What happens after a raise

How often a venture fund is followed by the next, and a company raises again or goes public: base rates from every Form D since 2009.

Plan for the next fund. How often a Fund I, II, or III was followed by another within two to six years.
Read a startup’s odds. How often companies raised again within one to five years, and went public within ten, by sector.
Know how far to trust them. Each rate is remade from earlier years and checked against what later ones did.

See the rates by size in LP Intelligence How funds raise

20% of 5,886 Fund Is first filed since 2009 had a next fund within four years

A next fund within four and six years, by the fund before it

The numbers

Fund before	Within 4 years	Within 6 years
Fund I	20%	25%
Fund II	28%	35%
Fund III	32%	39%
Fund IV and later	44%	51%

Venture funds: a next fund

How often a manager filed its next fund, by the number of the one before, among 54,316 venture funds that first filed a Form D from 2009. A next fund is the same family’s next one, filed at least nine months later. Small numbers are the 95% interval.

Fund before	Funds	Within 2 years	3 years	4 years	6 years
Fund I	5,886	8%8–9%	15%14–16%	20%19–21%	25%24–26%
Fund II	7,229	13%12–14%	21%20–22%	28%26–29%	35%34–37%
Fund III	3,167	13%11–14%	24%22–25%	32%30–34%	39%37–41%
Fund IV and later	5,284	24%23–26%	36%35–38%	44%42–46%	51%49–53%
Unnumbered	32,750	9%8.7–9.4%	12%11–12%	13%13–14%	16%15–16%
Every venture fund	54,316	11%10.8–11.4%	16%16–17%	20%19.6–20.4%	24%24–25%

By fund size, from under $25M to $500M and up: the Outlook in LP Intelligence.

Companies: raising again and going public

Each of 151,003 operating companies from its first Form D, by sector. Raising again is a new Form D at least four months later; going public is a final prospectus (an IPO or a direct listing). Public buyers’ 8-K reports name 211 of these companies as bought, too few for a rate: private buyers file nothing, and a buyer must name the company exactly as its Form D does. Those are in Recent exits, and leave the going-public count once bought.

Sector	Companies	Raised again in 1 year	3 years	5 years	Public in 5 years	10 years
Software and IT	33,495	13%13–14%	36%35–36%	40%39–40%	0.6%	1%
Biotech and pharma	6,293	15%14–16%	44%42–45%	51%49–52%	6%	8%
Health care	8,687	11%10–11%	30%29–31%	35%34–36%	0.8%	2%
Energy and climate	6,671	10%10–11%	21%20–22%	23%22–24%	0.4%	0.5%
Financial services	8,739	7%6–7%	17%17–18%	20%19–21%	0.4%	0.8%
Consumer	6,498	7%6–8%	18%17–19%	20%19–21%	0.1%	0.4%
Industrial and business services	7,413	9%9–10%	23%22–24%	26%25–28%	0.3%	0.5%
Real estate	38,857	1%0.9–1.1%	3%2.8–3.1%	4%3.6–4.0%	0%	0.1%
Other	34,350	10%9–10%	24%23–24%	27%27–28%	0.4%	0.6%
Every company	151,003	8%8.1–8.4%	22%21–22%	25%24.5–25.0%	0.6%	1%

Companies that went public did so a median 3.4 years after their first Form D on record. By the size of the first raise, and each sector by size: the Outlook in LP Intelligence.

Recent exits

The latest companies here to go public or be acquired, with the years since their first Form D on record.

Company	Exit	Sector	Years	Date
Bambusa Therapeutics, Inc.	Went public	Biotech and pharma	1.8	October 30, 2026
GEORGIA BANKING CO INC	Went public	Financial services	5.6	October 29, 2026
Lycia Therapeutics, Inc.	Went public	Biotech and pharma	6.6	October 23, 2026
Iambic Therapeutics, Inc.	Went public	Biotech and pharma	3.0	October 15, 2026
Retension Pharmaceuticals, Inc.	Went public	Biotech and pharma	2.8	October 9, 2026
ADARx Pharmaceuticals, Inc.	Went public	Biotech and pharma	6.6	September 28, 2026
Vesicor Therapeutics, Inc.	Went public	Biotech and pharma	3.0	September 22, 2026
Electra Therapeutics, Inc.	Went public	Biotech and pharma	0.9	September 18, 2026
Verdera Energy Corp.	Went public	Energy and climate	0.5	September 15, 2026
LEGGETT & PLATT INC	Acquired by SOMNIGROUP INTERNATIONAL INC.	Industrial and business services	8.9	August 26, 2026

How well these rates predict

Each rate was made again from earlier years only, then checked against what later companies and funds did. The Brier score is the mean squared error of those predictions; lower is better.

Raised again within 3 years. Made from first Form D in 2009–2015, checked on first Form D in 2016–2021 (54,453): 12% closer to what happened than one rate for everyone (Brier 0.1459 against 0.1664). Later years came out about where these rates said.
A next venture fund within 4 years. Made from funds first filed in 2009–2016, checked on funds first filed in 2017–2021 (15,520): 12% closer to what happened than one rate for everyone (Brier 0.1517 against 0.1730). Later years came out about where these rates said.
Went public within 7 years. Made from first Form D in 2009–2012, checked on first Form D in 2013–2018 (50,123): 7% closer to what happened than one rate for everyone (Brier 0.0063 against 0.0068). Later companies and funds did it less often than these rates said, so read them as an upper bound for recent years.

Each band’s predicted and observed rates: the Outlook in LP Intelligence.

How these rates are made

Sources: the SEC’s Form D data sets from 2009 through September 30, 2026, EDGAR’s full index of filings since 1993 for prospectuses, and public buyers’ 8-K reports of completed acquisitions. Funds, SPACs, trusts, REITs, and banks’ holding companies aren’t counted as companies; a pooled investment fund is a venture fund when its Form D says so.

Each company and fund is followed from its first Form D until the event or the data’s last day, so a recent one counts for as long as it has been watched (Kaplan–Meier). Going public is a cumulative incidence (Aalen–Johansen), with a company bought first counted out: it can’t list later. Intervals are Greenwood’s 95%; a rate is left out where fewer than twenty were still followed that long.

A company counts as acquired only when a public buyer’s 8-K (Item 2.01) names it exactly as one company that filed a Form D before it. Private buyers file nothing, so most acquisitions aren’t on the record, and no acquisition rate is given. A company that went public only by filing an annual report, without a prospectus, isn’t counted: those are mostly shells. These are histories of groups, not a forecast for any one company or fund, and not investment advice. 1,160 companies went public in these records, and public buyers’ 8-Ks name 211 as acquired.

Data feed: the rates on this page (CSV). Free to use with a link to this page. Managers’ track records from their LPs’ reports, and how each LP invests, are in LP Intelligence.