INDEPENDENT VERDICT
M13 Ventures V, L.P. is a new 2026 Delaware venture capital vehicle launched by an established venture platform, but the most important number in its first SEC filing is not simply the headline $400 million target. The July 29, 2026 Form D states that first sale had not yet occurred, reports $0 sold and zero investors, and leaves the entire $400 million amount remaining. The issuer relies on Rule 506(c) and Section 3(c)(7), offers pooled investment fund interests and identifies M13 Ventures Management, LLC as management company and M13 Ventures V GP, LLC as general partner. Carter Reum signed the notice as manager of the general partner. The fund uses 1800 Avenue of the Stars, Suite 205 in Los Angeles, the same address M13 lists publicly for its Los Angeles office. That alignment makes the manager identity highly verifiable, but it also means the filing should be described precisely as a fundraising launch rather than evidence that $400 million has already been raised.
The strongest context comes from the immediately preceding fund generation. M13 Ventures IV, L.P. filed its own Form D in June 2023 with the same $400 million target and also initially reported $0 sold. Since then, independent institutional records have demonstrated actual capital participation in Fund IV. New Mexico State Investment Council approved a $50 million commitment to M13 Ventures IV, providing pension-style institutional validation separate from M13's own marketing. Registered-fund SEC filings from CAZ Strategic Opportunities Fund also disclose an investment in M13 Ventures IV, with cost and fair-value reporting that increased over time and with additional unfunded commitments still outstanding. These records are valuable because they prove that the prior fund attracted identifiable institutional investors and entered real third-party portfolios. They must not, however, be rolled into Fund V: as of the July 29 Form D, Fund V itself still reported no completed first sale.
M13'S REGULATORY AND OPERATING PLATFORM IS SUBSTANTIALLY OLDER THAN FUND V
M13 Ventures Management, LLC appears independently in the SEC Investment Adviser Public Disclosure system under CRD 301245 and SEC file number 802-118096. The SEC classifies it as an active exempt reporting adviser rather than a fully SEC-registered investment adviser, an important regulatory distinction. Its March 23, 2026 Form ADV identifies the firm under the same legal name and current third-party ADV analysis places regulatory AUM at approximately $1.3 billion. M13 states that Carter and Courtney Reum founded the firm in 2016 after previously building and selling VEEV Spirits. The current senior team also includes managing partners Karl Alomar, formerly COO of DigitalOcean, and Latif Peracha, formerly a managing director at Virgin Group, alongside additional investing and operating partners. The firm's operating model emphasizes a "Propulsion" platform in which investment professionals and functional operators support portfolio companies after investment rather than functioning only as capital providers.
The website and SEC filing match at the address level as well. M13 currently lists offices in Los Angeles, New York and San Francisco, with the Los Angeles location at the exact 1800 Avenue of the Stars address used by Fund V. Its public strategy is broader than a single consumer-tech label: M13 describes itself as investing early where structural technological shifts create new markets, across AI applications, AI infrastructure, blockchain, climate, commerce, consumer, enterprise, fintech, government technology and healthcare. The firm's website identifies seed and Series A investments across companies such as Allocate, Arena Club, Avantos AI, AvatarOS, Ayble Health and numerous AI infrastructure and enterprise software companies. M13 also publicly highlights historical investments and exits including Ring and Lyft, while noting that not every investment is shown and that past results are not indicative of future returns.
FUND III, FUND IV AND FUND V SHOW A CLEAR GENERATIONAL EXPANSION
M13 announced Fund III in 2022 as a $400 million vehicle investing from seed through Series B, marking a significant expansion of the firm's platform. Fund IV followed with another $400 million Form D target in 2023, and Fund V now repeats the same stated target in 2026. The continuity is notable because M13 has not simply increased the Form D target every generation; rather, the firm appears to have maintained a $400 million flagship scale while expanding the breadth of its team, portfolio and co-investment activity. Separate M13 special-opportunity vehicles such as M13 SO VIII, IX, X and later SO entities also appear in SEC filings, indicating that the manager uses dedicated SPVs or co-investment structures alongside its flagship funds. That matters for diligence because capital raised through a special-opportunity LLC should not be treated as Fund V commitments, even if both are managed by M13 Ventures Management.
