How we know what we show

Venture Track's public firm and fund pages are built from public filings. This page explains where those facts come from, what they can't tell you, and how often they hold up when we check them.

The figures on this page are measured by a script, not estimated. Each one gives its sample and the period it covers. A figure we haven't measured yet says so, rather than showing a guess.

Where the facts come from

SEC Form D, from 2023 onward. A company or fund files a Form D with the SEC when it sells securities under Regulation D. Most private rounds and private funds raise under Regulation D. We collect the Form Ds published on EDGAR, the SEC's public filing system; the measurements below show how many we hold.
SEC Form ADV, from 2025 onward. Investment advisers file Form ADV, and it names the private funds each adviser manages. We use it to name firms and to check how we group funds.
Published news. We use it only to measure how far the news and the filings overlap. No fact on a public page comes from an article.

Every fact on a firm or fund page carries its date and a link to the filing it came from. Nothing a Venture Track customer enters into the product ever appears on these pages.

What a board seat means

A firm's funds name the firm's partners on their Form Ds, and a company's Form D names its directors. When a partner of a firm is filed as a director of a company, that is evidence the firm invested in the company. Board seats are how most venture and buyout investments show up in filings.

A seat doesn't tell you which fund invested, when, how much, in which round, or whether the firm led. No filing says any of that. So the pages say "partners on the board of", and never call a seat a portfolio company, an investment, a round or a lead.

Tiers

We grade each seat by how much ties the director to the firm:

Tier A: something besides the name connects the two filings, for example the director is filed at the firm's own office.
Tier B: an uncommon name, filed only as a director, with nothing against the match.
Tier C: set aside, with the reasons recorded.

Public pages show tier A seats, plus seats a person on our team has reviewed and confirmed. Tier B appears only in the signed-in product, labelled as tier B, until it's reviewed. Tier C never appears publicly. How often each tier held up when checked is under Coverage and accuracy.

How old the evidence is

A Form D shows who was a director on the day it was filed. A company files again when it raises again, so the newest filing behind a seat can be years old.

Every seat shows the date of the newest Form D that names the director ("last confirmed by Form D on …"), with the filing's accession number and a link to it on EDGAR. A public page leaves off a seat in two cases:

the newest supporting filing is more than three years old;
the company has since filed a Form D that no longer names the director.

A later filing only counts against a seat when we could read its whole list of people.

What a Form D can't tell you

Amounts are cumulative, per offering. A Form D reports the total sold in an offering so far, and an amendment restates that running total; it isn't new money. We show each amount as "sold, cumulative, as filed on …", and we never add one filing's total to another's. The measurements below show how far off adding them would be.
There's no valuation and no investor list. A Form D doesn't price the round or name the investors.
Many rounds never file one. Companies outside the US usually don't. Some rounds rely on other exemptions, and some are filed only through a separate investment vehicle that bought the shares.
Filings are often late. The rule asks for a Form D within 15 days of the first sale. The measurements below show how often that happens.
An offering can end quietly. An issuer doesn't have to file again when an offering closes, so a Form D can describe an offering that ended long ago.

How funds are grouped into firms

A firm is the set of funds that share a manager. No filing says this directly, so we infer it.

We first group funds by name: "Example Growth Fund VII" and "Example Growth Fund 8" are one family.
Two families then join when they share two uncommon names, or the same general partner entity. One shared person isn't enough, because it's often a partner who moved firms.
People who appear on many unrelated funds, such as fund administrators, are ignored.

We check the grouping against Form ADV, where each adviser lists the funds it manages. The result is under Coverage and accuracy.

Firm names

A firm's name on a public page comes from one of two places:

the adviser's name on Form ADV, when every fund we show for the firm belongs to that one adviser;
a name a person on our team has reviewed.

A firm with neither is kept out of search engines until it has one. The name we use internally can come from fund names, and it isn't good enough for a public page.

People on these pages

Partners appear by name only. They are the people named as executive officer, director or promoter on their firm's newest fund filings. Two kinds of name are left out:

names that appear on more than four unrelated fund families, which usually belong to administrators;
names that another firm's office files.

We never show a street address, a city, a middle name, or a page about a person.

Coverage and accuracy

Measured Oct 22, 2026, from our own data and the SEC's. We re-measure weekly.

