Definitions and limits
What the numbers on this site mean, what they do not cover, and how to check any one of them against the filing it came from.
The source
Every figure here comes from Form D — the notice a fund files with the U.S. Securities and Exchange Commission when it sells securities under Regulation D, which is how essentially every US venture fund is raised. Form D filings are public records in the public domain, and are reproduced here as filed.
New filings are read from EDGAR’s daily index each morning, the day they appear. Firm-level records — how many funds a firm has raised, when it last did, and the signals computed from that — are rebuilt from the full filing history each quarter, and every firm page states the date it was last rebuilt.
We do not publish how the records are constructed. The source is public and every row is checkable against it. How 56,327 filed vehicles are resolved into 8,590 firms, and how a fund is told apart from a single-deal vehicle, is our work and stays ours.
We would rather be checked than believed. Every row links to the document behind it — that is a stronger guarantee than a description of our process, and it is one you can act on without taking our word for anything.
What counts as a fund here
Not every Form D filing is a fund, and counting them as if they were is the most common way this data is got wrong. These are listed on a firm’s page where relevant, but excluded from fund counts and capital totals:
- Single-deal vehicles
- One investment in one company. A syndicate that files four hundred of them has not raised four hundred funds.
- Feeder, parallel and access vehicles
- These hold the same capital as the fund they feed. Counting both double-counts the money.
- GP, principals and employee commitment funds
- The managers’ own money, closing alongside a main fund rather than being raised from outside investors in its own right.
- Series cells of a platform vehicle
- One legal cell of a larger structure, typically one deal. A cell is not a fund close.
33,683 of the vehicles on file are single-deal vehicles.
What the numbers mean
| On the page | What it means |
|---|---|
| Filed | The date the SEC received the filing. A Form D is due within 15 days of a fund’s first sale, so a filing marks the start of a raise, not the end of one. |
| Amount | The amount sold, as stated on the most recent filing for that offering; it is updated by amendment and goes stale in between. When a filing states no amount sold but does state an offering size, that size is shown and marked offered, and it is the figure that goes into the firm's total. |
| not stated | The filer stated no amount. This is common on a first filing and is
never shown as $0 — zero and unstated are different
facts. |
| Last closed a fund | The first-sale date of the firm’s most recent fund. A first close, not a final one. |
| Total raised | A floor, not a total. Funds that state no amount are left out rather than counted as zero, so the true figure is higher. |
| Deploying, mid-cycle, late-cycle |
How long ago that firm last closed a fund: deploying within the last 18 months, mid-cycle 19 to 36, late-cycle 37 to 60, and no recent fund beyond that. The underlying date is printed on every firm page — apply your own line if ours does not suit you. |
| No recent fund | No filing for a new fund in a long time. A statement about filings, not about whether a firm is solvent, investing, or still in business. |
| Past due for a fund | The firm’s last fund closed longer ago than its own typical gap between funds. A fact about filing history, not a prediction that a raise is coming. |
Service providers (Form ADV)
Advisers file Form ADV once a year. Its Schedule D lists every private fund they manage, with that fund’s administrator, auditor and Form D file number. We join a fund to a firm only through that file number — an exact key the adviser reported itself, never a name match. Source: the SEC’s Form ADV filing data, November 2011 to August 2026.
- Dated. Every provider shown carries the date of the filing it came from. Providers can change between filings.
- Unknown is not “none”. If a firm’s funds are not in Form ADV, we show nothing. “None reported” appears only where the adviser itself answered that a fund has no administrator.
- Names cleaned, not guessed. “Standish Management, LLC” and “Standish Management” are one provider. A name we cannot map is shown as filed.
How often the raise window is right
A prediction nobody has checked is an opinion. So the window model was replayed on history before we said anything about its accuracy, with the pass bar written down before the results were read.
- Point in time. At each of 42 quarter-ends from 2015 to mid-2025 the model saw only fund vehicles whose first Form D had been filed by that date — no later filing, amount or date could leak in. A test checks it.
- Scored on what happened next. A hit is a new fund on the same fund line, first filed within the following 12 months: 8,742 firm-quarters.
- Against the base rate. 17% of all firms with a measurable rhythm filed within a year. Firms marked inside or past their window: 26%, 1.6× that. Due now: 28%. Not yet due: 13%. Quiet: 7%.
- High confidence. Chosen on 2015–2020 and tested on 2021–2025: firms with $500M+ raised, a regular gap of 30 months or less, and 0.9–1.3 of that gap elapsed. On the test years, 37% filed within a year, against 15.8% for all firms over those same years — 2.4×. (The 17% above is the base rate across the whole 2015–2025 period, which is why 37 over 17 does not give this figure.)
- Timing. Median wait from the flag to the filing: about 170 days. The expected month is approximate — 27% of filings landed within three months of it, 45% within six.
- What failed. The bar set in advance was 2× for the whole window list. It reached 1.6×, and a plain rule (“last fund 24–48 months ago”) did almost as well at 1.5×. The rhythm adds real but modest information; the high-confidence tier is where it is strongest.
Caveat: firms are grouped using today’s curated firm record, not the record as it stood on each date. The scripts, the pre-registration and every row are kept with the data so the test can be re-run.
What this does not see
Stated plainly, because you will find these yourself and it is better you find them here first.
- Capital that never arrives as a fund
- Money deployed from a family office, a corporate balance sheet, or an evergreen structure that amends one filing for years. A firm investing this way looks quiet here and is not.
- Anything that never files
- Some offerings rely on exemptions that require no Form D. A firm that deliberately does not file is invisible to this and to everyone else working from the same source.
- Non-US and offshore vehicles
- Coverage is US filings. A fund domiciled elsewhere may file inconsistently or not at all.
- Anything the filer got wrong
- Form D is self-reported and unaudited. Where a filing is wrong, this site is wrong in the same way — which is why every row shows you the filing.
How to check any row
Every fund listed carries its SEC file number and a link to the filing itself. Open it, and the name, date, state and amount should match what is shown here. If they do not, that is a defect and we want to know.
Firm pages carry the date the record was last rebuilt. If a firm has filed since, the daily feed will have it before the firm page does.
If something about your firm is wrong here, write to us and we will correct it. Corrections are applied by hand and kept — a firm that tells us it is wrong is the most reliable source there is.