New venture funds filed in June 2025
116 new venture funds and 278 SPVs filed their first Form D with the SEC in June 2025, with $8.01B in total target capital across the 93 funds that stated a size. The largest was G Squared VII, LP (G Squared) at $1.25B; California led with 51 new funds; the most common sponsor sectors were AI & ML (32), Healthcare (10) and B2B Software (10). New fund filings were up 5% from May 2025 (110).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 116
- 110 in May
- New SPVs
- 278
- 286 in May
- Target capital
- $8.01B
- across 93 funds with a stated size
- Median fund
- $25M
- offering size
- Largest fund
- $1.25B
- G Squared
- Sponsoring firms
- 95
- most in California
What was the largest venture fund filed in June 2025?
G Squared VII, LP, sponsored by G Squared (IL), with a $1.25B offering, first filed on Jun 9, 2025. The next largest was TCG Crossover Fund III, L.P. (TCG Crossover) at $1.2B.
Which states had the most new venture funds in June 2025?
California (51), New York (18), Florida (11), Massachusetts (7) and Texas (4), counted by the sponsoring firm's home state. California's new funds target $3.66B in total.
What sectors do the firms behind June's new funds invest in?
AI & ML (32), Healthcare (10), B2B Software (10), Crypto & Web3 (10) and Deep Tech (8) lead, by the sectors each sponsoring firm backs. 52 of the 116 funds come from firms with no sector on record yet.
How many SPVs were filed in June 2025?
278 new SPVs and other deal vehicles filed a first Form D in June 2025, against 116 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does June 2025 compare with May 2025?
116 new funds against 110 (+5%), 278 SPVs against 286, and $8.01B of target capital against $5.93B.
Every new venture fund in June 2025
116 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 |
|---|---|---|---|---|---|
| G Squared | G Squared VII, LP | $1.25B | IL | SEC filing | |
| TCG Crossover | TCG Crossover Fund III, L.P. | $1.2B | CA | SEC filing | |
| Felicis Ventures | Felicis Ventures X, L.P. | $900M | CA | SEC filing | |
| TQ Ventures | TQ Ventures IV LP | $600M | NY | SEC filing | |
| AlleyCorp | AlleyCorp Partners II LP | $335M | NY | SEC filing | |
| Leapfrog Capital | Leapfrog Capital, L.P. | $332M | CA | SEC filing | |
| Gradient | Gradient Fund V LP | $227M | MN | SEC filing | |
| 8090 Industries | 8090 Industries Zenith Fund, LP | $200M | NY | SEC filing | |
| Motive Venture | Motive Venture Fund II, LP | $200M | NY | SEC filing | |
| Starshot Ventures X Love | Starshot Ventures X Love Fund I, L.P. | $160M | FL | SEC filing | |
| Bering Partners | Bering Partners III, L.P. | $150M | CA | SEC filing | |
| Adverb Ventures | Adverb Ventures Fund II, L.P. | $125M | CA | SEC filing | |
| Family Fund & Founder Community | Family Fund & Founder Community II, L.P. | $115M | FL | SEC filing | |
| F2E Partners | F2E Partners, L.P. | $100M | NJ | SEC filing | |
| 8090 Industries | 8090 Industries Decarbonization Fund II, LP | $90.3M | NY | SEC filing | |
| Modi Ventures | Modi Ventures TBF II, LP | $85.3M | TX | SEC filing | |
| Haystack Ventures | Haystack Ventures VIII, L.P. | $85M | CA | SEC filing | |
| Align Ventures | Align Ventures II, L.P. | $84.2M | FL | SEC filing | |
