New venture funds filed in August 2025
107 new venture funds and 272 SPVs filed their first Form D with the SEC in August 2025, with $5.81B in total target capital across the 81 funds that stated a size. The largest was Menlo Inflection IV, L.P. (Menlo) at $800M; California led with 40 new funds; the most common sponsor sectors were AI & ML (31), Deep Tech (12) and Healthcare (10). New fund filings were down 5% from July 2025 (113).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 107
- 113 in July
- New SPVs
- 272
- 366 in July
- Target capital
- $5.81B
- across 81 funds with a stated size
- Median fund
- $25M
- offering size
- Largest fund
- $800M
- Menlo
- Sponsoring firms
- 95
- most in California
What was the largest venture fund filed in August 2025?
Menlo Inflection IV, L.P., sponsored by Menlo (CA), with a $800M offering, first filed on Aug 28, 2025. The next largest was CRV XX, LP (CRV) at $750M.
Which states had the most new venture funds in August 2025?
California (40), New York (22), Florida (9), Texas (5) and Massachusetts (4), counted by the sponsoring firm's home state. California's new funds target $2.86B in total.
What sectors do the firms behind August's new funds invest in?
AI & ML (31), Deep Tech (12), Healthcare (10), Cybersecurity (9) and Fintech (8) lead, by the sectors each sponsoring firm backs. 49 of the 107 funds come from firms with no sector on record yet.
How many SPVs were filed in August 2025?
272 new SPVs and other deal vehicles filed a first Form D in August 2025, against 107 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does August 2025 compare with July 2025?
107 new funds against 113 (−5%), 272 SPVs against 366, and $5.81B of target capital against $10.8B.
Every new venture fund in August 2025
107 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 |
|---|---|---|---|---|---|
| Menlo | Menlo Inflection IV, L.P. | $800M | CA | SEC filing | |
| CRV | CRV XX, LP | $750M | CA | SEC filing | |
| Menlo | Menlo Ventures XVII, L.P. | $700M | CA | SEC filing | |
| Imaginary Venture Capital | Imaginary Venture Capital Partners IV, L.P. | $500M | NY | SEC filing | |
| BOC Ventures | BOC Ventures Fund III, LP | $200M | NY | SEC filing | |
| SNR -6 dB | SNR -6 DB, L.P. | $165M | WA | SEC filing | |
| Solari Capital | Solari Capital ABTC II, L.P. | $150M | NY | SEC filing | |
| Stony Lonesome Capital | STONY Lonesome Capital IV LP | $150M | FL | SEC filing | |
| Protagonist | Protagonist II LP | $112M | FL | SEC filing | |
| Altai Ventures | Altai Ventures Fund III, LP | $100M | CT | SEC filing | |
| Alpha Partners Global | Alpha Partners Global Fund, LP | $100M | NY | SEC filing | |
| Touch Capital | Touch Capital II, LP | $100M | FL | SEC filing | |
| Base Case Capital | Base Case Capital III L.P. | $100M | CA | SEC filing | |
| Cybernetix Ventures | Cybernetix Ventures Fund II, L.P. | $100M | MA | SEC filing | |
| Signal Peak Ventures | Signal Peak Ventures IV-A, L.P. | $100M | UT | SEC filing | |
| Red Cell Incubation | Red Cell Incubation Fund II, L.P. | $87M | VA | SEC filing | |
| Silent Ventures | Silent Ventures Fund II, LP | $85M | TX | SEC filing | |
