Data Report · Fund Formation by State · Sep 2025 to Aug 2026
Venture Fund Formation by State: 9,169 Funds Filed (Sep 2025 to Aug 2026)
How many venture funds formed in each state over the last twelve full months, and how big they were. One page per state, every figure computed from SEC Form D filings.
Written by Michael Kaufman · Reviewed against our editorial standards · Updated
Quick Answer
Between September 2025 and August 2026, 9,169 venture capital funds filed a first Form D with the SEC, out of 21,539 pooled-fund filings in total, making venture 42.6% of new private fund formation. 8,871 of those filings carry a US state address and 298 do not. The 7,740 filings naming a dollar target are seeking $145.05B combined, at a median of $520K. 26 states cleared the 12-filing floor for a page of their own, led by Delaware with 2,958 filings and Washington with 2,636. Figures as of September 15, 2026.
Every state with a page
Ranked by venture fund Form D filings in the window. Combined and median targets cover only the filings that named a dollar amount.
| # | State | Venture funds | Share of US | All pooled funds | Combined target | Median target |
|---|---|---|---|---|---|---|
| 1 | Delaware | 2,958 | 32.26% | 3,397 | $5.06B | $445K |
| 2 | Washington | 2,636 | 28.75% | 2,694 | $2.86B | $230K |
| 3 | California | 1,046 | 11.41% | 2,636 | $64.01B | $17.3M |
| 4 | New York | 671 | 7.32% | 3,504 | $18.16B | $3.2M |
| 5 | Florida | 267 | 2.91% | 1,267 | $4.19B | $9.5M |
| 6 | Massachusetts | 265 | 2.89% | 669 | $14.86B | $995K |
| 7 | Texas | 216 | 2.36% | 1,295 | $6.23B | $10M |
| 8 | Nevada | 77 | 0.84% | 150 | $602.1M | $146K |
| 9 | Illinois | 74 | 0.81% | 475 | $4.69B | $5M |
| 10 | North Carolina | 68 | 0.74% | 178 | $385M | $672K |
| 11 | Connecticut | 57 | 0.62% | 637 | $1.1B | $12.5M |
| 12 | Virginia | 57 | 0.62% | 208 | $310.8M | $2.5M |
| 13 | Utah | 56 | 0.61% | 203 | $1.59B | $6.4M |
| 14 | Colorado | 49 | 0.53% | 196 | $2.16B | $25M |
| 15 | New Jersey | 49 | 0.53% | 230 | $1.19B | $4.7M |
| 16 | Maryland | 44 | 0.48% | 197 | $61.8M | $1.6M |
| 17 | Pennsylvania | 39 | 0.43% | 243 | $2.01B | $9M |
| 18 | Georgia | 27 | 0.29% | 189 | $708M | $5.9M |
| 19 | Arizona | 22 | 0.24% | 61 | $933.8M | $25M |
| 20 | Wyoming | 22 | 0.24% | 59 | $213.5M | $7.8M |
| 21 | Ohio | 20 | 0.22% | 152 | $1.63B | $1.3M |
| 22 | District of Columbia | 19 | 0.21% | 73 | $332.4M | $1.5M |
| 23 | Oregon | 19 | 0.21% | 39 | $283.4M | $9.6M |
| 24 | Michigan | 18 | 0.2% | 114 | $407.1M | $27.5M |
| 25 | Alabama | 13 | 0.14% | 26 | $20.2M | $543K |
| 26 | Tennessee | 13 | 0.14% | 85 | $710.5M | $30M |
| National total | 9,169 | 100% | 21,539 | $145.05B | $520K |
Read the ranking with the address in mind. Form D reports the issuer’s principal-place-of-business address, which for a fund is often a legal, administrative or platform address rather than where the manager sits. 65.6% of US venture filings in this window carry series-vehicle names, and the states at the top of this table are where those platforms file. Each state page reports its own filing-city concentration and series share so the count can be discounted accordingly.
States without a page
A state gets a page only when it recorded at least 12 venture fund filings in the window — roughly one a month. Below that the monthly series is mostly zeroes and the medians rest on a handful of filings, so the state is excluded from both the route params and the sitemap rather than published thin.
- Minnesota 10
- Idaho 8
- New Hampshire 8
- Kansas 7
- Wisconsin 6
- Maine 5
- South Carolina 4
- Indiana 3
- Missouri 3
- Oklahoma 3
- Kentucky 2
- Louisiana 2
- Arkansas 1
- Hawaii 1
- Montana 1
- Nebraska 1
- New Mexico 1
- Rhode Island 1
- South Dakota 1
- Vermont 1
- Alaska 0
- Iowa 0
- Mississippi 0
- North Dakota 0
- West Virginia 0
Methodology
Source. Public SEC EDGAR Form D filings, collected by VC Beast’s daily automated ingest into our Form D warehouse (coverage 2024-07-01 through 2026-09-15). Figures are as of September 15, 2026.
Scope. Industry group 'Pooled Investment Fund', original filings only (amendments excluded). Venture filings are those whose Form D investmentFundType is 'Venture Capital Fund'. The window is the twelve full months from 2025-09-01 to 2026-08-31, bucketed by SEC filing date.
Form D reports the issuer's principal-place-of-business state, which for a fund is often a legal or administrative address rather than where the manager sits. Delaware's count in particular reflects vehicles administered at their Delaware domicile address.
Form D discloses a target offering amount (frequently 'Indefinite') and the amount sold as of the filing date. Neither equals final closed fund size, and they are reported separately here.
First-time vehicles are issuers (by SEC CIK) with no earlier filing anywhere in the warehouse (coverage begins 2024-07-01). Each fund vehicle files under its own CIK, so this measures first-time vehicles, not first-time management firms.
Filings are bucketed by SEC filing date, not by fund close or first sale.
Reproducible. The whole series regenerates with node scripts/reports/generate-state-fund-formation.mjs, which cross-checks California against a direct count query on every run. Corrections: our corrections page.
Sources & References
- 1.SEC Form D filings via VC Beast's daily EDGAR ingest(Primary data source: original Form D filings from SEC EDGAR)