Key Takeaways
- According to SEC Form D filings, pooled investment funds reported 68% of the $655 billion sold in new private offerings from October 1, 2025 to September 30, 2026.
- The median new fund offering reported $1.3 million sold, according to SEC filings; the largest 25 reported 23% of all new fund sales.
- Private equity funds reported $212 billion, 48% of new fund sales, according to SEC filings; venture capital funds made the most offerings, 7,348.
- Each offering is counted once, at its latest Form D, and only if its first sale was in the year, so a fund's sales from earlier years are not counted.
Pooled investment funds reported 68% of the $655 billion sold in new private offerings noticed to the SEC on Form D from October 1, 2025 to September 30, 2026, but the median new fund offering reported $1.3 million. The largest 25 fund offerings account for 23% of all new fund sales, according to SEC filings.
The largest new fund offering was Coller International Partners IX - C, SLP, with $11.3 billion sold, on a Form D that reports a single investor. The largest raise by an operating company was X.AI Holdings Corp., with $16.6 billion, according to its Form D. Each figure is the amount the issuer itself reported on Form D, for an offering first sold inside the year.
private fund offerings filed on Form D, by amount sold, from SEC data, led by Coller International Partners IX - C, SLP at $11.3 billion">
The 25 largest new private fund offerings
Ranked by the total amount sold on the latest Form D each offering filed between October 1, 2025 and September 30, 2026, among offerings whose first sale fell in the same period. "Companion filings" counts other vehicles of the same fund that reported the same amount sold, to the dollar, and are counted once here. 5 of the 25 report a single investor; every amount is as the vehicle filed it.
| Rank | Fund (issuer as filed) | Fund type | Amount sold | Offering amount | First sale | Investors | Companion filings | Source |
|---|---|---|---|---|---|---|---|---|
| 1 | Coller International Partners IX - C, SLP | Private Equity Fund | $11.3 billion | $11.3 billion | December 15, 2025 | 1 | SEC | |
| 2 | Blackstone Capital Partners Asia III - B L.P. | Private Equity Fund | $10.3 billion | Indefinite | December 31, 2025 | 1 | 1 | SEC |
| 3 | Strategic Partners Offshore X L.P. | Private Equity Fund | $9.6 billion | Indefinite | November 25, 2025 | 65 | SEC | |
| 4 | Blackstone Life Sciences VI - B L.P. | Private Equity Fund | $6.3 billion | $6.3 billion | November 7, 2025 | 1 | 1 | SEC |
| 5 | Founders Fund Growth IV, LP | Venture Capital Fund | $6.0 billion | $6.0 billion | March 6, 2026 | 370 | SEC | |
| 6 | Ares Pathfinder Fund III (Offshore) LP | Other Investment Fund | $5.3 billion | Indefinite | April 3, 2026 | 118 | SEC | |
| 7 | KKR Asian Fund V SCSp | Private Equity Fund | $5.2 billion | Indefinite | June 12, 2026 | 112 | SEC | |
| 8 | Blackstone Growth II - B L.P. | Private Equity Fund | $4.5 billion | Indefinite | November 19, 2025 | 1 | 1 | SEC |
| 9 | VIA equity Fund VI K/S | Private Equity Fund | $4.0 billion | Indefinite | July 13, 2026 | 40 | SEC | |
| 10 | Blackstone Asset Based Finance Partners (LUX) SCSp | Private Equity Fund | $3.3 billion | Indefinite | December 31, 2025 | 33 | 1 | SEC |
| 11 | Battery Ventures XV, L.P. | Private Equity Fund | $3.3 billion | $3.3 billion | February 3, 2026 | 178 | SEC | |
| 12 | Ares Pathfinder Fund III LP | Other Investment Fund | $3.2 billion | Indefinite | April 3, 2026 | 56 | SEC | |
| 13 | North Haven Real Estate Fund XI Global-L, SCSp | Private Equity Fund | $2.9 billion | Indefinite | November 14, 2025 | 9 | 3 | SEC |
| 14 | BW CCPRS-PA Fund, LLC | Other Investment Fund | $2.8 billion | Indefinite | September 1, 2026 | 2 | SEC | |
| 15 | Tinicum L.P. | Private Equity Fund | $2.7 billion | Indefinite | January 1, 2026 | 117 | SEC | |
| 16 | MCP Energy SMA, LP | Private Equity Fund | $2.5 billion | $2.5 billion | October 17, 2025 | 1 | SEC | |
| 17 | Spark Capital Growth Fund VI, L.P. | Venture Capital Fund | $2.3 billion | $2.3 billion | April 3, 2026 | 258 | SEC | |
| 18 | GIP Mid-Market Fund V D, L.P. | Private Equity Fund | $2.2 billion | Indefinite | October 31, 2025 | 17 | 2 | SEC |
| 19 | MED Platform III SCSp | Private Equity Fund | $2.1 billion | Indefinite | August 3, 2026 | 139 | SEC | |
| 20 | Grove Funding VI LLC | Other Investment Fund | $2.0 billion | Indefinite | August 7, 2026 | 2 | SEC | |
| 21 | Water Street Healthcare Partners VI, L.P. | Private Equity Fund | $1.9 billion | Indefinite | May 11, 2026 | 61 | 1 | SEC |
| 22 | Kleiner Perkins Select Fund IV, LLC | Venture Capital Fund | $1.9 billion | $1.9 billion | March 23, 2026 | 153 | SEC | |
| 23 | XN Opportunities 2026 - Series 1 LP | Private Equity Fund | $1.8 billion | Indefinite | May 20, 2026 | 87 | SEC | |
| 24 | Ycp26, L.P. | Venture Capital Fund | $1.7 billion | Indefinite | April 15, 2026 | 87 | SEC | |
| 25 | Hornfels Fund LLC | Hedge Fund | $1.7 billion | Indefinite | June 30, 2026 | 2 | SEC |
Download this table (CSV), free, with the companion vehicles behind each row. The full dataset, every new offering in the year with its amounts, investors, exemptions and filing, is one email away.
