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Good afternoon, Maya.
Summarize Meridian Ventures' investment thesis
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Tasks
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Reconcile EMF I capital call receiptsHigh
Review Q2 markup drivers for top 5High
Confirm LP newsletter listDone
Calendar
Open
Fund III reserves review
Runway Watch check-in
LPAC prep: Q2 marks
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Need Q2 NAV bridge before LPAC
You: sending the Carta exports now
Intro to a Series B founder you should meet
Re: Runway Watch slide for the LP update
Can we move our check-in call to Friday?
Sent the deck and data-room link
Voltaic Grid5hDM: the pilot just shipped — thank you!
Need Q2 NAV bridge before LPAC
Done
Snooze
Hi Maya — before the LPAC on Thursday, can you send over the Q2 NAV bridge with the top markups broken out? Want to pre-empt questions on the reserves.
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Apps & Automations
+ New AutomationCapital Call Reconciliation
Reconciles receipts against Carta
Monthly LP Update
Drafts and sends the LP update
Runway Watch
Flags any company under 12 months
Portfolio & LP Command Center
Live dashboard of marks & reserves
Click a card
Capital Call Reconciliation
Reconciles receipts against Carta
Runs
128
Last run
2 days ago
Automation
Trigger
At 09:00 AM, only on Monday
1
Query Data
Pull this week's capital call receipts
2
App Action
Match receipts against Carta positions
3
Send Email
Flag any mismatches to Maya
Execution logs
StatusStartedDuration
SuccessMon 09:003.4s
SuccessMon 09:002.9s
Monthly LP Update
Drafts and sends the LP update
Runs
12
Last run
30 days ago
Automation
Trigger
At 08:00 AM, on day 1 of the month
1
Query Data
Pull marks, reserves, and cash from the portfolio DB
2
AI Analysis
Draft the update in your house style
3
Send Email
Send to the LP distribution list · needs approval
Execution logs
StatusStartedDuration
SuccessJun 1, 08:001.2m
SuccessMay 1, 08:0058s
Runway Watch
Flags any company under 12 months
Runs
210
Last run
6 hours ago
Automation
Trigger
At 07:00 AM, every day
1
Query Data
Pull each company's cash balance and burn
2
AI Analysis
Flag anyone under 12 months of runway
3
App Action
Post an alert to Slack #portfolio-ops
Execution logs
StatusStartedDuration
SuccessToday 07:00820ms
SuccessYesterday 07:00910ms
Portfolio & LP Command Center
Live dashboard of marks & reserves
Fund II · $120.0M · 90% called
Fund III · $180.0M · 40% called
EMF I · $50.0M · 60% called
Meridian Ventures · $350.0M AUM across 3 funds · as of Jun 8, 2026
TVPI
2.46x
Net of distributions
DPI
0.27x
$24.0M returned
Gross IRR
28%
Since inception
NAV
$197.2M
Current fair value
Invested
$90.0M
14 companies
Gross MOIC
2.19x
$197.2M FMV
Portfolio CompaniesHoldings across all funds — marks pulled live from Carta.
