Offerings by Vintage Year
Vintage year analysis reveals fundraising cycles in the private fund market. Capital formation tends to follow macroeconomic conditions with a lag, as managers who deploy well during downturns find it easier to raise subsequent vehicles. The data below tracks total committed capital and average commitment size by year.
| Vintage | Funds | Total Committed ($M) | Avg Commitment ($M) | Strategies |
|---|---|---|---|---|
| 2026 | 1 | N/A | N/A | 1 |
| 2025 | 153 | $4,127 | $56.5 | 13 |
| 2024 | 349 | $34,583 | $193.2 | 21 |
| 2023 | 310 | $58,708 | $324.4 | 23 |
| 2022 | 262 | $48,018 | $265.3 | 22 |
| 2021 | 291 | $49,300 | $226.1 | 24 |
| 2020 | 158 | $30,164 | $221.8 | 19 |
| 2019 | 157 | $26,703 | $182.9 | 16 |
| 2018 | 113 | $20,836 | $194.7 | 14 |
| 2017 | 93 | $17,255 | $185.5 | 11 |
| 2016 | 84 | $16,011 | $190.6 | 13 |
| 2015 | 102 | $14,989 | $148.4 | 12 |
| 2014 | 77 | $11,538 | $149.8 | 13 |
| 2013 | 71 | $10,926 | $153.9 | 10 |
| 2012 | 74 | $12,228 | $165.2 | 13 |
| 2011 | 79 | $9,414 | $119.2 | 12 |
| 2010 | 35 | $2,933 | $86.3 | 5 |
| 2009 | 33 | $3,299 | $100.0 | 5 |
| 2008 | 99 | $17,879 | $180.6 | 12 |
| 2007 | 118 | $21,584 | $182.9 | 11 |
| 2006 | 101 | $20,760 | $205.5 | 10 |
| 2005 | 62 | $8,602 | $141.0 | 13 |
| 2004 | 45 | $3,109 | $69.1 | 9 |
| 2003 | 25 | $2,555 | $102.2 | 8 |
| 2002 | 17 | $3,628 | $213.4 | 4 |
| 2001 | 30 | $3,548 | $122.3 | 8 |
| 2000 | 38 | $4,817 | $126.8 | 9 |
| 1999 | 41 | $4,066 | $99.2 | 9 |
| 1998 | 32 | $2,729 | $85.3 | 7 |
| 1997 | 28 | $4,223 | $150.8 | 6 |
| 1996 | 18 | $1,002 | $55.6 | 7 |
| 1995 | 14 | $565 | $40.4 | 7 |
| 1994 | 14 | $504 | $36.0 | 6 |
| 1993 | 7 | $843 | $120.4 | 3 |
| 1992 | 1 | $50 | $50.0 | 0 |
| 1991 | 3 | $130 | $43.3 | 0 |
| 1990 | 4 | $64 | $15.9 | 1 |
| 1989 | 2 | $48 | $23.8 | 1 |
| 1988 | 2 | $50 | $25.0 | 1 |
| 1987 | 8 | $1,753 | $219.2 | 4 |
| 1986 | 5 | $298 | $59.5 | 2 |
| 1985 | 5 | $223 | $44.6 | 5 |
| 1984 | 6 | $345 | $57.4 | 2 |
| 1983 | 7 | $91 | $13.0 | 4 |
| 1982 | 2 | $10 | $5.0 | 1 |
| 1981 | 3 | $200 | $66.7 | 1 |
Offerings by Strategy
Strategy-level analysis shows where capital is concentrated across the private fund universe. Private equity buyout funds continue to attract the largest commitments, but real assets, credit, and venture strategies have grown their share meaningfully.
