New venture funds filed in December 2025
148 new venture funds and 348 SPVs filed their first Form D with the SEC in December 2025, with $14.6B in total target capital across the 104 funds that stated a size. The largest was Accel Leaders 5 L.P. (Accel) at $4B; California led with 55 new funds; the most common sponsor sectors were AI & ML (33), Healthcare (16) and B2B Software (16). New fund filings were up 44% from November 2025 (103).
Updated from SEC Form D filings · How we count · Methodology
- New funds
- 148
- 103 in November
- New SPVs
- 348
- 255 in November
- Target capital
- $14.6B
- across 104 funds with a stated size
- Median fund
- $31.5M
- offering size
- Largest fund
- $4B
- Accel
- Sponsoring firms
- 131
- most in California
What was the largest venture fund filed in December 2025?
Accel Leaders 5 L.P., sponsored by Accel (CA), with a $4B offering, first filed on Dec 18, 2025. The next largest was Lux Ventures IX, L.P. (Lux Ventures) at $1.5B.
Which states had the most new venture funds in December 2025?
California (55), New York (28), Massachusetts (10), Texas (8) and Connecticut (5), counted by the sponsoring firm's home state. California's new funds target $8.96B in total.
What sectors do the firms behind December's new funds invest in?
AI & ML (33), Healthcare (16), B2B Software (16), Hardware & Robotics (11) and Biotech & Pharma (10) lead, by the sectors each sponsoring firm backs. 73 of the 148 funds come from firms with no sector on record yet.
How many SPVs were filed in December 2025?
348 new SPVs and other deal vehicles filed a first Form D in December 2025, against 148 new funds. SPVs are single-deal or co-investment vehicles and are counted separately from funds.
How does December 2025 compare with November 2025?
148 new funds against 103 (+44%), 348 SPVs against 255, and $14.6B of target capital against $5.09B.
Every new venture fund in December 2025
148 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 |
|---|---|---|---|---|---|
| Accel | Accel Leaders 5 L.P. | $4B | CA | SEC filing | |
| Lux Ventures | Lux Ventures IX, L.P. | $1.5B | NY | SEC filing | |
| Drive Capital | Drive Capital Overdrive Fund III, L.P. | $810M | OH | SEC filing | |
| Column | Column Group Opportunity IV, LP | $600M | CA | SEC filing | |
| Column | Column Group VI, LP | $600M | CA | SEC filing | |
| SV Angel Ascent | SV Angel Ascent I, L.P. | $575M | CA | SEC filing | |
| Drive Capital | Drive Capital Fund V, L.P. | $540M | OH | SEC filing | |
| South Park Commons | South Park Commons Fund IV, L.P. | $500M | CA | SEC filing | |
| Matter Venture Partners | Matter Venture Partners Fund II, L.P. | $450M | CA | SEC filing | |
| Industry Ventures | Industry Ventures Tech Buyout Co-Investment III, L.P. | $400M | CA | SEC filing | |
| Health Velocity Capital | Health Velocity Capital III, L.P. | $300M | CA | SEC filing | |
| Fireside Ventures Investment | Fireside Ventures Investment Fund IV | $253M | K7 | SEC filing | |
| CHAP Capital One | CHAP Capital One LP | $250M | CA | SEC filing | |
| Helena Special Investments | Helena Special Investments Fund II LP | $200M | NY | SEC filing | |
| Silas Capital Partners | Silas Capital Partners III, L.P. | $200M | NY | SEC filing | |
| Mischief | Mischief 3, L.P. | $165M | CA | SEC filing | |
