Zero-Registration Public Source Trail · CAFR / Board Packet ← Back to Fairfax County Employees (FCERS-VA) Profile

Fairfax County Employees (FCERS-VA) → Sands Life Pulse III

Field-by-field provenance and archived filing evidence for one of the 5 open public preview records on Fairfax County Employees (FCERS-VA)’s profile — accessible without registration.

Institutional Allocator

Fairfax County Employees (FCERS-VA)

Public Pension Plan · Hub: Mid-Atlantic / DC Metro

Reported Holding / Fair Value

$2.0M

Reported holding / fair value (not original commitment) · As of June 2025

$1,980,000 USD (raw: 1980000.0)

Strategy & Vintage

Venture Capital

2025 Vintage

Cited Archive Anchor

pdf_archive/Fairfax_County_Employees_FCERS/FCERS_FY2025_ACFR.pdf#page=64

PDF p.64/98 · Printed p.58

Holding / Fair Value Substantiated · Multiples Not Disclosed on Schedule

Open Cited Filing (fairfaxcounty.gov) Single-Page Excerpt (PDF p.64) Full-Res Image (PDF p.64)

Provenance & Entity Scope Notice

Holdings Schedule Disclosure — Reported Portfolio Fair Market Value (Not Original Commitment)

The cited financial schedule for Fairfax County Employees (FCERS-VA) reports period-end portfolio fair market value / carrying value or invested cost ($2.0M) rather than original commitment check size. This figure is classified as Reported holding / fair value (not original commitment) (not an original commitment ticket) so GPs do not mistake current holding value for initial fund commitment size.

Field-Level Provenance & Substantiation Breakdown

Each claim is evaluated independently against the cited table’s headers and units. Different fields on a single record may originate from distinct schedules.

Entity Type: Legal Fund Vehicle · As-of 2025-06-30

Record Field	Recorded Value	Value Type	Substantiation Status	Field-Specific Source Citation & Audit Note
Fund / Legal Vehicle	Sands Life Pulse III	Reported	Table-Substantiated	pdf_archive/Fairfax_County_Employees_FCERS/FCERS_FY2025_ACFR.pdf (PDF Page 64 of 98 · Printed Page 58) Matched on cited page in '% of Total Portfolio'. Row excerpt: "Sands Life Pulse III Private Markets Equity 1,980,288 0.0%"
Disclosed Holding / Fair Market Value	$2.0M (raw: 1980000.0)	Reported	Holding / Fair Value (Not Commitment)	pdf_archive/Fairfax_County_Employees_FCERS/FCERS_FY2025_ACFR.pdf (PDF Page 64 of 98 · Printed Page 58) Substantiated on cited holdings schedule (exact_or_unspecified, USD) reporting portfolio fair market / carrying value rather than the allocator's original commitment check size.
Fund Vintage Year	2025	Reported	Not Yet Page-Verified	pdf_archive/Fairfax_County_Employees_FCERS/FCERS_FY2025_ACFR.pdf (PDF Page 64 of 98 · Printed Page 58) Retained from allocator disclosure / fund vintage registry without substituting filing year.
Net IRR	Not disclosed	Missing / Unverified	Not Yet Page-Verified	Not disclosed Net IRR is not disclosed for this record (never defaulted to 0 or 1.00x).
TVPI / Net Multiple	Not disclosed	Missing / Unverified	Not Yet Page-Verified	Not disclosed TVPI / Net Multiple is not disclosed for this record (never defaulted to 0 or 1.00x).
DPI (Realized Multiple)	Not disclosed	Missing / Unverified	Not Yet Page-Verified	Not disclosed DPI (Realized Multiple) is not disclosed for this record (never defaulted to 0 or 1.00x).

Archived Filing Excerpt — PDF Page 64 of 98 (Printed Page 58)

Table Class: Nav Or Fair Value Holdings

Archived file FCERS_FY2025_ACFR.pdf · Detected Table Title: % of Total Portfolio · Table Units: exact_or_unspecified (USD). Full horizontal row highlighting retains surrounding headers, units, and footnotes.

Download Single-Page PDF

Detected Table Columns: Fair Value / NAV

Matched Horizontal Row Text: Sands Life Pulse III Private Markets Equity 1,980,288 0.0%

Archived File Integrity Checksum (SHA-256): 6a83405ac41e7d62…562de2b608cf — SHA-256 is a file-byte integrity check confirming the archived file has not changed since retrieval. It does NOT prove factual or extraction accuracy.

Archived filing excerpt from FCERS_FY2025_ACFR.pdf, PDF viewer page 64 (printed page 58), highlighting row for Sands Life Pulse III

All 5 Open Public Source Trails for Fairfax County Employees (FCERS-VA)

Click any preview record below to inspect its primary source trail without registration

Open Trail #1 of 5 CAFR / Board Packet · PDF p.64

Red Tree Ventures II

Venture Capital · 2025 $5.6M (Holding)

Open Trail #2 of 5 CAFR / Board Packet · PDF p.64

Sands Life Pulse III

Venture Capital · 2025 $2.0M (Holding)

Open Trail #3 of 5 CAFR / Board Packet · PDF p.64

Frazier Life XII

Venture Capital · 2024 $1.2M (Holding)

Open Trail #4 of 5 CAFR / Board Packet · PDF p.65

Marathon Eco VI

Private Credit · 2023 $51.6M (Holding)

Open Trail #5 of 5 CAFR / Board Packet · PDF p.64

Blockchain VI

Venture Capital · 2023 $41.0M (Holding)

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