New venture funds filed in April 2023
114 new venture funds and 354 SPVs filed their first Form D with the SEC in April 2023, with $12.3B in total target capital across the 92 funds that stated a size. The largest was EnCap Energy Capital Fund XII, L.P. (EnCap) at $2.1B; California led with 34 new funds; the most common sponsor sectors were AI & ML (25), B2B Software (14) and Healthcare (14). New fund filings were up 9% from March 2023 (105).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 114
- 105 in March
- New SPVs
- 354
- 429 in March
- Target capital
- $12.3B
- across 92 funds with a stated size
- Median fund
- $27.5M
- offering size
- Largest fund
- $2.1B
- EnCap
- Sponsoring firms
- 105
- most in California
What was the largest venture fund filed in April 2023?
EnCap Energy Capital Fund XII, L.P., sponsored by EnCap (TX), with a $2.1B offering, first filed on Apr 18, 2023. The next largest was Lux Ventures VIII, L.P. (Lux Ventures) at $1.14B.
Which states had the most new venture funds in April 2023?
California (34), New York (15), Washington (12), Florida (10) and Texas (10), counted by the sponsoring firm's home state. California's new funds target $4B in total.
What sectors do the firms behind April's new funds invest in?
AI & ML (25), B2B Software (14), Healthcare (14), Climate & Energy (9) and Media, Gaming & Creator (8) lead, by the sectors each sponsoring firm backs. 52 of the 114 funds come from firms with no sector on record yet.
How many SPVs were filed in April 2023?
354 new SPVs and other deal vehicles filed a first Form D in April 2023, against 114 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does April 2023 compare with March 2023?
114 new funds against 105 (+9%), 354 SPVs against 429, and $12.3B of target capital against $9.79B.
Every new venture fund in April 2023
114 funds, largest first. Size is the total offering amount on the fund’s latest Form D; “—” means the filing gives no amount (often an indefinite offering).
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| EnCap | EnCap Energy Capital Fund XII, L.P. | $2.1B | TX | SEC filing | |
| Lux Ventures | Lux Ventures VIII, L.P. | $1.14B | NY | SEC filing | |
| Founders | Founders Fund IX, LP | $972M | WA | SEC filing | |
| TCG Crossover | TCG Crossover Fund II, L.P. | $900M | CA | SEC filing | |
| Foundation Capital | Foundation Capital XI, L.P. | $600M | CA | SEC filing | |
| QED Growth | QED Fund VIII, LP | $600M | VA | SEC filing | |
| Omega | Omega Fund VIII, L.P. | $580M | MA | SEC filing | |
| Altos | Altos Korea Opportunity Fund 6, L.P. | $500M | CA | SEC filing | |
| Polychain Ventures | Polychain Ventures IV LP | $400M | CA | SEC filing | |
| Newpath Partners | Newpath Partners III, L.P. | $350M | MA | SEC filing | |
| HealthQuest Tactical | HealthQuest Tactical Opportunities Fund, L.P. | $300M | TX | SEC filing | |
| Sound Ventures | SOUND Ventures AI Feeder FUND, L.P. | $266M | CA | SEC filing | |
| Foundation Capital | Foundation Capital Leadership Fund IV, L.P. | $250M | CA | SEC filing | |
| QED Growth | QED Growth Fund II, LP | $250M | VA | SEC filing | |
| Pelion | Pelion Ventures VIII, L.P. | $247M | UT | SEC filing | |
| North Haven Venture Capital | North Haven Venture Capital Opportunities Fund I LP | $245M | PA | SEC filing | |
| FF VIII Principals | FF VIII Principals Fund, LP | $207M | CA | SEC filing | |
| Resolve Growth | Resolve Growth Partners Fund II, L.P. | $175M | MD | SEC filing | |