How often the facts hold up

Board seats that held up when checked Tier A 17 of 20, tier B 18 of 20, tier C 1 of 10: 50 links checked on Sep 29, 2026 against press releases, firm team pages and company board pages, by AI agents told nothing about the tier. A set checked by people is planned.
Earlier checks, under earlier rules: Sep 27, 2026: tier A 17 of 20, tier B 11 of 15, tier C 0 of 10; Sep 29, 2026: tier A 16 of 18, tier B 7 of 14, tier C 2 of 10.
Each check takes fresh seats that played no part in setting the rules. Only tier A and reviewed seats appear on public pages.
Age of the newest filing behind a seat Median 647 days: 27.7% under a year old, 28.9% one to two years, 43.4% over two years.
2,585 tier A and B seats, as of Oct 22, 2026.
Old evidence is still evidence, but it is weaker. Public pages leave off seats whose newest filing is more than three years old.
Funds grouped under the right firm Precision 94.7%, recall 99.5%: 4,954 fund vehicles, each checked against the adviser Form ADV lists for it.
Precision: of the funds we group together, how many share an adviser. Recall: of the funds one adviser lists, how many we group together.
Measured against Form ADV, where each adviser lists the funds it manages.

How complete and how timely the filings are

Form D filings we hold, of those on EDGAR 100%: 25,153 of 25,157 Form D filings and amendments listed in EDGAR's daily index, Jun 4 – Oct 21, 2026.
By month: Jun 100%, Jul 100%, Aug 99.9%, Sep 100%, Oct 100%.
Not yet loaded: Apr 1 – Jun 3, 2026, 6,903 filings.
Counted day by day against the SEC’s own daily index. A day we hold less than half of is named, so a gap is visible rather than averaged away.
How long after the first sale a Form D is filed Median 15 days: 55.7% within 15 days; one in ten more than 205 days after.
15.5% were filed before any sale had taken place.
3,824 new notices from operating companies, Jun 24 – Sep 22, 2026.
The rule asks for 15 days. Many filings come later, which limits how fresh any Form D data can be.

How far the news and the filings overlap

Rounds in the news that also have a Form D 3.7%: 57 of 1,526 venture rounds reported in the news Jun 24 – Sep 22, 2026, with a Form D from the same company within 60 days.
Companies we know are US-based, from the address on a past Form D: 53 of 139 (38.1%). We don't know where 1,381 of the companies are based.
722 rounds left out because their dates fall near a gap in our Form D data.
This measures how far two independent sources overlap. It is not a measure of how much of the market we cover. A Form D is a US filing, and most rounds in the news we read are not US companies. Many US rounds also file late, file only through a separate investment vehicle, or never file. We know a company’s headquarters only from the address on a Form D, so the US figure covers companies that have filed one at some point.
New Form Ds that also appear in the news 3.5%: 55 of 1,573 new Form Ds from operating companies, Jun 24 – Sep 22, 2026, with the same company's round in the news. Property, lending and insurance vehicles are left out.
US issuers: 53 of 1,456 (3.6%).
Most Form Ds are small offerings that no outlet reports. The count also includes public companies selling shares privately.

How we read Form D amounts

Why we never add Form D amounts together Adding them would overstate sales by 75.6%: Adding every filing's total, amendments included, gives $1.87 trillion. Reading each offering's newest filing gives $1.07 trillion.
65,043 offerings by operating companies, 5,920 of them amended.
Form D totals are cumulative for each offering, so an amendment repeats what was already sold. We show each offering’s newest figure, dated.

How the news is processed

News items where an automated step fell back or failed 4 of 7,257: News items processed in the 7 days to Oct 22, 2026.
These steps summarize and classify news for the signed-in product. No text on a public firm or fund page comes from them.

Known gaps in our data

Form D filings made Apr 1 – Jun 3, 2026 aren't loaded yet. Figures that would depend on them leave them out.
News rounds are counted from Jun 2, 2026, when we began extracting them.
Form D filings made Aug 24–26, 2026 are missing from our data until they're backfilled. They count above as filings we don't hold.

Corrections and removals

Every firm and fund page has a Correct this page link. Before we change a firm's page, the request needs:

a verified email address on the firm's own domain; and
either a second verified person at the firm, or public evidence: a filing, or the firm's own website.

Anything contested or unsupported goes to a person on our team. We keep every decision, with who made it and when.

A person can ask us to take their name off our public pages, and they don't need anyone else at their firm to agree. We do it once we can reasonably believe the request comes from them, record who asked and when, and apply it at the next update. The name stays in the signed-in product, where the filing itself is the source.

How these pages are made

Rebuilt daily from a snapshot of our data, after each day's filings are processed. Each page shows when it was last updated and when its newest evidence was filed.
No text written by a language model. Every fact on a firm or fund page is placed there by a rule, from a filing, with the filing linked.
More for signed-in users. The signed-in product shows more: every fund and filing, tier B seats with their tier, and the co-investor map.