New venture funds filed in November 2025
103 new venture funds and 255 SPVs filed their first Form D with the SEC in November 2025, with $5.09B in total target capital across the 67 funds that stated a size. The largest was Altimeter Premier Growth VIII, L.P. (Altimeter Premier Growth) at $1.55B; California led with 41 new funds; the most common sponsor sectors were AI & ML (29), B2B Software (15) and Healthcare (8). New fund filings were down 15% from October 2025 (121).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 103
- 121 in October
- New SPVs
- 255
- 440 in October
- Target capital
- $5.09B
- across 67 funds with a stated size
- Median fund
- $25M
- offering size
- Largest fund
- $1.55B
- Altimeter Premier Growth
- Sponsoring firms
- 93
- most in California
What was the largest venture fund filed in November 2025?
Altimeter Premier Growth VIII, L.P., sponsored by Altimeter Premier Growth (MA), with a $1.55B offering, first filed on Nov 4, 2025. The next largest was Nexus Ventures VIII, L.P. (Nexus Ventures) at $700M.
Which states had the most new venture funds in November 2025?
California (41), New York (17), Florida (8), New Jersey (7) and Delaware (5), counted by the sponsoring firm's home state. California's new funds target $2.19B in total.
What sectors do the firms behind November's new funds invest in?
AI & ML (29), B2B Software (15), Healthcare (8), Cybersecurity (8) and Developer Tools (7) lead, by the sectors each sponsoring firm backs. 56 of the 103 funds come from firms with no sector on record yet.
How many SPVs were filed in November 2025?
255 new SPVs and other deal vehicles filed a first Form D in November 2025, against 103 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does November 2025 compare with October 2025?
103 new funds against 121 (−15%), 255 SPVs against 440, and $5.09B of target capital against $6.8B.
Every new venture fund in November 2025
103 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 |
|---|---|---|---|---|---|
| Altimeter Premier Growth | Altimeter Premier Growth VIII, L.P. | $1.55B | MA | SEC filing | |
| Nexus Ventures | Nexus Ventures VIII, L.P. | $700M | CA | SEC filing | |
| Pear Ventures | Pear Ventures V, L.P. | $400M | CA | SEC filing | |
| J2 Ventures Strategic | J2 Ventures Brookhaven Fund, L.P. | $250M | MA | SEC filing | |
| Waldo | Waldo I, LP | $225M | NY | SEC filing | |
| PLUS Collective | PLUS Collective Access Fund III, L.P. | $150M | CA | SEC filing | |
| Watchfire | Watchfire Ventures Fund III, L.P. | $150M | CA | SEC filing | |
| ACG IV CN | ACG IV CN, LP | $105M | CA | SEC filing | |
| Longitude | Longitude 103.8 East, L.P. | $100M | CA | SEC filing | |
| Altimeter Rocky Mountain | Altimeter Rocky Mountain Fund I, L.P. | $81.3M | MA | SEC filing | |
| Benchstrength | Benchstrength Partners II, L.P. | $80M | NY | SEC filing | |
| Cosmic | Cosmic 20253, L.P. | $75M | CA | SEC filing | |
| Hive Global AI | Hive Global AI Fund, LP | $75M | CA | SEC filing | |
| Audeo Ventures | AUDEO Ventures FUND II, LP | $68M | FL | SEC filing | |
