New venture funds filed in May 2025
110 new venture funds and 286 SPVs filed their first Form D with the SEC in May 2025, with $5.93B in total target capital across the 85 funds that stated a size. The largest was Redpoint Ventures X, L.P. (Redpoint Ventures) at $650M; California led with 38 new funds; the most common sponsor sectors were AI & ML (15), Healthcare (10) and B2B Software (9). New fund filings were down 14% from April 2025 (128).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 110
- 128 in April
- New SPVs
- 286
- 248 in April
- Target capital
- $5.93B
- across 85 funds with a stated size
- Median fund
- $25M
- offering size
- Largest fund
- $650M
- Redpoint Ventures
- Sponsoring firms
- 97
- most in California
What was the largest venture fund filed in May 2025?
Redpoint Ventures X, L.P., sponsored by Redpoint Ventures (CA), with a $650M offering, first filed on May 14, 2025. The next largest was Geodesic Alliance Fund, L.P. (Geodesic Alliance) at $400M.
Which states had the most new venture funds in May 2025?
California (38), Texas (18), New York (17), Delaware (3) and Massachusetts (3), counted by the sponsoring firm's home state. California's new funds target $2.89B in total.
What sectors do the firms behind May's new funds invest in?
AI & ML (15), Healthcare (10), B2B Software (9), Fintech (8) and Deep Tech (6) lead, by the sectors each sponsoring firm backs. 69 of the 110 funds come from firms with no sector on record yet.
How many SPVs were filed in May 2025?
286 new SPVs and other deal vehicles filed a first Form D in May 2025, against 110 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does May 2025 compare with April 2025?
110 new funds against 128 (−14%), 286 SPVs against 248, and $5.93B of target capital against $14.2B.
Every new venture fund in May 2025
110 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 |
|---|---|---|---|---|---|
| Redpoint Ventures | Redpoint Ventures X, L.P. | $650M | CA | SEC filing | |
| Geodesic Alliance | Geodesic Alliance Fund, L.P. | $400M | CA | SEC filing | |
| Frist Cressey | Frist Cressey Ventures Fund IV, LP | $400M | TN | SEC filing | |
| Frist Cressey | Frist Cressey Ventures Fund IV QP, LP | $400M | TN | SEC filing | |
| Fundomo | Fundomo Sequel I, LP | $315M | NY | SEC filing | |
| Uncork | Uncork VIII, L.P. | $300M | CA | SEC filing | |
| Cancer Focus | Cancer Focus Fund II, LP | $250M | LA | SEC filing | |
| Omega Venture Partners | Omega Venture Partners II, L.P. | $250M | CA | SEC filing | |
| Future Ventures | Future Ventures IV, L.P. | $200M | CA | SEC filing | |
| FCVC | FCVC Fund IV L.P. | $176M | CA | SEC filing | |
| Archer Capital Group | Archer Capital Group IV-A, L.P. | $150M | CA | SEC filing | |
| Archer Capital Group | Archer Capital Group IV, L.P. | $150M | CA | SEC filing | |
| Borderless | Borderless Venture Fund (US) LP | $150M | FL | SEC filing | |
| 111 West Capital | 111 West Capital Fund II LP | $120M | WY | SEC filing | |
| Interplay Ventures | Interplay Ventures Fund IV, L.P. | $100M | NY | SEC filing | |
| Windy Oaks | Windy Oaks Opportunities, L.P. | $100M | CA | SEC filing | |
| SixThirty | SixThirty Fund IV, LP | $100M | MO | SEC filing | |