| Valor Ventures | Valor Ventures P-AI, L.P. | $80.8M | GA | SEC filing | |
| Broadway Venture Partners | Broadway Venture Partners Fund I, L.P. | $75M | CA | SEC filing | |
| Auxin Capital | Auxin Capital I, LP | $75M | CA | SEC filing | |
| GTM Capital | GTM Capital Fund II, L.P. | $62.2M | FL | SEC filing | |
| ZIP | ZIP Fund II, L.P. | $61.3M | NY | SEC filing | |
| Accel | Accel Leaders 4 Opportunities (C) L.P. | $59M | CA | SEC filing | |
| Tipt Ventures | Tipt Ventures Fund I, L.P. | $50M | TX | SEC filing | |
| FCVC Leaders | FCVC Leaders I L.P. | $50M | CA | SEC filing | |
| CH Ventures | CH Ventures III, L.P. | $50M | NC | SEC filing | |
| Chingona Ventures | Chingona Ventures III LP | $50M | IL | SEC filing | |
| NIC | NIC Co-Investment Fund LP | $50M | NY | SEC filing | |
| DFJ Growth | DFJ Growth NL Investors II, L.P. | $45.7M | CA | SEC filing | |
| Valkyrie | Valkyrie Ventures Fund I, L.P. | $41.5M | UT | SEC filing | |
| MESH | MESH Invest I, L.P. | $40.7M | OR | SEC filing | |
| Cervin Ventures | Cervin Ventures Opportunities FUND 2025, L.P. | $40.1M | CA | SEC filing | |
| NeuCo Academy | NeuCo Academy Fund I, LP | $40M | CA | SEC filing | |
| NIC | NIC Corporate Fund LP | $40M | NY | SEC filing | |
| Prospecta Tribal | Prospecta Tribal Fund I, L.P. | $40M | CA | SEC filing | |
| Etium | Etium Fund I, LP | $35M | NY | SEC filing | |
| Family Fund & Founder Community | Family Fund & Founder Community Affiliates Fund II, L.P. | $35M | FL | SEC filing | |
| Kindred | Kindred PAI2, L.P. | $31.5M | CA | SEC filing | |
| 8090 Industries | 8090 Industries Decarbonization I, LLC | $30.7M | NY | SEC filing | |
| Ribbit Bullfrog | Ribbit Bullfrog Founder Fund III, L.P. | $30M | CA | SEC filing | |
| Corridor Ventures | Corridor Ventures Fund I LP | $30M | LA | SEC filing | |
| Dune Ventures | Dune Ventures Fund II, LP | $29.7M | FL | SEC filing | |
| NV FigureAI Series C QP Partners | NV FigureAI Series C QP Partners LLC | $26.8M | FL | SEC filing | |
| Rsquared | Rsquared Fund III, LP | $25.1M | VA | SEC filing | |
| T1V Metis | T1V Metis LLC | $25M | CA | SEC filing | |
| Type One | Type One Artemis LLC | $25M | CA | SEC filing | |
| Psymed Ventures | PsyMed Ventures Fund II, LP | $25M | CA | SEC filing | |
| Basis Set | Basis Set Minds, LP | $24.5M | CA | SEC filing | |
| Cervin Ventures | Cervin Ventures FUND VI, L.P. | $23.9M | CA | SEC filing | |
| Ribbit Founder | Ribbit Founder Fund Y, L.P. | $23M | CA | SEC filing | |
| Arkane Core Fund One | Arkane Core Fund One LP | $21M | CA | SEC filing | |
| Meridian Ventures | Meridian Ventures Fund II, LP | $20.2M | MA | SEC filing | |
| Mahway Inception | Mahway Inception 1, LLC | $20M | CA | SEC filing | |
| Lichen Venture | Lichen Venture Fund I LP | $20M | CA | SEC filing | |
| Altimeter | Altimeter Atlas Fund II, L.P. | $20M | MA | SEC filing | |
| OV5 | OV5, L.P. | $20M | CA | SEC filing | |
| HMC Needles | HMC Needles III, L.P. | $19.8M | CA | SEC filing | |
| Stratos Venture | Stratos Venture Fund III LP | $15.2M | CA | SEC filing | |
| HSI Phaidra | HSI Phaidra III LLC | $13.8M | CA | SEC filing | |
| Type One | Type One OAI 1 LLC | $13.5M | CA | SEC filing | |
| Tribe Capital | Tribe Capital Firstlook APP-01, L.P. | $13M | CA | SEC filing | |
