SERACapital formation intelligence

Form D · coverage current to 21 August 2026

The mandate is decided
before the fund is news.

A new fund appoints its administrator, its auditor and its placement agent in the weeks around its first close. The monthly reports covering this market name that fund after the seats are filled. Form D names the people on the day it files, and we read it that week.

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Filed 08 Aug 2025

BDT & MSD Technology
Fund I, LP

New vehicle

5 prior filings

BDT Capital Partners
Fund 4, L.P.

$14.0B reported sold

Three shared principals · individuals are never named

The gap

You find out in
the month after.

Three seats are decided at fund formation, and each of them is decided in the weeks a fund is least visible. The monitors covering this market publish monthly, so the first time a new vehicle appears in a report, the sponsor has already chosen. What that costs depends on which desk you sit at.

Fund administration

You call after the appointment

A sponsor picks its administrator and its auditor around the first close. A monthly report names the fund weeks later. By then the seat is filled, and the conversation you get is a switch, not a launch.

Investment banking

The spin-out is news to you

Principals who leave one platform to raise their own vehicle file before they announce. Their names are on the filing that week. If you read it in the press, so did everyone else calling on them.

Placement and distribution

You cannot see who wins

No vendor publishes placement agent share for this market. Without it you argue your value from relationships rather than from the record, and you cannot tell which sponsors are already covered and which are not.

39,219 new offerings were filed in the trailing twelve months, which is about 750 a week. Every one of them is a sponsor making its appointments now. The filing does not name your seat. It names the people deciding it, in the week they decide.

Holdings

Eleven years of
the filing record.

Form D is filed within fifteen days of a first sale. It names the issuer, the offering, the people behind it, and anyone paid to sell it. Read once, it is a notice. Read across eleven years of filings, it becomes a record of who forms funds, how often, with whom, and through which distributors.

Each filing is joined to Form ADV on file number, so a new offering can be placed against the adviser, the fund family, and the principals already on record.

Form D offerings363,420 new and 222,824 amendments586,244
Distinct issuersBy central index key297,780
New offerings, trailing twelve monthsPeriod ending 21 August 202639,219
Advisers cross referenced from Form ADVJoined on file number30,158
Funds named on ADV Schedule DDistinct fund names135,582
Placement agent engagementsRecipient records parsed from Item 1281,148
Related-person appearancesOfficers, directors, and promoters, resolved across filings2,047,870
Delaware statutory trustsAcross 333 identified sponsors1,632

Composition of the record

363,420 new filings · 62%
222,824 amendments · 38%

Nearly two filings in five are revisions to an offering already announced. That cadence is what raise progress actually looks like in the public record, and it is the reason a monthly read misses so much of it.

Method

Where it comes from,
and what it will not tell you.

Buyers of this kind of data run diligence on provenance before they run it on price. The limits are printed here rather than discovered later.

Sourcing

  • Primary source is EDGAR, the Commission's own filing system. Filing content is free to access and reuse, with no licensing or redistribution restriction.
  • Capture runs on weekdays with a declared user agent inside published rate limits. No scraping of paywalled or licensed third party sources.
  • Form D is joined to Form ADV on file number, which gives the adviser, the fund family, and the registration status behind a filing.
  • Every published figure is reproducible from the filing that carries it, and each row carries its accession number.

What we do not claim

  • We do not publish summed capital across a filing history as a market total. Amendments restate cumulative amounts, so naive addition overstates the market by orders of magnitude. We report counts, cadence, and share.
  • Lineage is an observation about who appears on which filing. It is not an assertion about employment, departure, or intent. No individual is named in any published surface, and entities are named as filed.

The corpus reaches back to January 2015 and is sourced entirely from EDGAR, the Commission's own filing system, never from a vendor feed or a reseller. Capture runs on a weekday schedule against EDGAR directly. What that buys you is not a scrape: it is eleven years of filings normalised to one schema, with issuers, advisers, and related persons resolved across all of them, so a filing from 2016 and a filing from last Tuesday can be placed side by side and counted the same way.