| Adara | Adara Ventures IV, FCRE | $97.6M | U3 | SEC filing | |
| Uncork | Uncork Plus IV, L.P. | $76.1M | CA | SEC filing | |
| Fundomo | Fundomo Fund II, LP | $75M | NY | SEC filing | |
| DVC AI Growth | DVC AI Growth Fund I, LP | $75M | CA | SEC filing | |
| EJF Ventures | EJF Ventures Fund II LP | $63.8M | VA | SEC filing | |
| Lioncrest Ventures | Lioncrest Ventures Fund I LP | $60M | AZ | SEC filing | |
| Preface Ventures | Preface Ventures IV-A, L.P. | $56.6M | NY | SEC filing | |
| Preface Ventures | Preface Ventures IV, L.P. | $56.6M | NY | SEC filing | |
| Linse Capital | Linse Capital Stellar LP | $52.5M | PR | SEC filing | |
| NewEdge Venture | NewEdge Venture Opportunities II, L.P. | $51M | NY | SEC filing | |
| StoryHouse | StoryHouse Fund II, L.P. | $50M | OR | SEC filing | |
| PWV | PWV Fund I LP | $50M | CA | SEC filing | |
| MITS Lightning | MITS Lightning Fund, L.P. | $50M | NY | SEC filing | |
| Tech Square Ventures | Tech Square Ventures Fund III, LP | $48.6M | GA | SEC filing | |
| The 81 Collection | 81 Collection Fund II, L.P. | $42.2M | IL | SEC filing | |
| Todd & Rahul Capital | Todd & Rahul Capital Fund III, LP | $40M | CA | SEC filing | |
| IronArc | IronArc Opportunities XV, LP | $40M | TX | SEC filing | |
| tmr Ventures | tmr Ventures Feeder I L.P. | $40M | DE | SEC filing | |
| tmr Ventures | tmr Ventures Fund I L.P. | $40M | DE | SEC filing | |
| Altimeter | Altimeter Atlas Fund I, L.P. | $35M | MA | SEC filing | |
| Accel | Accel Growth Fund VII Entrepreneurs L.P. | $33.3M | CA | SEC filing | |
| T1VA2 | T1VA2 LLC | $33M | CA | SEC filing | |
| Matchpoint Venture Partners | Matchpoint Venture Partners I, LP | $30M | FL | SEC filing | |
| Carabela VC | Carabela VC FUND II LP | $30M | TX | SEC filing | |
| ECP | ECP O11, LLC | $30M | NJ | SEC filing | |
| Lobster Capital | Lobster Capital Fund II, LP | $25M | DE | SEC filing | |
| Night Capital | Night Capital Fund IV, LP | $25M | CA | SEC filing | |
| Maine Future | Maine Future Fund, LP | $25M | ME | SEC filing | |
| LGF Melodic Possibility | LGF SUNNY Momentum, L.P. | $23M | CA | SEC filing | |
| Thrive Capital Partners | Thrive Capital Partners IX-C, LLC | $23M | NY | SEC filing | |
| Hantz Ventures | Hantz Ventures - SL I, LLC | $20M | MI | SEC filing | |
| ICON Continuity | ICON Continuity Fund II, LP | $20M | CA | SEC filing | |
| Belief Capital | Belief Capital I, L.P. | $20M | NY | SEC filing | |
| TCP Exploration | TCP Exploration Fund II 2025, LP | $20M | CA | SEC filing | |
| BOLD | BOLD Capital Partners SX2, LLC | $20M | CA | SEC filing | |
| Accel India VIII Entrepreneurs | Accel India VIII Entrepreneurs L.P. | $17.2M | CA | SEC filing | |
| GoalVest | Goalvest Venture Growth Fund II LP | $15.2M | NY | SEC filing | |
| WCM Partners | WCM Partners Altamar, LP | $15M | CA | SEC filing | |
| PeakSpan | PeakSpan Capital Growth Partners IV-A, L.P. | $14M | NY | SEC filing | |
| Altimeter | Altimeter Pilot Fund I, L.P. | $12M | MA | SEC filing | |
| Future Ventures Side | Future Ventures Side Fund IV, L.P. | $10M | CA | SEC filing | |
| Impact WNC | Impact WNC Fund I, L.P. | $10M | NC | SEC filing | |