14active positions
| Company | Sector | Fund | Own | Invested | FMV | MOIC | YoY | Status |
|---|---|---|---|---|---|---|---|---|
| Lattice AI | AI | Fund III | 12% | $8.0M | $24.0M | 3.00x | +180% | Performing |
| Synthesis Labs | AI | Fund II | 9% | $6.0M | $30.0M | 5.00x | +140% | Outperforming |
| Neuron | AI | Fund III | 14% | $5.0M | $7.5M | 1.50x | +90% | Watch |
| Payglass | Fintech | Fund II | 8% | $7.0M | $21.0M | 3.00x | +75% | Performing |
| Ledgerline | Fintech | Fund II | 11% | $9.0M | $18.0M | 2.00x | +60% | Performing |
| Vault27 | Fintech | Fund III | 7% | $4.0M | $3.2M | 0.80x | +30% | Watch |
| Helix Health | Healthtech | Fund II | 10% | $8.0M | $20.0M | 2.50x | +95% | Performing |
| CareLoop | Healthtech | Fund III | 13% | $6.0M | $9.0M | 1.50x | +70% | Performing |
| Vitamark | Healthtech | Fund II | 6% | $5.0M | $2.5M | 0.50x | −10% | At risk |
| Forge Systems | Devtools | Fund III | 12% | $7.0M | $17.0M | 2.43x | +130% | Outperforming |
| Cascade | Devtools | Fund II | 9% | $6.0M | $12.0M | 2.00x | +85% | Performing |
| Quanta Cloud | Devtools | Fund III | 8% | $5.0M | $5.0M | 1.00x | +45% | Watch |
| Voltaic Grid | Climate | Fund III | 11% | $9.0M | $22.0M | 2.44x | +110% | Outperforming |
| TerraCarbon | Climate | Fund II | 7% | $5.0M | $6.0M | 1.20x | +50% | Performing |
Capital Call StatusOutstanding drawdowns across the active funds.
2 overdue · $25.5M
| Fund | Call # | Amount | % Commit | Due | Status |
|---|---|---|---|---|---|
| Fund II | 6 | $12.0M | 10% | Feb 1, 2026 | Funded |
| Fund III | 6 | $18.0M | 10% | Mar 20, 2026 | Funded |
| Fund III | 7 | $18.0M | 10% | May 30, 2026 | Overdue |
| EMF I | 4 | $7.5M | 15% | May 22, 2026 | Overdue |
| Fund III | 8 | $18.0M | 10% | Jun 20, 2026 | Outstanding |
LP Roster14 of ~38 limited partners.
$258.0M committed$27.1M distributed
| Limited Partner | Type | Fund | Commit | Called | Distributed | NAV | DPI |
|---|---|---|---|---|---|---|---|
| Calder University Endowment | Endowment | Fund II | $25.0M | 90% | $6.1M | $41.2M | 0.27x |
| Brightwater Family Office | Family Office | Fund II | $15.0M | 90% | $3.6M | $24.7M | 0.27x |
| Hanover Funds | Fund-of-Funds | Fund III | $30.0M | 40% | $0 | $14.9M | 0.00x |
| Sequoia Trust | Family Office | Fund III | $20.0M | 40% | $0 | $9.9M | 0.00x |
| Northbridge Mutual | Insurer | Fund II | $18.0M | 90% | $4.4M | $29.7M | 0.27x |
| Keystone Pension System | Pension | Fund III | $25.0M | 40% | $0 | $12.4M | 0.00x |
| Ashford Foundation | Foundation | Fund II | $12.0M | 90% | $2.9M | $19.8M | 0.27x |
| Pemberton Family Trust | HNWI | Fund II | $8.0M | 90% | $1.9M | $13.2M | 0.26x |
| Taylor Institute Endowment | Endowment | Fund II | $16.0M | 90% | $3.9M | $26.4M | 0.27x |
| Summit College Endowment | Endowment | EMF I | $12.0M | 60% | $0.9M | $8.6M | 0.13x |
Runway WatchCompanies with under 9 months of runway.
3 flagged
| Company | Sector | Fund | Runway | ARR | YoY | FMV | Status |
|---|---|---|---|---|---|---|---|
| Vitamark | Healthtech | Fund II | 6 mo | $800K | −10% | $2.5M | At risk |
| Vault27 | Fintech | Fund III | 7 mo | $1.5M | +30% | $3.2M | Watch |
| Neuron | AI | Fund III | 8 mo | $2.0M | +90% | $7.5M | Watch |
Deal PipelineActive opportunities from Affinity, by stage.
