<PAGE>
                             UNITED STATES
                  SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549

                              FORM 10-Q

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
     EXCHANGE ACT OF 1934

             For the quarterly period ended March 31, 1999

                                OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934

            For the transition period from N/A to N/A
                                           ---    ---

                      Commission File No. 814-82

 TECHNOLOGY FUNDING VENTURE PARTNERS V, AN AGGRESSIVE GROWTH FUND, L.P.
 ----------------------------------------------------------------------
          (Exact name of Registrant as specified in its charter)

          Delaware                              94-3094910
-------------------------------     ----------------------------------
(State or other jurisdiction of    (I.R.S. Employer Identification No.)
incorporation or organization) 

2000 Alameda de las Pulgas, Suite 250
San Mateo, California                                            94403
---------------------------------------                      ----------
(Address of principal executive offices)                     (Zip Code)

                              (650) 345-2200
            ----------------------------------------------------
            (Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange 
Act of 1934 during the preceding 12 months (or for such shorter period 
that the registrant was required to file such reports), and (2) has been 
subject to such filing requirements for the past 90 days.   Yes X No   
                                                               ---  ---

No active market for the units of limited partnership interests 
("Units") exists, and therefore the market value of such Units cannot be 
determined.

<PAGE>

I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

BALANCE SHEETS
--------------
<TABLE>
<CAPTION>
                                        (unaudited)
                                          March 31,       December 31,
                                            1999              1998
                                        ------------      ------------
<S>                                     <C>               <C>
ASSETS

Equity investments (cost basis of
 $21,127,382 and $21,268,672 at
 1999 and 1998, respectively)           $41,528,066       37,682,178
Investment sales receivable               1,473,366               --
Cash and cash equivalents                    14,375           15,850
Other assets                                  8,197            4,062
                                         ----------       ----------
     Total                              $43,024,004       37,702,090
                                         ==========       ==========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses   $    46,307           60,445
Due to related parties                      200,862          670,978
Short-term borrowings                            --          120,200
                                         ----------       ----------
     Total liabilities                      247,169          851,623

Commitments, contingencies and 
 subsequent events (Notes 2, 3, 5 and 6)

Partners' capital:
 Limited Partners 
  (400,000 units outstanding)            22,357,229       20,483,914
 General Partners                            18,922          (46,953)
 Net unrealized fair value increase
  from cost of equity investments        20,400,684       16,413,506
                                         ----------       ----------
     Total partners' capital             42,776,835       36,850,467
                                         ----------       ----------
     Total liabilities and partners'
      capital                           $43,024,004       37,702,090
                                         ==========       ==========

</TABLE>

See accompanying notes to financial statements.

<PAGE>
STATEMENTS OF OPERATIONS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>
                                      For the Three Months Ended March 31
                                      -----------------------------------
                                              1999          1998
                                           ---------      ---------
<S>                                     <C>              <C>
Income:
 Interest income                         $    1,250          8,191
                                          ---------      ---------
   Total income                               1,250          8,191

Costs and expenses:
 Management fees                             72,395         97,499
 Individual General Partners' 
  compensation                                7,169          5,197
 Operating expenses:
   Investment operations                    103,810        184,593
   Administrative and investor services     147,323        174,150
   Professional fees                         14,869         12,301
   Computer services                         30,721         76,006
   Interest expense                           7,031             --
                                          ---------      ---------
   Total operating expenses                 303,754        447,050
                                          ---------      ---------
   Total costs and expenses                 383,318        549,746
                                          ---------      ---------
Net operating loss                         (382,068)      (541,555)

 Net realized gain (loss) from 
  sales of equity investments             2,238,762        (26,379)
 Realized gain from venture capital
  limited partnership investments            82,496          6,014
                                          ---------      ---------

Net realized income (loss)                1,939,190       (561,920)

 Change in net unrealized 
  fair value of equity
  investments                             3,987,178       (827,112)
                                          ---------      ---------
Net income (loss)                        $5,926,368     (1,389,032)
                                          =========      =========
Net realized income (loss) per Unit      $     4.68          (1.39)
                                          =========      =========
</TABLE>