| Sunriver Proptech Partners | Sunriver Proptech Partners, LP | $10M | TX | SEC filing | |
| Sterling Road | Sterling Road 4, L.P. | $10M | CA | SEC filing | |
| FPG Ad | FPG Ad Ultra II, LP | $9.29M | IL | SEC filing | |
| IronArc | IronArc Opportunities XI, LP | $8.91M | TX | SEC filing | |
| Danu Ventures | Danu Ventures Fund II, LP | $8.75M | CT | SEC filing | |
| Danu Ventures | Danu Ventures Fund I, LP | $7.56M | CT | SEC filing | |
| V0 Fund 5.1.1 | V0 Fund 5.1.1, LP | $7.05M | CA | SEC filing | |
| Moon | Moon Holdings Fund II, LP | $6.6M | CA | SEC filing | |
| IronArc | IronArc Opportunities XIV, LP | $5.41M | TX | SEC filing | |
| Construct Capital | Construct Capital III Operators Fund, L.P. | $5M | DC | SEC filing | |
| Tru Arrow Technology Partners CIV | Tru Arrow Technology Partners CIV IV, LP | $5M | NY | SEC filing | |
| IFC Oxcart | IFC Cinder LLC | $5M | CA | SEC filing | |
| Dalena Capital | Dalena Capital Fund I, LP | $5M | CA | SEC filing | |
| 2Twelve90 | 2Twelve90, LLC | $5M | AR | SEC filing | |
| Zypsy Capital | Zypsy Capital, LP | $5M | CA | SEC filing | |
| Redwood SCP Healthcare | Redwood SCP Healthcare V, LLC | $5M | CA | SEC filing | |
| Playground | Playground Helix, L.P. | $5M | CA | SEC filing | |
| Sazze | Sazze Fund III-A, LP | $4.65M | CA | SEC filing | |
| House | House Fund Breakout X, L.P. | $4.58M | NJ | SEC filing | |
| Series KVP Lumicell, a separate series of BlueIO Growth | Series KVP Lumicell, a separate series of BlueIO Growth LLC | $4.35M | MA | SEC filing | |
| IFC Oxcart | IFC Oxcart LLC | $4.08M | CA | SEC filing | |
| Playground | Playground Omega, L.P. | $3.66M | CA | SEC filing | |
| Sunriver BVOD | Sunriver BVOD, LP | $3.55M | TX | SEC filing | |
| Jordan | Jordan Vanguard, LP | $3.5M | NC | SEC filing | |
| Key Value | Key Value, LP - II | $3.36M | WA | SEC filing | |
| Novellus Ventures LS1 | Novellus Ventures LS1 Fund, L.P. | $3M | TX | SEC filing | |
| Nord | Nord Guadalupe Peak, LLC | — | MN | SEC filing | |
| HCM S14Ai | HCM S14Aii LP | — | CA | SEC filing | |
| AG Critical Tech Leaders | AG Critical Tech Leaders, L.P. | — | FL | SEC filing | |
| Mindrock | Mindrock Master LLC | — | TX | SEC filing | |
| Parkway Figure | Parkway Figure Series C QP LP | — | NY | SEC filing | |
| Field Ventures | Field Ventures 1, LP | — | NY | SEC filing | |
| Collide Capital | Collide Capital NYS SSBCI Fund, LP | — | NY | SEC filing | |
| Astoria Health | Astoria Health Investors Fund I LP | — | NV | SEC filing | |
| Collide Capital | Collide Capital MD SSBCI Fund, LP | — | NY | SEC filing | |
| Nimble Seed | Nimble Seed Fund II, LP | — | CA | SEC filing | |
| Unifi | Unifi Respondology, LLC | — | CO | SEC filing | |
| Academica | Academica LLC | — | TX | SEC filing | |
| Arctic SX | Arctic SX LLC | — | TX | SEC filing | |
| MPolis | MPolis LLC | — | TX | SEC filing | |
| MR Aerospace | MR Aerospace 1 LLC | — | TX | SEC filing | |
| MR Deserve | MR Deserve LLC | — | TX | SEC filing | |
| MR Education | MR Education II LLC | — | TX | SEC filing | |
| MR Education Technologies | MR Education Technologies LLC | — | TX | SEC filing | |
| MR Fintech | MR Fintech 2 LLC | — | TX | SEC filing | |
| MR Interface | MR Interface Fund LP | — | TX | SEC filing | |