| Renegade Partners | Renegade Partners III, L.P. | $150M | CA | SEC filing | |
| Committed Capital | Committed Capital Fund I, LP | $150M | DE | SEC filing | |
| Flume Ventures | Flume Ventures Entrepreneurs Fund, L.P. | $147M | NV | SEC filing | |
| Altimeter Reindustrialization | Altimeter Reindustrialization Opportunities Fund, L.P. | $125M | MA | SEC filing | |
| Altimeter | Altimeter Growth Olympic Fund V, L.P. | $110M | MA | SEC filing | |
| Cosmos | Cosmos Fund I LP | $100M | TX | SEC filing | |
| Powerhouse Ventures | Powerhouse Ventures Fund III LP | $100M | CA | SEC filing | |
| Never Lift VC | Never Lift VC II, L.P. | $100M | NY | SEC filing | |
| Watertower Ventures Early | Watertower Ventures Early Access Fund III, L.P. | $100M | CA | SEC filing | |
| Drive Capital | Drive Capital Overdrive Ignition Fund III, L.P. | $100M | OH | SEC filing | |
| MW LSV Agility | MW LSV Agility, LLC | $100M | CA | SEC filing | |
| Premise Ventures | Premise Ventures Fund I, L.P. | $100M | CA | SEC filing | |
| E14 | E14 Fund 4 Limited Partnership | $100M | MA | SEC filing | |
| Ubiquity | Ubiquity Ventures IV, L.P. | $80M | CA | SEC filing | |
| N49P | N49P Fund IV, L.P. | $75M | WA | SEC filing | |
| Delta-v Capital Digital Infrastructure | Delta-v Capital Digital Infrastructure Fund I-JP, LP | $74.5M | CO | SEC filing | |
| xBuilders | xBuilders Fund II, LP | $60M | NY | SEC filing | |
| Arc180 | Arc180 Fund I, L.L.C. | $60M | CA | SEC filing | |
| Linse Capital | Linse Capital AI LP | $57.3M | PR | SEC filing | |
| Menlo Inflection | Menlo Inflection ABN AI Partners, L.P. | $55M | CA | SEC filing | |
| Deep Future | Deep Future Fund II, LP | $50M | WA | SEC filing | |
| Go Global Faster | Go Global Faster LP | $50M | CA | SEC filing | |
| Mango Capital | Mango Capital 2025 LP | $50M | CA | SEC filing | |
| Drive Capital | Drive Capital Ignition Fund V, L.P. | $50M | OH | SEC filing | |
| Villain Ventures | Villain Ventures Fund I, LP | $50M | NY | SEC filing | |
| Garuda Ventures | Garuda Ventures 2, L.P. | $50M | CA | SEC filing | |
| GC Venture | GC Venture XII (A), L.P. | $50M | MA | SEC filing | |
| Rembrandt Partners | Rembrandt Partners VI, L.P. | $50M | WY | SEC filing | |
| Altimeter Vesuvius | Altimeter Vesuvius Fund I, L.P. | $49.5M | MA | SEC filing | |
| W Health Ventures | W Health Ventures Fund II LP | $45.2M | MA | SEC filing | |
| Linse Ignition | Linse Ignition WB LP | $45M | NV | SEC filing | |
| F-LMA | F-LMA, L.P. | $42M | CA | SEC filing | |
| Lulu Cheng Meservey | Lulu Cheng Meservey, LP | $40.4M | PA | SEC filing | |
| Actions | Actions Flagship Fund IV LP | $35M | NY | SEC filing | |
| Cosmos | Cosmos Holdings LLC | $33M | TX | SEC filing | |
| Artist Growth | Artist Growth Opportunity IX LP | $32M | NY | SEC filing | |
| Tru Arrow Technology Partners CIV | Tru Arrow Technology Partners CIV VIII, LP | $31M | NY | SEC filing | |
| Accel | Accel Growth Fund VI Opportunities (S) L.P. | $30M | CA | SEC filing | |
| Phase Capital | Phase Capital Fund I LP | $30M | TN | SEC filing | |
| Starframe | Starframe Fund I LP | $25M | OK | SEC filing | |
| Reveille VC | Reveille VC Fund I, L.P. | $25M | NY | SEC filing | |
| Series X Capital | Series X Capital Affiliates Fund I, L.P. | $25M | CA | SEC filing | |