See accompanying notes to financial statements


<PAGE>

STATEMENTS OF CASH FLOWS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>

                                       For the Three Months Ended March 31,
                                       ------------------------------------
                                              1999             1998
                                           ---------         ---------
<S>                                      <C>                <C>
Cash flows from operating activities:
 Interest income received                 $      160            11,016
 Cash paid to vendors                       (126,410)          (47,931)
 Cash paid to related parties               (738,266)         (541,564)
 Interest paid                                (7,031)               --
                                           ---------         ---------
  Net cash used by
   operating activities                     (871,547)         (578,479)
                                           ---------         ---------
Cash flows from investing activities:
 Proceeds from sales of equity
  investments                              1,090,338                --
 Purchase of equity investments             (100,066)         (245,000)
 Notes receivable issued                          --            (2,766)
 Repayments of convertible notes 
  receivable                                      --            57,378
 Distributions from venture capital
  limited partnership investments                 --             4,172
                                           ---------         ---------
  Net cash provided (used) by 
   investing activities                      990,272          (186,216)
                                           ---------         --------- 
Cash flows from financing activities:
 Repayment of short-term borrowings         (120,200)               --
                                           ---------         ---------
  Net cash used by financing activities     (120,200)               --

Net decrease in cash and 
 cash equivalents                             (1,475)         (764,695)

Cash and cash equivalents at 
 beginning of year                            15,850         1,839,535
                                           ---------         ---------
Cash and cash equivalents
 at March 31                              $   14,375         1,074,840
                                           =========         =========

</TABLE>

See accompanying notes to financial statements.




<PAGE>

STATEMENTS OF CASH FLOWS (unaudited) (continued)
-----------------------------------------------

<TABLE>
<CAPTION>

                                       For the Three Months Ended March 31,
                                       ------------------------------------
                                              1999             1998
                                           ---------         ---------
<S>                                        <C>                <C>

Reconciliation of net income 
 (loss) to net cash used by 
  operating activities:

Net income (loss)                         $5,926,368        (1,389,032)

Adjustments to reconcile net income
 (loss) to net cash used by
  operating activities:
   Net realized (gain) loss from
    sales of equity investments           (2,238,762)           26,379
   Realized gain from venture
    capital limited partnership
    investments                              (82,496)           (6,014)
   Change in net unrealized fair
    value of equity investments           (3,987,178)          827,112

Changes in:
 Accounts payable and accrued
  expenses                                   (14,138)          (10,899)
 Due to/from related parties                (470,116)          (30,006)
 Other                                        (5,225)            3,981
                                           ---------         ---------
Net cash used by operating activities     $ (871,547)         (578,479)
                                           =========         =========

Supplemental schedule of non-cash 
  investing activity:

  Investment sales receivable             $1,473,366                --
                                           =========         =========

</TABLE>
See accompanying notes to financial statements.

<PAGE>
NOTES TO FINANCIAL STATEMENTS (unaudited)
----------------------------------------

1.     General
       -------

In the opinion of the Managing General Partners, the Balance Sheets as of 
March 31, 1999, and December 31, 1998, and the related Statements of 
Operations and Statements of Cash Flows for the three months ended March 
31, 1999 and 1998, reflect all adjustments which are necessary for a fair 
presentation of the financial position, results of operations and cash 
flows for such periods.  These statements should be read in conjunction 
with the Annual Report on Form 10-K for the year ended December 31, 1998.  
The following notes to financial statements for activity through March 31, 
1999, supplement those included in the Annual Report on Form 10-K.  
Allocation of income and loss to Limited and General Partners is based on 
cumulative income and loss.  Adjustments, if any, are reflected in the 
current quarter balances.

2.     Related Party Transactions
       --------------------------

Related party costs are included in costs and expenses shown on the 
Statements of Operations.  Related party costs for the three months ended 
March 31, 1999 and 1998, were as follows:
<TABLE>
<CAPTION>
                                              1999           1998
                                            --------       --------
<S>                                         <C>            <C>
Management fees                            $ 72,395         97,499
Reimbursable operating expenses             188,586        408,862
Individual General Partners' compensation     7,169          5,197
</TABLE>

Certain reimbursable expenses have been accrued based upon interim 
estimates prepared by the Managing General Partners and are adjusted to 
actual cost periodically.  There were $193,108 and $670,978 due to related 
parties at March 31, 1999, and December 31, 1998, respectively, for such 
reimbursable expenses.