| Patterson Ventures | Patterson Ventures LLC | — | TX | SEC filing | |
| VoLo Earth Ventures Impact | VoLo Earth Ventures Impact Fund II-A, L.P. | — | CO | SEC filing | |
| Craft Ventures | Dayton Craft III, LLC | — | CA | SEC filing | |
| Collab Asia | Collab Asia I, LP | — | NY | SEC filing | |
| UpWest Labs | UpWest Labs Fund V, L.P. | — | CA | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 38 | 21 | $2.89B |
| Texas | 18 | 7 | $101M |
| New York | 17 | 20 | $781M |
| Delaware | 3 | 57 | $105M |
| Massachusetts | 3 | 7 | $51.3M |
| Florida | 3 | 4 | $180M |
| North Carolina | 2 | 8 | $13.5M |
| Colorado | 2 | 6 | — |
| Illinois | 2 | 4 | $51.5M |
| Connecticut | 2 | 2 | $16.3M |
| New Jersey | 2 | 1 | $34.6M |
| Tennessee | 2 | 0 | $800M |
| Washington | 1 | 128 | $3.36M |
| Nevada | 1 | 4 | — |
| Puerto Rico | 1 | 4 | $52.5M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 69 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 15 | 60 | $1.49B |
| Healthcare | 10 | 21 | $1.44B |
| B2B Software | 9 | 20 | $866M |
| Fintech | 8 | 12 | $233M |
| Deep Tech | 6 | 19 | $692M |
| Climate & Energy | 5 | 34 | $629M |
| Biotech & Pharma | 5 | 16 | $282M |
| Cybersecurity | 4 | 3 | $108M |
| Mobility & Logistics | 3 | 52 | $5M |
| Space | 3 | 19 | $92.5M |
| Developer Tools | 3 | 9 | $1.03B |
| Hardware & Robotics | 3 | 8 | $270M |
| Media, Gaming & Creator | 2 | 15 | $665M |
| Crypto & Web3 | 2 | 12 | $150M |
| Industrial & Manufacturing | 2 | 7 | $57.5M |
New SPVs and deal vehicles in May 2025
The 50 largest of 286; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| Borderless | Borderless Venture Fund (non-US) LP | $150M | FL | SEC filing | |
| Pointer.Capital | Fund II, a series of Pointer.Capital, LP | $60M | WA | SEC filing | |
| Tyrell Ventures | Apptronik IV, a series of Tyrell Ventures Funds, LP | $51.7M | PR | SEC filing | |
| Avo Technology | Paragon Avo IV a Series of Avo Technology Fund LP LLC | $34M | DE | SEC filing | |
| Browder Capital Early Stage Ventures | Fund IV, a series of Browder Capital Early Stage Ventures, LP | $30M | CO | SEC filing | |
| Beyond Earth Ventures | Beyond Earth Fund I, a series of Beyond Earth Ventures, LP | $30M | WA | SEC filing | |
| Velocity Venture | Velocity Fund II Prime, a series of Velocity Venture Fund Investors, LP | $25M | A6 | SEC filing | |
| Outlier Grove | Fund I, a series of Outlier Grove, LP | $25M | WA | SEC filing | |
| Mana Ventures | Mana Ventures Fund II, a series of MV Funds, LP | $20M | WA | SEC filing | |
| WCM Partners | WCM Partners SPV IV LP | $20M | CA | SEC filing | |
| Tyrell Ventures | Apptronik VII, a series of Tyrell Ventures Funds, LP | $19.5M | PR | SEC filing | |
| Peakline Ventures | Peakline Ventures, LLC - Series I | $13M | IL | SEC filing | |
| Infinite Capital | Infinite Capital LP - Series RadicalAI | $12M | FL | SEC filing | |
| Foreword | Fund II, a series of Foreword Funds, LP | $12M | WA | SEC filing | |
| Hiive SpaceX | Hiive SpaceX Series V a Series of Hiive SpaceX LLC | $11.9M | DE | SEC filing | |
| Tyrell Ventures | Apptronik V, a series of Tyrell Ventures Funds, LP | $10.7M | PR | SEC filing | |