| Strategy | Funds | Total Committed ($M) | Avg IRR | Vintage Range |
|---|---|---|---|---|
| Private Equity | 2,598 | $34,563 | 12.1% | 1983 to 2025 |
| co-investment | 812 | N/A | N/A | null to null |
| Venture Capital | 410 | $12,245 | 10.4% | 1981 to 2025 |
| growth equity | 386 | N/A | N/A | null to null |
| fund finance | 372 | N/A | N/A | null to null |
| energy fund | 348 | N/A | N/A | null to null |
| CLO | 346 | N/A | N/A | null to null |
| Credit | 329 | N/A | N/A | null to null |
| Real Estate | 288 | $12,009 | 9.0% | 2000 to 2025 |
| continuation fund | 246 | N/A | N/A | null to null |
| Digital Assets | 225 | $34,348 | N/A | 2018 to 2025 |
| gp_search | 224 | $5,662 | N/A | 2020 to 2026 |
| Infrastructure | 195 | $7,094 | 23.6% | 2016 to 2025 |
| ARES MANAGEMENT LLC | 175 | N/A | N/A | null to null |
| sports fund | 166 | N/A | N/A | null to null |
| ICAPITAL ADVISORS, LLC | 148 | N/A | N/A | null to null |
| AQR CAPITAL MANAGEMENT, LLC | 142 | N/A | N/A | null to null |
| PACIFIC INVESTMENT MANAGEMENT COMPANY LLC | 140 | N/A | N/A | null to null |
| General Atlantic | 131 | N/A | N/A | null to null |
| OAKTREE CAPITAL MANAGEMENT, L.P. | 129 | N/A | N/A | null to null |
| structured credit | 122 | N/A | N/A | null to null |
| GP stakes | 118 | N/A | N/A | null to null |
| J.P. MORGAN INVESTMENT MANAGEMENT INC. | 113 | N/A | N/A | null to null |
| LEXINGTON PARTNERS L.P. | 110 | N/A | N/A | null to null |
| STEPSTONE GROUP LP | 108 | N/A | N/A | null to null |
| media fund | 102 | N/A | N/A | null to null |
| HG | 97 | N/A | N/A | null to null |
| PE - Buyout Large | 93 | $34,170 | 13.2% | 1983 to 2024 |
| PE - Buyout Mid | 92 | $13,422 | 11.5% | 1994 to 2024 |
| Private Credit | 88 | $22,985 | 9.9% | 2008 to 2025 |
| HARBOURVEST PARTNERS, LLC | 88 | N/A | N/A | null to null |
| natural resources | 82 | N/A | N/A | null to null |
| aviation fund | 80 | N/A | N/A | null to null |
| private_credit | 79 | $13,127 | 12.1% | 1985 to 2024 |
| Growth Equity | 74 | N/A | N/A | null to null |
| THE CARLYLE GROUP | 71 | N/A | N/A | null to null |
| LIGHTHOUSE INVESTMENT PARTNERS, LLC | 70 | N/A | N/A | null to null |
| PE - Co-Investment | 67 | $19,007 | 12.0% | 1985 to 2023 |
| ADAMS STREET PARTNERS, LLC | 64 | N/A | N/A | null to null |
| PANTHEON | 63 | N/A | N/A | null to null |
| HAMILTON LANE | 63 | N/A | N/A | null to null |
| royalties | 62 | N/A | N/A | null to null |
| Secondaries | 59 | $14,523 | N/A | 2021 to 2025 |
| WELLINGTON ALTERNATIVE INVESTMENTS | 58 | N/A | N/A | null to null |
| PE - Distressed | 54 | $8,975 | 10.9% | 1983 to 2024 |
| Listed Equity | 52 | N/A | N/A | null to null |
| farmland fund | 52 | N/A | N/A | null to null |
| GENERAL ATLANTIC SERVICE COMPANY, L.P. | 51 | N/A | N/A | null to null |
| PE - Buyout Small | 49 | $9,632 | 20.3% | 1987 to 2024 |
| TPG ANGELO GORDON | 44 | N/A | N/A | null to null |
| MARSHALL WACE LLP | 44 | N/A | N/A | null to null |
| UBS ASSET MANAGEMENT (AMERICAS) LLC | 44 | N/A | N/A | null to null |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 43 | N/A | N/A | null to null |
| Vista Equity Partners | 40 | N/A | N/A | null to null |
| buyout | 40 | $8,370 | 11.3% | 1994 to 2024 |
