Pine State Infrastructure Fund III, LP has raised $53M over 2 rounds; too few niche peers to rank its valuation yet.
Raised $53M across 2 disclosed rounds, last modeled as Series C (a $40M–$100M round).
Latest round stepped up 15.5× from the prior — scaling.
Synthesized from the figures below est. — every claim rests on a number shown on this page.
Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.
Issuer-vehicle patternmedium confidence
Pine State Infrastructure Fund III, LP behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.
Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
7.0 yr record
Peak capital year was 2019 with $52.7M across 2 filings.
Market position
ahead of 92% of Investment Vehicle peers
Capital scale is ahead of 92% of Investment Vehicle peers; modeled value is above 94% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Needs review
Row-level filing totals differ from canonical totals, so amendment/superseded filtering should be checked.
What triggered this
Legal name looks like an issuer vehicle rather than a product company.
No clearly named CEO/founder/principal role in the public records surfaced here.
No verified homepage on the profile yet.
Capital program peaked in 2019: $52.7M across 2 filings.
Largest single filing was $49.5M on 2019-07-01.
Filing rows sum to $102.2M, while canonical raised total is $52.7M; likely amendments/superseded rows are mixed into the detail view.
How to read the page
Read this less like a startup funding journey and more like a capital-raising program.
Stage-based valuation and peer labels have lower applicability for this pattern.
The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
Canonical filtering should be tightened before using row-level totals for diligence.
Leadership
No named principal in this company's public records yet — see all operators below.
Explore how these operators interlock with other companies in the operator network.
Where it sits in Investment Vehicle
Pine State Infrastructure Fund III, LP is one of 1793 Investment Vehicle companies tracked from Little Rock. By capital raised it ranks among the largest (ahead of 92% of sector peers), and among the largest by modeled valuation est..
Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.
As reported in public records reported — not modeled.
US
Jurisdiction
Rule 506(c)
Reg D exemption
2019
Year incorporated
Amount raised vs valuation, by round
Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.
Amount raised · realModeled valuation · estCumulative funded · real
The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.
Financing ladder & sequence gaps
Series C$49.5M · 2019
Series C extension$3.2M · 2019
Series C extension$49.5M · 2020
Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 20%.
Modeled valuation trajectory
$848.7M
Base estimate est.
$191.4M
Conservative case
$2.2B
Upside case
$330.0M
Modeled post-money
Round size and date are reported; the stage label is inferred from round size (latest is Series C — a $40M–$100M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
78%
Survival probability
58% low · 90% high
1.22×/yr
Annual markup
1.40×/yr upside case
6.0 yr
Elapsed time used
6.0 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
6 mo
Avg between rounds
$52.6M/yr
Capital velocity
7.0 yr
On record since
2019
First round
3
Rounds on file
How it compares to the market
Benchmarked against 1793 companies in Investment Vehicle. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.
Total raised — vs sector median (real $, all stages)▲ 16× above median
This company$52.7M
Sector median$3.2M
Latest round — vs other Series C rounds in sector (real $, this stage)▼ 1.0× of median
This company$49.5M
Sector median$50.0M
Modeled value — vs sector median (estimate, all stages)▲ 34× above median
This company$848.7M
Sector median$25.2M
Raised more than 92% of sector peers (real $). Modeled value above 94% of peers (estimate).
Full financing history
Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.
Stage
Amount · real
Announced
Post-money · est
Value · est
Conf.
Series C
$49.5M
2019-07-01
$330.0M
$848.7M
90%
Series C
$3.2M
2019-11-12
$21.3M
$54.9M
90%
Series C
$49.5M
2020-07-01
$330.0M
$848.7M
90%
What happened at each round
Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.
Series C$49.5M2019-07-01
First recorded raise — entered as Series C.
Series C$3.2M2019-11-12
Raised 4 mo later.
Round 15.5× smaller than the prior — bridge or down round.
Switched to Rule 506(c) (was Rule 506(b)).
4 investors on this round.
Series C$49.5M2020-07-01
Raised 8 mo later.
Round 15.5× larger than the prior — scaling up.
Intelligence
2020 ~Q4
Modeled next raise · ~6mo cadence
$148.5M
Modeled next size est.range $96.5M–$237.6M
15.5×
Last step-up
$52.6M/yr
Capital velocity
Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.
Key people & operators
Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.
Pine State Infrastructure Fund III, LP is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.
United States
Country of record
US
Jurisdiction
1792373
SEC CIK
2019
Incorporated
Frequently asked
How much funding has Pine State Infrastructure Fund III, LP raised?
Pine State Infrastructure Fund III, LP has raised approximately $52.7M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is Pine State Infrastructure Fund III, LP's estimated valuation?
Provath's modeled valuation for Pine State Infrastructure Fund III, LP is approximately $848.7M (modeled range $191.4M–$2.2B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Pine State Infrastructure Fund III, LP at?
Pine State Infrastructure Fund III, LP's latest modeled financing stage is Series C. Its most recent recorded round closed around Wed Jul 01.
What does Pine State Infrastructure Fund III, LP do and where is it based?
Pine State Infrastructure Fund III, LP operates in the Investment Vehicle sector, based in Little Rock.
Explore related
See where Pine State Infrastructure Fund III, LP sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.
If you work at Pine State Infrastructure Fund III, LP, claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.