$54.5M active10 live deals
| Company | Sector | Round | Check | Valuation | Stage | Owner |
|---|---|---|---|---|---|---|
| Arbor Compute | AI | Series A | $8.0M | $70.0M | Sourced | Maya Chen |
| Northwind Bio | Healthtech | Seed | $3.5M | $25.0M | Sourced | Priya Nair |
| Kestrel Security | Devtools | Seed | $2.5M | $18.0M | First Meeting | Priya Nair |
| Tidal Payments | Fintech | Series B | $10.0M | $140.0M | First Meeting | David Okafor |
| Pinecrest Labs | Devtools | Seed | $1.5M | $12.0M | First Meeting | Priya Nair |
| Meadow Robotics | Climate | Series A | $7.0M | $55.0M | Diligence | David Okafor |
| Brightpath Health | Healthtech | Seed | $3.0M | $22.0M | Diligence | Maya Chen |
| LedgerLoop | Fintech | Seed | $2.0M | $16.0M | Diligence | David Okafor |
| Quill AI | AI | Series A | $6.0M | $60.0M | Term Sheet | Maya Chen |
| Cobalt Grid | Climate | Series A | $9.0M | $80.0M | Term Sheet | Maya Chen |
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Fund III
LP Update — Q3
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Fund III / LP Update — Q3
LP Update — Q3 2026
Status In reviewOwner MayaUpdated Today
Highlights
Fund III TVPI up to 1.9x, driven by two new markups
Reserves coverage at 1.4x across the active portfolio
This quarter we deployed into two follow-ons and closed the reserves review ahead of the LPAC. Full NAV bridge and company-level detail are attached below.
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Projects
G
General
8 tasks
F
Fund III
12 tasks
P
Portfolio
6 tasks
L
LP Relations
5 tasks
R
Fundraise
3 tasks
+
New project
Suggested 5
Meeting prep
Prep brief for the Fund III reserves review
High · From Calendar · 10:00 AM with Owen, Priya
Research & diligence
Pull Q2 markup drivers for the top 5 companies
High · From Priya · Carta exports ready
Coordination & outbound
Confirm the LP newsletter distribution list
Medium · From Owen · LP update thread
In progress
Reconcile EMF I capital call receipts
HighDue today
Draft Q3 investor update
HighDue tomorrow
Update Runway Watch model
MediumFri
New Agent
Search
Starred
Prepare the weekly investor update
Recents
Draft the Q3 investor update
Pull together Q3 numbers for Damian
Follow up with the lawyers on the NDA
Tasks
Reconcile capital call receipts
Review Q2 markup drivers
Reschedule the Dallas flight
Move my Dallas trip to Thursday
Prep the LP Advisory deck
Pull last quarter’s LPAC notes
Confirm the LP newsletter list
Draft the Q3 investor update and send it to the LP list.
Plan (3 steps)
Pull Q3 performance from Carta and the portfolio DB
Draft the update in your house style
Send to the LP distribution list
Here’s the Q3 update, ready to send to 214 LPs. Review before it goes out:
Send email
Meridian Ventures — Q3 2026 Update
To · LP Distribution (214)
Subject · Meridian Ventures — Q3 2026 Update
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9:41
MMeridian Ventures
Good afternoon,
Maya.
Maya.
Draft a reply to Jordan about the NAV bridge
InboxOpen ›
TasksView all ›
Reconcile capital call receiptsHigh
Review Q2 markup driversHigh
CalendarOpen ›
LPAC prep: Q2 marksThu · 3:00 PM
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Thread
#fund-iii
OB
Owen Bell 9:18 AM
Prepping for the LPAC on Thursday — can someone pull the Q2 NAV bridge?
3 replies
MC
Maya Chen 9:20 AM
@Starch can you pull the Q2 NAV bridge and drop it in this thread?
Starch App 9:20 AM
On it — here’s the Q2 NAV bridge with the top 5 markups broken out. Want me to send it to the LP list too?
Starch Move my 3pm to tomorrow and let Priya know.
Done — your 3pm is now tomorrow at 3pm, and I texted Priya the update. Want me to send a calendar invite?
Yes, send it.
Delivered