INDEPENDENT VERDICT
M13 Ventures V, L.P. is a newly formed Delaware venture capital fund connected through SEC records to the established M13 venture platform. A July 29, 2026 Form D identifies a $400 million Regulation D offering, M13 Ventures Management, LLC as the management company, M13 Ventures V GP, LLC as the general partner, and Carter Reum and Courtney Reum as managers of the GP. At the time of that filing, the fund reported $0 sold, zero investors and that the first sale had not yet occurred. The filing therefore verifies a real fund structure and a planned $400 million capital raise, but it does not establish that M13 Ventures V had already raised or closed $400 million. The distinction is important: the $400 million figure is the offering amount disclosed in Form D, not current NAV, committed capital or assets under management.
The broader M13 platform has substantially more operating history than Fund V itself. M13 describes itself as an early-stage venture firm investing where structural technology shifts create new markets, with current focus areas including AI applications, AI infrastructure, blockchain, climate, commerce, consumer, enterprise, fintech, government technology and healthcare. Its official materials identify Carter Reum and Courtney Reum as co-founders and managing partners and Karl Alomar and Latif Peracha as managing partners. M13 also reports offices in Los Angeles, New York and San Francisco and states that it has backed 18 companies that became unicorns after seed or Series A investment, while 12 founders of prior unicorns later chose M13 for another company. Those platform statistics are company-reported and should not be confused with Fund V performance.
REGULATORY HISTORY, FUND STRUCTURE AND M13 CONTINUITY
The strongest evidence connecting Fund V to the operating M13 platform is structural rather than promotional. The SEC filing uses the same 1800 Avenue of the Stars, Suite 205, Los Angeles address listed by M13 for its Los Angeles office. It identifies M13 Ventures Management, LLC as the management company and M13 Ventures V GP, LLC as general partner. Carter Reum and Courtney Reum are each identified as managers of the general partner, while Carter Reum signed the filing on behalf of the issuer. The issuer is classified as a pooled investment fund and venture capital fund, relies on Rule 506(c), claims Investment Company Act Section 3(c)(7), offers pooled investment fund interests, reports a $0 minimum investment in the Form D and states that the offering is not intended to last more than one year. The filing also states that management fees are payable to the general partner or an affiliate under governing documents, but Form D does not disclose the actual fee rate, carried interest or fund expenses.
Fund V does not appear in isolation. Earlier SEC records show M13 Ventures II, L.P., organized in 2018, with Carter and Courtney Reum associated with the GP structure, and M13 Ventures III, L.P., organized in 2021, using the same M13 naming convention and similar leadership relationships. M13 has also used numerous special-opportunity vehicles such as M13 SO entities alongside its flagship fund structures. A September 18, 2026 Form D for M13 SO XII, LLC, for example, again identifies M13 Ventures Management, LLC at the current Los Angeles address. The continuity of GP names, management-company relationships, addresses and leadership across these filings provides stronger verification than a single 2026 Fund V filing would provide by itself.
PORTFOLIO, STRATEGY AND INDEPENDENT OPERATING EVIDENCE
M13's official portfolio is broad and increasingly oriented toward artificial intelligence while retaining exposure to consumer, fintech, healthcare, enterprise and other technology categories. Publicly identified investments include companies such as Allocate, Arena Club, Avantos AI, Ayble Health, Anything and numerous AI infrastructure and enterprise-software businesses. The firm also highlights historical investments including Ring and Lyft, while noting that Prepared, an AI emergency-response platform, was acquired by Axon in 2025. M13 explicitly warns that its public portfolio is incomplete because some issuers have not permitted disclosure and because the portfolio list is updated periodically. That disclaimer is useful: the website provides evidence of a real investment operation but should not be treated as a complete schedule of Fund V assets.
The strategic shift visible in M13's recent materials is toward companies built around structural technology changes rather than one narrow sector. The firm describes AI as generating several simultaneous structural inflection points and invests across both application and infrastructure layers. This creates potential upside if M13 gains early access to durable AI companies, but it also raises portfolio-correlation and valuation risk. Many early-stage AI businesses compete for similar technical talent, depend on common model or compute infrastructure, face rapidly declining technology costs and may raise capital at valuations that depend heavily on growth expectations rather than current cash flow. A diversified list of company names can therefore still contain significant common exposure to AI adoption, venture-capital liquidity and private-market valuation cycles.
