New venture funds filed in September 2025
132 new venture funds and 309 SPVs filed their first Form D with the SEC in September 2025, with $6.41B in total target capital across the 99 funds that stated a size. The largest was First Round Capital X, L.P. (First Round Capital) at $500M; California led with 48 new funds; the most common sponsor sectors were B2B Software (17), Healthcare (13) and AI & ML (12). New fund filings were up 23% from August 2025 (107).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 132
- 107 in August
- New SPVs
- 309
- 272 in August
- Target capital
- $6.41B
- across 99 funds with a stated size
- Median fund
- $25M
- offering size
- Largest fund
- $500M
- First Round Capital
- Sponsoring firms
- 121
- most in California
What was the largest venture fund filed in September 2025?
First Round Capital X, L.P., sponsored by First Round Capital (PA), with a $500M offering, first filed on Sep 17, 2025. The next largest was Atlas Venture Opportunity Fund Ill, L.P. (Atlas Venture) at $400M.
Which states had the most new venture funds in September 2025?
California (48), New York (20), Florida (10), Texas (9) and Massachusetts (6), counted by the sponsoring firm's home state. California's new funds target $2.15B in total.
What sectors do the firms behind September's new funds invest in?
B2B Software (17), Healthcare (13), AI & ML (12), Fintech (6) and Cybersecurity (6) lead, by the sectors each sponsoring firm backs. 84 of the 132 funds come from firms with no sector on record yet.
How many SPVs were filed in September 2025?
309 new SPVs and other deal vehicles filed a first Form D in September 2025, against 132 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does September 2025 compare with August 2025?
132 new funds against 107 (+23%), 309 SPVs against 272, and $6.41B of target capital against $5.81B.
Every new venture fund in September 2025
132 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 |
|---|---|---|---|---|---|
| First Round Capital | First Round Capital X, L.P. | $500M | PA | SEC filing | |
| Atlas Venture | Atlas Venture Opportunity Fund Ill, L.P. | $400M | MA | SEC filing | |
| K5 HS HoldCo | K5 HS HoldCo, LLC | $366M | FL | SEC filing | |
| AVC | AVC Opportunities 2025, L.P. | $300M | PA | SEC filing | |
| NSV Wolf Capital | NSV Wolf Capital V, L.P. | $300M | CA | SEC filing | |
| Alt Capital | Alt Capital II, L.P. | $275M | CA | SEC filing | |
| M31 Ventures | M31 Ventures, LP | $250M | AZ | SEC filing | |
| Variant | Variant Fund IV, L.P. | $250M | NY | SEC filing | |
| True Ventures | True Ventures IX, L.P. | $225M | CA | SEC filing | |
| Electric Capital Venture | Electric Capital Venture Fund IV, LP | $200M | CA | SEC filing | |
| Striker Venture Partners | Striker Venture Partners I, L.P. | $165M | CA | SEC filing | |
| Summit Peak Ventures | Summit Peak Ventures IV, LP | $150M | TX | SEC filing | |
| Outlander Gamma | Outlander Opportunity Fund 1, L.P. | $150M | FL | SEC filing | |
| Tribe Capital | Tribe Capital AI Fund IV, L.P. | $150M | CA | SEC filing | |
| Initialized | Initialized VII L.P. | $150M | CA | SEC filing | |
| Altimeter Adirondack | Altimeter Adirondack Fund I, L.P. | $149M | MA | SEC filing | |
| Fireside Ventures Investment | Fireside Ventures Investment IFSC Fund IV | $132M | K7 | SEC filing | |
| Scout Ventures | Scout Ventures Fund V LP | $125M | TX | SEC filing | |
| Tru Arrow Technology Partners | Tru Arrow Technology Partners II, LP | $111M | NY | SEC filing | |