| Waverley | Waverley Capital II, L.P. | $150M | CA | SEC filing | |
| Melitas Ventures | Melitas Ventures Fund III, LP | $120M | NY | SEC filing | |
| Quest Venture Partners | Quest Venture Partners Fund IV, L.P. | $100M | CA | SEC filing | |
| INBE Alpha | INBE Alpha LP | $100M | FL | SEC filing | |
| Walkabout Ventures | Walkabout Ventures Fund III LP | $100M | CA | SEC filing | |
| SteelSky Ventures Dynasty | SteelSky Ventures Dynasty Fund LP | $100M | GA | SEC filing | |
| Mantis Capital | Mantis Capital Fund III, LP | $79.5M | CA | SEC filing | |
| HIPstr Early Stage | HIPstr Early Stage Fund I-A, L.P. | $67.3M | FL | SEC filing | |
| Space Capital | Space Capital III L.P. | $65M | NY | SEC filing | |
| Future Labs Capital | Future Labs Capital Fund I, L.P. | $65M | IN | SEC filing | |
| EnCap | EnCap Energy Capital Fund XII-B, L.P. | $61.7M | TX | SEC filing | |
| SurgiPointX | SurgiPointX, L.P. | $60M | AZ | SEC filing | |
| Mischief | Mischief 2, L.P. | $60M | CA | SEC filing | |
| Bread & Butter Ventures | Bread & Butter Ventures Fund IV, LP | $60M | MN | SEC filing | |
| Decisive | Decisive Point Ventures FUND Iia, L.P. | $60M | NY | SEC filing | |
| Harmonix | Harmonix Fund I LP | $50M | CA | SEC filing | |
| Silent Ventures | Silent Ventures Fund I, LP | $50M | TX | SEC filing | |
| BGV | BGV Opportunity Fund II, L.P. | $47.1M | CA | SEC filing | |
| Cosmic | Cosmic 20222, L.P. | $44.7M | CA | SEC filing | |
| Xplorer Capital | Xplorer Capital Fund V, L.P. | $41.7M | CA | SEC filing | |
| PTC Crypto | PTC Crypto Fund II LP | $40M | FL | SEC filing | |
| 11 Tribes Ventures | 11 Tribes Ventures Fund II, LP | $40M | IL | SEC filing | |
| Oncology Ventures | Oncology Ventures FUND I LP | $40M | FL | SEC filing | |
| Balerion Space Ventures | Balerion Space Ventures Fund I, L.P. | $34.7M | TX | SEC filing | |
| BrokerTech | BrokerTech Fund, L.P. | $34.6M | IA | SEC filing | |
| Vast Ventures | Vast Ventures 2023 LP | $31.6M | FL | SEC filing | |
| New System Ventures | New System Ventures Fund I, LP | $30.2M | WA | SEC filing | |
| Krew Capital Venture | Krew Capital Venture Fund I LP | $30M | CA | SEC filing | |
| Atria Ventures | Atria Ventures Fund I, L.P. | $25M | CA | SEC filing | |
| DA Ventures Seed | DA Ventures Seed Fund I-Q, LP | $25M | CO | SEC filing | |
| Vice Ventures | Vice Ventures Fund II LP | $25M | NY | SEC filing | |
| Telescope | Telescope HE Investor II, LLC | $22.3M | CA | SEC filing | |
| Capria | Capria Fund II, LP | $20.7M | WA | SEC filing | |
| Outlander Gamma | Outlander Gamma 5.2, LLC | $20.3M | FL | SEC filing | |
| Second Sight Ventures | Second Sight Ventures Fund, LP | $20M | CA | SEC filing | |
| Waveray Coho VC | Waveray Coho VC LP | $20M | CA | SEC filing | |
| SYN Ventures | SYN Ventures FUND H, LLC | $20M | FL | SEC filing | |
| Genera Invest One | Genera Invest One, LLC | $18M | CA | SEC filing | |
| Island Green | Island Green Capital Fund I LP | $15M | CA | SEC filing | |
| Red Cell Incubation | Red Cell Incubation Fund, L.P. | $15M | VA | SEC filing | |
| BOC Ventures | BOC Ventures XIV, LP | $13.1M | NY | SEC filing | |
| 11 Tribes Ventures | 11 Tribes Ventures Access Fund II, LP | $12M | IL | SEC filing | |
| R&R Cornami | R&R Cornami Holdings LLC | $10.8M | MA | SEC filing | |
| Starport Alpha | Starport Alpha Fund II, LP | $10.3M | CA | SEC filing | |
| Junipero | Junipero FUND II LLC | $10M | FL | SEC filing | |