| Alkeon Innovation | Alkeon Innovation Fund Holdings, LP | $80.2M | NY | SEC filing | |
| Novera Ventures | Novera Ventures, L.P. | $67.8M | CA | SEC filing | |
| Chescappvt | Chescappvt Fund I LLC | $65M | MD | SEC filing | |
| Valhalla Ventures | Valhalla Ventures Fund II LP | $65M | FL | SEC filing | |
| HLM VM | HLM Investment Partners VI, L.P. | $61.4M | MA | SEC filing | |
| Mirae Asset | Mirae Asset Pathseeker Fund II, LP | $60M | NY | SEC filing | |
| MESH | MESH Invest II, L.P. | $58.7M | OR | SEC filing | |
| OSS Capital | OSS Capital IV, L.P. | $52M | CA | SEC filing | |
| Sound Ventures | Sound Ventures AI Co-Investment A-III, L.P. | $50.3M | CA | SEC filing | |
| Commonweal | Commonweal Ventures Fund II, LP | $50M | NY | SEC filing | |
| Curate Capital | Curate Capital Fund II LP | $50M | TX | SEC filing | |
| Enea | Enea Fund, LP | $47.5M | CA | SEC filing | |
| Tribe Capital | Tribe Capital Firstlook KRA-10, L.P. | $42.7M | CA | SEC filing | |
| Envoy | Envoy Fund I LP | $41.3M | CA | SEC filing | |
| XLIV Capital | XLIV Capital I, L.P. | $40M | CA | SEC filing | |
| Impellent Ventures | Impellent Ventures III, LP | $40M | NY | SEC filing | |
| Also Capital | Also Capital III, LP | $40M | NY | SEC filing | |
| Sunshine Lake | Sunshine Lake Fund I LP | $34.2M | NV | SEC filing | |
| Stakehouse | Stakehouse Fund I QP LP | $30M | MO | SEC filing | |
| Carpenter Capital | Carpenter Capital Fund I LP | $30M | ID | SEC filing | |
| Volt | VOLT Capital FUND III LP | $29.5M | NY | SEC filing | |
| Lavrock | Lavrock-Castelion-P, LLC | $26.8M | VA | SEC filing | |
| FPG Ad | FPG Ad Astra X, LP | $25.5M | IL | SEC filing | |
| SF1 | SF1 Fund I, LP | $25M | CA | SEC filing | |
| Crewe Partners One | Crewe Partners One, LLC | $22M | DE | SEC filing | |
| Autopilot Horizon | Autopilot Horizon VII LLC | $21.3M | NY | SEC filing | |
| Altai Ventures | Altai Ventures Special Opportunities Fund II, LP | $20M | CT | SEC filing | |
| Automate Seed | Automate Seed Fund, L.P. | $20M | CA | SEC filing | |
| MESH | MESH Invest III, L.P. | $20M | OR | SEC filing | |
| Future Ventures Commonwealth Fusion | Future Ventures Commonwealth Fusion Fund II, LLC | $19.6M | CA | SEC filing | |
| 8VC AI | 8VC AI Fund III, LLC | $18.6M | TX | SEC filing | |
| Soma Capital | Soma Capital RX I, LP | $16M | FL | SEC filing | |
| LN Sports & Health Tech | LN Sports & Health Tech Fund I, L.P. | $15.3M | FL | SEC filing | |
| Tribe Natural Frontier | Tribe Natural Frontier Fund I, L.P. | $15M | CA | SEC filing | |
| Titanium Innovation Investments | Titanium Innovation Investments Fund II, LP | $14.3M | TX | SEC filing | |
| MW LSVC Shield AI | MW LSVC Shield AI-II, LLC | $13.3M | CA | SEC filing | |
| TNG Investors LP / DE | TNG Investors LP / DE | $12M | NY | SEC filing | |
| Sunshine Lake | Sunshine Lake AI Fund I LP | $11.6M | NV | SEC filing | |
| Alpha Zinc Associates | Alpha Zinc Associates LLC | $10.5M | NY | SEC filing | |
| Olive Capital | Olive Capital Voyager I, L.P. | $10M | CA | SEC filing | |
| Constellation | Constellation Fund I, LP | $10M | CA | SEC filing | |
| Nadeem Ventures | Nadeem Ventures Fund 1, L.P. | $10M | CA | SEC filing | |