| Solari Capital | Solari Capital ABTC I, L.P. | $12.7M | NY | SEC filing | |
| Kindred | Kindred GMF1, L.P. | $12M | CA | SEC filing | |
| Redpoint Omega | Redpoint Omega IV-I, L.P. | $11.7M | CA | SEC filing | |
| Headwater Ventures | Headwater Ventures Fund III, LP | $11.4M | MN | SEC filing | |
| T1V Humanoid | T1V Oai LLC | $10M | CA | SEC filing | |
| Laird Ventures | Laird Ventures Fund III, LP | $10M | UT | SEC filing | |
| Redpoint Omega | Redpoint Omega Entrepreneurs Fund V, L.P. | $10M | CA | SEC filing | |
| Chispa VC Cyber Seed | Chispa VC Cyber Seed Fund I, LP | $10M | CA | SEC filing | |
| Autopilot Horizon | Autopilot Horizon VIII LLC | $9.48M | NY | SEC filing | |
| Prana Tech Ventures | Prana Tech Ventures Fund 1, LP | $9.1M | NJ | SEC filing | |
| 8090 Industries | 8090 Industries Armada, LLC | $7.13M | NY | SEC filing | |
| Batch Ventures | Batch Ventures CTO Fund I, LP | $7M | CA | SEC filing | |
| SOSV | SOSV IndieBio Genesis Consortium III, L.P. | $7M | NJ | SEC filing | |
| Equinox Venture Capital | Equinox Venture Capital Fund VII, L.P. | $5.72M | VT | SEC filing | |
| Epic | Epic FastWave Ventures AI Ext LLC | $5.26M | CA | SEC filing | |
| Epic | Epic FastWave Ventures QP Ext LLC | $5.05M | CA | SEC filing | |
| Quake | Quake High Confidence Fund Alpha III, L.P. | $5M | TX | SEC filing | |
| Lichen Ventures | Lichen Ventures Fund I, LP | $5M | MD | SEC filing | |
| Raptor | Raptor Cambio Holdings LLC | $5M | MA | SEC filing | |
| Claritas Healthcare | Claritas Healthcare Fund II, L.P. | $5M | TN | SEC filing | |
| Raptor | Raptor DryWater Holdings LLC | $5M | MA | SEC filing | |
| V360 | V360 Holdings LLC Series Apex Fund I | $4.62M | NC | SEC filing | |
| 8VC AI | 8VC AI Fund II, LLC | $4.29M | TX | SEC filing | |
| Epic | Epic Sprout Ventures LLC | $3.69M | CA | SEC filing | |
| Asclepius TriAgenics | Asclepius TriAgenics, LP | $3.63M | FL | SEC filing | |
| LM Affordable Housing | LM Affordable Housing FUND 2025-1 LLC | $3.6M | CO | SEC filing | |
| V360 | V360 Holdings LLC Series DCP 2505B | $3.3M | NC | SEC filing | |
| Timeless | Timeless Opportunity Fund II, LP | $3.29M | FL | SEC filing | |
| NV FigureAI Series C AC Partners | NV FigureAI Series C AC Partners LLC | $3.19M | FL | SEC filing | |
| Torch | Torch Opportunity II LLC - Investment Series 4 | $3.13M | NY | SEC filing | |
| V360 | V360 Holdings LLC Series DCP 2505A | $3M | NC | SEC filing | |
| Bombellii Ventures | Bombellii Ventures Fund I, LP | — | MA | SEC filing | |
| Sweet Spot | Sweet Spot Capital lll LP | — | NY | SEC filing | |
| HCM S14Ai | HCM S5Aiii LP | — | CA | SEC filing | |
| HCM S14Ai | HCM S5aii LP | — | CA | SEC filing | |
| HCM S14Ai | HCM S14Aiii LP | — | CA | SEC filing | |
| HCM S14Ai | HCM S16ai LP | — | CA | SEC filing | |
| Buko Ventures | Buko Ventures Fund I, LP | — | UT | SEC filing | |
| LoLa Capital Partners | LoLa Capital Partners Growth I, LP | — | MA | SEC filing | |
| Velocity Made Food | Velocity Made Food, L.P. | — | CA | SEC filing | |
| AV Bleecker Street Ventures | AV Bleecker Street Ventures Fund 4, LLC | — | NH | SEC filing | |
| Blue Tulip Ventures | Blue Tulip Ventures I LP | — | MA | SEC filing | |
| Chestnut Street Ventures | Chestnut Street Ventures Fund 9, LLC | — | NH | SEC filing | |