| Sisu Capital | Sisu Capital Fund, LP | $10M | CA | SEC filing | |
| DA Ventures Seed | DA Ventures Seed Fund I-A, LP | $10M | CO | SEC filing | |
| Math & Magic | Math & Magic K2, LLC | $10M | CA | SEC filing | |
| Yorktown Eagle Partners | Yorktown Eagle Partners LLC | $9.31M | NY | SEC filing | |
| OVP | OVP-Axiado LLC | $8.82M | PA | SEC filing | |
| Ducenta Bellatores AD | Ducenta Bellatores AD FUND, LP | $8.81M | CA | SEC filing | |
| Ravikant Capital | Ravikant Capital, LP - D2 | $8.29M | WA | SEC filing | |
| Raptor | Raptor GT Holdings II LLC | $7.7M | MA | SEC filing | |
| Bios | Bios Special Opportunity Fund II, LP | $7.39M | TX | SEC filing | |
| EnCap | EnCap Energy Capital Fund XII-C, L.P. | $7.05M | TX | SEC filing | |
| Kamal Ravikant Capital | Kamal Ravikant Capital, LP - C3 | $7.01M | WA | SEC filing | |
| OL Gamma 1.4 | OL Gamma 1.4, LLC | $7M | FL | SEC filing | |
| NIDO Ventures | NIDO Ventures FUND I LP | $6.86M | CA | SEC filing | |
| Atypical Ventures | Atypical Ventures Fund II, LP | $6.72M | DE | SEC filing | |
| Peer VC | Peer VC, LP - C1 | $5.52M | WA | SEC filing | |
| Eagle Freedom | Eagle Freedom FUND, LP | $5.44M | TX | SEC filing | |
| 2.0 Ventures | 2.0 Ventures Fund II LP | $5.42M | UT | SEC filing | |
| Spatial Capital | Spatial Capital Fund I LP | $5M | CA | SEC filing | |
| Unbundled Capital | Unbundled Capital Skimmer LLC | $4.75M | TX | SEC filing | |
| SHL Capital | SHL Capital, LP - C4 | $4.65M | WA | SEC filing | |
| Valor Ventures | Valor Ventures Fund 3 QP LP | $4.39M | GA | SEC filing | |
| Volta | Volta ITR Co-Investment, LP | $4.38M | IL | SEC filing | |
| Davidovs Venture Capital | Davidovs Venture Capital, LP - B3 | $3.9M | WA | SEC filing | |
| Carya Venture Partners | Carya Venture Partners, LP - A4 | $3.89M | WA | SEC filing | |
| Lux Ventures | Lux Ventures VIII Entrepreneurs Fund, L.P. | $3.88M | NY | SEC filing | |
| Preston-Werner Ventures | Preston-Werner Ventures Rolling Fund, LP - A2 | $3.79M | WA | SEC filing | |
| Telescope | Telescope HE Investor, LLC | $3.78M | CA | SEC filing | |
| Anti Fund Investment | Anti Fund Investment Fund, LP - C1 | $3.39M | WA | SEC filing | |
| New Normal | New Normal Fund, LP - C3 | $3.38M | WA | SEC filing | |
| Quiet | Quiet Select FUND I, LP | — | CA | SEC filing | |
| PHX Ventures | PHX Ventures Fund II, LP | — | AZ | SEC filing | |
| Symbiotic Ventures | Symbiotic Ventures Fund I, LP | — | NY | SEC filing | |
| TCP Exploration | TCP Exploration Fund III 2023, LP | — | CA | SEC filing | |
| Base Venture | Base Venture Fund IV, L.P. | — | CA | SEC filing | |
| C2V Capital Partners | C2V Capital Partners II Parallel Fund, LP | — | NY | SEC filing | |
| Original Capital | Original Capital Two G33G66, LP | — | FL | SEC filing | |
| MC Longevity | MC Longevity, LP | — | NY | SEC filing | |
| RHI | RHI Acceleration 2-SI, LP | — | NY | SEC filing | |
| Background Capital | Background Capital FUND IV, L.P. | — | WI | SEC filing | |
| AM Engine | AM Engine Fund I, LP | — | OR | SEC filing | |
| Bear Coast | Bear Coast (Ventures) FUND, LP | — | MA | SEC filing | |
| Equal Opportunity Ventures | Equal Opportunity Ventures Fund III, LP | — | MA | SEC filing | |
| Parkway | Parkway Co-Investment 8 (OXOS) LP | — | NY | SEC filing | |
| Top Harvest | Top Harvest FUND 2, LP | — | CA | SEC filing | |
| RHI | RHI Holdings 2-SI, LP | — | NY | SEC filing | |
| Outcomes Collective Growth Capital | Outcomes Collective Growth Capital II, LP | — | TX | SEC filing | |