M13's operating identity is additionally supported by its leadership, multi-city presence and continuing creation of new SEC vehicles. The current Fund V address exactly matches M13's public Los Angeles address, and the platform publicly identifies the Reum brothers alongside an expanded managing-partner team. That alignment reduces basic same-name or entity-confusion risk. It does not, however, answer the questions that matter most to a Fund V LP: how much capital has actually been committed after the initial Form D, how prior funds have performed net of fees, how much value has been realized rather than marked, and whether the larger Fund V target changes M13's historical investment discipline.
FUND ECONOMICS, PORTFOLIO RISK AND INVESTOR DILIGENCE
The July 2026 Form D should be read as the beginning of Fund V's public fundraising record, not proof of completion. It disclosed a $400 million offering, $0 sold, $400 million remaining and zero investors, with the first sale yet to occur. Because the filing was a new notice rather than an amendment, investors should not infer that the $400 million figure represents a final closing. A later amendment could report an amount sold, additional investors, a changed offering size or other updates. Until such data appear, the most accurate public description is that M13 Ventures V launched a planned $400 million Rule 506(c) venture fund offering in July 2026.
A larger fund can create both advantages and risks. More capital can support larger initial checks, follow-on reserves and ownership maintenance across successful companies, but it can also create deployment pressure. If earlier M13 funds were materially smaller, Fund V may need to invest more dollars per company, own larger portfolios or participate at later stages to deploy efficiently. Investors should therefore compare Fund V's target size with prior funds, portfolio count, average initial investment, follow-on reserve policy and ownership targets. The website's emphasis on early investment at seed and Series A makes this particularly relevant: a $400 million vehicle can remain an early-stage fund, but the economics of deploying that scale need to be understood.
The public portfolio contains positive outcome examples, but website-level portfolio history cannot substitute for fund-level performance reporting. Successful companies such as Ring, Lyft or Prepared may demonstrate sourcing and company-selection capability, yet they may belong to different vehicles, different investment periods or special-purpose structures. LP diligence should therefore be vehicle-specific. Investors should request gross and net IRR, TVPI, DPI, paid-in capital, residual value, write-offs and loss ratios for each prior M13 fund, together with company-level attribution sufficient to understand whether returns were driven by a few outliers or broader portfolio performance.
Fee and governance diligence is also important. The SEC filing confirms that Fund V is obligated to pay a management fee to the GP or an affiliate but does not disclose the rate. It also does not disclose carried interest, hurdle provisions, fee offsets, GP commitment, recycling, organizational expenses, broken-deal costs, key-person provisions or extension rights. Rule 506(c) means the offering may use general solicitation provided purchasers satisfy the applicable accredited-investor verification requirements, but the exemption itself says nothing about investment quality. Section 3(c)(7) likewise relates to the fund's Investment Company Act exclusion and investor eligibility framework; it is not a regulatory endorsement of the strategy.
REPUTATION, NEGATIVE EVIDENCE AND FINAL ASSESSMENT
The overall verification profile for M13 Ventures V is strong at the identity level. The issuer exists in SEC records, the GP and management company are explicitly identified, Carter and Courtney Reum appear directly in the filing, the Los Angeles address matches the operating M13 website, earlier M13 venture funds exist in SEC records and new special-opportunity vehicles continue to appear under the same management platform. These independent layers make it difficult to mistake Fund V for an unrelated entity merely using the M13 name.
The investment question is much less settled because Fund V was newly launched in the filing reviewed. The $400 million headline describes an offering size, not money already raised. The filing reported no investors and no first sale as of July 29, 2026. Public materials provide substantial evidence of M13's venture activity and historical portfolio, but they do not publicly establish Fund V NAV, current commitments, portfolio holdings, fee-adjusted returns or prior-fund cash distributions. For a prospective LP, the decisive diligence therefore lies in private fund documents and track-record data rather than basic entity verification.
SEC SNAPSHOT
SEC FILE NO.: 021-592518
ENTITY: Delaware Limited Partnership
YEAR ORGANIZED: 2026
FORM D FILED: July 29, 2026
SECURITY TYPE: Pooled Investment Fund Interests
EXEMPTION: Rule 506(c)
AMOUNT SOLD AT FILING: $0
REMAINING AT FILING: $400,000,000
INVESTORS AT FILING: 0
SEC-REPORTED MINIMUM: $0
ADDRESS: 1800 Avenue of the Stars Suite 205 Los Angeles, California 90067
MANAGEMENT COMPANY: M13 Ventures Management, LLC
RELATED PERSONS: Carter Reum Courtney Reum
FORM D SIGNER: Carter Reum
SALES COMMISSIONS: $0 reported
FINDERS' FEES: $0 reported
MANAGEMENT FEE: Obligation disclosed Exact current rate not stated in Form D
IMPORTANT CAPITAL DISTINCTION:
$400M: Planned Form D offering amount.