| Engineering Capital | Engineering Capital Fund V, L.P. | $63M | CA | SEC filing | |
| Wavepeak Ventures | Wavepeak Ventures Fund I, LP | $50M | CA | SEC filing | |
| Menlo Inflection | Menlo Inflection Suno Partners, L.P. | $50M | CA | SEC filing | |
| Elevate Capital | Elevate Capital Fund III LP | $50M | CO | SEC filing | |
| Citrine Venture | Citrine Venture Fund LP | $50M | DC | SEC filing | |
| House | House Fund Early II, L.P. | $50M | NJ | SEC filing | |
| House | House Fund IV, L.P. | $50M | NJ | SEC filing | |
| Redpoint Ventures | Redpoint Ventures VII Annex Fund, L.P. | $45M | CA | SEC filing | |
| Geometry | Geometry Fund I, L.P. | $40M | DE | SEC filing | |
| 8VC CHSD | 8VC CHSD, LLC | $35.5M | TX | SEC filing | |
| Khosla Ventures | Khosla Ventures IX Strategic, L.P. | $31.6M | CA | SEC filing | |
| Lakehouse Venture Partners | Lakehouse Venture Partners IV, LP | $30M | NY | SEC filing | |
| Motive Force | Motive Force Fund I, L.P. | $30M | CA | SEC filing | |
| Rt-Fai | Rt-Fai I LLC | $27.4M | FL | SEC filing | |
| eMerchant Partners | eMerchant Partners, LLC | $25M | NY | SEC filing | |
| Redbud VC | Redbud VC II, LP | $25M | DE | SEC filing | |
| Juniper | Juniper Ventures Fund II, LP | $25M | IN | SEC filing | |
| Savant | Savant Fund I, LP | $25M | CA | SEC filing | |
| Vermilion Cliffs Ventures | Vermilion Cliffs Ventures Fund II, LP | $25M | NY | SEC filing | |
| Commit Capital | Commit Capital Fund I, L.P. | $25M | CA | SEC filing | |
| House | House Fund Access I, L.P. | $25M | NJ | SEC filing | |
| Supply Change | Supply Change Capital FUND II LP | $21.6M | CA | SEC filing | |
| GrayHair Venture Partners | GrayHair Venture Partners Fund I, LP | $20M | NJ | SEC filing | |
| G2VP | G2VP Select I, LP | $20M | CA | SEC filing | |
| Castle | Castle Fund I, L.P. | $20M | CA | SEC filing | |
| Tactile Ventures | Tactile Ventures I, L.P. | $18.8M | CA | SEC filing | |
| Alpha Ascent Cogent | Alpha Ascent Cogent LLC | $18M | PA | SEC filing | |
| Isos Ventures | Isos Ventures Fund I LP | $15M | NY | SEC filing | |
| Alpha Sentinel Associates | Alpha Sentinel Associates LLC | $13.4M | NY | SEC filing | |
| Interlock Alpha Associates | Interlock Alpha Associates LLC | $12.5M | NY | SEC filing | |
| Vetted Accelerator | Vetted Accelerator Fund I, LP | $12M | FL | SEC filing | |
| Atlas | Atlas Access Fund II, L.P. | $11.5M | CT | SEC filing | |
| Foundation Capital | Foundation Capital X Principals Fund, L.L.C. | $11.3M | CA | SEC filing | |
| ACG | ACG IV, L, LP | $10M | CA | SEC filing | |
| Tru Arrow Technology Partners CIV | Tru Arrow Technology Partners CIV VI, LP | $9.6M | NY | SEC filing | |
| Rainfall HC1 | Rainfall HC1, LP | $6.29M | CA | SEC filing | |
| Agdf22 | Agdf22 LP | $6.24M | NY | SEC filing | |
| RMP RepScrubs | RMP Thread, LLC | $6M | TN | SEC filing | |
| BP Crusoe | BP Crusoe LP | $6M | A1 | SEC filing | |
| Agdf21 | Agdf21 LP | $5.25M | NY | SEC filing | |
| Linse Ignition | Linse Ignition 0m LP | $5.02M | NV | SEC filing | |