| Consonant Ventures | Consonant Ventures, L.P. | $10M | NY | SEC filing | |
| Tribe Capital | Tribe Capital AI Fund III, L.P. | $9.3M | CA | SEC filing | |
| Chaotica | Chaotica Fund I, LP | $7.5M | CA | SEC filing | |
| K2 Global Growth | K2 Global Growth I LLC | $6.63M | DE | SEC filing | |
| WhiteRabbit | WhiteRabbit II LLC | $6.15M | CA | SEC filing | |
| K2 Global Growth | K2 Global Growth II LLC | $6M | DE | SEC filing | |
| Tribe Crypto | Tribe Crypto Fund III (BVI), L.P. | $5.85M | CA | SEC filing | |
| Locker Room Capital | Locker Room Capital, LP | $5.6M | FL | SEC filing | |
| Nadara Investments | Nadara Investments, L.P. | $5.25M | CA | SEC filing | |
| Epic Solenic Ventures | Epic Solenic Ventures LLC | $5.24M | FL | SEC filing | |
| Inspired Capital | Inspired Capital Shop, L.P. | $5M | NY | SEC filing | |
| DVS | DVS Portfolio I LP | $5M | DC | SEC filing | |
| Aziumuth Korrus | Aziumuth Korrus LLC | $5M | NV | SEC filing | |
| Cota | Cota Opportunities XI, LLC | $5M | CA | SEC filing | |
| Valhalla Ventures | Valhalla Ventures Fund II-A LP | $4.9M | FL | SEC filing | |
| SWV FUND II Direct | SWV FUND II Direct 5a, L.P. | $4.42M | VA | SEC filing | |
| Parlance Rho | Parlance Rho, LLC | $4.13M | CA | SEC filing | |
| Cota | Cota Opportunities XII, LLC | $4M | CA | SEC filing | |
| Torch | Torch Opportunity II LLC - Investment Series 6 | $3.34M | NY | SEC filing | |
| Navitas | Navitas EAI Opportunity I, L.P. | $3.16M | CA | SEC filing | |
| Kairos Continuity | Kairos Continuity A2, L.P. | $3M | NY | SEC filing | |
| Flywheel | Flywheel FUND VI LP | $3M | IN | SEC filing | |
| Medical Excellence Capital Partners ll | Medical Excellence Capital Partners ll, LP | — | NY | SEC filing | |
| Dorm Room | Dorm Room Fund V LP | — | NY | SEC filing | |
| Peterson | Peterson Venture Partners K-II, LP | — | UT | SEC filing | |
| Walnut Street Investments | Walnut Street Investments LP | — | CA | SEC filing | |
| Alidade Investments | Alidade Investments LP | — | CA | SEC filing | |
| Gitwit Venture Studio | Gitwit Venture Studio II LLC | — | OK | SEC filing | |
| Bermuda Club | Bermuda Club Holdings II, LLC | — | CA | SEC filing | |
| HCM S14Ai | HCM S17B LP | — | CA | SEC filing | |
| Novera | Novera Holdings, L.P. | — | CA | SEC filing | |
| Cheyenne Ventures | Cheyenne Ventures Fund II, L.P. | — | CA | SEC filing | |
| Formation Bio Drug Development Accelerator | Formation Bio Drug Development Accelerator Fund-A LP | — | NY | SEC filing | |
| Formation Bio Drug Development Accelerator | Formation Bio Drug Development Accelerator Fund LP | — | NY | SEC filing | |
| Valley Capital Partners | Valley Capital Partners Direct Invest X, L.P. | — | PA | SEC filing | |
| SOSV HAX Genesis Consortium | SOSV HAX Genesis Consortium, L.P. | — | NJ | SEC filing | |
| Tribe Crypto | Tribe Crypto Fund III, L.P. | — | CA | SEC filing | |
| Transformation Capital | Transformation Capital Fund IV-A, L.P. | — | MA | SEC filing | |
| Transformation Capital | Transformation Capital Fund IV, L.P. | — | MA | SEC filing | |
| Transform Global | Transform Global LP | — | TX | SEC filing | |
| Good Group | Good Group I LP | — | CA | SEC filing | |
