Venture fund launches, Q2 2025
208 venture funds filed their first Form D as a first fund (Fund I) in Q2 2025, down 11% from 233 in Q2 2024 (up 16% from 179 in Q1 2025). Second funds: 59, down 9% from 65 a year earlier; third funds: 32, down 14% from 37 a year earlier.
The median first fund set out to raise $7.1M ($5M in Q2 2024); second funds $50M, and third funds $15M. These are funds starting to raise, counted when each files its first Form D, not funds that closed.
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The last twelve quarters
| Quarter | Fund I | Fund II | Fund III | Median Fund I target |
|---|---|---|---|---|
| Q2 2025 | 208 | 59 | 32 | $7.1M |
| Q1 2025 | 179 | 74 | 38 | $7.9M |
| Q4 2024 | 187 | 44 | 37 | $6M |
| Q3 2024 | 202 | 66 | 45 | $5.6M |
| Q2 2024 | 233 | 65 | 37 | $5M |
| Q1 2024 | 199 | 57 | 40 | $6.7M |
| Q4 2023 | 158 | 52 | 26 | $7.4M |
| Q3 2023 | 205 | 48 | 33 | $4.8M |
| Q2 2023 | 192 | 66 | 36 | $10M |
| Q1 2023 | 209 | 55 | 29 | $10M |
| Q4 2022 | 204 | 50 | 32 | $4.2M |
| Q3 2022 | 226 | 74 | 42 | $4M |
How these are counted
A fund counts in the quarter of its first Form D, the notice a fund files with the SEC within 15 days of its first sale. Only funds that call themselves venture capital funds count; single-deal vehicles, feeders, platform series, and opportunity, growth, and other side funds are left out, and parallel vehicles of one fund count once. A fund’s number comes from its name, and a fund with no number counts as a first fund when nothing of the same name filed before. The target is the offering amount on the first filing that states one. A quarter’s count can rise a little as late filings arrive.
To cite: Hottub VC analysis of SEC Form D data sets through September 30, 2026, hottub.vc/raise-benchmarks/2025-q2/. The numbers: by quarter (CSV). How funds of each number and size raise: raise benchmarks.
Other quarters: Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024.