| MGI Investments | MGI Investments LP - Series 35 | $10.4M | NY | SEC filing | |
| Hiive Apptronik | Hiive Apptronik Series I a Series of Hiive Apptronik LLC | $9.64M | DE | SEC filing | |
| Moderne | Moderne CoInvest Fund XII - ICON II, LLC | $8.1M | IL | SEC filing | |
| E1 Ventures | Synergy VI II, a Series of E1 Ventures Master, LLC | $8.1M | DE | SEC filing | |
| Two Hat Ventures | Fund I, a series of Two Hat Ventures, LP | $8M | WA | SEC filing | |
| Silent Capital | Silent Capital XIX, a Series of Silent Capital Holdings, LP | $7.41M | WA | SEC filing | |
| GSBackers Rhoda AI | GSBackers Rhoda AI Fund I a Series of CGF2021 LLC | $7.01M | DE | SEC filing | |
| SecondMarket Growth | Fund COHS-1 a Series of SecondMarket Growth LLC | $5.99M | NY | SEC filing | |
| Tyrell Ventures | Apptronik III, a series of Tyrell Ventures Funds, LP | $4.87M | PR | SEC filing | |
| The 81 Collection | 81 Collection Fund II (Onshore Parallel), L.P. | $4.72M | IL | SEC filing | |
| SGV | SGV35, a Series of SGV I, LLC | $4.38M | CA | SEC filing | |
| Capital Factory | AP-0320 Fund VI, a series of Capital Factory, LP | $4.34M | WA | SEC filing | |
| Architect Juul | Architect Juul SPV III, LLC | $4.3M | CA | SEC filing | |
| Denver Angels | Boom Supersonic 30 II a Series of Denver Angels LLC | $4.23M | CO | SEC filing | |
| GSBackers Realta Fusion | GSBackers Realta Fusion Fund I a Series of CGF2021 LLC | $4.2M | DE | SEC filing | |
| Polis | Polis MedTech Ventures LLC - Series 1 | $4.2M | DE | SEC filing | |
| Kerrest & Co | CH-0221 Fund II, a series of Kerrest & Co Funds, LP | $4.08M | WA | SEC filing | |
| LionBee Capital | LionBee Capital SPV-AX LP | $4M | CA | SEC filing | |
| Thilo Konzok | Fund I, a series of Thilo Konzok, LP | $4M | WA | SEC filing | |
| First Peak Ventures | Fund I, a series of First Peak Ventures, LP | $4M | WA | SEC filing | |
| Story Capital Growth | Aspire 2025 02, a Series of Story Capital Growth, LP | $3.22M | NY | SEC filing | |
| Fundomo Syndicates | TU-04231 Fund II, a series of Fundomo Syndicates, LP | $3.17M | WA | SEC filing | |
| Jardim Ventures | Boa Vista Ventures I, a series of Jardim Ventures, LP | $3M | WA | SEC filing | |
| grt sht ventures | Fund II, a series of grt sht ventures, LP | $3M | WA | SEC filing | |
| LBS Investments | X25, a series of LBS Investments I, LP | $3M | WA | SEC filing | |
| FPV | FPV Strand SPV, L.P. | $3M | WY | SEC filing | |
| E1 Ventures | Colossus West IV a Series of E1 Ventures Master LLC | $2.76M | DE | SEC filing | |
| IronArc | IronArc Opportunities XII, LP | $2.67M | TX | SEC filing | |
| North Coast | North Coast Angel Fund V, LLC | $2.61M | OH | SEC filing | |
| xxi | ET-0326 Fund I, a series of xxi fund, LP | $2.52M | WA | SEC filing | |
| Helios VC | Helios VC, a series of AngelList Funds 2024, LP | $2.51M | WA | SEC filing | |
| MGI Investments | MGI Investments LP - Series 33 | $2.22M | NY | SEC filing | |
| Lucas Venture | Lucas Venture Group XLIII, LLC | $2.2M | CA | SEC filing | |
| Capital Factory Alpha Associates | Capital Factory Alpha Associates LLC - Series IV | $2.19M | NY | 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 May 2025. 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.