| MFA Select III, L.P., Delaware | MFA Select III, L.P., Delaware limited partnership | — | CA | SEC filing | |
| Motivate | Motivate OF I, LP | — | IL | SEC filing | |
| Cambium Capital | Cambium Capital Redwood LP | — | MD | SEC filing | |
| HCM S14Ai | HCM S19A LP | — | CA | SEC filing | |
| MFC Select III, L.P., Delaware | MFC Select III, L.P., Delaware limited partnership | — | CA | SEC filing | |
| Reign Ventures | Reign Ventures II, L.P. | — | NY | SEC filing | |
| Calah | Calah Opportunities, L.P. | — | CA | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 40 | 25 | $2.86B |
| New York | 22 | 20 | $1.31B |
| Florida | 9 | 7 | $474M |
| Texas | 5 | 10 | $168M |
| Massachusetts | 4 | 4 | $161M |
| Delaware | 3 | 67 | $34.6M |
| Virginia | 3 | 6 | $118M |
| Nevada | 3 | 1 | $50.8M |
| Illinois | 2 | 7 | $25.5M |
| Connecticut | 2 | 2 | $120M |
| Utah | 2 | 1 | $100M |
| Maryland | 2 | 0 | $65M |
| Oregon | 2 | 0 | $78.7M |
| Washington | 1 | 99 | $165M |
| Idaho | 1 | 1 | $30M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 49 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 31 | 60 | $3.24B |
| Deep Tech | 12 | 12 | $1.83B |
| Healthcare | 10 | 20 | $366M |
| Cybersecurity | 9 | 7 | $1.04B |
| Fintech | 8 | 13 | $226M |
| B2B Software | 8 | 9 | $226M |
| Crypto & Web3 | 7 | 9 | $108M |
| Climate & Energy | 6 | 32 | $139M |
| Biotech & Pharma | 6 | 19 | $177M |
| Consumer | 6 | 6 | $234M |
| Defense & Aerospace | 5 | 9 | $399M |
| Hardware & Robotics | 4 | 8 | $179M |
| Media, Gaming & Creator | 4 | 3 | $100M |
| Mobility & Logistics | 3 | 44 | $94.7M |
| Space | 3 | 8 | $220M |
New SPVs and deal vehicles in August 2025
The 50 largest of 272; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| WCM Partners | WCM Partners SPV V LP | $73.8M | CA | SEC filing | |
| OpenAI Startup | OpenAI Startup Fund SPV VI, L.P. | $69.5M | CA | SEC filing | |
| Sakura | Sakura Co-Invest I, LLC | $35.1M | WA | SEC filing | |
| Avo Technology | Avo AI II a Series of Avo Technology Fund LP LLC | $20.8M | DE | SEC filing | |
| SecondMarket Growth | Avo AI III Groq a Series of SecondMarket Growth LLC | $20.7M | NY | SEC filing | |
| Neo | Neo SPV 4.2, LP | $16M | CA | SEC filing | |
| Altimeter | Altimeter Growth Co-Invest VI, L.P. | $15M | MA | SEC filing | |
| Joule | Joule SPV VI, LP | $15M | NY | SEC filing | |
| RV C1 | RV C1 Coinvest, L.P. | $14.5M | A6 | SEC filing | |
| Lavrock | Lavrock - Castelion, LLC | $13.2M | VA | SEC filing | |
| Fifth Era | Fifth Era Coinvestors, LLC - Kraken 2 | $12M | CA | SEC filing | |
| EnCap Linea | EnCap Linea Co-Invest, L.P. | $11M | TX | SEC filing | |
| GSBackers You.com | GSBackers You.com Fund I a Series of CGF2021 LLC | $10M | DE | SEC filing | |
| Infinite Capital | Infinite Capital LP - Series Hubble | $10M | FL | SEC filing | |
| K5 Tech | K5 Tech Fund I, LP - Series 109 | $10M | FL | SEC filing | |
| Never Lift VC | Never Lift VC SPV I, L.P. | $9.5M | NY | SEC filing | |
| JK Zipline | JK Zipline Holdings a Series of CGF2021 LLC | $9.05M | DE | SEC filing | |
| Boost VC | NE-0722 Fund II, a series of Boost VC SPV, LP | $7.29M | CA | SEC filing | |