Third-party institutional reporting provides another level of evidence around this architecture. CAZ Strategic Opportunities Fund has separately disclosed both M13 Ventures IV and M13 SO X LLC in its portfolio. In one filing, Fund IV was categorized as venture capital with a reported fair value near $2.94 million and approximately $2.09 million of remaining unfunded commitment. CAZ describes M13 SO X as a co-investment alongside M13 into an AI-powered first-responder communications business. This supports the view that M13's platform combines flagship fund commitments with transaction-specific co-investments. It also demonstrates why researchers should not combine all M13 legal entities into a single fundraising total.
AI IS NOW A LARGE PART OF THE PUBLICLY VISIBLE INVESTMENT STORY
M13's current portfolio makes clear that AI has become central to the firm's recent deployment activity, even though the fund remains sector-diversified. The public portfolio includes companies building enterprise AI systems, AI voice models, foundational enterprise models, behavioral-health AI tools, data-security systems and AI governance platforms. M13's current investment framework explicitly describes AI as producing multiple structural inflection points at once. Managing partner Karl Alomar's disclosed investments include Prepared, Estuary, Teleskope, Makora, Baselayer and Zenlytic, while Latif Peracha's portfolio spans fintech, healthcare and government technology. The firm therefore looks less like a narrow consumer venture franchise than it did in earlier years and increasingly resembles a multi-sector early-stage technology investor with substantial AI exposure.
One useful example of M13's operating model is Prepared, an emergency-communications technology company. M13 states that it invested $500,000 at pre-seed in 2020 and continued supporting the company as it raised later institutional rounds, with Prepared ultimately being acquired by Axon in 2025. That kind of case study is relevant to understanding M13's claim that it invests early and remains involved through company development. It should not be used as evidence of Fund V performance, because the investment predates Fund V by years and may have been held by an earlier fund. This distinction between platform history and new-fund track record is critical: Fund V benefits from the manager's history, but it does not inherit an audited performance record simply because earlier M13 funds backed successful companies.
THE $400 MILLION TARGET STILL LEAVES IMPORTANT QUESTIONS UNANSWERED
The Fund V Form D is deliberately sparse. It discloses no management fee, carried interest, hurdle, reserve policy, recycling provision, target number of portfolio companies, ownership targets, geographic limits, stage-allocation bands or expected final close date. The reported $0 minimum investment is simply a Form D field and should not be interpreted as public retail accessibility; Fund V relies on Section 3(c)(7) and Rule 506(c), meaning actual investor eligibility and verification requirements come from securities law and the partnership's subscription documents. The offering is stated to last one year or less, which makes future amendments particularly important: the first filing that reports an actual first sale, investor count and amount sold will provide a much more informative signal about fundraising traction than the launch notice.
Investors should also distinguish regulatory status carefully. M13 Ventures Management is an active SEC exempt reporting adviser, not a fully registered investment adviser. ERA status requires Form ADV reporting but is based on exemptions from full registration. That is not unusual for qualifying venture-capital managers, but it should be stated accurately because simply writing "SEC registered" would overstate the firm's regulatory status. The current public ADV nevertheless provides an independent legal identity, CRD, SEC file number and private-fund reporting history that strongly support the connection between M13 Ventures Management and its fund family.
FINAL ASSESSMENT
M13 Ventures V has a strong manager-verification chain but almost no fund-specific operating history yet. The legal fund, GP, management company, Carter Reum signature, address, adviser record and M13 website all align. The firm has operated since 2016, manages a broad early-stage technology portfolio, reports approximately $1.3 billion in regulatory AUM and has prior fund generations with identifiable institutional investors. Fund IV's $50 million New Mexico SIC commitment and CAZ's SEC-reported Fund IV holdings are particularly useful independent evidence because they go beyond sponsor marketing and establish third-party institutional participation in M13's predecessor strategy.
The key limitation is timing. Fund V itself was only filed on July 29, 2026, with no first sale and no investors. Its $400 million amount is therefore a target, not raised capital. Future diligence should focus on whether Fund V reaches an initial and final close, which LPs participate, whether the portfolio becomes materially more AI-concentrated than prior funds, and how its economics compare with Fund IV. Until amendments or institutional commitment notices appear, the most accurate description is a new $400 million-target M13 flagship backed by an established venture platform—not a $400 million fund that has already completed fundraising.