It is NOT automatically: Capital already raised Fund V AUM Fund V NAV Fund V committed capital Fund V portfolio value M13 firmwide assets
WEBSITE / ENTITY PENETRATION:
M13 operating website — CONFIRMED M13 Ventures V SEC issuer — CONFIRMED CIK 0002147241 — CONFIRMED Los Angeles address match — CONFIRMED M13 Ventures Management relationship — CONFIRMED M13 Ventures V GP relationship — CONFIRMED Carter Reum relationship — CONFIRMED Courtney Reum relationship — CONFIRMED Earlier M13 venture funds — CONFIRMED Ongoing M13 special-purpose vehicles — CONFIRMED New York office — COMPANY CONFIRMED San Francisco office — COMPANY CONFIRMED Los Angeles office — COMPANY CONFIRMED Broad operating portfolio — CONFIRMED 18 seed/Series A unicorns — COMPANY REPORTED 12 repeat unicorn founders — COMPANY REPORTED Fund V current NAV — NOT PUBLICLY DISCLOSED Fund V current amount raised after initial filing — NOT ESTABLISHED BY JULY FORM D Fund V portfolio — NOT PUBLICLY IDENTIFIED AS A COMPLETE VEHICLE-SPECIFIC LIST Fund V fee schedule — REQUIRES FUND DOCUMENTS Prior-fund net performance — REQUIRES INVESTOR MATERIALS
CORE INVESTOR QUESTIONS:
How much has Fund V actually raised since the July 2026 Form D Has a first closing occurred What is Fund V's current committed capital and called capital What were the final sizes of prior M13 flagship funds What are prior funds' gross/net IRR, TVPI and DPI How much prior-fund value is realized versus unrealized What percentage of returns came from the top five investments What is Fund V's target number of portfolio companies and average initial check How much capital is reserved for follow-ons Will the $400M target push M13 into later-stage investments What management fee and carried interest apply What GP commitment applies What recycling and extension provisions apply What key-person provisions apply to Carter and Courtney Reum or other managing partners Who is the current auditor, administrator and independent valuation provider How are opportunity allocations handled between flagship funds and M13 special-purpose vehicles How are conflicts handled when an SPV invests alongside a flagship fund
CORE RISKS:
Early-stage venture risk Private-company valuation risk AI valuation compression AI technology obsolescence Portfolio correlation Follow-on financing dependence Down-round risk Dilution Long-duration illiquidity Concentration in outlier winners Fund-size expansion risk Deployment-pressure risk Key-person risk Competitive deal sourcing Management-fee drag Carried-interest drag SPV allocation conflicts Private-market liquidity cycles Historical portfolio outcomes may not represent Fund V $400M offering amount is not capital raised
INDEPENDENT CONCLUSION:
M13 Ventures V, L.P. is a verifiable 2026 venture fund connected through SEC records to the established M13 investment platform.
The July 29, 2026 Form D identifies a $400 million Rule 506(c) offering, M13 Ventures Management, LLC as management company, M13 Ventures V GP, LLC as general partner and Carter and Courtney Reum as managers of the GP.
At that filing date, however, Fund V had reported $0 sold, zero investors and no first sale.
The correct interpretation is therefore that M13 launched a $400 million planned Fund V offering, not that the SEC filing proves $400 million had already been raised.
M13 itself has an established operating footprint, earlier SEC-filed venture funds, numerous investment vehicles, an identifiable leadership team and a broad technology portfolio. The firm's website shows continuing investment activity across AI, consumer, fintech, healthcare, enterprise and related sectors.
That evidence supports platform identity and operating continuity.
It does not establish Fund V performance.
Investors evaluating Fund V should focus primarily on prior-fund net IRR, DPI, TVPI, realized exits, loss ratios, current Fund V commitments, portfolio construction, follow-on reserves, fees, governance and allocation conflicts between flagship funds and special-purpose vehicles.
SEC Form D is an exempt-offering notice.
It does not constitute SEC approval of M13, M13 Ventures V, its management team, portfolio companies or future investment performance.
PRIMARY EVIDENCE REVIEWED:
U.S. Securities and Exchange Commission — M13 Ventures V, L.P. — Form D — July 29, 2026.
U.S. Securities and Exchange Commission — M13 Ventures II, L.P. — historical Form D records.
U.S. Securities and Exchange Commission — M13 Ventures III, L.P. — historical Form D records.
U.S. Securities and Exchange Commission — M13 SO XII, LLC — September 2026 filing.
M13 official website — strategy, leadership, locations and portfolio disclosures.