Private Capital lives under The World → Private capital in the menu, and publicly at palanor.com/private-capital. It gathers the charts on private markets into one page: fundraising by funds, money raised by companies, exits, and Emerging Spaces.
What is on the page
- The pulse. One monthly reading of how busy private capital is against its own record.
- Fundraising: the funds. U.S.-based venture capital funds by the year they first filed (their vintage), by size and by state, as counts and money and as shares of each year. Single-deal vehicles (SPVs, co-invest and platform deal funds) are left out. New fund notices each quarter, first-time managers, and how long managers wait between fund launches.
- Venture money: the companies. Money private companies raise, by state (a map of the latest year) and by industry, how big a typical raise is, the mega-raises and the share going to AI companies.
- Exits. The IPO pipeline, IPOs by sector, SPACs, deals reported on 8-K, merger filings by size and in-depth merger reviews.
- Emerging Spaces. The theme map (below).
Every panel is a library chart. Open it to download it, follow it, track it in a Study, or switch on Palanor Foresight. Each panel also links to the methodology of its main series.
Emerging Spaces
Emerging Spaces sorts the private companies that raised money on Form D into technology themes, such as AI agents, fusion, GLP-1 and obesity, robotics, quantum and space. For each theme and quarter it shows the money raised, new companies, SBIR and STTR research awards and patents granted.
- The map. Each rectangle is a theme, sized by its last year of private money and coloured by momentum: orange when that year of money is growing, blue when it is shrinking, grey when it is about flat. Hatched themes have a thin record.
- The table. Every theme with its money, momentum, new companies, SBIR dollars and patents. Click a column to sort it. Right-click a row to open the theme, open its signal or copy its link.
- Theme pages. Money, new companies, SBIR awards and patents by quarter, the companies that raised the most, the words that put a company in the theme, and, where a federal industry covers the theme cleanly, its measured size from the Census Bureau, BEA or BLS.
How themes are made
The themes and the rules that assign them were written and committed before any total was computed. A company gets one theme or none. Where Palanor holds a one-line description of the company, the description decides; otherwise the company name does. Companies that raised the most are checked by a model, and that answer is final. A hand check of companies drawn at random measured how often the theme is right, and the result is shown on the Emerging Spaces page.
Totals are lower bounds: a company with a plain name and no description is in no theme. Themes with too thin a record are shown but have no published signal.
Where the data comes from
SEC Form D, Form ADV and EDGAR filings, FTC merger filings, SBIR.gov and the USPTO, all public. Form ADV files from 2025 come from adviserinfo.sec.gov and are used under the BrokerCheck Terms of Use. Palanor calculations are labelled as such on every chart and signal.