| Ranchos Ventures | Ranchos Ventures Fund I, LP | $5M | VA | SEC filing | |
| Granada | Granada Funds I, LP | $5M | NJ | SEC filing | |
| JSVK Ventures | JSVK Ventures Fund I, LP | $5M | CA | SEC filing | |
| Rt-Fai | Rt-Fai II LLC | $4.92M | FL | SEC filing | |
| Kindred | Kindred GMF2, L.P. | $4.37M | CA | SEC filing | |
| SamVed Ventures | SamVed Ventures I LP | $4.15M | CT | SEC filing | |
| V360 | V360 Holdings LLC Series Portmanteau Ionic MT | $4.13M | KS | SEC filing | |
| Agdf24 | Agdf24 LP | $4.12M | NY | SEC filing | |
| Rt-Ai | RT-AI Coinvestment LLC | $3.11M | FL | SEC filing | |
| Agdf25 | Agdf25 LP | $3.01M | NY | SEC filing | |
| Junipero Capital | Junipero Capital Hedge III LLC | $3M | FL | SEC filing | |
| Rt-Fai | Rt-Fai III LLC | $3M | FL | SEC filing | |
| Tru Arrow Technology Partners CIV | Tru Arrow Technology Partners CIV VII, LP | — | NY | SEC filing | |
| Pangaea Ventures | Pangaea Ventures Opportunity Fund LP | — | AZ | SEC filing | |
| Thayer Ventures | Thayer Ventures V, L.P. | — | CA | SEC filing | |
| Lightspeed | Lightspeed C Holdings, LLC | — | CA | SEC filing | |
| Lightspeed | Lightspeed R Holdings, LLC | — | CA | SEC filing | |
| Pathlight Ventures | Pathlight Ventures III, LP | — | NJ | SEC filing | |
| JSL Health Capital | JSL Health Capital Fund II, L.P. | — | FL | SEC filing | |
| Raton Pass Investments | Raton Pass Investments LP | — | CA | SEC filing | |
| Fusion VC | Fusion VC II LP | — | DE | SEC filing | |
| Adjacent | Adjacent V4 LP | — | NY | SEC filing | |
| Lowercarbon | Lowercarbon Zia, LP | — | WY | SEC filing | |
| Transformation Capital | Transformation Capital Partners III-CPRX, L.P. | — | MA | SEC filing | |
| HCM S14Ai | HCM S20A LP | — | CA | SEC filing | |
| HCM S14Ai | HCM S7C LP | — | CA | SEC filing | |
| SPCM | SPCM Consumer Growth Equity Fund, L.P. | — | TX | SEC filing | |
| Viola Ventures | Viola Ventures VII, L.P. | — | L3 | SEC filing | |
| AperiamVentures | AperiamVentures Fund III LP | — | NJ | SEC filing | |
| Enduring Love | Enduring Love LLC Vnqsh with Love | — | CA | SEC filing | |
| FirsthandVC | FirsthandVC Fund II, LP | — | DE | SEC filing | |
| FirsthandVC | FirsthandVC Fund II QP, LP | — | DE | SEC filing | |
| Fortius Ventures | Fortius Ventures Fund II, LP | — | CA | SEC filing | |
| Inflection Ventures | Inflection Ventures Groq Fund II LLC | — | NY | SEC filing | |
| Lightning Fund Beta | Lightning Fund Beta, LP | — | NY | SEC filing | |
| Terrain | Terrain Opportunity III, LP | — | MD | SEC filing | |
| Tintic | Tintic Fund I, LP | — | UT | SEC filing | |
| ACP | ACP Opportunities V LLC | — | TN | SEC filing | |
| DigitalDx Femtech | DigitalDx Femtech I, LP | — | CA | SEC filing | |
| DigitalDx NowDx | DigitalDx NowDx Fund II, LP | — | CA | SEC filing | |
| Giant Ventures Beyond Aero | Giant Ventures Beyond Aero LP | — | CA | SEC filing | |
| HW Classic Hops | HW Classic Hops LLC | — | DC | SEC filing | |
| T1V Europa | T1V Europa LLC | — | CA | SEC filing | |
| Aspect | Aspect F3W, L.P. | — | TX | SEC filing | |
