Money Raised by Venture Capital Funds by Vintage Year (SEC Form D)

## What this measures

The total money venture capital funds report having raised, grouped by the year each fund first filed Form D, in billions of U.S. dollars.

## Why it matters

How much capital venture managers gathered in each year: the dry powder behind the next years of startup rounds.

## How it is made

Every private fund that sells interests under Rule 506 files a notice, Form D, with the SEC within 15 days of its first sale and amends it at least once a year while it raises. Palanor loads every notice in the SEC's quarterly Form D data sets (2009 onward). A fund here is a Form D offering whose latest filing is a pooled investment fund that calls itself a venture capital fund, based in a U.S. state or DC (principal place of business on the notice), with deal vehicles left out by name ("a Series of", "Series … of", "SPV", "Co-Invest", "Syndicate", "Feeder", "Investment in", and the FundersClub, OurCrowd and AngelList platforms) and money sold to date above zero (answers of $50 billion or more are typing errors and left out). Its vintage is the year of its first original notice, and its size is the total amount sold on its latest filing.

## How to read it

The series starts in 2010 at $15.47 billion. The latest reading, for 2025, is $44.47 billion. The high is $124.21 billion (2022) and the low $13.74 billion (2011). Not adjusted for inflation.

## What it does not say

Form D is a notice of an exemption, not a fund announcement. A vintage keeps growing as its funds report later closes on amended notices, so the newest years are first reads and rise. Parallel vehicles of one fund (onshore and offshore) file separate notices and count separately unless their names mark them as vehicles. Funds that raise only from outside the U.S., or never file, are missing. The fund type is the filer's own answer. Many very small funds are syndicates and rolling funds with ordinary names, which is why the median fund is small.

## Source

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