| Coreline Strategy | Coreline Strategy Fund, L.P. | $100M | CA | SEC filing | |
| Medina Ventures | Medina Ventures FUND, LP | $100M | FL | SEC filing | |
| S Capital | S Capital IV, L.P. | $100M | L3 | SEC filing | |
| True Ventures | True Ventures Select V, L.P. | $100M | CA | SEC filing | |
| Game Changers Ventures | Game Changers Ventures, LP | $100M | NY | SEC filing | |
| Radicle | Radicle-Terlac, LP | $85M | CA | SEC filing | |
| Acequia Capital | Acequia Capital Origin SBIC LP | $70M | WA | SEC filing | |
| Jibe Ventures | Jibe Ventures V, LP | $63.5M | WA | SEC filing | |
| Nebular | Nebular Fund II, LP | $61.3M | NY | SEC filing | |
| Acadian Ventures | Acadian Ventures Fund III, LP | $60M | CT | SEC filing | |
| Taylor Frigon Capital Partners | Taylor Frigon Capital Partners LP | $55.1M | AZ | SEC filing | |
| Tribe Capital | Tribe Capital Firstlook KRA-11, L.P. | $53.9M | CA | SEC filing | |
| Producers | Producers Opportunity Fund, LP | $50M | TX | SEC filing | |
| Electric Capital Venture | Electric Capital Venture Fund IV Feeder, LP | $50M | CA | SEC filing | |
| Fundomo | Fundomo ET001, LP | $40.3M | NY | SEC filing | |
| Comma Capital | Comma Capital Fund III, LP | $40M | NY | SEC filing | |
| Strobe | Strobe Onshore Fund II LP | $39.3M | NY | SEC filing | |
| Hyperion Ventures | Hyperion Ventures I, L.P. | $35M | NY | SEC filing | |
| 4DX Ventures S3 | 4DX Ventures III, L.P. | $34M | NY | SEC filing | |
| 49 Palms Ventures | 49 Palms Ventures Fund 1, LP | $33.7M | CA | SEC filing | |
| Dauntless | Dauntless Ventures SBIC-A, L.P. | $31.6M | UT | SEC filing | |
| Octave | Octave III, L.P. | $30M | CA | SEC filing | |
| Sancus Ventures | Sancus Ventures II, LP | $30M | WA | SEC filing | |
| Superba | Superba Fund LP | $30M | TN | SEC filing | |
| Residency | Residency Fund I, LP | $30M | CA | SEC filing | |
| Who Is John Galt | Who Is John Galt, LP | $28.3M | NY | SEC filing | |
| Altimeter | Altimeter Growth Olympic Fund IV, L.P. | $27.3M | MA | SEC filing | |
| Interlagos I, LLC, an Interlagos Capital | Interlagos I, LLC, an Interlagos Capital Fund | $25.4M | CA | SEC filing | |
| Boro Capital Partners | Boro Capital Partners III, LP | $25M | NJ | SEC filing | |
| MW LSV Function Health | MW LSV Function Health, LLC | $25M | CA | SEC filing | |
| Grid Capital | Grid Capital Fund I-A, LP | $25M | IL | SEC filing | |
| Kirenaga Kraken | Kirenaga Kraken LP | $25M | FL | SEC filing | |
| Parallel Venture Capital | Parallel Venture Capital, LP | $25M | MA | SEC filing | |
| Valor Ventures | Valor Ventures P-AI II, L.P. | $22.9M | GA | SEC filing | |
| Halcyon Futures Investments | Halcyon Futures Investments Fund I, LP | $20M | CA | SEC filing | |
| KawiSafi | KawiSafi II L.P. | $19.8M | NY | SEC filing | |
| Opportunity | Opportunity I - Factorial Funds Athena LLC | $17.6M | CA | SEC filing | |
| Dauntless | Dauntless Ventures SBIC-B, L.P. | $16.8M | UT | SEC filing | |
| S Squared - NGT | S Squared - NGT LP | $13.5M | NJ | SEC filing | |
| Mintaka VC | Mintaka VC II, LP | $13.3M | CA | SEC filing | |
| Autopilot Horizon | Autopilot Horizon IX LLC | $13M | NY | SEC filing | |
| WHIN | WHIN Opportunity Fund, LP | $12.4M | NY | SEC filing | |
| Exponential Technologies Frontiers | Exponential Technologies Frontiers Feeder Fund LP | $11.9M | CA | SEC filing | |
| Embedded Ventures | Embedded Ventures 2025-I LLC | $10.7M | CA | SEC filing | |
| Lowercarbon | Lowercarbon Q 10 Parallel Fund, LP | $10.6M | WY | SEC filing | |
| Fundomo | Fundomo SN-001, LP | $10.6M | NY | SEC filing | |
