New private fund Form D notices rose 29% year over year in the third quarter of 2026

• 6,139 new private fund Form D notices were filed in the third quarter of 2026, against 4,750 in the third quarter of 2025 (up 29%). The second quarter of 2026 (6,149) and the third (6,139) are the two highest of the eleven quarters shown.
• Excluding issuers whose legal name says they are one series of a series limited partnership (typically single-deal vehicles), the count was 4,279 against 3,440 (up 24%).
• Also excluding every notice filed from one of 13 SPV platform addresses (6,587 of the 23,044 new notices in the twelve months, 28.6%, led by Roll Up Vehicles, AngelList and similar series at one Lynnwood, Washington address and CGF2021 at one Claymont, Delaware address), the count was 4,001 against 3,329 (up 20%).
• By the fund type filers declared, third quarter 2026 against third quarter 2025: private equity 1,730 against 1,267, venture capital 2,464 against 1,872, hedge 505 against 412, other 1,310 against 1,000. Real estate funds fell, 130 against 199.
• In September 2026, 2,095 new notices were filed. 1,075 stated a total offering amount, together $19.2 billion once parallel vehicles reporting one family amount are counted once ($22.9 billion as filed); 1,020 checked Indefinite. The same notices reported $29.4 billion already sold (parallel vehicles counted once), which for late filers includes money raised before the notice.
• Over the twelve months from October 2025 to September 2026, 23,044 new notices were filed; 12,656 stated an offering amount, together $409.2 billion after the parallel vehicle adjustment.

Interpretation, not observation: read it as our reading of the figures above.

• New fund offerings opened at a higher rate in each quarter of 2026 than in any quarter of 2024 or 2025, and the rise holds without series vehicles. A Form D is due within 15 days of a first sale, so this measures offerings opened, not money committed, and the filings cannot say how much will close.

• Universe: every Form D in the SEC's quarterly data sets whose industry group (Item 4) is Pooled Investment Fund, bucketed by the fund type the filer chose, plus real estate industry groups whose securities offered (Item 9) include pooled investment fund interests, shown as Real estate. Form D has no real estate fund type, so this is the narrowest definition that uses only declared fields.
• New means submission type D. Amendments (D/A) are excluded; every D in the window carries an SEC file number not seen on any earlier Form D since 2008, so no counted notice is a refiling of an earlier offering. A month or quarter is the filing date.
• Amounts are Item 13 as reported on the initial notice: total offering amount (blank when Indefinite) and total amount sold. They are summed separately. When parallel vehicles of one family (same filing date, same first two words of the name, identical offering and sold amounts) print the family total on each notice, the amount is counted once; each notice still counts as a filing.
• State is the primary issuer's principal place of business; non-US addresses are grouped.

• A Form D is a notice of an exempt offering, not a record of capital raised: offering amounts are targets, 45% of new fund notices (10,388 of 23,044 in the twelve months) state Indefinite, and amount sold at the initial notice includes money raised before the notice for funds that file late.
• Fund type is self-declared. Real estate funds that file as private equity or other investment funds are counted there, not under real estate.
• Series vehicles are identified from the issuer's legal name, and the parallel vehicle rule can both miss families that file on different days and merge unrelated series that report the same amount on the same day.
• Issuer state is the vehicle's principal place of business as filed. For SPV platforms that is the platform's office, and for some vehicles it is a registered agent or mail address, not where the manager works. State figures are therefore published only after removing series vehicles and 13 SPV platform addresses, and a state where one address holds more than a quarter of the remaining notices is footnoted.
• Offerings that rely on Rule 506 but never file a Form D, or file late, are missing until they file. The SEC posts each quarter's data set after the quarter closes; October 2026 is not included.

• Money in Motion, the weekly private capital briefing
• Research findings

• SEC Form D quarterly data sets, 2024 Q1 to 2026 Q3 (FORMDSUBMISSION, ISSUERS and OFFERING tables), EDGAR

Figures from a query of DFX's published data tables run on 28 October 2026. The sources and their rights are listed on the sources page.

DFX Intelligence. "New private fund Form D notices rose 29% year over year in the third quarter of 2026." Published 28 October 2026. https://dfxintel.com/research/private-fund-form-d-notices-2026-q3