| Strategic Holdings | 38 | N/A | N/A | null to null |
| BLACKSTONE ALTERNATIVE ASSET MANAGEMENT L.P. | 37 | N/A | N/A | null to null |
| CERBERUS CAPITAL MANAGEMENT, L.P. | 36 | N/A | N/A | null to null |
| Hedge Fund | 35 | N/A | N/A | null to null |
| INSIGHT VENTURE PARTNERS | 32 | N/A | N/A | null to null |
| Fund of Funds | 30 | $412 | N/A | 2021 to 2025 |
| HPS INVESTMENT PARTNERS, LLC | 30 | N/A | N/A | null to null |
| Private Debt | 30 | $561 | N/A | 2021 to 2025 |
| Real Assets | 30 | $275 | N/A | 2019 to 2025 |
| Mezzanine | 30 | $260 | N/A | 2021 to 2025 |
| I SQUARED CAPITAL ADVISORS (US) LLC | 29 | N/A | N/A | null to null |
| NB ALTERNATIVES ADVISERS LLC | 28 | N/A | N/A | null to null |
| Insight Partners | 28 | N/A | N/A | null to null |
| BREVAN HOWARD CAPITAL MANAGEMENT, LP | 28 | N/A | N/A | null to null |
| WARBURG PINCUS LLC | 28 | N/A | N/A | null to null |
| Direct Lending | 27 | N/A | N/A | 2019 to 2025 |
| CAPSTONE INVESTMENT ADVISORS, LLC | 27 | N/A | N/A | null to null |
| STONE POINT CAPITAL LLC | 26 | N/A | N/A | null to null |
| venture_capital | 25 | $3,790 | 7.6% | 2001 to 2024 |
| NAV lending | 24 | N/A | N/A | null to null |
| ILS | 24 | N/A | N/A | null to null |
| APOLLO CAPITAL MANAGEMENT, L.P. | 24 | N/A | N/A | null to null |
| timber fund | 24 | N/A | N/A | null to null |
| COATUE MANAGEMENT, L.L.C. | 24 | N/A | N/A | null to null |
| INVESCO ADVISERS, INC. | 23 | N/A | N/A | null to null |
| CENTERBRIDGE PARTNERS, L.P. | 23 | N/A | N/A | null to null |
| DAVIDSON KEMPNER CAPITAL MANAGEMENT LP | 22 | N/A | N/A | null to null |
| BLACKSTONE INFRASTRUCTURE ADVISORS L.L.C. | 21 | N/A | N/A | null to null |
| Sequoia Capital | 20 | N/A | N/A | null to null |
| VISTA EQUITY PARTNERS MANAGEMENT, LLC | 20 | N/A | N/A | null to null |
| MILLENNIUM MANAGEMENT LLC | 19 | N/A | N/A | null to null |
| Accel | 19 | N/A | N/A | null to null |
| BAIN CAPITAL CREDIT, LP | 18 | N/A | N/A | null to null |
| TWO SIGMA INVESTMENTS, LP | 17 | N/A | N/A | null to null |
| VIKING GLOBAL INVESTORS LP | 15 | N/A | N/A | null to null |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | 14 | N/A | N/A | null to null |
| TIGER GLOBAL MANAGEMENT, LLC | 14 | N/A | N/A | null to null |
| Structured Credit | 14 | N/A | N/A | null to null |
| Energy | 13 | N/A | N/A | null to null |
| AHL PARTNERS LLP | 13 | N/A | N/A | null to null |
| SCULPTOR CAPITAL LP | 11 | N/A | N/A | null to null |
| TPG CAPITAL ADVISORS, LLC | 11 | N/A | N/A | null to null |
| TUDOR INVESTMENT CORPORATION | 11 | N/A | N/A | null to null |
| CITADEL ADVISORS LLC | 11 | N/A | N/A | null to null |
| Liquidated | 11 | $1,358 | 14.8% | 2005 to 2020 |
| specialty finance | 11 | N/A | N/A | null to null |
| growth_equity | 11 | $1,470 | 14.9% | 2005 to 2023 |
| litigation finance | 10 | N/A | N/A | null to null |
| RENAISSANCE TECHNOLOGIES LLC | 10 | N/A | N/A | null to null |
| life settlements | 10 | N/A | N/A | null to null |
| BLACKSTONE ALTERNATIVE CREDIT ADVISORS LP | 10 | N/A | N/A | null to null |
| ICONIQ CAPITAL, LLC | 10 | N/A | N/A | null to null |
| GOLDMAN SACHS ASSET MANAGEMENT, L.P. | 9 | N/A | N/A | null to null |
| CAPULA INVESTMENT MANAGEMENT LLP | 9 | N/A | N/A | null to null |
