Polychain Capital LP (“Polychain Capital”), a Delaware limited partnership, commenced its operations as 
an  investment  manager  in  August  2016,  and  became  registered  with  the  United  States  Securities  and 
Exchange Commission (“SEC”) in March 2018. Polychain VC LP (“Polychain VC”), a Delaware limited 
partnership, commenced operations as an investment manager in January 2018, and is an affiliated entity 
and  relying  adviser  of  Polychain  Capital.  Polychain  VC  II  LP  (“Polychain  VC  II”,  and  together  with 
Polychain Capital and Polychain VC, “Polychain” or the “Investment Manager”), a Delaware limited 
partnership, commenced operations as an investment manager in December 2022, and is an affiliated entity 
and relying adviser of Polychain Capital. As indicated on Form ADV Part 1A, Olaf Carlson-Wee is the 
Investment  Manager’s  principal  owner.    Polychain’s  principal  place  of  business  is  in  San  Francisco, 
California.  The  general  partner  of  Polychain  Capital  and  Polychain  VC  II  is  Polychain  Meta  LLC 
(“Polychain Meta”), a Delaware limited liability company, which is owned and controlled by Olaf Carlson-
Wee, the Managing Member of Polychain Meta. The general partner of Polychain VC LP is Polychain 
Capital Sub LLC (“Polychain Capital Sub”), a Delaware limited liability company, which is wholly owned 
by Polychain Capital.  
Polychain is an investment management firm that provides advisory services on a discretionary basis to 
privately  offered  pooled  investment  vehicles  (each  a  “Fund”,  and  together  with  any  future  private 
investment fund to which Polychain provides investment advisory services, the “Funds”). 
Polychain Capital’s clients include: 
•  Polychain Master Fund I LP, a Cayman Islands limited partnership with Polychain Fund I, LP, a 
Delaware limited partnership, and Polychain Global Ltd., a Cayman Islands exempted company, 
acting as an onshore and offshore feeder fund, respectively, in addition to Polychain Parallel Fund 
I LP, a Delaware limited partnership (collectively, “Fund I”). 
Polychain VC’s clients include: 
•  Polychain  Ventures  LP,  a  Delaware  limited  partnership,  with  Polychain  Venture  Fund  Ltd.,  a 
Cayman Islands exempted company, acting as an offshore feeder fund (collectively, “Polychain 
Ventures Fund”). 
•  Dfinity Ecosystem Fund LP, a Delaware limited partnership (the “Dfinity Ecosystem Fund”). 
•  Polkadot Ecosystem Fund LP, a Delaware limited partnership (the “Polkadot Ecosystem Fund”). 
•  Polychain Opportunities Fund I LLC – Series CDCX, a series of Polychain Opportunities Fund I 
LLC, a Delaware series limited liability company, with Polychain CDCX SP, a segregated portfolio 
of Polychain SPC Ltd., a Cayman Islands exempted company registered as a segregated portfolio 
company,  acting  as  an  offshore  feeder  fund  (collectively,  the  “Opportunities  Fund”).  The 
Opportunities Fund is a single purpose investment vehicle. 
•  The Math Prophecy LP, a Delaware limited partnership (the “Math Prophecy Fund”).  
•  Celo Ecosystem Fund LP, a Delaware limited partnership (the “Celo Ecosystem Fund”). 
•  Polychain Ventures II LP, a Delaware limited partnership, with Polychain Ventures II (Parallel) 
LP, a Delaware limited partnership, and Polychain Ventures II A (Parallel) LP, a Delaware limited 
partnership (collectively, “Polychain Ventures II Fund”). 
•  Polychain Opportunities Fund I LLC – Series CDCX II, a series of Polychain Opportunities Fund 
I  LLC,  a  Delaware  series  limited  liability  company  (the  “Opportunities  II  Fund”).  The 
Opportunities II Fund is a single purpose investment vehicle. 
Polychain VC II’s clients include: 
•  Polychain Ventures III LP, a Delaware limited partnership, with Polychain Ventures III (Parallel) 
LP, a Delaware limited partnership, and Polychain Ventures III A (Parallel) LP, a Delaware limited 
partnership (collectively, “Polychain Ventures III Fund”). 
•  Polychain Ventures IV LP, a Delaware limited partnership, with Polychain Ventures IV (Parallel) 
LP, a Delaware limited partnership, and Polychain Ventures IV A (Parallel) LP, a Delaware limited 
partnership (collectively, “Polychain Ventures IV Fund”). 
