New York's Share of U.S. Private Venture Money (SEC Form D, trailing four quarters)

## What this measures

The percentage of U.S. venture-like money raised over the trailing four quarters by companies whose principal place of business on Form D is in New York.

## Why it matters

How concentrated private company building is, and whether it is moving. A falling share for the largest states means money is spreading out; a rising one, that it is pooling.

## How it is made

Every company that sells securities under Rule 506 of Regulation D files a notice, Form D, with the SEC within 15 days of the first sale, and amends it at least once a year while the offering runs. The SEC's Division of Economic and Risk Analysis publishes every notice as filed in quarterly data sets (2009 onward). Palanor loads all of them. An offering is its SEC file number (an amendment, Form D/A, keeps the number of the notice it amends), and each filing reports the total sold so far, so the money a filing adds is its total minus the previous filing's.

**Venture-like offerings** are equity (alone or with debt, options or other securities) sold under Rule 506 by a U.S. private operating company: no pooled-fund interests, no funds or deal vehicles, no banks, investment vehicles, oil and gas, coal or real estate, no limited partnerships or business trusts, no registered investment companies, no business combinations, and no company that was already an SEC reporting company. Offerings with a filing that adds $1 billion or more count only after a hand review (typing errors such as $105 billion for a $105 million round are dropped). The full rule list is in the Palanor code (src/lib/form-d/venture.ts), the same definition as Palanor's other Form D series. The share is the state's money over the last four quarters divided by the U.S. total over the same four quarters, so one very large round moves it less than it moves a single quarter.

## How to read it

A share of a whole: when one state's companies close very large rounds, every other state's share falls in the same quarters even if its own raising did not change.

## What it does not cover

Form D is a notice of an exemption, not an announced funding round. Companies that raise without Rule 506, or file late or never, are missing, and some of the largest private companies raise without a notice of their own (only their investor vehicles file). Amounts are what companies report as sold, in the quarter the notice is filed, not when the money was wired. The industry group, state and fund type are the filer's own answers on the form and are not checked. A company is placed where it says its principal place of business is.

## Source

Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).