| HCM S14Ai | HCM S9Avii LP | — | CA | SEC filing | |
| Artist Growth | Artist Growth Opportunity VIII LP | — | NY | SEC filing | |
| Freeflow | Freeflow Mango, LLC | — | CA | SEC filing | |
| PL Capital Crypto | PL Capital Crypto Offshore Fund I LP | — | CA | SEC filing | |
| PL Capital Crypto | PL Capital Crypto Onshore Fund I LP | — | CA | SEC filing | |
| Protagonist ROAM | Protagonist ROAM I LP | — | FL | SEC filing | |
| HCM S14Ai | HCM S16Aii LP | — | CA | SEC filing | |
| Maniv Mobility | Maniv Mobility Special Opportunities, L.P. (Series 10) | — | NY | SEC filing | |
| Unifi | Unifi Local Hero, LLC | — | CO | SEC filing | |
| HCM S14Ai | HCM S17A LP | — | CA | SEC filing | |
| Nadia Partners | Nadia Partners (M) LLC | — | NY | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 51 | 21 | $3.66B |
| New York | 18 | 32 | $1.67B |
| Florida | 11 | 3 | $523M |
| Massachusetts | 7 | 4 | $50.2M |
| Texas | 4 | 6 | $145M |
| North Carolina | 4 | 2 | $60.9M |
| New Jersey | 3 | 2 | $116M |
| Utah | 3 | 1 | $51.5M |
| New Hampshire | 2 | 6 | — |
| Colorado | 2 | 1 | $3.6M |
| Illinois | 2 | 1 | $1.3B |
| Minnesota | 2 | 0 | $239M |
| Virginia | 1 | 3 | $25.1M |
| Georgia | 1 | 1 | $80.8M |
| Vermont | 1 | 1 | $5.72M |
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 | 32 | 87 | $1.85B |
| Healthcare | 10 | 23 | $1.4B |
| B2B Software | 10 | 20 | $362M |
| Crypto & Web3 | 10 | 11 | $13M |
| Deep Tech | 8 | 24 | $296M |
| Developer Tools | 8 | 21 | $1.48B |
| Media, Gaming & Creator | 8 | 5 | $1.31B |
| Real Estate & PropTech | 8 | 4 | $57.1M |
| Fintech | 6 | 22 | $311M |
| Space | 6 | 10 | $62.1M |
| Biotech & Pharma | 5 | 24 | $663M |
| Climate & Energy | 5 | 22 | $544M |
| Cybersecurity | 5 | 11 | $2.22B |
| Defense & Aerospace | 4 | 21 | $1.01B |
| Consumer | 4 | 14 | $135M |
New SPVs and deal vehicles in June 2025
The 50 largest of 278; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| Nadia Partners | Nadia Partners (Beacon Data Centers II) LLC | $150M | NY | SEC filing | |
| 8090 Industries | Zenith II, a Series of 8090 Industries Master Series, LP | $26.5M | NY | SEC filing | |
| Sonica | Sonica Opportunity II SPV, L.P. | $16.3M | NY | SEC filing | |
| Spring Tide | Impulse Apr 2025 a Series of Spring Tide Master II LLC | $15.1M | DE | SEC filing | |
| Mute Ventures | Fund II, a series of Mute Ventures, LP | $15M | WA | SEC filing | |
| Boardman Bay Ventures | Boardman Bay Ventures, LP - Series N | $10.7M | NY | SEC filing | |
| Capital Factory | PA-0429 Fund I, a series of Capital Factory, LP | $10.6M | WA | SEC filing | |
| Delphi | Delphi SPV Series LLC Delphi Series Colossal | $10M | CA | SEC filing | |
| Punch | Fund I, a series of Punch Fund, LP | $9.99M | WA | SEC filing | |
| Hobart Ventures | HV Fund 1, a series of Hobart Ventures Funds, LP | $8M | WA | SEC filing | |
| S Capital | S Capital Opportunity B Fund, L.P. - Series Two | $7.15M | L3 | SEC filing | |
| Jibe Ventures | EX-0422 Fund I, a series of Jibe Ventures SPV, LP | $7.05M | WA | SEC filing | |
| Curve Partners | Curve Partners SPV A LP | $6.5M | UT | SEC filing | |
| 8090 Industries | Exowatt, a Series of 8090 Industries Master Series, LP | $5.55M | NY | SEC filing | |
| AVSF | AVSF - Belong Health 2025, LLC | $5.52M | NH | SEC filing | |