The 15 largest raises by operating companies
The same rule, for every issuer that Form D does not classify as a pooled investment fund. A company that ran more than one offering in the year appears once for each.
| Rank | Issuer (as filed) | Industry group | Amount sold | Offering amount | First sale | Investors | Source |
|---|---|---|---|---|---|---|---|
| 1 | X.AI Holdings Corp. | Other Technology | $16.6 billion | $20.0 billion | December 19, 2025 | 131 | SEC |
| 2 | Madison Air Solutions Corp | Other | $10.9 billion | $10.9 billion | April 15, 2026 | 397 | SEC |
| 3 | Databricks, Inc. | Other Technology | $5.0 billion | $5.0 billion | August 12, 2026 | 136 | SEC |
| 4 | Databricks, Inc. | Other Technology | $4.1 billion | $5.0 billion | December 16, 2025 | 153 | SEC |
| 5 | TBC - The Boring Co | Other | $3.2 billion | $3.4 billion | August 21, 2026 | 141 | SEC |
| 6 | Crusoe Inc. | Other | $3.1 billion | $3.9 billion | August 31, 2026 | 108 | SEC |
| 7 | Dillard's, Inc. | Retailing | $2.4 billion | $2.4 billion | June 4, 2026 | 41 | SEC |
| 8 | EAG Holdings LP | Other | $2.0 billion | Indefinite | March 14, 2026 | 490 | SEC |
| 9 | Marvell Technology, Inc. | Other Technology | $2.0 billion | $2.0 billion | February 2, 2026 | 131 | SEC |
| 10 | Synopsys Inc. | Other Technology | $2.0 billion | $2.0 billion | December 1, 2025 | 1 | SEC |
| 11 | New York Life Insurance & Annuity Corp. | Insurance | $1.7 billion | Indefinite | November 17, 2025 | 2 | SEC |
| 12 | Multi-Color Corp | Other | $1.3 billion | $1.3 billion | May 11, 2026 | 437 | SEC |
| 13 | Tenstorrent Holdings Inc. | Other Technology | $1.3 billion | $1.4 billion | August 26, 2026 | 134 | SEC |
| 14 | Kalshi Inc. | Other Technology | $1.1 billion | $1.5 billion | April 3, 2026 | 71 | SEC |
| 15 | Ineffable Intelligence Ltd | Other Technology | $1.1 billion | $1.1 billion | April 17, 2026 | 33 | SEC |
Where new fund money went, by fund type
Form D asks a pooled investment fund to say what kind of fund it is. By the issuers' own answers:
| Fund type | New offerings | Amount sold | Share of fund sales | Median offering | Source |
|---|---|---|---|---|---|
| Private Equity Fund | 2,670 | $212 billion | 47.6% | $6.5 million | SEC |
| Other Investment Fund | 2,691 | $132 billion | 29.6% | $5.0 million | SEC |
| Venture Capital Fund | 7,348 | $58.2 billion | 13.1% | $491,988 | SEC |
| Hedge Fund | 823 | $43.2 billion | 9.7% | $11.9 million | SEC |
- Private equity funds reported $212 billion, 48% of new fund sales, according to SEC filings.
- Venture capital funds made the most new offerings, 7,348, according to SEC filings.
- 27% of new fund offerings gave their total offering amount as "indefinite", which Form D allows, according to SEC filings; their amount sold is still stated.
What this means for technology buyers
A fund that takes money from many investors has to call that capital, report to each investor and keep their records straight from the first close. These guides compare the options:
- Subscription and capital call management for private funds: onboarding investors, calling capital and tracking commitments.
- Investor relations and reporting platforms for alternative managers: portals, statements and reporting for limited partners.
- Deal sourcing and CRM for private equity: the relationships behind fundraising and dealmaking.
- Hedge fund operations platforms for emerging managers: the operating stack a new fund needs on day one.
Mapping the business? The Private Equity Value Streams show how fundraising, investing and investor reporting run end to end.
More from Finantrix Atlas
- Largest private fund managers
- Largest venture capital advisers
- Largest private equity advisers
- Who administers private funds
How this list was built
The SEC publishes every Form D and amendment as a quarterly data set. This page reads the latest four, 2025 Q4 to 2026 Q3: 62,963 filings for 57,641 offerings. Every Form D and amendment in EDGAR's own quarterly form indexes for those quarters is in the data sets.
