New Exempt Reporting Advisers (U.S., per year)

## What this measures

The number of advisers that first appeared as exempt reporting advisers (Form ADV filed as an exempt reporting adviser) in each calendar year. An adviser counts in the month its first exempt report took effect (the SEC status effective date on the first list that shows it, or the month of that list). Series from July 2012; a calendar year is published once the list after it is out.

## Why it matters

New exempt reporting advisers are mostly new venture capital and small private fund managers: a direct count of new private fund firms.

## How to read it

Higher means more new firms. Read it with the total count: the total moves by new firms minus those that leave.

## What it does not say

Answers come from each adviser's latest Form ADV, and most advisers update the form once a year, within 90 days of their fiscal year end. A month's figure therefore mixes answers from different dates, and the annual filing season (March and April for calendar-year advisers) moves it most. State-registered advisers (generally those with less than $100 million under management, registered with a state securities regulator) are not on the lists. A few months are missing from the SEC archive: most of the second half of 2006 and early 2007, a few months in 2007 and 2008, January 2019, and October and November 2025 (the last two during federal government shutdowns). A firm that registers and withdraws between two lists is never seen. Firms that leave and later return count only the first time.

## Source

Palanor calculation from the SEC's monthly lists "Information About Registered Investment Advisers and Exempt Reporting Advisers" (sec.gov/data-research/sec-markets-data/information-about-registered-investment-advisers-exempt-reporting-advisers), U.S. government work in the public domain; the SEC asks for citation as the source. Loaded and refreshed monthly by Palanor.