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Venture

SPVs

The special purpose vehicles first filed on Form D this quarter: the largest by what they report sold, and the platforms forming the most of them.

SPVs
47,644
Form D SPVs on file
New this quarter
2,125
first filed in the past 90 days
Credited to a platform
1,741
82% of the quarter's
Top platform
750
new SPVs · AngelList

Largest new SPVs this quarter

By amount sold, first filed in the past 90 days

  • PEX Clay Offshore (S) Co-Invest LP$430M
  • PEX Clay Onshore Co-Invest LP$325M
  • Y Co-Invest (B), SCSp$181M
  • PEX Clay Offshore Co-Invest LP$75M
  • Third light KSPVI a Series of CGF2021 LLC$63.2M
SPVSold
PEX Clay Offshore (S) Co-Invest LP$430M
PEX Clay Onshore Co-Invest LP$325M
Y Co-Invest (B), SCSp$181M
PEX Clay Offshore Co-Invest LP$75M
Third light KSPVI a Series of CGF2021 LLC$63.2M
Hiive SpaceX Opp Fund-02, LLC$54.5M
Caffeinated Capital Antares SPV, LLC$52.1M
Never Lift VC SPV III, L.P.$51.8M
Cohen & Steers US Realty Total Return Fund, a series of the Cohen & Steers Series LP$50M
Julian Capital Fund III, LP$45.5M
All 2,125 new SPVs, each with its platform and the startup it was formed for, are in the Venture planSee plans

Only SPVs that report a sale are ranked; one filed before it closes reports $0 and waits for its amendment.

SPV platforms this quarter

By new SPVs first filed in the past 90 days

  • AngelList750
  • Sydecar663
  • Allocations60
  • EquityZen57
  • Hiive51
PlatformNew SPVs
AngelList750
Sydecar663
Allocations60
EquityZen57
Hiive51
Gaingels50
Alumni Ventures32
MicroVentures27
EquityBee20
Decile17
All 2,125 new SPVs, each with its platform and the startup it was formed for, are in the Venture planSee plans

384 of the 2,125 new SPVs in the window name no platform embarc can attribute, and are not counted above.

Accredited platformsPrivate offerings for accredited investors

Venture funds

1,159 new · 90d

The pooled side of venture. New venture funds this quarter, by amount sought.

  • ARCH Venture Fund XIV, L.P.$3.0B
  • Cosmic - Bet 5, L.P.$2.7B
  • HOF Capital Strategic Opportunities Fund II, L.P.$1.5B
  • HOF Capital Strategic Opportunities Fund II (Cayman), L.P.$1.5B
  • Accel Growth Fund 8 L.P.$1.4B
New venture funds this quarter, by amount sought
ARCH Venture Fund XIV, L.P.First filed 2026-08-31$3.0B
Cosmic - Bet 5, L.P.First filed 2026-08-24$2.7B
HOF Capital Strategic Opportunities Fund II, L.P.First filed 2026-08-31$1.5B
HOF Capital Strategic Opportunities Fund II (Cayman), L.P.First filed 2026-08-31$1.5B
Accel Growth Fund 8 L.P.First filed 2026-08-11$1.4B
See all Venture funds