| Bloom | BVP IX a Series of Bloom Opportunities Fund I LLC | $5.37M | MI | SEC filing | |
| Cies IP LPF | CIES IP (Parallel I) LPF | $5.35M | K3 | SEC filing | |
| BZH Atidan | BZH ATIDAN VENTURES X Jun 2025 a Series of CGF2021 LLC | $5.3M | DE | SEC filing | |
| GSBackers You.com | GSBackers You.com Fund II a Series of CGF2021 LLC | $5.07M | DE | SEC filing | |
| Dourado Capital Partners | Fund I, a series of Dourado Capital Partners, LP | $5M | WA | SEC filing | |
| M31 Ventures | SMA I, a series of M31 Ventures AL, LP | $5M | AZ | SEC filing | |
| FBV SMA | FBV SMAK LLC - Series K1 | $4.98M | DE | SEC filing | |
| Blue Diamond Capital Partners Realloys | Blue Diamond Capital Partners Realloys a Series of CGF2021 LLC | $4.9M | DE | SEC filing | |
| Schnitzel Capital AL | OA-0508 Fund VII, a series of Schnitzel Capital AL, LP | $4.61M | WA | SEC filing | |
| Sonder | Sonder SPV J Series B, LP | $4.16M | CA | SEC filing | |
| Watchfire | Watchfire SPV BB, L.P. | $4.15M | CA | SEC filing | |
| AIspace-RRS Upscale AI | AIspace-RRS Upscale AI Fund I a Series of CGF2021 LLC | $4.1M | DE | SEC filing | |
| AutoComplete-AU | AutoComplete-AU-0717 Fund I, a series of AngelList Funds 2025, LP | $3.86M | WA | SEC filing | |
| GSBackers Cambium | GSBackers Cambium Fund II a Series of CGF2021 LLC | $3.71M | DE | SEC filing | |
| Day One Ventures Syndicate | VA-0618 Fund I, a series of Day One Ventures Syndicate, LP | $3.48M | WA | SEC filing | |
| Silent Capital | Silent Capital XVIII, a Series of Silent Capital Holdings, LP | $3.48M | WA | SEC filing | |
| DataPower Capital Partners | DPV Neuralink I a Series of DataPower Capital Partners LLC | $3.47M | DE | SEC filing | |
| Highline Ventures | Highline Ventures | Groq Access a Series of CGF2021 LLC | $3.27M | DE | SEC filing | |
| MA7 Ventures - Higgsfield | MA7 Ventures - Higgsfield a Series of CGF2021 LLC | $3.23M | DE | SEC filing | |
| Ventioneers | RE-0713 Fund I, a series of Ventioneers Funds, LP | $3.2M | WA | SEC filing | |
| Florence Cap | Florence Capital SPV XIV LLC a Series of Florence Cap LLC | $3.16M | DE | SEC filing | |
| Companyon | FL-0717 Fund VI, a series of Companyon Sidecar, LP | $3.15M | WA | SEC filing | |
| LBS Investments | S25, a series of LBS Investments I, LP | $3M | WA | SEC filing | |
| Nomi Capital | Nomi Capital AI Fund VIII a Series of CGF2021 LLC | $2.97M | NY | SEC filing | |
| DataPower Capital Partners | DPV XAI VI a Series of DataPower Capital Partners LLC | $2.86M | DE | SEC filing | |
| BOC Ventures | BOC Ventures XXIV, LP | $2.83M | NY | SEC filing | |
| Irving Investors Crossover | Irving Investors Crossover L, LLC | $2.65M | CA | SEC filing | |
| NFC | NFC Fund III UserEvidence Series A-1 SPV, LLC | $2.58M | MT | SEC filing | |
| SGV | SGV37, a Series of SGV I LLC | $2.55M | CA | SEC filing | |
| G Ventures | G Ventures VIII, LP | $2.52M | CA | SEC filing | |
| V360 Holdings LLC Series Throne Labs Investment Partners | V360 Holdings LLC Series Throne Labs Investment Partners II | $2.5M | VA | SEC filing | |
| Mindset | Mindset Uncle Fund LLC | $2.5M | 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 August 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.