The  following  general  partner  entities  are  affiliated  with  Polychain  (each  a  “General  Partner”  and 
collectively, the “General Partners”): 
•  Polychain Beacon Partners LLC 
•  Polychain Partners LLC 
•  Polychain Venture Partners LLC 
•  Polychain Polkadot Partners LLC 
•  Polychain Opportunity Partners LLC 
•  Polychain Celo Partners LLC 
•  Polychain Venture Partners II LLC 
•  Polychain Venture Partners III LLC 
•  Polychain Venture Partners IV LLC 
Polychain’s clients also include special purpose vehicles in which a Fund co-invests along with a Fund’s 
investors (“Investors” and each an
                                        
                                        
                                             “Investor”) and third-party investors. In addition, Polychain provides 
co-investment opportunities to other funds, private investors, groups, or individuals, including Investors (or 
their affiliates), in the sole discretion of Polychain. Co-investment with such parties are expected to reduce 
amounts a Fund can invest in any given opportunity, and Polychain is likely not to make as large of an 
investment  out  of  the  Fund  as  otherwise  might  be  desirable.  In  addition,  the  allocation  of  investments 
between a Fund and such other parties will be at Polychain’s discretion, and if such other parties offer 
Polychain more favorable economic terms than it would receive from the same investment out of the Fund, 
Polychain would have a conflict of interest with respect to allocating investments between a Fund and such 
other parties. In all cases, consistent with its fiduciary duty, Polychain will allocate trades on a fair and 
equitable basis among the Funds.  Polychain will generally allocate investments pro rata among the relevant 
clients unless it determines, in its sole discretion, that such allocation is not appropriate.   
The General Partners, Polychain affiliates, or Polychain’s principals, officers, and employees (“Polychain 
Personnel”) have in the past, and in the future expect, to make investments that are also appropriate for the 
Funds and will, at certain times, be simultaneously seeking to purchase or sell, in their individual capacities, 
the same or similar investments for the Funds.  Such investments are likely to reduce the amount the Funds 
can  invest  in  any  given  opportunity,  and  the  General  Partners  may  be  unable  to  make  as  large  of  an 
investment out of the Funds as otherwise might be desirable.  In addition, the allocation of investments 
between  Polychain  Personnel,  Polychain  affiliates,  the  General  Partners,  and  the  Funds  will  be  at 
Polychain’s discretion, and if Polychain Personnel, its affiliates, and the General Partners receive more 
favorable  economic  terms  for  the  same  investment  than  the  Funds,  Polychain  would  have  a  conflict  of 
interest  with  respect  to  allocating  investments  between  Polychain  Personnel,  its  affiliates,  the  General 
Partners,  and  the  Funds.    Any  investment  by  the  General  Partners,  Polychain  affiliates,  or  Polychain 
Personnel alongside the Funds will be subject to approval by Polychain in its sole discretion, on a case-by-
case basis and by determining whether such investment is appropriate.  If approved, Polychain will allocate 
an  investment  among  the  Funds  and  the  General  Partners,  Polychain  affiliates,  or  relevant  Polychain 
Personnel in accordance with the procedures set forth in Polychain’s Allocation Policy, taking into account 
factors such as whether a pro rata allocation is appropriate, how much of the investment is available in the 
aggregate, and what the allocation to the Funds would be absent any allocation to the General Partners, 
Polychain affiliates, or Polychain Personnel.  However, if a conflict should arise as between Polychain’s 
Allocation Policy and a Fund’s Governing Documents (as defined below), the Governing Documents will 
govern.  See “Allocations” in Items 8.B. and 8.C. for additional disclosures regarding allocation among the 
Funds, as well as between the Funds, on the one hand, and the Investment Manager and its affiliates, on the 
other hand. 
As a result of the foregoing, certain Polychain Personnel are expected to (and do) have conflicts of interest 
in  allocating  their  time  and  activity  between  the  Funds  and  other  personal  investments,  in  allocating 
investments among the Funds, and in effecting transactions for the Funds and other entities, including ones 
in which Polychain Personnel have a greater financial interest. 
The Investment Manager’s advisory services are provided to the Funds, pursuant to the terms of each Fund’s 
relevant  investment  management  agreement,  organizational  documents,  offering  documents,  applicable 
side  letters  and/or  other  documentation  (collectively,  the  “Governing  Documents”),  and  based  on  the 
specific  investment  objectives  and  strategies  as  set  out  in  those  Governing  Documents.    The  advisory 
services each Fund receives is tailored to its individual needs, specified investment objectives and strategies 
as set forth in each Fund’s Governing Documents.  The Funds may impose restrictions on investing in 
certain types of securities in accordance with achieving their investment objectives and strategies.  
Not Applicable. Polychain does not participate in a wrap fee program. 
As of December 31, 2023, Polychain manages approximately $5,039,703,850 in regulatory assets under 
management on a fully discretionary basis. Polychain does not manage any of its clients’ assets on a non-
discretionary basis.