Amounts payable for management fees were $7,754 and $0 at March 31, 1999, 
and December 31, 1998, respectively.  

Officers of the Managing General Partners occasionally receive stock 
options as compensation for serving on the Boards of Directors of portfolio 
companies.  At March 31, 1999, the Partnership had an indirect interest in 
Conversion Technologies International, Inc., Endocare, Inc., and 
Physiometrix, Inc., non-transferable options with a total fair market value 
of $20,311.


<PAGE>

3.     Equity Investments
       ------------------

<TABLE>
A full listing of the Partnership's equity investments at December 31, 1998, is in the 1998 
Annual Report on Form 10-K.  Activity from January 1 through March 31, 1999, consisted of: 

<CAPTION>
                                                                  January 1 through
                                                                    March 31, 1999
                                                                  -------------------
                                                     Principal
                                       Investment    Amount or    Cost          Fair
Industry/Company        Position          Date        Shares      Basis         Value
----------------        --------       ----------    ---------    -----         -----
<S>                    <C>              <C>          <C>      <C>            <C>

Balance at January 1, 1999                                    $21,268,672     37,682,178
                                                               ----------     ----------

Significant changes:

Biomedical
----------
Axys                    Common
 Pharmaceuticals, Inc.  shares            12/95       37,855            0        (61,779)

Computer Systems and Software
-----------------------------
Pilot Network           Common            03/95-
 Services, Inc.         shares            02/99      720,421     (262,869)     3,369,541

Information Technology
----------------------
WorldRes, Inc.          Series D
                        Preferred
                        shares            03/99       12,397       75,002         75,002
WorldRes, Inc.          Series B and C
                        Preferred         01/97-
                        shares            12/97       59,338            0        139,445

Medical
-------
Biex,                   Preferred         07/93-
 Inc.                   shares            08/97      611,007            0         61,098
Endocare,               Common            08/96-
 Inc.                   shares            04/98       46,014            0         94,008
Megabios                Common            09/94-
 Corp.                  shares            07/95      301,274            0       (222,040)
Oxford                  Common
 GlycoSciences Plc      shares            08/93      213,546            0        186,853
Physiometrix,           Common
 Inc.                   shares            04/96      287,021            0        263,354

Venture Capital Limited Partnership Investments
-----------------------------------------------
Various                 Limited
                        Partnership
                        Interests        various  $1,204,893       10,000        (82,496)
                                                               ----------      ---------
Total significant changes during the three
 months ended March 31, 1999                                     (177,867)     3,822,986

Other changes, net                                                 36,577         22,902
                                                               ----------     ----------

Total equity investments at March 31, 1999                    $21,127,382     41,528,066
                                                               ==========     ==========

</TABLE>


Marketable Equity Securities
----------------------------

At March 31, 1999, and December 31, 1998, marketable equity securities had 
aggregate costs of $5,246,133 and $6,069,452, respectively, and aggregate 
market values of $14,001,912 and $3,311,167, respectively.  The net 
unrealized gain/loss at March 31, 1999 and December 31, 1998 included gross 
gains of $10,187,858 and $379,205, respectively.

Biex, Inc.
----------

In March 1999, the company completed a round of financing in which the 
Partnership did not participate.  The pricing of this round, in which third 
parties participated, indicated a $63,452 increase in the fair value of the 
Partnership's investment in the company's preferred shares and warrants.

Pilot Network Services, Inc.
----------------------------

In February 1999, El Dorado Ventures III, L.P. distributed 4,376 common 
shares valued at $56,689 to the Partnership.  In March 1999, the 
Partnership sold 175,000 common shares for proceeds of $2,557,503, of which 
$1,473,766 were receivable from the broker at March 31, 1999, and realized 
a gain of $2,237,944.  After these transactions, the Partnership recorded a 
$3,369,541 increase in the fair value of its investment in the company as a 
result of an increase in the publicly traded market price of the shares as 
well as the removal of a discount for selling restrictions which expired in 
February 1999.