| Lowercarbon | Lowercarbon Tesseract, LP | $10.5M | WY | SEC filing | |
| Radicle Impact | Radicle Impact Opportunity Fund, LP | $10.3M | CA | SEC filing | |
| MCPF | MCPF III Opportunity Fund, L.P. | $10M | OH | SEC filing | |
| Story | Story VP, L.P. | $10M | NY | SEC filing | |
| Tru Arrow Technology Partners | Tru Arrow Technology Partners Offshore II, LP | $10M | NY | SEC filing | |
| HVL Innovate | HVL Innovate Fund, L.P. | $10M | AL | SEC filing | |
| Initialized VII Associates | Initialized VII Associates L.P. | $10M | CA | SEC filing | |
| Blackbird Ventures | Blackbird Ventures 2025 Core Fund Trust | $9.52M | C3 | SEC filing | |
| Blackbird Ventures | Blackbird Ventures 2025, LP | $9.52M | C3 | SEC filing | |
| Blue Box Docs | Blue Box Docs, LLC | $9.5M | NY | SEC filing | |
| Flexcap | Flexcap Fund III Offshore, L.P. | $9.32M | FL | SEC filing | |
| Capra Ventures H1 | Capra Ventures H1 LLC | $9.18M | CA | SEC filing | |
| Spot VC | Spot VC I, LP | $9.18M | DE | SEC filing | |
| 776 | 776 Fund 1948 London, L.P. | $8.59M | FL | SEC filing | |
| Interlagos II, LLC, an Interlagos Capital | Interlagos II, LLC, an Interlagos Capital Fund | $8.27M | CA | SEC filing | |
| Maroon Pass | Maroon Pass Opportunities LLC, Series Interstellar XXIV | $8M | TX | SEC filing | |
| Aurum VP | Aurum VP Fund I L.P. | $7.02M | CA | SEC filing | |
| S Squared - END | S Squared - END LP | $6.75M | NJ | SEC filing | |
| Autopilot Horizon | Autopilot Horizon IX-A LLC | $6.5M | NY | SEC filing | |
| V360 | V360 Holdings LLC Series Mayavalley A3L1 | $6.16M | DE | SEC filing | |
| Greenwave Ventures | Greenwave Ventures Fund I, LP | $5.59M | FL | SEC filing | |
| R42 SEED | R42 SEED FUND LP | $5.3M | CA | SEC filing | |
| Cheyenne Abstract Partners | Cheyenne Abstract Partners, LLC | $5M | CA | SEC filing | |
| Anti | Anti FUND AI I LLC | $5M | PR | SEC filing | |
| Cheyenne Armor Partners | Cheyenne Armor Partners, LLC | $5M | CA | SEC filing | |
| Future Frontier Capital | Future Frontier Capital Fund I, LP | $5M | CA | SEC filing | |
| Kindred | Kindred PAI3, L.P. | $4.93M | CA | SEC filing | |
| Deep Roots Capital | Deep Roots Capital Portfolio I LP | $4.25M | TX | SEC filing | |
| Sage Growth Capital | Sage Growth Capital Fund III, LLC | $3.92M | ID | SEC filing | |
| NuFund | NuFund 25, LLC | $3.91M | CA | SEC filing | |
| Parrotfish Asset Backed Private Credit | Parrotfish Asset Backed Private Credit Fund I LP | $3.58M | NY | SEC filing | |
| SWV FUND II Direct | SWV FUND II Direct 6, L.P. | $3.52M | VA | SEC filing | |
| OVP | Ovp-Tof LLC | $3.33M | PA | SEC filing | |
| Mintaka VC | Mintaka VC II-A, LP | $3.3M | CA | SEC filing | |
| Dispersion Capital | Dispersion Capital II, L.P. | — | TX | SEC filing | |
| Soma Capital | Soma Opportunity Fund I, LP | — | FL | SEC filing | |
| Bridal Veil Falls | Bridal Veil Falls LP | — | CA | SEC filing | |
| Inspire Global Ventures | Inspire Global Ventures Fund I, LP | — | CA | SEC filing | |
| Insiders | Insiders Ventures LP | — | Y9 | SEC filing | |
| LoLa Capital | LoLa Capital Privateer I, LP | — | MA | SEC filing | |
| Synapse Investment | Synapse Investment, LP | — | PA | SEC filing | |
| Mistah | Mistah, L.P. | — | CA | SEC filing | |
| Waybury | Waybury Opportunity BP, LP | — | CA | SEC filing | |
| Terrain | Terrain Opportunity II, LP | — | MD | SEC filing | |
| Crumpton Ventures | Crumpton Ventures Fund I, LP | — | TX | SEC filing | |
| Ovex | Ovex 10-1 LLC | — | NJ | SEC filing | |
| Blue Hour Ventures | Blue Hour Ventures II, L.P. | — | TN | SEC filing | |
