Data Report · Fund Formation by State · Sep 2025 to Aug 2026
Venture Fund Formation in Delaware: 2,958 Funds Filed (Sep 2025 to Aug 2026)
2,958 venture funds filed a Form D from a Delaware address in the twelve months to August 2026, 32.26% of every US venture fund filing in that window. Every figure here is computed from the filings themselves.
Written by Michael Kaufman · Reviewed against our editorial standards · Updated
Quick Answer
Between September 2025 and August 2026, 2,958 venture capital funds filed a first Form D from a Delaware address, out of 3,397 pooled-fund filings from the state and 9,169 venture filings nationwide. That is 32.26% of US venture fund formation and ranks Delaware 1st among the states. The 2,916 filings that named a dollar target are seeking $5.06B combined, with a median target of $445K and a largest single target of $150M; 42 filings declared an indefinite or undisclosed target and are excluded from both figures. 2,934 of the filings (99.2%) came from issuers with no earlier filing anywhere in the warehouse. Busiest month: Jul 2026 with 303 filings; quietest: Nov 2025 with 152. Figures as of September 15, 2026.
Key Takeaways
- 1.Delaware recorded 2,958 venture fund filings in the window, 1st nationally and 32.26% of the 9,169 filed across the country.
- 2.Venture funds were 87.1% of all 3,397 pooled-fund filings from Delaware, against 42.6% nationally.
- 3.The 2,916 filings naming a target are seeking $5.06B combined; the median is $445K and 42 filings named no amount at all.
- 4.2,934 filings (99.2%) came from first-time vehicles, and 96.9% of the state's venture filings carry series-vehicle names, against 65.6% nationally.
- 5.Claymont accounts for 79.7% of the state's venture filings (2,357 of 2,958).
2,958
venture fund filings from Delaware addresses
1st nationally, 32.26% of the 9,169 filed nationwide
$5.06B
combined disclosed target offering
across the 2,916 of 2,958 filings that named a dollar target
$445K
median disclosed target
largest single target $150M
2,934
first-time fund vehicles
99.2% of the state's venture filings came from an issuer with no earlier filing on record
Month by Month: Venture Fund Filings from Delaware
Filings are counted by SEC filing date. Peak month Jul 2026 at 303, low month Nov 2025 at 152.
- Sep 2025228 venture
- Oct 2025255 venture
- Nov 2025152 venture
- Dec 2025270 venture
- Jan 2026291 venture
- Feb 2026222 venture
- Mar 2026271 venture
- Apr 2026287 venture
- May 2026261 venture
- Jun 2026247 venture
- Jul 2026303 venture
- Aug 2026171 venture
The data does not explain why any month moved the way it did. Form D records that a filing happened, its target and its address. A month-to-month change in these counts is a change in filing behaviour, and nothing in this dataset attributes it to a cause.
The Largest Venture Targets Filed from Delaware
Ranked by disclosed target offering, across the whole window. “Sold at filing” is the amount reported sold as of the Form D date: a fund showing $0 has not reported sales yet, it has not failed to raise.
| # | Fund | Target | Sold at filing | City | Filed |
|---|---|---|---|---|---|
| 1 | Committed Capital Fund I, LP | $150M | $0 | Wilmington | Dec 31, 2025 |
| 2 | Mare Liberum Alexandria Reindustrialization Fund LLC | $150M | $25.1M | Wilmington | Jul 22, 2026 |
| 3 | Mare Liberum Critical Technologies Fund LLC | $150M | $60.4M | Wilmington | Jul 22, 2026 |
| 4 | Paragon Avo VI a Series of Avo Technology Fund LP LLC | $128M | $128M | Claymont | Apr 17, 2026 |
| 5 | Ion Pacific Ostrich Zeta LLC | $75.6M | $75.6M | Wilmington | Jun 9, 2026 |
How Delaware Compares
Delaware holds 32.26% of US venture fund filings, which is 1st of the 26 states with enough filings to publish. An even split across those states would be 3.85% each, and the median state in this series filed 13 venture funds against Delaware’s 2,958, a factor of 227.5.
Inside the state, venture funds were 87.1% of the 3,397 pooled-fund filings recorded, against 42.6% nationally. The median disclosed target was $445K, against $520K across all US venture filings in the same window.
Read the count with the address in mind. Claymont carries 79.7% of the state’s venture filings (2,357 of 2,958), and 96.9% of those filings carry series-vehicle names of the “a series of” or “Series 12” form, against 65.6% nationally. 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. A high concentration in one town, paired with a high series share, means the count is measuring deal vehicles filed through a platform rather than distinct firms raising funds.
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 on this page 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, and filings are 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.
Which states get 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. 26 states and territories cleared it; 25 did not and have no page.
Reproducible. Every figure on this page is regenerated by node scripts/reports/generate-state-fund-formation.mjs, and the California count is cross-checked against a direct count query on each run. Corrections: our corrections page.
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The same data, month by month
This page is the twelve-month view for one state. The monthly VC Filings Report covers every state at once, with the largest raises and the first-time managers behind them.
Cite this report
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VC Beast, Venture Fund Formation in Delaware, Sep 2025 to Aug 2026, from SEC Form D filings, published September 15, 2026, https://vcbeast.com/reports/fund-formation/delaware
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Sources & References
- 1.SEC Form D filings via VC Beast's daily EDGAR ingest(Primary data source: original Form D filings from SEC EDGAR)