| 8090 Industries | Zenith I, a Series of 8090 Industries Master Series, LP | $5.5M | NY | SEC filing | |
| Fourth Realm | OA I a Series of Fourth Realm Investments LLC | $5.44M | WA | SEC filing | |
| V360 | Duke Capital Partners 2505C, a series of V360 Holdings, LLC | $5.28M | NC | SEC filing | |
| Angel Collective | AK-0423 Fund II, a series of Angel Collective Opportunity Fund, LP | $5.04M | WA | SEC filing | |
| Hiive xAI | Hiive xAI Series I a Series of Hiive xAI LLC | $5.03M | DE | SEC filing | |
| GSBackers Gecko Robotics | GSBackers Gecko Robotics Fund I a Series of CGF2021 LLC | $4.01M | DE | SEC filing | |
| Dark Arts | PS-0416 Fund I, a series of Dark Arts Opportunities, LP | $4.01M | WA | SEC filing | |
| Watchfire | Watchfire SPV LS, L.P. | $3.33M | CA | SEC filing | |
| GSBackers Raeden | GSBackers Raeden Fund I a Series of CGF2021 LLC | $3.31M | DE | SEC filing | |
| Firethorn | Firethorn SPV I, LLC | $3M | GA | SEC filing | |
| NPV | NPV SPV I LP | $3M | NJ | SEC filing | |
| OurCrowd | OurCrowd (Investment in OpnAI) L.P. | $2.83M | L3 | SEC filing | |
| MVP | MVPAURC25, a series of MVP II Co-Invest, LLC | $2.52M | CA | SEC filing | |
| TCP Longevity | TCP Longevity Fund, LP | $2.5M | CA | SEC filing | |
| Rami Essaid | X25, a series of Rami Essaid Funds, LP | $2.5M | WA | SEC filing | |
| Bios | Bios i-Lumen Co-Invest I, LP | $2.46M | TX | SEC filing | |
| E1 Ventures | Foundation XI a Series of E1 Ventures Master LLC | $2.34M | DE | SEC filing | |
| Silent Capital | Silent Capital XVII, a Series of Silent Capital Holdings, LP | $2.32M | WA | SEC filing | |
| Sideline Group | Sideline Group Urban Golf SPV, L.P. | $2.27M | NY | SEC filing | |
| Fourth Realm | NL I a Series of Fourth Realm Investments LLC | $2.17M | WA | SEC filing | |
| Torch | Torch Opportunity II LLC - Investment Series 5 | $2.15M | NY | SEC filing | |
| Collide Capital | Collide Capital Revi SPV I LLC | $2.1M | NY | SEC filing | |
| Draft Ventures | Function Health Growth, a series of Draft Ventures Opportunities III, LP | $2.08M | WA | SEC filing | |
| Aion Xai | AION XAI Fund I a Series of CGF2021 LLC | $2.06M | DE | SEC filing | |
| OurCrowd | OurCrowd (Investment in XAI) L.P. | $2.04M | L3 | SEC filing | |
| LT17 Holdings FanUp | LT17 Holdings FanUp SPV LLC | $2M | CA | SEC filing | |
| Gold Hydrogen 8090 Industries | Gold Hydrogen 8090 Industries, LLC | $2M | NY | SEC filing | |
| Barrald Capital Partners | Barrald Capital Partners, LP - I | $2M | WA | SEC filing | |
| AGC AI Nexus | X.AI Corp AGC III a Series of AGC AI Nexus Fund LLC | $1.96M | DE | SEC filing | |
| SWC Defense | SWC DEFENSE FUND V a Series of SLRTE I LLC | $1.88M | DE | SEC filing | |
| SWC Defense | SWC DEFENSE FUND VI a Series of SLRTE I LLC | $1.86M | DE | SEC filing | |
| MVP | MVPTURE25, a series of MVP II Co-Invests, LLC | $1.83M | CA | SEC filing | |
| Litquidity Ventures | Litquidity Ventures Fund LLC - Series 20 | $1.77M | DE | SEC filing | |
| What If Ventures | Saildrone 2025 a Series of What If Ventures Master LLC | $1.76M | DE | SEC filing | |
| NSV | NSV Master Limited Partnership II, L.P. | $1.72M | CT | 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 June 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.