| ASQ Pioneer | ASQ Pioneer Fund, LP | — | CA | SEC filing | |
| Kiara Capital Partners | Kiara Capital Partners Fund I, LP | — | FL | SEC filing | |
| Kardashev Compute | Kardashev Compute I LP | — | FL | SEC filing | |
| Karmic Ventures | Karmic Ventures Fund, L.P. | — | CA | SEC filing | |
| Midnight | Midnight Fund II LP | — | TX | SEC filing | |
| Sovereign AI Capital Diversified Alpha | Sovereign AI Capital Diversified Alpha FUND LP | — | WY | SEC filing | |
| Data Tech | Data Tech Fund 2, LP | — | WA | SEC filing | |
| GGF | GGF I, LP | — | CA | SEC filing | |
| Quiet | Quiet Access III LP | — | CA | SEC filing | |
| Quiet | Quiet SH LP | — | CA | SEC filing | |
| Type One | Type One Fund III LP | — | CA | SEC filing | |
| Venture Dept. | Venture Dept. Fund 2 LP | — | NY | SEC filing | |
| HCM S14Ai | HCM S5Aiv LP | — | CA | SEC filing | |
| Incubate Fund US | Incubate Fund US III, LP | — | CA | SEC filing | |
| Saama Capital | Saama Capital VI, L.P. | — | CA | SEC filing | |
| Castle Island Ventures | Castle Island Ventures IV, L.P. | — | MA | SEC filing | |
| FPG Huge Tree | FPG Ad Novo III, LP | — | IL | SEC filing | |
| Frazier | Frazier Fund '25, LP | — | WA | SEC filing | |
| Lawnfield Investments | Lawnfield Investments LP | — | CA | SEC filing | |
| S3 Ventures | S3 Ventures Fund VIII, L.P. | — | TX | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 48 | 28 | $2.15B |
| New York | 20 | 32 | $834M |
| Florida | 10 | 6 | $664M |
| Texas | 9 | 9 | $337M |
| Massachusetts | 6 | 1 | $602M |
| Washington | 5 | 101 | $164M |
| New Jersey | 4 | 1 | $45.3M |
| Pennsylvania | 4 | 1 | $803M |
| Wyoming | 3 | 0 | $21.1M |
| Delaware | 2 | 85 | $15.3M |
| Illinois | 2 | 2 | $25M |
| Utah | 2 | 1 | $48.4M |
| Arizona | 2 | 0 | $305M |
| Tennessee | 2 | 0 | $30M |
| Virginia | 1 | 3 | $3.52M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 84 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| B2B Software | 17 | 21 | $1.42B |
| Healthcare | 13 | 24 | $1.09B |
| AI & ML | 12 | 90 | $895M |
| Fintech | 6 | 20 | $263M |
| Cybersecurity | 6 | 8 | $332M |
| Biotech & Pharma | 5 | 15 | $647M |
| Developer Tools | 4 | 10 | $93.7M |
| Climate & Energy | 3 | 36 | $275M |
| Defense & Aerospace | 3 | 12 | $130M |
| Crypto & Web3 | 3 | 11 | $204M |
| Media, Gaming & Creator | 3 | 8 | $265M |
| Mobility & Logistics | 2 | 46 | $40M |
| Deep Tech | 2 | 20 | $130M |
| Space | 2 | 18 | $125M |
| Industrial & Manufacturing | 2 | 4 | $25M |
New SPVs and deal vehicles in September 2025
The 50 largest of 309; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| Cosmic | Cosmic - Bet 4, L.P. | $2B | CA | SEC filing | |
| Cosmic | Cosmic - Aleph 4, L.P. | $400M | CA | SEC filing | |
| Cosmic | Cosmic - Bet 4 Durable, L.P. | $379M | CA | SEC filing | |
| Eclipse | Eclipse SPV XXVII, L.P. | $80M | CA | SEC filing | |
| G2VP | G2VP III Co-Invest A, LP | $50M | CA | SEC filing | |
| Kultura | Kultura Opportunities Fund LP - Series II | $13M | UT | SEC filing | |
| Bloom | BVP XIII, a Series of Bloom Opportunities Fund I LLC | $10.7M | MI | SEC filing | |
| 021 Capital | BA-0808 Fund I, a series of 021 Capital, LP | $10.4M | WA | SEC filing | |
| Giant Step Capital Specials | Ellington III, a series of Giant Step Capital Specials, LP | $10.1M | IL | SEC filing | |
| Fund for Africa's Future | Accelerate Africa Fund I, a series of Fund for Africa's Future, LP | $10M | WA | SEC filing | |
| Imperial Ventures | Imperial Fund I, a series of Imperial Ventures, LP | $10M | WA | SEC filing | |