| PE - Mezzanine | 8 | $440 | 8.5% | 1985 to 1999 |
| Distressed Debt | 8 | $1,550 | N/A | 2021 to 2022 |
| BLACKROCK FINANCIAL MANAGEMENT, INC | 8 | N/A | N/A | null to null |
| GLOBAL INFRASTRUCTURE MANAGEMENT, LLC | 8 | N/A | N/A | null to null |
| BLACKROCK CAPITAL INVESTMENT ADVISORS, LLC | 7 | N/A | N/A | null to null |
| BALYASNY ASSET MANAGEMENT L.P. | 6 | N/A | N/A | null to null |
| BLACKSTONE MANAGEMENT PARTNERS L.L.C. | 6 | N/A | N/A | null to null |
| ELLIOTT INVESTMENT MANAGEMENT L.P. | 6 | N/A | N/A | null to null |
| ALPHADYNE ASSET MANAGEMENT LP | 6 | N/A | N/A | null to null |
| CLEARLAKE CAPITAL GROUP, L.P. | 6 | N/A | N/A | null to null |
| BRACEBRIDGE CAPITAL, LLC | 6 | N/A | N/A | null to null |
| private_equity | 5 | $844 | 10.9% | 2005 to 2023 |
| TCI FUND MANAGEMENT LIMITED | 5 | N/A | N/A | null to null |
| real_estate | 5 | $400 | 21.0% | 2020 to 2020 |
| EXODUSPOINT CAPITAL MANAGEMENT, LP | 4 | N/A | N/A | null to null |
| BDT CAPITAL PARTNERS | 4 | N/A | N/A | null to null |
| other | 4 | $503 | 1.6% | 2011 to 2024 |
| VERITION FUND MANAGEMENT LLC | 4 | N/A | N/A | null to null |
| BLACKROCK CAPITAL MANAGEMENT, INC. | 3 | N/A | N/A | null to null |
| fund_of_funds | 3 | $225 | 7.1% | 2014 to 2023 |
| STRATEGIC PARTNERS FUND SOLUTIONS ADVISORS L.P. | 3 | N/A | N/A | null to null |
| 1confirmation | 3 | N/A | N/A | null to null |
| CVC ADVISERS JERSEY LIMITED | 2 | N/A | N/A | null to null |
| BAIN CAPITAL PRIVATE EQUITY, LP | 2 | N/A | N/A | null to null |
| Coatue Management | 2 | N/A | N/A | null to null |
| EQT FUND MANAGEMENT S.A.R.L | 2 | N/A | N/A | null to null |
| shipping fund | 2 | N/A | N/A | null to null |
| IFM INVESTORS PTY LTD | 2 | N/A | N/A | null to null |
| natural_resources | 1 | $100 | 8.3% | 2015 to 2015 |
| GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL | 1 | N/A | N/A | null to null |
| PERMIRA INVESTMENT ADVISERS LIMITED | 1 | N/A | N/A | null to null |
| BLUE OWL GPSC ADVISORS LLC | 1 | N/A | N/A | null to null |
| distressed | 1 | $150 | 10.9% | 2019 to 2019 |
| SIXTH STREET ADVISERS, LLC | 1 | N/A | N/A | null to null |
| PLATINUM EQUITY ADVISORS, LLC | 1 | N/A | N/A | null to null |
Largest Fund Commitments
| Fund | Manager | Vintage | Strategy | Commitment |
|---|---|---|---|---|
| Grayscale Bitcoin Trust (GBTC) | Grayscale Investments | N/A | Digital Assets | $20.0B |
| AlpInvest Secondaries Fund (Onshore) VIII, L.P. | ALPINVEST US HOLDINGS, LLC | 2023 | Secondaries | $12.7B |
| Grayscale Ethereum Trust (ETHE) | Grayscale Investments | N/A | Digital Assets | $5.0B |
| KKR FS Income Trust | KKR | 2022 | gp_search | $5.0B |
| Evergreen Park Investment Fund, L.P. | Evergreen Park | 2021 | PE - Co-Investment | $3.8B |
| Manulife Infrastructure Fund III, L.P. | MANULIFE INVESTMENT MANAGEMENT PRIVATE MARKETS (US) LLC | 2023 | Infrastructure | $3.6B |
| Grayscale Bitcoin Mini Trust (BTC) | Grayscale Investments | N/A | Digital Assets | $3.5B |
| Lincoln Plaza Fund, L.P. | Lincoln Plaza | 2024 | N/A | $2.0B |
| Phoenix Bear Partners, L.P. | Phoenix Bear | 2023 | N/A | $2.0B |
| CA Co-Investment Limited Partnership | CA | 2022 | N/A | $1.9B |
| Nordic Bear SCSp | Nordic Bear SCSp | 2021 | N/A | $1.8B |
