Bars over time
First-Time Private Fund Managers
Advisers that launched their first private fund in the year, all fund types and venture capital, from Form ADV linked to Form D
Plays the chart through its history. Pauses are where the data set a record or moved most.
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Palanor calculation from Form ADV Schedule D, each adviser’s annual amendment for the fiscal year: the SEC’s FOIA Form ADV files, then from 2025 BrokerCheck data from the SEC’s adviser disclosure site (adviserinfo.sec.gov, FINRA), whose use is subject to the BrokerCheck Terms of Use. Each fund is dated by its first Form D filing; an adviser counts in the year of its first linked fund if the SEC first listed it no earlier than the year before. Funds without a Form D file number are not counted.
How many new managers break into private funds each year. Palanor links the Form D file numbers advisers report for their funds to the Form D notices themselves, so a manager’s first fund can be dated.
What this chart reads
- First-Time Private Fund Managers (U.S. advisers, per year)as “First-time managers”latest 2025-12-31
- First-Time Venture Capital Fund Managers (U.S. advisers, per year)as “First fund is venture capital”latest 2025-12-31
Sources
First-Time Private Fund Managers (U.S. advisers, per year). Source: Palanor calculation from the SEC FOIA Form ADV data (www.sec.gov/foia-services/frequently-requested-documents/form-adv-data), Form ADV Part 1A and Schedule D for registered and exempt reporting advisers, filings 2011-11-05 to 2024-12-31 (U.S. government work in the public domain), and the monthly Form ADV filing data files on adviserinfo.sec.gov for filings 2025-01-01 to 2026-09-30, retrieved 2026-10-19: BrokerCheck data (FINRA, brokercheck.finra.org), used for investor protection; use is subject to the BrokerCheck Terms of Use (brokercheck.finra.org/terms). Report errors to support@palanor.com. Reloaded by Palanor once a year. Form D: SEC Form D data sets (public domain).
First-Time Venture Capital Fund Managers (U.S. advisers, per year). Source: Palanor calculation from the SEC FOIA Form ADV data (www.sec.gov/foia-services/frequently-requested-documents/form-adv-data), Form ADV Part 1A and Schedule D for registered and exempt reporting advisers, filings 2011-11-05 to 2024-12-31 (U.S. government work in the public domain), and the monthly Form ADV filing data files on adviserinfo.sec.gov for filings 2025-01-01 to 2026-09-30, retrieved 2026-10-19: BrokerCheck data (FINRA, brokercheck.finra.org), used for investor protection; use is subject to the BrokerCheck Terms of Use (brokercheck.finra.org/terms). Report errors to support@palanor.com. Reloaded by Palanor once a year. Form D: SEC Form D data sets (public domain).
Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.