| WCM Partners | WCM Partners DB25 LP | $23M | CA | SEC filing | |
| Altimeter Kilauea | Altimeter Kilauea Fund I, L.P. | $22.5M | MA | SEC filing | |
| Decibel | Decibel Investments I, LP | $21M | CA | SEC filing | |
| SCP VCI | SCP VCI Block US LLC | $20M | NY | SEC filing | |
| House | House Fund Breakout XII, L.P. | $18.2M | NJ | SEC filing | |
| IronArc | IronArc Opportunities XIX, LP | $17.3M | TX | SEC filing | |
| Center15 Capital | Center15 Capital E LLC | $16M | CA | SEC filing | |
| Reef Pass | Reef Pass Investors EVA, LP | $15.8M | CT | SEC filing | |
| Mission 3A | Mission 3A New Media Fund I, LP | $15M | TX | SEC filing | |
| Silas Capital Partners | Silas Ventures III LP | $15M | NY | SEC filing | |
| IronArc | IronArc Opportunities XX, LP | $13.4M | TX | SEC filing | |
| Echelon Fervo | Echelon Fervo, LLC | $13.1M | WY | SEC filing | |
| Usit | Usit II LC I, LP | $11.6M | PA | SEC filing | |
| FPG Ad | FPG Ad Claritas VI, LP | $10.6M | IL | SEC filing | |
| Huizenga Venture Investments | Huizenga Venture Investments V, LLC | $10.6M | IL | SEC filing | |
| PrePublic Equity Partners | PrePublic Equity Partners Fund 1, LLC | $10.5M | NH | SEC filing | |
| Silas-Doen | Silas-Doen LLC | $10.5M | NY | SEC filing | |
| NLP AI | NLP AI, LP | $10.3M | CA | SEC filing | |
| Autopilot Horizon | Autopilot Horizon X LLC | $10M | NY | SEC filing | |
| Pure Equity Venture | Pure Equity Venture FUND I, LP | $10M | TN | SEC filing | |
| 57Blocks Capital | 57Blocks Capital LP | $10M | CA | SEC filing | |
| Immersion-Safavi Future Ventures | Immersion-Safavi Future Ventures Fund I, LP | $10M | AZ | SEC filing | |
| POV Ventures | POV Ventures Fund I, LP | $10M | CA | SEC filing | |
| Nosara | Nosara Zen, L.P. | $9M | CT | SEC filing | |
| Center15 Capital | Center15 Capital SF LLC | $9M | CA | SEC filing | |
| Thrive Capital Partners | Thrive Capital Partners VI-J, LLC | $7.42M | NY | SEC filing | |
| CL Advisors - DV | CL Advisors - DV LP | $7.29M | CA | SEC filing | |
| Innovative Pharma | Innovative Pharma LLC | $5.13M | NY | SEC filing | |
| SAS KVK | SAS KVK LLC | $5.1M | NY | SEC filing | |
| Corner | Corner TD, LLC | $5M | NY | SEC filing | |
| Replicator VC | Replicator VC Fund I, LP | $5M | CA | SEC filing | |
| SCP VCI | SCP VCI US LLC | $5M | NY | SEC filing | |
| EPIC Ramp | EPIC Ramp LP | $5M | CA | SEC filing | |
| Cherry | Cherry Fund II, LP | $4.83M | TX | SEC filing | |
| Hypernova | Hypernova FUND LP | $4.66M | CA | SEC filing | |
| House | House Holdings - HAD, L.P. | $4.5M | NJ | SEC filing | |
| Delta-v Capital Digital Infrastructure | Delta-v Capital Digital Infrastructure Fund I, LP | $4.4M | CO | SEC filing | |
| ICP Vitalis DH | ICP Vitalis DH I, LLC | $4.21M | FL | SEC filing | |
| Island Green | Island Green K2 LP | $4.2M | CA | SEC filing | |
| MESH | MESH Invest V, L.P. | $4.16M | OR | SEC filing | |
| 776 | 776 Fund 1952 Helsinki, L.P. | $4.1M | FL | SEC filing | |
| ECP | ECP O12, LLC | $3.65M | NJ | SEC filing | |
| TV Majestic | TV Majestic Holdings Limited Partnership | $3.6M | L3 | SEC filing | |
| Silas-Bp | Silas-Bp LLC | $3.05M | NY | SEC filing | |
| TV Majestic | TV Xtend Holdings Limited Partnership | $3M | L3 | SEC filing | |
| Eagle Venture Studio | Eagle Venture Studio, LLC | $3M | TX | SEC filing | |
