Post Summary
Fund formation and capital raised both recovered from August and ran ahead of September 2025: new private funds, new-fund capital, and existing-fund incremental capital all rose year over year and from August.
New private fund formation (first-time Form D filers), capital raised by funds in their initial fundraising stage, and incremental capital reported by existing funds, using Form D filings that Convergence curates.
Private Equity led new-fund issuance and raised 63.9% of September’s new-fund capital, while Hedge Funds led incremental capital in existing funds.
It is the highest September in Convergence’s ten-year series for new funds issued, new-fund capital raised, and existing-fund incremental capital.
Issuers are tracking toward about 21,777 new private funds in 2026, 12.1% above the base-case estimate and within the plus or minus 15% range, and Convergence maintains its 2026 to 2030 forecast.
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Convergence identified 1,841 new private fund entities in September 2026, up 23.6% from September 2025 and 10% from August. Funds in their initial fundraising stage reported $96.1 billion of capital raised, up 37.9% year over year, and 712 existing funds reported $43.1 billion of incremental capital, up 33.1%. Fund formation and capital raised both recovered from August.
How many new private funds were issued in September 2026?
Convergence identified 1,841 new private fund entities in September, defined as first-time filers, compared with 1,489 in September 2025. Issuance rose 10% from August's 1,676 funds and ranked fourth among the trailing 12 months. Of the 1,841 new funds, 1,454 (79%) were Primary funds and 387 (21%) were Supporting funds, and 1,193 (65%) reported raising capital in September, compared with 62% a year earlier.
Through September, 16,333 new funds had been issued, up 35.1% from 12,086 in the same period of 2025.
Issuance increased for five fund types and decreased for three. Private Equity led with 570 new funds, up 60.6%, followed by Venture Capital with 540, up 17.9%. Real Estate, Private Credit, and Investing issuance fell.
How much capital did new private funds raise in September 2026?
In September, 2,356 funds in their initial fundraising stage reported raising $96.1 billion, up 37.9% from $69.7 billion raised by 1,799 funds in September 2025. Of the 2,356 fund entities, 1,841 were first-time filers and 515 were repeat filers that had filed before September. September ranked third among the trailing 12 months for new-fund capital. Capital raised rose 25% from August's $76.9 billion and approached the roughly $100 billion months of June and July.
Through September, initial-stage funds had raised $703.3 billion, up 20.7% from $582.6 billion in the same period of 2025. Primary funds accounted for $83.8 billion (87%) of September's capital and Supporting funds for $12.3 billion (13%).
Private Equity funds raised $61.4 billion, 63.9% of the month's total and up 106.6%. Private Credit raised $7.6 billion, up 340.5%. Other Investment Funds raised $15.2 billion, down 22.0%, and Venture Capital raised $5.1 billion, down 59.6%. Hedge Funds raised $6.4 billion, up 18.4%.
Capital raised in a month can come from funds issued in earlier periods. In September, 52% ($49.6 billion) of new-fund capital came from funds issued within the prior 12 months, compared with 84% ($58.8 billion) in September 2025. For Private Equity, 25% of September's capital came from funds issued in the prior 12 months and 75% from funds issued one to two years earlier.
How much incremental capital did existing private funds report in September 2026?
A total of 712 existing private funds reported $43.1 billion of incremental capital in September, up 33.1% from $32.4 billion reported by 621 funds in September 2025 and up 50% from August's $28.7 billion. The number of existing funds reporting incremental capital rose 14.6% year over year. September ranked tenth among the trailing 12 months for incremental capital and fifth for the number of existing funds taking in new capital. Of the 712 funds, 627 (88.1%) were Primary funds, accounting for $36.5 billion (84.6%) of the capital.
Through September, 6,295 existing funds reported $602.5 billion of incremental capital, up 29.2% from $466.2 billion across 6,033 funds in the same period of 2025.
In September, Hedge Funds added $24.2 billion, up 63.9%. Other Investment Funds added $12.1 billion, up 0.4%, and Private Credit added $4.0 billion, down 9.3%. Private Equity funds recorded $2.1 billion of net inflows and Venture Capital funds recorded $0.3 billion. Year to date, Hedge Funds were up 46.9% and Other Investment Funds were up 7.1%.
The capital was concentrated. The top 30 existing funds accounted for $27.5 billion, or 63.8% of September's total, and a single fund, ExodusPoint Partners International Fund, Ltd., reported $2.7 billion.
Existing-fund capital is a lagging indicator. Form D amendments are not always filed immediately after capital is raised, and an offering that is continuing must be amended at least once a year, so the capital reported in a given month can reflect fundraising from up to a year earlier.
Where is 2026 fund issuance tracking against Convergence's forecast?
Convergence Insight: based on September year-to-date issuance, the market is tracking toward approximately 21,777 new private funds in 2026. That is 12.1% above Convergence's 2026 base-case estimate and within its forecast range of plus or minus 15%. Convergence projects 97,096 new private funds and supporting entities between 2026 and 2030, or 19,419 per year if evenly distributed, and it maintains that five-year base-case forecast.
How does September 2026 compare with the last ten years?
Convergence's ten-year series runs from September 2017 to September 2026. September 2026 set the highest value in the series for new funds issued, new-fund capital raised, and existing-fund incremental capital. Year to date, new funds issued and existing-fund incremental capital are also the highest in the series, and new-fund capital raised is the second highest.
The 2017 existing-fund series excludes $131.3 billion of incremental capital reported by one fund, the Alexander Series Trust, as part of Convergence's normalization.
What do these capital flows mean for service providers and fund managers?