| Zion Ventures | Zion Ventures LLC | — | AR | SEC filing | |
| GIG Sea Monsters | GIG Sea Monsters I LLC | — | ME | SEC filing | |
| Hawks Ventures Arena | Hawks Ventures Arena LLC | — | GA | SEC filing | |
| Utopia Africa | Utopia Africa Fund 1, L.P. | — | NY | SEC filing | |
| Kenston Capital Emerging Technology | Kenston Capital Emerging Technology Fund I LP | — | MA | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 34 | 20 | $4B |
| New York | 15 | 12 | $1.44B |
| Washington | 12 | 240 | $1.07B |
| Florida | 10 | 11 | $336M |
| Texas | 10 | 1 | $2.57B |
| Massachusetts | 7 | 11 | $949M |
| Virginia | 3 | 4 | $865M |
| Georgia | 3 | 3 | $104M |
| Illinois | 3 | 1 | $56.4M |
| Pennsylvania | 2 | 4 | $254M |
| Utah | 2 | 2 | $252M |
| Colorado | 2 | 1 | $35M |
| Arizona | 2 | 0 | $60M |
| Delaware | 1 | 23 | $6.72M |
| Arkansas | 1 | 0 | — |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 52 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 25 | 80 | $4.43B |
| B2B Software | 14 | 40 | $2.37B |
| Healthcare | 14 | 26 | $1.51B |
| Climate & Energy | 9 | 27 | $2.53B |
| Media, Gaming & Creator | 8 | 12 | $1.59B |
| Defense & Aerospace | 7 | 2 | $1.61B |
| Biotech & Pharma | 6 | 27 | $993M |
| Deep Tech | 6 | 14 | $285M |
| Fintech | 6 | 6 | $1.05B |
| Cybersecurity | 5 | 10 | $871M |
| Crypto & Web3 | 4 | 10 | $706M |
| Space | 4 | 7 | $99.7M |
| E-commerce & Retail | 4 | 2 | $259M |
| Food & Agriculture | 3 | 25 | $65.4M |
| Hardware & Robotics | 3 | 13 | $1.41B |
New SPVs and deal vehicles in April 2023
The 50 largest of 354; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| Polychain Ventures | Polychain Ventures IV (Parallel) LP | $400M | CA | SEC filing | |
| Hyperlink Ventures | Fund I, a series of Hyperlink Ventures, LP | $32.2M | WA | SEC filing | |
| Cobalt | Cobalt Tonal SPV III, L.P. | $20M | CA | SEC filing | |
| North Haven Venture Capital | North Haven Venture Capital Opportunities Fund I (Cayman) LP | $16.8M | PA | SEC filing | |
| Feld Ventures | Fund I, a series of Feld Ventures Fund, LP | $15M | WA | SEC filing | |
| gradCapital | gC I, a series of gradCapital, LP | $12M | WA | SEC filing | |
| Opal Venture Partners | Fund I, a series of Opal Venture Partners, LP | $9.9M | WA | SEC filing | |
| WaterBridge Ventures | WaterBridge Ventures - II (Mauritius) | $8.85M | O4 | SEC filing | |
| Hall Street Ventures | Fund I, a series of Hall Street Ventures, LP | $7.05M | WA | SEC filing | |
| Riot Ventures | Fund E-1, a Series of Riot Ventures Opportunity Fund, L.P. | $6.99M | CA | SEC filing | |
| MHV | MHV SPV Radar, LP | $5.34M | MA | SEC filing | |
| Boutique Venture Partners | Boutique Venture Partners SPV GreenHealth Fund, L.P. | $5M | CA | SEC filing | |
| E14 | Series 6, a Series of E14 Fund Co-Investments I LLC | $3.52M | MA | SEC filing | |
| H.E.N.R.Y. | H.E.N.R.Y. SPV I, LP | $3M | WA | SEC filing | |
| Angel Acceleration | Angel Acceleration Master Fund, LP - A3 | $2.93M | WA | SEC filing | |
| Explorer Capital | Fund 1, a series of Explorer Capital, LP | $2.92M | WA | SEC filing | |
| BGV | BGV Opportunity Fund II-A, L.P. | $2.88M | CA | SEC filing | |
| Outlander Gamma | Outlander Gamma 3.1, LLC | $2.88M | FL | SEC filing | |
| ALIVE Early Growth | ALIVE Early Growth Fund II LP | $2.75M | F8 | SEC filing | |
| Alter VC | Alter VC Fund, LP - B3 | $2.66M | WA | SEC filing | |
| BIP Fuse | BIP FUSE Fund II-AI, LLC | $2.52M | GA | SEC filing | |
