8,714 firms wrote a cheque in the last 12 months · 1,613 also closed a fund in the last 3 years · latest Oct 2026
Every cheque here is one we watched: a round announced in the press or reported to a regulator, found and read every night. Not what a firm says about itself; what it did.
Firms that closed a fund in the last three years and have been investing from it since. A fresh fund is the clearest sign of capital still to deploy. These are the firms early in their spending, not late.
Comparing a firm's last twelve months with the twelve before is misleading on its own, because we see more of the market than we did: across every firm, we observed -1% more cheques in the recent year than the year before. Part of that is the market and part is us: we read more sources, and name more of the investors in each round.
So pace here is relative. A firm is accelerating when it grew faster than the market as we see it (by half again, and by at least two cheques) and slowing by the mirror of that. A firm with fewer than four cheques in two years is marked too few to tell, rather than given a direction it has not earned.
A fund date comes from the firm's own regulatory filing where it has made one. Most firms outside the United States have not, so a blank there means we have not seen a filing, not that there has been no fund.
All 8,714 firms, by type, country, pace and how recently they closed a fund. 598 are growing faster than the market as we see it.
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