How Hottub reads its sources

Where the data comes from

LPs. The LP Directory lists 1,444 LPs: 1,255 private foundations, 50 public pension plans, 2 endowments, 3 state investment funds, 3 sovereign wealth funds, 4 development finance institutions, 6 government funds of funds, 75 registered funds, 22 insurers, 9 corporate pension plans, 12 union pension plans, and 3 pension master trusts. Each kind reports what it holds differently, and each LP’s page says what its amounts are.

• Private foundations list their investments on IRS Form 990-PF (Part II, lines 13 and 15). Hottub reads the IRS’s e-file archives for the three latest filing years, keeps foundations with at least $10 million in assets, and compares each return with the one before it, so a fund on the latest return and not on the previous one is marked New. The returns read now end between June 30, 2022 and June 30, 2026.
• Public pension plans, endowments, sovereign and state funds, development finance institutions, and government funds of funds publish fund-level reports. Hottub reads 68 of them from the LP’s own site, as the LP publishes them: commitments, often cash flows and returns, sometimes only market values or fund names.
• Registered funds report the private funds they hold on SEC Form N-PORT; insurers list theirs on Schedule BA of the statutory statement they file with their state; corporate and union pension plans list partnership interests on the schedule of assets attached to Form 5500.

Commitments. 26 public plans publish commitments as they make them, in monthly transaction reports, board approvals, or committee reports. Hottub reads the last 24 months of these documents and keeps commitments to private equity and venture funds. Each plan’s entry says whether its dates are days or months, and whether an amount is a commitment or an approval ceiling (“up to”). The newest one is dated October 7, 2026.

Managers and funds. The Venture Capital Fund Index lists 427 firms, each fund with a public source. The Venture Adviser Directory lists 2,954 advisers that report at least one venture fund on Form ADV, from the SEC’s monthly rosters. Fund vintages and sizes come from Form D, which a fund files within 15 days of its first sale.

How LPs take submissions. Where an LP publishes how managers submit a fund, whether it runs an emerging-manager program, and who its consultant is, its page says so, read from its own pages and dated. The consultants page gathers the 119 organizations LPs name.

How old each source is

Every LP page gives the date of the report or return its holdings come from, and says so when that date is more than a year old (16 public reports are, today). “Still adding venture funds” means a fund new on the latest return, or a fund of a vintage within three years of the report: on an old return, that describes the LP as it was then.

How a fund is matched to its manager

LPs report funds by name, not by manager, so Hottub decides who manages a fund from its name, in this order:

1. A firm in the Venture Capital Fund Index whose name, or another name it goes by, starts the fund’s name: “Accel Growth Fund V” is Accel’s.
2. A fund of funds, from a list of the prefixes funds of funds use.
3. An adviser in the Venture Adviser Directory whose name, or the distinctive part of it, starts the fund’s name. A made-up word (“Venrock”) names one firm; a dictionary word (“Mission”, “True”) counts only when a fund number follows it.

This can be wrong. A fund that reads like one firm’s may be another’s: “Trident VIII” is Stone Point Capital’s fund, not Trident Capital’s. Such names are kept on an exceptions list, and every fund name on a page is shown as the LP wrote it, so the original filing stays the record. A manager is marked emerging when its Form ADV reports under $250 million in private fund assets.

Corrections

• A firm can find and claim its listing in the fund index or the adviser directory and send corrections with a public source; a wrong fund-to-manager match goes on the exceptions list, and the pages are rebuilt.
• An LP can claim its listing from its page and say, in its own words, what it accepts from managers.
• Anyone whose name appears anyway can ask for it to be removed.

Organizations only

Hottub keeps organizations, never individuals. Form D’s related persons are reduced to the fund’s general partner or manager when a filing is read; the foundation import never reads officers, contributors, or care-of names, and keeps a contractor only when the return names a business; documents that name board members or staff are read for the commitments in them and nothing else.