6M 0.47× 2.12× 23.5% 100%

Distribution Yield Benchmark

Meridian Fund III vs. Cambridge Associates B2B SaaS VC cohort

Top 8 Portfolio Holdings

Concentration and mark movement by holding

Company % NAV Stage Mark
Vertex AI14.2%Series B+32%
CloudSync11.8%Series C+18%
DataPipe Inc.9.6%Series B+24%
Prism Analytics8.3%Series A+15%
AuthCore7.1%Series B-8%
FlowOps6.4%Series A+12%
StackHub5.9%Seed+28%
MetricStream5.2%Series B+9%
Avg. Capital Call Response Time
4.2 days
Target: <7 days
LP Portal Monthly Active Users
87%
22 LPs engaged in Q2
Fund IV First Close Target
6 mo.
vs. 9 mo. Fund III baseline