SEC SNAPSHOT
Issuer: M13 Ventures V, L.P. CIK: 0002147241 SEC File Number: 021-592518 Film Number: 261218244 Accession Number: 0001470831-26-000740 Entity Type: Delaware Limited Partnership Formation Year: 2026 Filing Type: New Notice Filing Date: July 29, 2026 Principal Address: 1800 Ave of the Stars, Suite 205, Los Angeles, California 90067 Phone: 310-910-1706 Industry: Pooled Investment Fund / Venture Capital Fund Federal Exemption: Regulation D Rule 506(c) Investment Company Act Exclusion: Section 3(c)(7) Security Type: Pooled Investment Fund Interests Date of First Sale: Yet to occur Offering Duration: One year or less Total Offering Amount: $400,000,000 Amount Sold: $0 Amount Remaining: $400,000,000 Investors: 0 Minimum Investment Reported: $0 Sales Commissions: $0 Finder Fees: $0 Management Company: M13 Ventures Management, LLC General Partner: M13 Ventures V GP, LLC Form D Signatory: Carter Reum Official Website: m13.co Manager CRD: 301245 Manager SEC File: 802-118096 Manager Regulatory Status: Active Exempt Reporting Adviser Reported 2026 Regulatory AUM: Approximately $1.3 billion Current Fund V Capital Raised at Filing: $0 Current Fund V Portfolio Publicly Identified: No Fund V Audited Performance: Not applicable / not yet established
PREDECESSOR FUND COMPARISON
M13 Ventures III: Publicly announced in 2022 Fund Size: $400 million Strategy: Seed through Series B Manager: M13 Ventures Management
M13 Ventures IV: CIK: 0001979702 Initial Form D: June 29, 2023 Offering Target: $400 million Initial Amount Sold: $0 Institutional Evidence: New Mexico State Investment Council later approved a $50 million commitment Third-Party Fund Evidence: CAZ Strategic Opportunities Fund reports an investment in M13 Ventures IV with ongoing unfunded commitment
M13 Ventures V: CIK: 0002147241 Initial Form D: July 29, 2026 Offering Target: $400 million Amount Sold at Filing: $0 Investors at Filing: 0 First Sale: Yet to occur
Interpretation: Fund III, IV and V each use a $400 million flagship scale, but only predecessor funds have an established deployment and institutional-participation record. Fund V should not inherit Fund IV's raised capital or performance.
WEBSITE / ENTITY PENETRATION
Exact Fund V issuer matched to SEC: Yes CIK matched: Yes General partner matched: Yes Management company matched: Yes Carter Reum matched to Form D: Yes Fund address matched to official M13 Los Angeles office: Yes Official M13 website verified: Yes CRD identified: Yes — 301245 SEC file identified: Yes — 802-118096 ERA status independently verified: Yes Form ADV current through March 2026 identified: Yes Regulatory AUM evidence identified: Yes Fund III public launch materials identified: Yes Fund IV SEC filing identified: Yes Institutional Fund IV commitment identified: Yes Third-party registered fund holding of Fund IV identified: Yes M13 special-opportunity vehicles identified: Yes Public portfolio identified: Yes Fund V portfolio identified: No Fund V LP list identified: No Fund V final close identified: No Fund V current NAV identified: No
MANAGER / TEAM PENETRATION
Carter Reum: Co-founder and Managing Partner M13 co-founder since 2016 Former Goldman Sachs investment banker Previously co-founded and sold VEEV Spirits Signed M13 Ventures V Form D
Courtney Reum: Co-founder and Managing Partner Co-founded M13 with Carter Reum Previously co-founded VEEV Spirits
Karl Alomar: Managing Partner Former COO of DigitalOcean Prior technology founder and operator Current areas include AI infrastructure, fintech and AI applications
Latif Peracha: Managing Partner Leads M13 investing strategy Former Managing Director at Virgin Group Prior investments include Ring, Slack and Virgin Galactic Current focus includes fintech and healthcare
Other platform roles include dedicated partners across investing, investor relations, finance/legal, brand, talent and operating support.