| Depth Ventures | Depth Ventures Fund I, L.P. | — | CA | SEC filing | |
| HCM S14Ai | HCM S20B LP | — | CA | SEC filing | |
| MVP | MVP Ventures Select Fund I AI LP | — | CA | SEC filing | |
| MVP | MVP Ventures Select Fund I QP LP | — | CA | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 41 | 20 | $2.19B |
| New York | 17 | 30 | $454M |
| Florida | 8 | 3 | $121M |
| New Jersey | 7 | 0 | $150M |
| Delaware | 5 | 63 | $65M |
| Massachusetts | 4 | 1 | $1.89B |
| Texas | 3 | 12 | $35.5M |
| Connecticut | 2 | 1 | $15.7M |
| District of Columbia | 2 | 0 | $50M |
| Tennessee | 2 | 0 | $6M |
| Colorado | 1 | 5 | $50M |
| Nevada | 1 | 4 | $5.02M |
| Utah | 1 | 4 | — |
| Virginia | 1 | 4 | $5M |
| Pennsylvania | 1 | 1 | $18M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 56 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 29 | 71 | $1.87B |
| B2B Software | 15 | 17 | $1.87B |
| Healthcare | 8 | 30 | $732M |
| Cybersecurity | 8 | 11 | $413M |
| Developer Tools | 7 | 2 | $528M |
| Consumer | 6 | 9 | $425M |
| Climate & Energy | 5 | 47 | $63.1M |
| Media, Gaming & Creator | 4 | 11 | $107M |
| Biotech & Pharma | 3 | 15 | $800M |
| Crypto & Web3 | 3 | 13 | — |
| Fintech | 3 | 12 | $118M |
| E-commerce & Retail | 2 | 1 | $200M |
| Mobility & Logistics | 1 | 58 | $21.6M |
| Deep Tech | 1 | 20 | — |
| Food & Agriculture | 1 | 20 | $21.6M |
New SPVs and deal vehicles in November 2025
The 50 largest of 255; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| NC Global | NC Global, LP - NC Cohere Series II | $45.5M | DE | SEC filing | |
| U.S. HMC | U.S. HMC Series FUND LP - Series VII | $33.2M | NY | SEC filing | |
| Eclipse | Eclipse SPV XXVIII, L.P. | $31M | CA | SEC filing | |
| Thirdbase | Thirdbase Opportunity LP - Series OA | $24.5M | NY | SEC filing | |
| Alkeon Innovation | Alkeon Innovation Series, LP - Alpha | $20M | NY | SEC filing | |
| DDS Founders | DDS Double Lions Fund a Series of DDS Founders Fund LLC | $15M | DE | SEC filing | |
| Viva-SX | Viva-SX LLC - Series F | $12.6M | DE | SEC filing | |
| Rhea Investment | Rhea QLE Access a Series of Rhea Investment Holdings LLC | $10M | WA | SEC filing | |
| Thirdbase | Thirdbase Opportunity LP - Series GQ | $10M | NY | SEC filing | |
| Ben s Bites | Ben's Bites Fund II, a series of Ben's Bites Fund, LP | $10M | WA | SEC filing | |
| BioStar | BioStar V AVS GR SPV II, LLC | $10M | MI | SEC filing | |
| Families | Fund I, a series of Families Fund, LP | $10M | WA | SEC filing | |
| K5 Tech | K5 Tech Fund II, LP - Series 205 | $9M | FL | SEC filing | |
| Discerning Capital | Discerning Capital Outlier SPV, LLC | $7.85M | NV | SEC filing | |
| AGC AI Nexus | AGC Replit III a Series of AGC AI Nexus Fund LLC | $7.68M | DE | SEC filing | |
| Silent Capital | Silent Capital XXII, a Series of Silent Capital Holdings, LP | $7.3M | WA | SEC filing | |
| Avo Technology | Avo AI IV a Series of Avo Technology Fund LP LLC | $7.13M | DE | SEC filing | |
| FJ Labs | FJ Labs Entrepreneurs Fund 2025, a series of FJ Labs Funds, LP | $7M | NY | SEC filing | |