Filings are a proxy for sales, not a substitute. Where a sponsor reports its sales directly, that reporting is the ground truth and ours is the faster read.

Published by SERA · capital formation intelligence

Difference

Three answers you
cannot buy today.

The source is public. Anyone can download a Form D. What is not public is the shape it takes once eleven years of filings are normalised, resolved to entities, and joined into a person-level graph. Each column below is labelled with the field it is computed from.

Capture schedule

Cadence

We capture on weekdays and publish weekly. The established monitors covering this market publish monthly. Thirty-eight percent of the record is amendments, and every one of them is a change to a raise already under way. A monthly read misses most of them.

Item 12 · Sales compensation

Placement agent share

81,148 engagements parsed and aggregated into share by sponsor and by agent. We have found no vendor publishing this for the private placement market. Distributors ask for it first.

Item 3 · Related persons

Lineage

Two million appearances resolved into a graph, so a new filing can be tied to the vehicles its principals already ran. Incumbents count launches or report them as news. None productise the connection.

Subscriptions

Two, both weekly.

Each arrives as a dated Excel workbook with a summary in PDF. Both are built from the same record and cover the week just filed, not the month just closed.

Launch Radar

New vehicles, and the funds
their principals came from.

Which fund formed this week, and who is actually behind it?

Every new offering filed in the week, ranked, with lineage attached. Where two or more principals on a new filing also appear together on an existing manager's filings, the prior vehicle is named alongside its filing history and amounts reported sold.

  • 39,219 new offerings filed in the trailing twelve months
  • 19,163 lineage records where two or more principals carry across
  • 3,149 attached to filings made in the last twelve months
  • Named entities, prior vehicle, prior filing count, prior amounts sold
DST & 1031 Market Monitor

Trust formation, and
who is placing it.

Which sponsors are in market, and which distributors are winning?

Sponsor by sponsor coverage of the securitised 1031 market: trusts in market, filing cadence, amendment velocity. The distinguishing column is placement agent share, computed from Item 12 recipients, which no established monitor in this market publishes.

  • 1,632 trusts identified across 333 sponsors
  • 202 trusts with a first filing in the trailing twelve months
  • Placement agent share by sponsor and by agent
  • Weekly. The established monitors here publish monthly

Records · Launch Radar lineage

Drawn from live data 24 August 2026
New vehicle Filed Prior vehicle sharing principals Shared Prior filings Reported sold
BDT & MSD Technology Fund I, LP 08 Aug 2025 BDT Capital Partners Fund 4, L.P. 35$14.0B
Hopper Co-Invest L.P. 20 Mar 2026 Blackstone Capital Partners IX L.P. 24$20.4B
Wheelhouse Co-Invest LP 23 Apr 2026 Brookfield Global Transition Fund II-A, L.P. 33$13.7B
Prologis US Agility Fund I, L.P. 16 Jan 2026 Prologis Targeted U.S. Logistics Holdings, L.P. 311$18.1B
Brookfield Infrastructure Co-Invest (OK), L.P. 17 Jul 2026 Brookfield Super-Core Infrastructure Partners L.P. 29$13.2B

These five span twelve months of filings. The workbook carries every record like them, the week each one files.

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Records are drawn from filings made with the Securities and Exchange Commission. Entities are named as filed. Individuals are not named in any published surface. Reported sold is the largest cumulative amount the prior vehicle stated on any single filing, which is its most recent stated total. We never add amounts across filings, because each amendment restates the cumulative figure.

Access

See a week
of the record.

Name the firm and the role, and the reply carries this week's workbook for the desk you sit at. No checkout, no sequence, and no call required to see it.

Subscriptions are invoiced annually and priced against seats and cadence. The sample is not.

The record was built by one person, over eleven years of filings. The same person reads your request and answers it. Not a sequence, not a form letter, and never passed to anyone else.

We reply from a person, once. No list, no sequence, no sharing with anyone.