PUBLIC STRATEGY EVIDENCE
M13 publicly invests across: AI Applications AI Infrastructure Blockchain Climate Commerce Consumer Enterprise Fintech Government Technology Healthcare
Public portfolio examples include: Allocate Arena Club Avantos AI AvatarOS Ayble Health Prepared Teleskope Estuary Makora Baselayer Zenlytic Rho Polimorphic Doorstead
The public list is not complete and does not identify which future investments will belong to Fund V.
INSTITUTIONAL EVIDENCE
New Mexico State Investment Council: Approved $50 million commitment to M13 Ventures IV.
CAZ Strategic Opportunities Fund: Public SEC filings show an investment in M13 Ventures IV. March 2026 filing reports approximately $2.94 million fair value and approximately $2.09 million remaining unfunded commitment.
CAZ also reports M13 SO X LLC: A transaction-specific M13 co-investment tied to an AI-powered first-responder communications company.
These records support institutional use of the M13 platform but should not be described as Fund V commitments.
CORE RISKS
Fundraising Risk: Fund V reported no first sale, no investors and $0 sold in its initial filing.
Target-versus-Raised Risk: The $400 million figure is an offering target, not current assets or committed capital.
Venture Illiquidity Risk: Private-company investments can remain illiquid for many years and may provide limited interim price discovery.
Early-Stage Failure Risk: Seed and Series A companies have high failure rates and may require multiple follow-on rounds.
AI Concentration Risk: M13's visible recent portfolio increasingly emphasizes AI applications and infrastructure, increasing exposure to AI valuation cycles and competitive crowding.
Valuation Risk: Portfolio-company marks may depend on financing rounds or manager valuation assumptions rather than public-market prices.
Dilution Risk: Future financing rounds may dilute existing fund ownership, particularly when portfolio companies require substantial growth capital.
Reserve Risk: The initial Form D does not disclose how much Fund V intends to reserve for follow-on investments.
Fund-Family Risk: Flagship funds and M13 special-opportunity vehicles are separate entities and should not be combined when calculating assets, performance or LP commitments.
Predecessor-Track-Record Risk: Fund IV institutional commitments and portfolio results do not automatically represent Fund V performance.
Fee Transparency Risk: Management fee, carried interest and complete fund-expense terms are not disclosed in Form D.
ERA Interpretation Risk: M13 Ventures Management is an exempt reporting adviser, not a fully SEC-registered investment adviser.
Minimum-Investment Interpretation Risk: The $0 Form D field does not mean Fund V is available to unrestricted retail investors.
CORE INVESTOR QUESTIONS
Investors should request the Fund V limited partnership agreement and private placement memorandum; confirm the first-close and final-close timetable; identify total capital actually committed rather than relying on the $400 million target; obtain management fee, carry, organizational-expense and recycling terms; determine target ownership percentages and expected entry stages; establish how capital will be allocated among seed, Series A, Series B and follow-on rounds; identify reserve policy; determine whether Fund V investors receive rights to M13 special-opportunity co-investments; obtain predecessor Fund III and Fund IV gross and net IRR, TVPI, DPI and loss ratios; verify how unrealized private-company marks are established; identify the administrator, auditor, custodian and bank; and confirm whether current AI investment activity represents a structural shift in portfolio concentration.
PRIMARY EVIDENCE REVIEWED
SEC EDGAR — M13 Ventures V, L.P. Form D filed July 29, 2026 SEC EDGAR — M13 Ventures IV, L.P. Form D filed June 29, 2023 SEC Investment Adviser Public Disclosure — M13 Ventures Management, LLC, CRD 301245 / SEC 802-118096 M13 Ventures Management Form ADV — annual amendment filed March 23, 2026 M13 official website — team, offices, investment approach and portfolio M13 official Fund III announcement — $400 million seed-to-Series-B strategy New Mexico State Investment Council commitment reporting — $50 million M13 Ventures IV commitment CAZ Strategic Opportunities Fund SEC filings — M13 Ventures IV holding and M13 SO X co-investment Public M13 portfolio disclosures and manager biographies
IMPORTANT FORM D NOTICE
Form D is a notice of an offering relying on an exemption from Securities Act registration. It is not SEC approval, certification, endorsement or verification that the fund will raise its target amount. The SEC states that it has not necessarily reviewed information contained in Form D filings and has not determined whether the information is accurate or complete. In this case, the $400 million figure is the stated offering amount; the issuer reported $0 sold and zero investors as of July 29, 2026.