Who Is Raising in Private Markets? New Form D Filings, October 2026 vs October 2025

November 5, 2026

Key takeaways

• New Form D filings by pooled investment funds rose from 1,859 in October 2025 to 2,192 in October 2026, up 17.9%.
• Private equity fund filings rose 29.3% (529 to 684). Venture capital fund filings fell 6.1% (837 to 786), the only fund type to decline.
• Pooled funds made up 59.0% of all new Form D filings in October 2026, up from 53.5% a year earlier.
• Form D counts filings, not capital raised.

Why we counted

Most fundraising data comes from surveys or paid databases. Form D is different: it is the notice private funds file with the SEC when they sell securities under Regulation D, and it is public. We counted every new Form D filed in October of each year and read the fund type each filer reported.

What we found

Source: SEC EDGAR, new Form D filings (form type D, amendments excluded), filed Oct 1 to Oct 31 of each year. Compiled by LPShares.

Private equity led the growth

Private equity fund filings rose by 155, the largest gain in count among the named fund types. Pooled-fund filings overall grew more than twice as fast as Form D filings across all industries (17.9% vs 6.9%).

Venture was the exception

Venture capital fund filings fell 6.1%, the only fund type that declined year over year.

“Other” funds jumped 52.6%

Form D has no separate box for private credit, infrastructure, real estate funds, secondaries or fund of funds. Those funds usually file as “Other” or “Private equity.” The rise in “Other” may include some of them, but the form does not let us confirm it.

Single-deal vehicles: a directional signal

Pooled-fund filers with “SPV,” “Series” or “Co-Invest” in their names rose from 843 to 1,092 (about 30%), with private equity names doubling (168 to 335). This is a name match, so treat it as a direction, not a precise count.

What this means for LPs

More filings point to more managers in market with new offerings. For LPs, that can mean more capital calls competing for allocation, and more reasons to review existing positions. Some LPs rebalance by selling fund interests on the secondary market. LPShares is a marketplace where buyers and sellers of private market interests connect directly.

Method

1. Pulled the SEC EDGAR quarterly form index for Q4 2025 and Q4 2026.
2. Kept filings with form type D dated Oct 1 to Oct 31 (3,477 in 2025; 3,718 in 2026). Amendments (D/A) were excluded.
3. Read Item 4 of each filing (7,195 documents) for industry group and, for pooled investment funds, fund type.
4. Cross-checked October 2025 against the SEC’s published Form D data set: same direction and mix, about 2 to 3% lower counts. October 2026 has no second source yet.

Limits

• Form D counts filings, not funds closed or dollars raised. One manager can file several vehicles, and 721 of the October 2026 pooled filings report no sale yet.
• “New” filings include new offerings by existing filers, not only first-time managers.
• The U.S. federal government shutdown began Oct 1, 2025. EDGAR kept accepting filings, but the effect on that month’s base is not verified.

FAQ

What is a Form D?

A notice filed with the SEC by issuers, including private funds, selling securities under a Regulation D exemption.

Does a Form D show how much a fund raised?

Not reliably. It reports offering and sold amounts at filing, and many filings report no sale yet. We count filings only.

Why is there no real estate or private credit row?

Form D’s fund types are hedge, private equity, venture capital and other. Real estate and private credit funds file under those types.

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Photo: Don Ramey Logan via Wikimedia Commons, CC BY 4.0