Fund registrations

Where the world's funds are actually formed — and then, because the United States is by far the largest single universe, a deep-dive on the US registration data the SEC publishes but almost nobody reads side by side.

Fund domiciles — the Form ADV picture, across jurisdictions

What's Form ADV? The disclosure every US investment adviser must file with the SEC. Schedule D 7.B.1 of it lists each private fund the adviser runs — the fund's name, where it's domiciled, and its service providers. That filing is the source for this chart and the provider network; it's US-anchored, so non-US funds appear only when a US-registered adviser reports them.

Live private funds by domicile from Form ADV — 104,073 still operating across 73 domiciles. The United States and the Cayman Islands dominate, which is why the US registration data below gets the closest look. Of the 165,474 funds that have filed since 2011, these are the ones still filing in 2024 and run by an adviser still SEC-registered — the cumulative total carries funds that have since wound down. How "live" is derived — and why 2025-26 isn't here yet — is under the chart.

Private funds still operating, by domicile — 104,073 live of 165,474 that have filed since 2011. Source is SEC Form ADV Schedule D 7.B.1; US states are folded into 'United States'. Form ADV carries no fund-status field, so 'live' is derived: a fund counts as live when its most recent filing falls in the final bulk year (2024) and whose controlling adviser is still SEC-registered (checked against the IAPD roster of 2026-07-06). An adviser must refile annually, so an earlier last-filing — or a deregistered adviser — means the fund has almost certainly wound down. The cumulative figure includes those since-closed funds. Fund-level detail is not yet available for 2025-26 (the SEC bulk set ends 2024-12-31). Source: SEC Form ADV Schedule D 7.B.1 private-fund filings; live = latest filing in 2024 AND adviser still SEC-registered (IAPD roster 2026-07-06). As of 2024-12-26.

The US in depth — SEC Form D and the registered-fund universe

The US doesn't have one fund register. Private funds surface as Form D notices on EDGAR (an exempt-offering filing under Regulation D — most hedge, PE, VC and credit funds file one), registered funds live in the SEC's investment-company series/class data, and advisers map to their funds through Form ADV. The SEC publishes all of it as structured data; almost nobody reads it side by side. This page does.

Two different lenses, don't conflate them: the domicile chart above is stock — the standing universe of funds from Form ADV, current to 2024. The Form D figures below are flow — new fund notices as they're filed, current to the latest EDGAR quarter. One is "how many funds exist"; the other is "how many just launched".

Newest pooled-fund Form D filings

Most recent EDGAR Form D filings whose submission declares the issuer a Pooled Investment Fund (D = new notice, D/A = amendment). Live from EDGAR full-text search as at the last-verified date. Why read it: a first Form D is the earliest public trace of a new fund raising — deal-flow signal for administrators, depositaries and counsel, and a live pulse on what is being launched.

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The registered-fund universe

Last published quarter — Form D pooled investment funds (2026 Q2)

10,912 Form D filings declared a pooled investment fund in 2026 Q2, of which 6,007 were new notices (first filings, not amendments). The SEC itself notes Form D under-captures the private-fund universe — not every issuer files. Treat these as filings, not "all US funds".

Counting new notices only (a fund's first Form D — amendments restate cumulative offering totals and would inflate any sum), new pooled funds reported $125.1bn already sold at filing, from 127,361 reported investors. Form D amounts are sold-so-far at the filing date, not final fund size — read them as early-close signal, a floor.

Largest new-fund filings this quarter (amount sold at first notice)

Hedge-fund NAV ranges (where disclosed)

Hedge funds may disclose an aggregate net-asset-value range on Form D — the closest thing to a size distribution the filing offers.

By fund type

By state / country of the primary issuer

State of organisation is where the vehicle is formed — Delaware's statutory trust and LP statutes make it the default wrapper state, which is exactly what this chart shows.

Method and coverage gaps

• Sources: EDGAR full-text search (live list) · SEC Form D quarterly data sets (structured aggregates) · SEC investment-company series/class data (registered universe).
• Form D is not the whole private-fund universe — filing happens when the exemption is used; the SEC's own statistics flag under-capture.
• State registries add nothing machine-readable: fund vehicles form as Delaware statutory trusts/LPs etc., but state entity registers offer no bulk access — the state dimension here comes from the Form D filing itself.
• Adviser mapping (Form ADV Schedule D) comes next — the weekly IAPD bulk feed links advisers to the private funds they run; that lane extends this page.