Ballistic Ventures targets $490m across two funds

Cybersecurity has another sizeable fundraising plan on the table. The money has yet to close.

What happened

Ballistic Ventures is targeting $360 million for Fund III and $130 million for Fund B, according to filings dated 2 November and reported on 3 November 2026.

Both filings recorded $0 sold at the time of filing. The combined $490 million represents fundraising targets, not completed fund closes.

Why it matters

Fund targets reveal how much capital a manager intends to raise. The amount actually committed is a separate measure of investor demand. Treating the target as a completed raise would overstate Ballistic's available new capital.

The bigger picture

The filings provide a starting point for tracking the fundraising process. Later closes would offer stronger evidence of LP appetite for the strategy, particularly as AI changes both the threats companies face and the tools available to defend them.