| AH Bio | AH Bio Fund V-B, L.P. | — | CA | SEC filing | |
| Page One Ventures | Page One Ventures II, LP | — | CA | SEC filing | |
| Progression | Progression Fund III, L.P. | — | CA | SEC filing | |
| FPG Ad | FPG Ad Claritas V, LP | — | IL | SEC filing | |
| Indicator Ventures | Indicator Ventures IV, L.P. | — | MA | SEC filing | |
| 1900 | 1900 Scout Ventures Fund 5 2025 Series (fund 1900 Direct Series LLC) | — | TX | SEC filing | |
| Autotech | Autotech Fund IV, L.P. | — | CA | SEC filing | |
| Govtech Ventures | Govtech Ventures Fund I, LP | — | CA | SEC filing | |
| HCM S14Ai | HCM S9Aviii LP | — | CA | SEC filing | |
| Health Innovation Capital Partners | Health Innovation Capital Partners Fund 1 LLC | — | FL | SEC filing | |
| HF0 | HF0 Fund VI, LP | — | CA | SEC filing | |
| Maniv Mobility | Maniv Mobility Special Opportunities, L.P. (Series 11) | — | NY | SEC filing | |
| Westbound AC / | Westbound AC / Angel Fund II, LLC | — | CA | SEC filing | |
| 111 West Capital | 111 West Capital CNB LLC | — | WY | SEC filing | |
| Alpaca VC | Alpaca VC Fund IV LP | — | NY | SEC filing | |
| Zeev Ventures | Zeev Ventures XI, L.P. | — | CA | SEC filing | |
| XRC | XRC Opportunity Fund II, L.P. | — | SC | SEC filing | |
| GC Creation | GC Creation Fund III, L.P. | — | MA | SEC filing | |
| Background Capital | Background Capital FUND V, L.P. | — | WI | SEC filing | |
| Basis Set | Basis Set Ventures IV, L.P. | — | CA | SEC filing | |
| Curah | Curah, L.P. | — | CA | SEC filing | |
| Greycroft | Greycroft Consumer Products Fund II, L.P. | — | NY | SEC filing | |
| 6th Man Ventures | 6th Man Ventures Fund III, LP | — | CT | SEC filing | |
| Football & Technology | Football & Technology Fund II, L.P. | — | NY | SEC filing | |
| Gideon Metropolis | Gideon Metropolis LLC | — | CA | SEC filing | |
| CASSIUS | CASSIUS Capital 4, LP | — | GA | SEC filing | |
| Pappy Capital | Pappy Capital 2, LP | — | CA | SEC filing | |
| Cure Ventures | Cure Ventures Fund II, L.P. | — | MA | SEC filing | |
| Earthrise Ventures | Earthrise Ventures II, LP | — | NY | SEC filing | |
| Hash3 Capital | Hash3 Capital Feeder II LP | — | CT | SEC filing | |
| Hash3 Capital | Hash3 Capital Fund II LP | — | CT | SEC filing | |
| Higher Ground Labs | Higher Ground Labs Fund V LP | — | IL | SEC filing | |
| Nea CH | NEA 19 Access Fund, L.P. | — | CA | SEC filing | |
| Nea CH | NEA 19 Venture Growth Equity, L.P. | — | CA | SEC filing | |
| New Enterprise Associates | New Enterprise Associates 19, L.P. | — | CA | SEC filing | |
| Nyca Investment | Nyca Investment Fund V-A, LP | — | NY | SEC filing | |
| Protagonist VVRL | Protagonist VVRL II LP | — | FL | SEC filing | |
| At One Ventures | At One Ventures III, L.P. | — | CA | SEC filing | |
| Set Builders | Set Builders IV, L.P. | — | CA | SEC filing | |
| Saints Capital | Saints Capital Sierra II, LP | — | CO | SEC filing | |
| Lytical Ventures CI | Lytical Ventures CI III, LP | — | NY | SEC filing | |
| Lytical Ventures CI | Lytical Ventures CI III Parallel, LP | — | NY | SEC filing | |
| Village Global | Village Global IV, L.P. | — | CA | SEC filing | |
| Blockchange | Blockchange Fund, L.P. (Series '26) | — | FL | SEC filing |
New funds by state
By the sponsoring firm’s home state.