| Eclipse | Eclipse SPV XXII, L.P. | $10M | CA | SEC filing | |
| SGV | SGV38, a Series of SGV I, LLC | $9.14M | CA | SEC filing | |
| Flux Capital | Flux Capital Kraken Sep 2025 a Series of CGF2021 LLC | $8.67M | WA | SEC filing | |
| AVSF | AVSF - Cohere 2025, LLC | $8.13M | NH | SEC filing | |
| Graduate Syndicate | Graduate Syndicate 2025, L.P. | $8M | NY | SEC filing | |
| Alpha Pathfinder Associates | Alpha Pathfinder Associates LLC - Series I | $7.77M | NY | SEC filing | |
| Hantz Ventures | Hantz Ventures - SPV I LLC | $7.38M | MI | SEC filing | |
| Bridge Ventures | Bridge Ventures a Series of CGF2021 LLC | $6.98M | DE | SEC filing | |
| GSBackers Apex | GSBackers Apex Fund II a Series of CGF2021 LLC | $6.76M | DE | SEC filing | |
| DataPower Capital Partners | DPV Perplexity 2 a Series of DataPower Capital Partners LLC | $6.34M | DE | SEC filing | |
| NOMO Ventures | NOMO Ventures SPV T1, LLC | $6M | CA | SEC filing | |
| Decisive | Decisive Point - Standard Nuclear III, LLC | $5.82M | NY | SEC filing | |
| Altra | ANTH Fund III, a series of Altra Venture Partners II, LP | $5.28M | NY | SEC filing | |
| Nomi Capital | Nomi Capital AI Fund IX a Series of CGF2021 LLC | $5.13M | NY | SEC filing | |
| avra | avra SPV III LP | $5M | CA | SEC filing | |
| Thirdbase | Thirdbase Opportunity LP - Series XV | $4M | NY | SEC filing | |
| Andrew Tan | RE-0711 Fund I, a series of Andrew Tan Investments, LP | $3.87M | WA | SEC filing | |
| Pari Passu Growth | Pari Passu Growth XI a Series of Pari Passu Master II LLC | $3.34M | DE | SEC filing | |
| Sharp Alpha | SPV VII a Series of Sharp Alpha LLC | $3.33M | NY | SEC filing | |
| FDVC | AND VI, a series of FDVC Growth, LP | $3.2M | WA | SEC filing | |
| Wingra Capital | Wingra Capital Fund, LLC - Series G Units | $3.07M | WI | SEC filing | |
| Cora Ridge | Cora Ridge LLC - Series 3 | $3.02M | FL | SEC filing | |
| Bloom | BVP XI a Series of Bloom Opportunities Fund I LLC | $3M | MI | SEC filing | |
| Cora Ridge | Cora Ridge LLC - Series 2 | $3M | FL | SEC filing | |
| Cannon Point Partners | NI-0602 Fund III, a series of Cannon Point Partners, LP | $2.99M | WA | SEC filing | |
| Nadia Partners | Nadia Partners (AI One II) LLC | $2.87M | NY | SEC filing | |
| Altra | SPX Fund II, a series of Altra Venture Partners II, LP | $2.79M | NY | SEC filing | |
| Interlagos III, LLC, an Interlagos Capital | Interlagos III, LLC, an Interlagos Capital Fund | $2.77M | CA | SEC filing | |
| Denver Angels | Aalo 31 a Series of Denver Angels LLC | $2.71M | CO | SEC filing | |
| Valor Venture Fund Syndicates | PO-0716 Fund I, a series of Valor Venture Fund Syndicates, LP | $2.66M | WA | SEC filing | |
| CV II Waterfront | CV II Waterfront E, LLC | $2.65M | CA | SEC filing | |
| Cupola | Cupola Lower Carbon II LLLP | $2.54M | CO | SEC filing | |
| Lumina OSM | Lumina OSM SPV, LLC | $2.52M | CA | SEC filing | |
| e2vc SPVs | Fal AI SPV, a series of e2vc SPVs, LP | $2.5M | W8 | SEC filing | |
| Dirigo | Dirigo Angel FUND III, L.P. | $2.5M | ME | SEC filing | |
| Blackbird Ventures | Blackbird Ventures 2025 Follow-on Fund Trust | $2.45M | C3 | SEC filing | |
| MVolution Partners VC | PainTEQ Jul 2025 a Series of MVolution Partners VC LLC | $2.41M | DE | SEC filing | |
| What If Ventures | Hermeus C a Series of What If Ventures Master LLC | $2.38M | DE | SEC filing | |
| Reveille | Reveille SPV ANT, LLC | $2.33M | 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 September 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.