Ballistic Ventures Targets $490M Across Two New Funds

Agnes So's signature appears beneath 2 new fund offerings from Ballistic Ventures, with the same 6 executives listed behind each vehicle. The documents give the cybersecurity firm's next fundraising effort a proposed size of $490M and leave a consequential question open: how will the investment work be divided between the pools?

The November 2, 2026 SEC filings set out a $360M offering for Ballistic Ventures III, LP and a $130M offering for Ballistic Ventures Fund B, LP. Each reported $0 sold and a first sale yet to occur, making these fundraising targets rather than a completed close. For founders considering the Bay Area specialist, the disclosures sit alongside a more tangible proposition: access to people who have built security businesses and can help a new product find its market.

Ballistic's third flagship target matches the size of its prior flagship close. The additional vehicle creates room for a separate capital pool, while the firm's existing support platform and recent advisory appointments show what it already regards as part of the investment job.

What Ballistic Ventures' two filings establish

The original Form D for Ballistic Ventures III, LP lists a $360M total offering. Its counterpart for Ballistic Ventures Fund B, LP lists $130M. Both identify Delaware limited partnerships formed in 2026 and give the same Menlo Park, California business address.

The $490M headline is the sum of those intended offerings. The disclosures establish neither a first close nor a timetable for raising the balance, and the reported absence of sales belongs to the filing date. Reading it as a current measure of every subsequent fundraising conversation would push the documents beyond what they say.

The shared executive list connects the vehicles to the same organization. Kevin Mandia, Barmak Meftah, Theodore Schlein, Jacob Seid, Roger Thornton and Philip Venables appear in both, with CFO Agnes So signing. Ballistic's public-facing names for Schlein, Seid and Venables are Ted Schlein, Jake Seid and Phil Venables.

The filings do not explain Fund B's distinct investment mandate or how opportunities would be allocated between the vehicles. That missing detail matters to prospective backers evaluating what each pool will own, and to founders trying to understand which relationship they are being offered. A fund label cannot answer either question on its own.

The flagship target preserves a familiar scale

Ballistic announced the close of its $360M Fund II on March 14, 2024. That release named Kevin Mandia, Barmak Meftah, Ted Schlein, Jake Seid and Roger Thornton as founding partners and described the firm's commitment to early-stage cybersecurity investment and incubation.

The earlier May 2022 debut announcement put the expected inaugural close at $300M. The 2024 release subsequently referred to that inaugural fund's close. Keeping those dates and states distinct preserves the difference between the ambition at launch and the history the firm later reported.

For the third flagship, $360M represents continuity with the previous vehicle's announced size. It gives the story a different shape from a straightforward march toward larger funds, although the separate $130M target broadens the combined fundraising ambition. Neither figure establishes current assets under management or money ready for deployment.

The current team includes all 5 original founding partners as GPs, alongside GP Phil Venables and CFO Agnes So. Those people give the specialist mandate a recognizable identity across successive funds. The proposed vehicles would still need commitments before their target sizes could become an account of capital raised.

Getting a security product into the market

Ballistic's operating proposition predates these filings. The firm launched BallisticX in September 2022, describing an advisory network and services intended to help young portfolio businesses, including access to design partners. That makes customer learning and business development part of the relationship it offers alongside investment.

In July 2026, Ballistic added Punit Minocha as Strategic Advisor. The firm described his assignment in concrete commercial terms: corporate strategy, channel partnerships and technology alliances for portfolio founders. Its announcement identified his earlier leadership experience at Zscaler, Palo Alto Networks and Trend Micro.

That assignment helps explain why a specialist investor can matter before a startup has a broad sales organization. A design partner can expose what a security team actually needs; an alliance can change how a product is distributed or integrated. Those are separate business relationships, each requiring someone to do the work after an introduction.

For a founder, the practical question is how that assistance reaches the company at the moment it is useful. Naming an advisor establishes access to particular experience, while the quality and availability of help must be assessed through the actual relationship. The new offerings provide no basis for attaching a return forecast to that support model.

The company-building work behind the fund vehicles

Ballistic's June 2026 investment note on Magnitude AI supplies another example of its involvement before a conventional funding headline. Writing for the firm, Jake Seid said Magnitude's founder and CEO Rami Habal had been Ballistic's first Entrepreneur-in-Residence. Ballistic reported leading the company's $10M seed financing.

The firm described Magnitude as developing AI agents for third-party risk management, connecting its investment to the work security teams perform across vendors and other external dependencies. Those are Ballistic's descriptions of its portfolio thesis, rather than independently audited claims of product performance. The investment also predates the new offerings and cannot be presented as their deployment.

Taken together, the incubation relationship, BallisticX and the Minocha appointment show several points at which the firm wants to participate in building a business. For prospective LPs, that creates questions about how investment judgment and operating support work together across the portfolio. For founders, it makes the identity of the people involved more useful than a generic promise of help.

Fund III and Fund B now put two legal vehicles beside that organization. Their eventual allocation rules and commitments will add detail to the capital story, while portfolio founders continue with the less tidy work of finding design partners, building alliances and getting a security product into an enterprise's hands.