Subsequent to March 31, 1999, the Partnership sold an additional 335,000 
common shares for proceeds of $6,120,922 and realized a gain of $5,827,797.

Women.com Networks
------------------

In January 1999, the company announced the formation of a joint venture 
with Hearst New Media & Technology, a wholly owned unit of the Hearst 
Corporation.

Subsequent to March 31, 1999, the Partnership purchased 11,912 Series E 
Preferred shares for $119,120.  The pricing of this round, in which third 
parties participated, indicated an increase in the fair value of the 
Partnership's investment in the company from $633,233 to $2,043,840.

WorldRes, Inc.
--------------

In March 1999, the Partnership made an additional investment in the company 
by purchasing 12,397 Series D Preferred shares for $75,002.  The pricing of 
this round, in which third parties participated, indicated a $148,819 
increase in the fair value of the Partnership's investment in the company's 
preferred shares and warrants.

Venture Capital Limited Partnerships
------------------------------------

The Partnership made additional investments totaling $10,000 in venture 
capital limited partnerships during the three months ended March 31, 1999.  
The Partnership received stock distributions of Pilot Network Services, 
Inc., Horizon Organic Holding Corporation, Rogue Wave Software, Inc., and 
Informix Software, Inc. with fair values totaling $82,496.  These 
distributions were recorded as realized gains.  The Partnership recorded a 
$92,496 decrease in the fair value of the underlying investments of the 
partnerships primarily as a result of the distributions. 

Other Equity Investments
------------------------

Other significant changes reflected above relate to market value 
fluctuations or the elimination of a discount relating to selling 
restrictions for publicly-traded portfolio companies.  Portions of the 
Partnership's Conversion Technologies International, Inc. and Physiometrix, 
Inc. investments are restricted.

4.     Cash and Cash Equivalents
       -------------------------

Cash and cash equivalents at March 31, 1999, and December 31, 1998 
consisted of:

<TABLE>
<CAPTION>
                                                   1999           1998
                                                  ------         ------
<S>                                             <C>          <C>
Demand accounts                                  $12,599         14,093
Money-market accounts                              1,776          1,757
                                                  ------         ------
 Total                                           $14,375         15,850
                                                  ======         ======
</TABLE>

5.     Short-Term Borrowings
       ---------------------

The Partnership has a borrowing account with a financial institution.  At 
March 31, 1999, the borrowing capacity of this account, which fluctuates 
based on collateral value, was $5,133,000 and there were no outstanding 
borrowings.  Interest is charged at the prime rate plus one-half percent.  
The weighted-average interest rate for the three months ended March 31, 
1999 was 8.25% and interest expense was $7,031.  The Partnership's 
investments in Megabios Corp., CV Therapeutics, Inc., Axys Pharmaceuticals, 
Inc., and Pilot Network Services, Inc. are pledged as collateral.

6.     Commitments and Contingencies
       -----------------------------

The Partnership is a party to financial instruments with off-balance-sheet 
risk in the normal course of its business.  Generally, these instruments 
are commitments for future equity fundings, venture capital limited 
partnership investments, equipment financing commitments, or accounts 
receivable lines of credit that are outstanding but not currently fully 
utilized.  As they do not represent current outstanding balances, these 
unfunded commitments are properly not recognized in the financial 
statements.  At March 31, 1999 the Partnership had the following unfunded 
commitments:
<TABLE>
<CAPTION>

TYPE
----
<S>                                                  <C>
Notes receivable                                      $148,000
Equity investments                                     200,000
Equipment lease guarantees                             237,000
Line of credit guarantees                              218,900
Venture capital limited partnership investments         75,407
                                                       -------
     Total                                            $879,307
                                                       =======
</TABLE>

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations

Liquidity and Capital Resources
-------------------------------

During the three months ended March 31, 1999, net cash used by operating 
activities totaled $871,547.  The Partnership paid management fees of 
$64,641 to the Managing General Partners and reimbursed related parties for 
operating expenses of $666,456.  In addition, $7,169 was paid to the 
Individual General Partners as compensation for their services.  Other 
operating expenses of $126,410 and interest expense of $7,031 were paid. 
Interest income of $160 was received.