| State | New funds | SPVs | Fund target |
|---|---|---|---|
| California | 55 | 39 | $8.96B |
| New York | 28 | 46 | $2.32B |
| Massachusetts | 10 | 3 | $502M |
| Texas | 8 | 6 | $186M |
| Connecticut | 5 | 6 | $24.8M |
| Florida | 5 | 5 | $8.31M |
| Illinois | 4 | 1 | $21.1M |
| Ohio | 4 | 0 | $1.5B |
| Colorado | 3 | 3 | $78.9M |
| New Jersey | 3 | 1 | $26.4M |
| Wyoming | 3 | 0 | $63.1M |
| Washington | 2 | 118 | $125M |
| Nevada | 2 | 3 | $192M |
| Pennsylvania | 2 | 0 | $51.9M |
| Tennessee | 2 | 0 | $40M |
New funds by sector
By the sectors the sponsoring firm backs; a fund counts in each. 73 funds’ firms have no sector on record.
| Sector | New funds | SPVs | Fund target |
|---|---|---|---|
| AI & ML | 33 | 83 | $4.38B |
| Healthcare | 16 | 31 | $6.2B |
| B2B Software | 16 | 23 | $6.16B |
| Hardware & Robotics | 11 | 13 | $1.68B |
| Biotech & Pharma | 10 | 17 | $1.31B |
| Consumer | 10 | 8 | $719M |
| Developer Tools | 10 | 6 | $347M |
| Media, Gaming & Creator | 10 | 5 | $1.58B |
| Climate & Energy | 9 | 44 | $437M |
| Deep Tech | 9 | 18 | $475M |
| Cybersecurity | 8 | 10 | $1.17B |
| Real Estate & PropTech | 5 | 17 | $161M |
| Mobility & Logistics | 4 | 55 | $79.2M |
| Defense & Aerospace | 4 | 6 | $1.54B |
| Space | 3 | 22 | $148M |
New SPVs and deal vehicles in December 2025
The 50 largest of 348; each sponsor’s profile lists the rest of its deal vehicles.
Show the 50 largest SPVs
| Firm | Fund | Size | State | First filed | Source |
|---|---|---|---|---|---|
| U.S. HMC | U.S. HMC Series Fund LP - Series VI | $125M | NY | SEC filing | |
| Boost VC | Boost VC Nuclear, a series of Boost VC Lead, LP | $56.2M | CA | SEC filing | |
| Nomi Capital | Nomi Defense Fund I, a Series of Nomi Capital Master LLC | $50M | NY | SEC filing | |
| The Gate Strategic | Alpha I a Series of The Gate Strategic Opportunities LLC | $35.3M | DE | SEC filing | |
| Robo Eterna | Alpha, a series of Robo Eterna, LP | $33.1M | DE | SEC filing | |
| HSI | HSI M42 SPV LP | $30.1M | CA | SEC filing | |
| Wavecrest Dealerware | Wavecrest Dealerware SPV, L.P. | $30M | MA | SEC filing | |
| Draper | Draper Radiant SPV, L.P. | $29.2M | CA | SEC filing | |
| Neo | Neo SPV 4.4, LP | $26.9M | CA | SEC filing | |
| SnowVC | Fund 2025, a series of SnowVC, LP | $24.5M | WA | SEC filing | |
| Perceptive Ventures | Perceptive Ventures NVG SPV 1, L.P. | $22.6M | CA | SEC filing | |
| Avo Technology | Avo AI VI a Series of Avo Technology Fund LP LLC | $16.4M | DE | SEC filing | |
| ZG Capital | DA-1125 Gaingels Fund II, a series of ZG Capital Funds, LP | $13.2M | NY | SEC filing | |
| Viva-SX | Viva-SX LLC - Series F-1 | $12.4M | DE | SEC filing | |
| Zone 2 Ventures | Zone 2 Ventures CIS SPV LP | $11.5M | NY | SEC filing | |
| Architect Juul | Architect Juul SPV V, LLC | $11M | CA | SEC filing | |
| Clara Vista Ipswich | Clara Vista Ipswich SPV II-A, L.P. | $10M | NY | SEC filing | |
| DEEP Ocean Partners | DEEP Ocean Partners SPV I LLC | $10M | NY | SEC filing | |
| Next Legacy Alpha | Next Legacy Alpha 4 (Feeder), L.P. | $10M | CA | SEC filing | |