| BC CLP INVESTORS, L.P. | BC CLP INVESTORS | 2023 | N/A | $1.7B |
| Innovation Opportunities, L.P. | Innovation | 2023 | N/A | $1.7B |
| Blackwell Capital Partners, LP | Blackwell | 2023 | N/A | $1.6B |
| Blackstone Capital Partners V L.P. | Blackstone | 2006 | buyout | $1.6B |
| KKR Millennium Fund, L.P. | KKR Millennium | 2002 | PE - Buyout Large | $1.5B |
| Onex Falcon Private Credit Opportunities VII (Luxembourg) Feeder, SCSp | ONEX FALCON INVESTMENT ADVISORS, LLC | 2022 | Private Credit | $1.5B |
| Grayscale Ethereum Mini Trust (ETH) | Grayscale Investments | N/A | Digital Assets | $1.5B |
| KKR 2006 Fund, L.P. | KKR | 2006 | PE - Buyout Large | $1.5B |
| LongRange Capital Fund I, L.P. | LongRange | 2020 | N/A | $1.5B |
| Moreton Bay SPV, LP | Moreton Bay SPV | 2023 | N/A | $1.4B |
| KKR 2006 Fund | KKR | 2006 | N/A | $1.3B |
| Mesirow Real Estate Value Fund V Feeder, L.P. | MESIROW FINANCIAL INVESTMENT MANAGEMENT, INC. | 2024 | Real Estate | $1.3B |
| Red Admiral Fund LP | Red Admiral | 2023 | N/A | $1.2B |
| CA1 SPV, L.P. | CA1 SPV | 2023 | N/A | $1.2B |
Why Form D Data Matters
SEC Form D filings are required for private fund offerings conducted under Regulation D exemptions. These filings provide one of the few systematic, public data sources on private fund formation and capital raising activity. While the filings do not capture all details of a fund offering, they provide essential information including the issuer identity, offering amount, investor count, and exemption type claimed.
For GP stakes market participants, Form D data serves several analytical purposes. First, it provides an early warning system for new fund launches. A manager filing a Form D for a significantly larger fund than its predecessor is signaling AUM growth that may make it an attractive GP stakes candidate. Second, the frequency and pattern of filings reveal fundraising momentum. Managers with regular, successful fundraises demonstrate the institutional LP relationships that GP stakes buyers value.
The limitation of Form D data is that filings are often delayed, amended, or incomplete. Many managers file initial notices with placeholder amounts and update them later, or they may not file at all if they rely on non-US jurisdictions for their fund structures. Despite these limitations, Form D remains an indispensable tool for market intelligence and competitive analysis in private markets.
Our dashboard supplements raw Form D data with performance information from public pension fund disclosures, creating a more complete picture of each fund's lifecycle from formation through deployment and eventual realization.
Methodology
Fund data is sourced from US public pension fund disclosures and SEC EDGAR Form D filings. Commitment amounts represent individual pension fund allocations, not total fund sizes. Strategy classifications follow pension fund reporting conventions and may differ from how managers describe their own strategies. Performance figures represent net-of-fees returns as reported by pension funds. Data is refreshed periodically and may lag current market activity by several quarters.
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