During the three months ended March 31, 1999, the Partnership funded equity 
investments of $100,066 primarily to portfolio companies in the information 
technology industry.  Proceeds from sales of equity investments, primarily 
Pilot Network Services, Inc. ("Pilot") common shares, provided cash of 
$1,090,338; additional sale proceeds of $1,473,366 were receivable from the 
broker at March 31, 1999.  Net short-term borrowings of $120,200 were 
repaid during the three months ended March 31, 1999.  As of March 31, 1999, 
the Partnership's unfunded commitments totaled $879,307 as discussed in 
Note 6 to the financial statements.

The Partnership has a borrowing account with a financial institution.  The 
borrowing capacity of this account, which fluctuates based on collateral 
value, was $5,133,000 at March 31, 1999.  Borrowings through this account 
were repaid in the first quarter of 1999 from the proceeds of equity 
investment sales.  The Partnership's investments in CV Therapeutics, Inc., 
Megabios Corp., Axys Pharmaceuticals, Inc., and Pilot are pledged as 
collateral.

Cash and cash equivalents at March 31, 1999, were $14,375.  Future interest 
income on short-term investments and proceeds from investment sales are 
expected to be adequate to fund Partnership operations through the next 
twelve months.

Results of Operations
---------------------

Current quarter compared to corresponding quarter in the preceding year
-----------------------------------------------------------------------

Net income was $5,926,368 for the three months ended March 31, 1999, as 
compared to net loss of $1,389,032 for the three months ended March 31, 
1998.  The increase was primarily due to a $4,814,290 increase in the net 
unrealized fair value of equity investments, a $2,265,141 increase in net 
realized gain from equity investment sales, and a $143,296 decrease in 
operating expenses.

During the three months ended March 31, 1999, the increase in fair value of 
equity investments of $3,987,178 was primarily due to an increase in 
Pilot's publicly traded market price and the removal of a discount for 
selling restrictions which expired in February 1999.  During the same 
period in 1998, the decrease in fair value of equity investments of 
$827,112 was primarily due to decreases in portfolio companies in the 
medical industry.

For the quarter ended March 31, 1999, net realized gains from equity 
investment sales  of $2,238,762 primarily related to the sale of 175,000 
common shares of Pilot.  During the same period in 1998, realized losses of 
$26,379, related mainly to the sale of NetChannnel, Inc.

Total operating expenses were $303,754 and $447,050 for the quarters ended 
March 31, 1999 and 1998, respectively.  The decrease is attributable to 
decreased investment monitoring activity in the current quarter and 
decreased computer expenses.

Given the inherent risk associated with the business of the Partnership, 
the future performance of the portfolio company investments may 
significantly impact future operations.

YEAR 2000
---------

Widespread use of computer programs that use two digits rather than four to 
store, calculate, and display year values in dates may cause computer 
systems to malfunction in the year 2000, resulting in significant business 
delays and disruptions.

The Partnership's State of Readiness
------------------------------------

Computer services are provided to the Partnership by its Managing General 
Partner, Technology Funding Inc. ("TFI".)  For several years, TFI has 
sought to use Year 2000 compliant storage formats and algorithms in its 
internally-developed and maintained systems.  TFI has also completed 
initial evaluations of computer systems, software, and embedded 
technologies.  Those evaluations confirmed that certain components of its 
network server hardware and operating systems, voice mail system, e-mail 
system, and accounting software may have Year 2000 compliance issues.  
These resources and several less-critical components of the systems 
environment were all scheduled as part of normal maintenance and 
replacement cycles to be replaced or upgraded as Year 2000 compatible 
components became available from vendors during 1998 and 1999.  That 
program remains on schedule to provide Year 2000 capable systems timely 
without significant expenditures or disruption of Partnership operations.  
However, the risk remains that TFI may not be able to verify whether Year 
2000 compatibility claims by vendors are accurate, or whether changes 
undertaken to achieve Year 2000 compatibility will create other undetected 
problems in associated systems.  Therefore, TFI anticipates that Year 2000 
compliance testing and maintenance of these systems will continue as needed 
into the first quarter of 2000.  