| SPLY Capital | SPLY Capital Funds LLC - Series 13 | $6.46M | DE | SEC filing | |
| Artificial Intelligence in Health | AIHF I, a series of Artificial Intelligence in Health Fund, LP | $6.45M | WA | SEC filing | |
| Neo | Neo SPV 4.3, LP | $6M | CA | SEC filing | |
| GSBackers Hermeus | GSBackers Hermeus Fund I a Series of CGF2021 LLC | $5.61M | DE | SEC filing | |
| Spring Tide | Impulse September 2025 a Series of Spring Tide Master II LLC | $5.18M | DE | SEC filing | |
| Modi Ventures | Modi Ventures KV SPV, LLC | $5.18M | TX | SEC filing | |
| GSBackers Synchron | GSBackers Synchron Fund I a Series of CGF2021 LLC | $5.01M | DE | SEC filing | |
| Scout Ventures | Scout Ventures Fund V - VA Sidecar LP | $5M | TX | SEC filing | |
| Greenwood & Cavalier | Generations Fund a Series of Greenwood & Cavalier Funds LLC | $5M | TX | SEC filing | |
| U.S. HMC | U.S. HMC Series Fund LP - Series I | $5M | NY | SEC filing | |
| Litquidity Ventures | Litquidity Ventures Fund LLC - Series 29 | $4.91M | DE | SEC filing | |
| Blue Diamond Capital Realloys Partners | Blue Diamond Capital Realloys Partners 1 a Series of CGF2021 LLC | $4.82M | DE | SEC filing | |
| Gutter | RE-1102 Fund I, a series of Gutter Capital, LP | $4.54M | WA | SEC filing | |
| NVC HCP | NVC Stord SPV, LLC | $4.4M | CA | SEC filing | |
| Hubrix Ventures | TE-0905 Fund I, a series of Hubrix Ventures, LP | $4.33M | WA | SEC filing | |
| Halogen Ventures | Halogen Ventures SPV, L.P. - Series Metropolis Pre-IPO | $3.75M | CA | SEC filing | |
| Silvertech Ventures | Silvertech Ventures IV LLC - Series I | $3.73M | NY | SEC filing | |
| DTX VC | DTX VC SPV LLC, Series Two - Make Rain | $3.73M | TX | SEC filing | |
| SPLY Capital | SPLY Capital Funds LLC - Series 10 | $3.45M | DE | SEC filing | |
| Tandem Ventures | Tandem Ventures SPV X (Redo), LP | $3.22M | UT | SEC filing | |
| AGC AI Nexus | AGC Replit IV a Series of AGC AI Nexus Fund LLC | $3.16M | DE | SEC filing | |
| SPLY Capital | SPLY Capital Funds LLC - Series 6SPLY Capital Funds LLC - Series 6 | $3.05M | DE | SEC filing | |
| LBS Investments | F25, a series of LBS Investments I, LP | $3M | WA | SEC filing | |
| DataPower Capital Partners | DPV SpaceX IV a Series of DataPower Capital Partners LLC | $2.99M | DE | SEC filing | |
| Decisive | Decisive Point - Vatn Systems II, LLC | $2.93M | NY | SEC filing | |
| SPLY Capital | SPLY Capital Funds LLC - Series 1 | $2.91M | DE | SEC filing | |
| Daybreak | Daybreak Ventures Opportunities 1, LLC | $2.87M | NY | SEC filing | |
| Mr. Wizard Ventures | LI-0715 Fund II, a series of Mr. Wizard Ventures, LP | $2.85M | PR | SEC filing | |
| Flex Capital | Flex Capital Partners XII, LLC | $2.75M | CA | SEC filing | |
| Thrive Capital Partners | Thrive Capital Partners VII-B, LLC | $2.63M | NY | SEC filing | |
| Infinite Capital | Infinite Capital LP - Series Mytra | $2.58M | FL | SEC filing | |
| Polis | Polis MedTech Ventures LLC - Series 3 | $2.5M | DE | 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 November 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.