Data Report · Fund Formation by State · Sep 2025 to Aug 2026
Venture Fund Formation in Pennsylvania: 39 Funds Filed (Sep 2025 to Aug 2026)
39 venture funds filed a Form D from a Pennsylvania address in the twelve months to August 2026, 0.43% 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, 39 venture capital funds filed a first Form D from a Pennsylvania address, out of 243 pooled-fund filings from the state and 9,169 venture filings nationwide. That is 0.43% of US venture fund formation and ranks Pennsylvania 17th among the states. The 29 filings that named a dollar target are seeking $2.01B combined, with a median target of $9M and a largest single target of $500M; 10 filings declared an indefinite or undisclosed target and are excluded from both figures. 39 of the filings (100%) came from issuers with no earlier filing anywhere in the warehouse. Busiest month: Mar 2026 with 8 filings; quietest: Feb 2026 with 1. Figures as of September 15, 2026.
Key Takeaways
- 1.Pennsylvania recorded 39 venture fund filings in the window, 17th nationally and 0.43% of the 9,169 filed across the country.
- 2.Venture funds were 16% of all 243 pooled-fund filings from Pennsylvania, against 42.6% nationally.
- 3.The 29 filings naming a target are seeking $2.01B combined; the median is $9M and 10 filings named no amount at all.
- 4.39 filings (100%) came from first-time vehicles, and 15.4% of the state's venture filings carry series-vehicle names, against 65.6% nationally.
- 5.Philadelphia accounts for 35.9% of the state's venture filings (14 of 39).
39
venture fund filings from Pennsylvania addresses
17th nationally, 0.43% of the 9,169 filed nationwide
$2.01B
combined disclosed target offering
across the 29 of 39 filings that named a dollar target
$9M
median disclosed target
largest single target $500M
39
first-time fund vehicles
100% of the state's venture filings came from an issuer with no earlier filing on record
Month by Month: Venture Fund Filings from Pennsylvania
Filings are counted by SEC filing date. Peak month Mar 2026 at 8, low month Feb 2026 at 1.
- Sep 20253 venture
- Oct 20255 venture
- Nov 20253 venture
- Dec 20252 venture
- Jan 20262 venture
- Feb 20261 venture
- Mar 20268 venture
- Apr 20262 venture
- May 20262 venture
- Jun 20264 venture
- Jul 20262 venture
- Aug 20265 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 Pennsylvania
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 | First Round Capital X, L.P. | $500M | $0 | Philadelphia | Sep 17, 2025 |
| 2 | Patriot Financial Partners VC Parallel V, L.P. | $400M | $13.7M | Radnor | Jan 21, 2026 |
| 3 | First Round Capital X-F, L.P. | $325M | $0 | Philadelphia | Aug 7, 2026 |
| 4 | Verdict Capital Fund I, L.P. | $300M | $0 | Gladwyne | Apr 17, 2026 |
| 5 | Proofpoint Capital Fund I, L.P. | $200M | $43.9M | Phoenixville | Jan 15, 2026 |
How Pennsylvania Compares
Pennsylvania holds 0.43% of US venture fund filings, which is 17th 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 Pennsylvania’s 39, a factor of 3.
Inside the state, venture funds were 16% of the 243 pooled-fund filings recorded, against 42.6% nationally. The median disclosed target was $9M, against $520K across all US venture filings in the same window.
Read the count with the address in mind. Philadelphia carries 35.9% of the state’s venture filings (14 of 39), and 15.4% 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.
Work the numbers
The filings above are what other managers did. These run the same math on your own fund.
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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
Free to quote, chart and all. An attribution link is all we ask.
VC Beast, Venture Fund Formation in Pennsylvania, Sep 2025 to Aug 2026, from SEC Form D filings, published September 15, 2026, https://vcbeast.com/reports/fund-formation/pennsylvania
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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)