As part of Year 2000 evaluation, TFI has also assembled a database listing 
its significant suppliers to assess the extent to which it needs to prepare 
for any of those parties' potential failure to remediate their Year 2000 
compliance issues.  TFI is reviewing public Year 2000 statements of those 
suppliers and preparing questionnaires to be sent to mission-critical 
vendors whose public statements were not adequate for assessment.  TFI will 
continue to monitor its significant suppliers as part of its Year 2000 
evaluation.  However, there can be no guarantee that the systems of other 
companies on which TFI relies will be timely converted, or that failure to 
convert will not have a material adverse effect on the Partnership and its 
operations.  TFI is also working with the Partnership's portfolio companies 
to determine the extent to which their operations are vulnerable to Year 
2000 issues.  There can be no guarantee that the systems of portfolio 
companies in which the Partnership has invested will be timely converted, 
or that their failure to convert will not have a material adverse effect on 
the Partnership.  

The Cost to Address Year 2000 Issues
------------------------------------

Expenditures in 1999 to date related to Year 2000 issues were not material 
to the Partnership's financial statements.  TFI expects that additional 
expenditures for Year 2000 compliance will not be material to the 
Partnership.  

The Risks Associated with Year 2000 Issues
------------------------------------------

Any failure by the portfolio companies in which the Partnership has 
invested, or by those portfolio companies' key suppliers or customers, to 
anticipate and avoid Year 2000 related problems at reasonable cost could 
have a material adverse effect on the value of and/or the timing of 
realization of value from the Partnership's investments.  If Year 2000 
compliance issues are not resolved by December 31, 1999, internal system 
failures or miscalculations could cause a temporary inability to process 
transactions, loss of ability to send or receive e-mail and voice mail 
messages, or disruptions in other normal business activities.  
Additionally, failure of third parties on whom TFI relies to remediate 
their Year 2000 issues timely could result in disruptions in the 
Partnership's relationship with its financial institutions, temporary 
disruptions in processing transactions, unanticipated costs, and problems 
related to the Partnership's daily operations.  While TFI continues to 
address its internal Year 2000 issues, until TFI receives and evaluates 
responses from a significant number of its suppliers, the overall risks 
associated with the Year 2000 issue remain difficult to describe and 
quantify.  There can be no guarantee that the Year 2000 issue will not have 
a material adverse effect on the Partnership and its operations.

TFI's Contingency Plan
----------------------

As part of its normal efforts to assure business continuation in the event 
of natural disasters, systems failures, or other disruptions, TFI has 
prepared contingency plans including an extensive Year 2000 contingency 
plan.  Taken together with TFI's Year 2000 remediation plan, it identifies 
potential points of failure, approaches to correcting known Year 2000 
problems, dates by which the preferred corrections are anticipated to be 
made and tested, and alternative approaches if the corrections are not 
completed timely or are later found to be inadequate.  Although backup 
systems and contingency approaches have been identified for most mission-
critical systems and vendor dependencies, there remain some systems for 
which no good alternative exists, and there may be some problems that prove 
more intractable than currently anticipated.  

II.  OTHER INFORMATION

Item 6.   Exhibits and Reports on Form 8-K

(a)  No reports on Form 8-K were filed by the Partnership during the
     quarter ended March 31, 1999.

(b)  Financial Data Schedule for the three months ended and as of March 31,
     1999 (Exhibit 27).


<PAGE>



                              SIGNATURES
                              ----------

Pursuant to the requirements of Section 13 or 15(d) of the Securities 
Exchange Act of 1934, the Registrant has duly caused this Report to be 
signed on its behalf by the undersigned, thereunto duly authorized.

                         TECHNOLOGY FUNDING VENTURE PARTNERS V, 
                         AN AGGRESSIVE GROWTH FUND, L.P.

                         By:  TECHNOLOGY FUNDING INC.
                              Managing General Partner




Date:  May 14, 1999       By:     /s/Michael R. Brenner
                             ------------------------------------
                                     Michael R. Brenner
                                     Controller