| BIP Fuse | BIP FUSE Fund II-QP, LLC | $2.52M | GA | SEC filing | |
| AVSF | AVSF - Red 6 2023, LLC | $2.5M | NH | SEC filing | |
| SuperAngel.vc | SuperAngel.vc, LP - C2 | $2.35M | WA | SEC filing | |
| E14 | E14 SPV OPT Industries A, LLC | $2.35M | MA | SEC filing | |
| Snocap US | Snocap US, LP | $2.25M | WA | SEC filing | |
| ego death | FE-0314 Fund II, a series of ego death capital awaken investments, LP | $2.1M | WA | SEC filing | |
| Ice | ICE Angel Fund I LLC | $2M | PA | SEC filing | |
| Northgate Direct | Northgate Direct Opportunities VI, LLC | $2M | CA | SEC filing | |
| Oval Park | Oval Park SPV Grubbly2 LLC | $2M | NC | SEC filing | |
| Parceiro Ventures Follow | PA-0216 Fund I, a series of Parceiro Ventures Follow, LP | $2M | WA | SEC filing | |
| Vice Ventures | Vice Ventures SPV F LLC | $2M | NY | SEC filing | |
| AVSF | AVSF - Ascend Elements 2023, LLC | $1.96M | NH | SEC filing | |
| FootPrint Coalition | FootPrint Coalition Ventures Early Stage Fund, LP - C2 | $1.96M | WA | SEC filing | |
| Washington Harbour | Washington Harbour Augmented Reality, LLC | $1.85M | VA | SEC filing | |
| ZZG Capital Anthropic | ZZG Capital Anthropic, LP | $1.82M | NY | SEC filing | |
| Proof | Proof III CBSI LLC | $1.77M | VA | SEC filing | |
| Paradox Capital | Paradox Capital, LP - C2 | $1.74M | WA | SEC filing | |
| irrvrntVC | irrvrntVC, LP - B2 | $1.7M | WA | SEC filing | |
| LeFonds by FrenchFounders | LeFonds by FrenchFounders, LP - C1 QP | $1.6M | WA | SEC filing | |
| Gutter | FO-1205 Fund I, a series of Gutter Capital, LP | $1.56M | WA | SEC filing | |
| FootPrint Coalition | SP-0223 Fund II, a series of Footprint Coalition Syndicate, LP | $1.53M | WA | SEC filing | |
| Red Swan Expo | Red Swan Expo Investors, LLC | $1.5M | NY | SEC filing | |
| Lakehouse Venture Partners | Lakehouse Venture Partners Strategic Opportunities XII, LP | $1.5M | NY | SEC filing | |
| Schox Venture Capital | Schox Venture Capital, LP - C4 | $1.49M | WA | SEC filing | |
| Unpopular | Unpopular Ventures Preferred, LP - C2 | $1.47M | WA | SEC filing | |
| Outlander Gamma | Outlander Gamma 5.1, LLC | $1.47M | FL | SEC filing | |
| Capital Factory Ventures | Capital Factory Ventures, LP - C1 | $1.46M | WA | SEC filing | |
| E14 | E14 SPV Volta Labs A, LLC | $1.45M | MA | SEC filing | |
| SGV | SGV21, a Series of SGV I, LLC | $1.42M | CA | SEC filing |
How we count
A new fund is a pooled investment vehicle that a US issuer marked “Venture Capital Fund” on SEC Form D, whose first original Form D notice (amendments don’t count) is dated in April 2023. Each one is attributed to the firm that sponsors it. A fund is counted once, in the month it first filed, however many amendments follow. Parallel and feeder vehicles that file separately are counted separately.
SPVs are single-deal, co-investment, sidecar and syndicate vehicles, series of a master fund, and offerings under $3M; they are counted apart from funds. Target capital is the sum of the total offering amounts on each fund’s latest Form D, for funds that state one; it is what the fund is raising, not what has closed. State and sector come from the sponsoring firm’s profile.
Form D filings can arrive late, so recent months can grow after a data rebuild. Months are published once they have at least 10 new funds. The data covers the last 15 quarters of the SEC’s Form D data sets. Full sources and field definitions are in the methodology.