Reference data · Updated October 30, 2026
Private Markets Statistics: U.S. Private Funds & Regulation D
Eight current figures for writers, researchers, and investors who need a source-backed view of U.S. private-market activity. Every figure links to its original Securities and Exchange Commission source.
Browse the statistics ↓The data at a glance
Scale is context. Structure is still the work.
These figures show the size and activity of U.S. private capital markets. They do not indicate the quality, suitability, or likely outcome of any individual offering.
$29.6T
gross assets
As of 2025 Q4
Aggregate gross assets reported on Form PF.
Source: SEC Private Fund Statistics ↗$19.0T
net assets
As of 2025 Q4
Aggregate net asset value reported on Form PF.
Source: SEC Private Fund Statistics ↗58,891
private funds reported
As of 2025 Q4
Private funds reported through Form PF.
Source: SEC Private Fund Statistics ↗$2.39T
Regulation D amount sold
As of 2025
Reported total amount sold across Regulation D offerings.
Source: SEC Regulation D Offerings ↗56,254
Regulation D filings
As of 2025
Initial and amended Form D filings combined.
Source: SEC Regulation D Offerings ↗$2.12T
fund-issuer amount sold
As of 2025
Reported Regulation D amount sold by pooled investment funds.
Source: SEC Regulation D Offerings ↗30,315
Rule 506(b) offerings
As of 2025
Initial Form D filings identifying Rule 506(b).
Source: SEC Regulation D Offerings ↗$142.6B
Rule 506(c) amount sold
As of 2025
Reported amount sold under Rule 506(c).
Source: SEC Regulation D Offerings ↗How to read these figures
Reported market totals are not an investor due diligence shortcut.
Form PF data covers private funds reported by SEC-registered advisers required to file Form PF. The SEC states that advisers with less than $150 million in private fund assets under management, exempt reporting advisers, and state-registered advisers are not required to file Form PF. The figures are therefore an important reported-data view, not a census of every private fund.
Regulation D statistics are drawn from Form D filings. The SEC notes that an issuer may not file a Form D, so the totals may understate the true number of offerings and the amount of capital raised. A reported amount sold is not a measure of return, risk, fees, liquidity, investor protections, or investment quality.
Methodology & sources
Primary sources, preserved reporting dates.
This page uses publicly available data maintained by the U.S. Securities and Exchange Commission. Each stat above links directly to the underlying SEC statistics page. Figures are labeled with the reporting period published by the SEC and are refreshed when the underlying source updates materially.
- SEC Private Fund Statistics ↗, including Form PF reporting scope and 2025 Q4 aggregates.
- SEC Regulation D Offerings ↗, including 2025 annual filings and reported amounts sold.
Private investments are high-risk and illiquid. Investors should review the governing documents and consult their own qualified advisers.