Each offering once, at its latest filing. An offering is the issuer's SEC identifier and the offering's file number, which every amendment repeats. An amendment restates the offering's amounts, so only the latest filing in the year counts.
Only offerings first sold in the year. Form D reports the total sold since the date of first sale, so an amendment for a fund first sold years ago reports every year of sales since. Ranking those would rank how old a fund is. Only offerings whose first sale fell between October 1, 2025 and September 30, 2026 are ranked: 25,901 of them, after companion vehicles are counted once. Another 20,577 offerings first sold earlier filed in the year, reporting $10.52 trillion sold since they began, according to SEC data; they are left out. According to the same data, 463 new offerings reported nothing sold yet, and 10,452 gave no date of first sale. Another 4 reported an amount sold made only of nines, a placeholder rather than an amount; they are treated as not reported, left out of every total, share and median, and listed at the end of the free CSV.
Companion vehicles once. A fund that sells through several vehicles, such as partnerships organized in more than one country, can report the whole program's sales on each vehicle's Form D. Offerings that report the same amount sold to the dollar are counted once when they name a related person in common, or when the amount is not a round thousand and their names begin with the same two words. In the SEC data that merged 244 filings into 105 rows, and the free CSV lists each.
Checked against the filings. The amount sold and date of first sale of the 60 largest offerings were read again from the Form D each issuer filed on EDGAR and match the data set. No ranked offering reports more sold than its stated offering amount.
Limits
- Self-reported. Form D is a notice of an exempt offering, not a registration. The amounts are as filed, the SEC's data set says it cannot guarantee their accuracy, and an issuer's figure can be revised by a later amendment.
- Not every private offering files. According to the SEC, Form D is required for offerings relying on Regulation D or the Section 4(a)(5) exemption; a private placement made under other exemptions files none.
- Sold, not invested. The amount sold is what the issuer reports on Form D. It does not show how much of that money a fund has called or invested.
- Funds as Form D classifies them. A fund is an issuer that chose "pooled investment fund" as its industry group. 601 new offerings by issuers with "fund" in their names chose another group, such as a real estate group, and are counted as companies.
- One vehicle at a time. Companion vehicles that report their own, different amounts appear as separate rows, so one fund program can appear more than once. The date of the data is filings through September 30, 2026.
Cite this
Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.
Pooled investment funds reported 68% of the $655 billion sold in new private offerings filed on Form D from October 1, 2025 to September 30, 2026, according to a Finantrix Atlas analysis of SEC data.
The median new private fund offering on Form D reported $1.3 million sold, according to Finantrix Atlas.
Suggested citation: Finantrix Atlas, "Largest Private Fund Raises Filed on Form D," filings from October 1, 2025 to September 30, 2026, from SEC Form D data sets. https://www.finantrix.com/articles/form-d-largest-raises
Embed the chart:
<a href="https://www.finantrix.com/articles/form-d-largest-raises"><img src="https://www.finantrix.com/atlas/form-d-largest-raises.png" alt="The largest new private fund offerings filed on Form D, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/form-d-largest-raises">Finantrix Atlas</a>, from SEC Form D data.</p>
Frequently asked questions
Q: What is the largest private fund raise filed on Form D in the past year? A: Coller International Partners IX - C, SLP, which reported $11.3 billion sold in an offering first sold between October 1, 2025 and September 30, 2026, according to its Form D.
Q: What does Form D show? A: The amount an issuer has sold in a private offering, its total offering amount, the date of first sale, the number of investors and the exemption it relies on. The figures are the issuer's own, and the SEC publishes them as filed.
Q: How much did new private funds raise on Form D? A: $445 billion across 13,532 new fund offerings from October 1, 2025 to September 30, 2026, according to SEC Form D filings, out of $655 billion for all new private offerings.
Q: Why does a fund's Form D say "indefinite"? A: Form D lets an issuer give its total offering amount as indefinite instead of a dollar figure. 27% of new fund offerings did so in the year, according to SEC filings; their amount sold is still reported.
Download the data
The 40 rows on this page (CSV), free. The full dataset has all 25,905 rows, as of September 30, 2026; we email you a link.
Frequently Asked Questions
What is the largest private fund raise filed on Form D in the past year?
Coller International Partners IX - C, SLP, which reported $11.3 billion sold in an offering first sold between October 1, 2025 and September 30, 2026, according to its Form D.
What does Form D show?
The amount an issuer has sold in a private offering, its total offering amount, the date of first sale, the number of investors and the exemption it relies on. The figures are the issuer's own, and the SEC publishes them as filed.
How much did new private funds raise on Form D?
$445 billion across 13,532 new fund offerings from October 1, 2025 to September 30, 2026, according to SEC Form D filings, out of $655 billion for all new private offerings.
Why does a fund's Form D say "indefinite"?
Form D lets an issuer give its total offering amount as indefinite instead of a dollar figure. 27% of new fund offerings did so in the year, according to SEC filings; their amount sold is still reported.