In Convergence's view, new-fund issuance shows where new accounts are being created, and capital raised shows where near-term revenue potential is building. September's data shows both recovering from August, with new-fund capital approaching the roughly $100 billion months of June and July.
About this data
The figures come from Form D filings that Convergence curates. New funds are first-time Form D filers. Existing funds are funds that filed before and reported additional capital. A Primary fund is the main investing entity, and a Supporting fund is a feeder, co-invest, employee, or partner vehicle. Convergence may update the report and its data as new information is received.
FAQ
How many new private funds did Convergence identify in September 2026?
1,841 first-time filers, up 23.6% from September 2025 and 10% from August, ranking fourth among the trailing 12 months.
How much capital did new private funds raise in September 2026?
2,356 funds in their initial fundraising stage reported $96.1 billion, up 37.9% year over year, ranking third among the trailing 12 months.
Which fund types had fewer new funds issued in September 2026?
Real Estate (27 funds, down 47.1%), Private Credit (26, down 44.7%), and Investing (7, down 74.1%). The other five fund types increased.
How much incremental capital did existing private funds report in September 2026?
712 existing funds reported $43.1 billion, up 33.1% year over year, with Hedge Funds adding $24.2 billion.
How concentrated was existing-fund capital in September 2026?
The top 30 existing funds accounted for $27.5 billion, or 63.8% of the total, and one fund reported $2.7 billion.
Why can existing-fund capital reported in a month reflect earlier fundraising?
Form D amendments are not always filed right after capital is raised, and continuing offerings are required to amend at least annually, so a reported increase confirms that fundraising occurred, not necessarily when.
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Key Points
What did September’s issuance data show about fund formation across fund types?
- Total. 1,841 new funds, compared with 1,489 in September 2025, ranking fourth among the trailing 12 months.
- Month over month. Issuance rose 10% from August’s 1,676 funds.
- Definition. New funds are first-time Form D filers.
- Types that increased. Private Equity 570 (+60.6%), Venture Capital 540 (+17.9%), Other Investment Fund 337 (+20.8%), VC Crowd Fund 197 (+29.6%), and Hedge Fund 137 (+14.2%).
- Types that decreased. Real Estate 27 (-47.1%), Private Credit 26 (-44.7%), and Investing 7 (-74.1%).
- Primary and Supporting. 1,454 (79%) were Primary funds and 387 (21%) were Supporting funds.
- Capital reported. 1,193 (65%) reported raising capital in September, compared with 62% a year earlier.
- Year to date. 16,333 new funds, up 35.1% from 12,086.
How was September’s new-fund capital distributed across fund types and fund vintages?
- Total. $96.1 billion from 2,356 funds, up 37.9% from $69.7 billion from 1,799 funds, ranking third among the trailing 12 months.
- Composition. 1,841 of the 2,356 entities were first-time filers and 515 were repeat filers.
- Momentum. Capital rose 25% from August’s $76.9 billion and approached the roughly $100 billion months of June and July.
- By fund type. Private Equity $61.4 billion (63.9%, +106.6%), Other Investment Fund $15.2 billion (-22.0%), Private Credit $7.6 billion (+340.5%), Hedge Fund $6.4 billion (+18.4%), and Venture Capital $5.1 billion (-59.6%).
- Vintage. 52% ($49.6 billion) came from funds issued within the prior 12 months, compared with 84% ($58.8 billion) in September 2025. For Private Equity, 25% came from funds issued in the prior 12 months and 75% from funds issued one to two years earlier.
- Year to date. $703.3 billion, up 20.7% from $582.6 billion.
What did existing funds report in September, and how concentrated was the capital?
- Total. $43.1 billion from 712 funds, up 33.1% from $32.4 billion from 621 funds, and up 50% from August’s $28.7 billion.
- Rankings. Tenth among the trailing 12 months for incremental capital and fifth for the number of existing funds taking in new capital.
- By fund type. Hedge Funds $24.2 billion (+63.9%), Other Investment Funds $12.1 billion (+0.4%), Private Credit $4.0 billion (-9.3%), Private Equity $2.1 billion, and Venture Capital $0.3 billion.
- Concentration. The top 30 existing funds accounted for $27.5 billion (63.8%), and ExodusPoint Partners International Fund, Ltd. reported $2.7 billion.
- Primary funds. 627 funds (88.1%) accounted for $36.5 billion (84.6%).
- Year to date. 6,295 funds reported $602.5 billion, up 29.2%, led by Hedge Funds (+46.9%).
- Timing. Continuing offerings must file a Form D amendment at least annually, so reported capital can reflect fundraising from up to a year earlier.
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How does Convergence’s forecast compare with 2026 issuance to date?
- The forecast. Convergence projects 97,096 new private funds and supporting entities between 2026 and 2030, or 19,419 per year if evenly distributed.
- Current pace. September year-to-date issuance points to about 21,777 new private funds in 2026.
- Against the base case. That is 12.1% above Convergence’s 2026 estimate and within its plus or minus 15% range.
- Decision. Convergence maintains its five-year base-case forecast.
How does September 2026 rank against the prior nine years?
- September highs. 1,841 new funds (prior high 1,553 in 2021), $96.1 billion of new-fund capital (prior high $69.7 billion in 2025), and $43.1 billion of existing-fund capital (prior high $32.4 billion in 2025).
- Year to date. 16,333 new funds (prior high 15,810 in 2022) and $602.5 billion of existing-fund capital (prior high $474.0 billion in 2022).
- New-fund capital year to date. $703.3 billion, second to $729.0 billion in 2023.
- Normalization. The 2017 existing-fund series excludes $131.3 billion reported by one fund.