Which new venture funds are forming, and who is actually closing capital
Most "Venture Capital Fund" filings are not new funds. They are SPVs and series vehicles buying into a single company. This page separates blind-pool funds from those vehicles, counts parallel vehicles once, and tracks first-time managers.
How much of the "new VC fund" wave is really SPVs?
The vehicle rules read fund names, and names are ambiguous. On hand-checked funds the rules alone sorted SPV vs blind pool correctly about 57% of the time, leaning toward calling a fund an SPV, and most "unclear" vehicles turned out to be blind pools. So the low end counts unclear vehicles as funds, and the true overcount is likely nearer it. See Methodology.
Vehicles, not fund families: a fund with a parallel "-A" vehicle counts twice here and once in the next chart.
Are first-time managers still getting funds off the ground?
Unnumbered funds count as emerging when the manager has at most two earlier fund families in the data. The data starts in 2019, so the early years overstate emerging share.
Which new managers are actually closing capital?
Each dot is a Fund I. Its height is the share of the stated target sold by its latest filing; its position is months since first sale. Dots near the top have closed most of what they set out to raise.
Only funds that state a dollar target are shown. A fund that never files an amendment freezes at its first reported amount, so low dots can mean "stopped reporting" rather than "stopped raising".