| Delusional Capital | Delusional Fund I a Series of Delusional Capital LLC | $10M | DE | SEC filing | |
| Nurture Venture Partners | NVP Fund I, a series of Nurture Venture Partners, LP | $10M | WA | SEC filing | |
| CRAY-C AI | CRAY-C AI Fund LLC - Series 1 | $9.71M | DE | SEC filing | |
| gradCapital | gC II, a series of gradCapital, LP | $9.45M | WA | SEC filing | |
| GSBackers Deel | GSBackers Deel Fund I a Series of CGF2021 LLC | $8.81M | DE | SEC filing | |
| Tyrell Ventures | Apollo IX, a series of Tyrell Ventures Funds, LP | $8.21M | PR | SEC filing | |
| Social Leverage | AL-1024 Fund II, a series of Social Leverage Funds, LP | $7.85M | AZ | SEC filing | |
| Capital | Capital 49 SPV I, LP | $7M | CA | SEC filing | |
| Florence Cap | Florence Capital SPV XVIII LLC a Series of Florence Cap LLC | $6.4M | DE | SEC filing | |
| Katherine-ME | Katherine-ME-1030 Fund I, a series of AngelList Funds 2025, LP | $5.92M | WA | SEC filing | |
| Alpha Annex Telemed | Alpha Annex Telemed Fund, LLC - Series III | $5.65M | NY | SEC filing | |
| Alpha Annex Telemed | Alpha Annex Citrus Fund, LLC - Series III | $5.35M | NY | SEC filing | |
| GSBackers Northwood | GSBackers Northwood Fund a Series of CGF2021 LLC | $5.26M | DE | SEC filing | |
| Viewpoint | Viewpoint - Moxie SPV, LP | $5.1M | NY | SEC filing | |
| SCVC | Fund LXXII, a series of SCVC Advisors, LP | $5.08M | CA | SEC filing | |
| SemperVirens-MI | SemperVirens-MI-1118 Fund I, a series of AngelList Funds 2025, LP | $5.07M | WA | SEC filing | |
| Congruent | Congruent Coefficient Alpha, a series of Congruent Coefficient Fund, LP | $5.05M | CA | SEC filing | |
| DV University Ave | DV Univ Ave Fund I a Series of DV University Ave LLC | $5M | DE | SEC filing | |
| AGC AI Nexus | AGC Volley I a Series of AGC AI Nexus Fund LLC | $5M | DE | SEC filing | |
| The Gate Strategic | Titan I a Series of The Gate Strategic Opportunities LLC | $4.73M | DE | SEC filing | |
| Verdure Venture Partners | VG-S2-25 a Series of Verdure Venture Partners LLC | $4.73M | DE | SEC filing | |
| Aris SPVs | Aris SPV I, a series of Aris SPVs, LP | $4.3M | DE | SEC filing | |
| Keeling Capital | Keeling Capital Fervo E SPV a Series of CGF2021 LLC | $4.25M | DE | SEC filing | |
| Alpha Annex Telemed | Alpha Annex Telemed Fund, LLC - Series II | $3.86M | NY | SEC filing | |
| Verdure Venture Partners | VG-AGD-25 a Series of Verdure Venture Partners LLC | $3.78M | DE | SEC filing | |
| GSBackers Cambium | GSBackers Cambium Fund 3 a Series of CGF2021 LLC | $3.74M | DE | SEC filing | |
| Privateer Verdant Ventures | Privateer Verdant Ventures NOV2025 a Series of CGF2021 LLC | $3.68M | DE | SEC filing | |
| Denver Angels | Boom Supersonic 30F II a Series of Denver Angels LLC | $3.5M | CO | SEC filing | |
| Harbor Bay Ventures | MO-1101 Fund I, a series of Harbor Bay Ventures, LP | $3.5M | WA | SEC filing | |
| VVC | VVC SPV II, LLC | $3.45M | VA | SEC filing | |
| LPV Secondary Investment | UP-1018 Fund I, a series of LPV Secondary Investment, LP | $3.42M | VA | 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 December 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.