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Back to blog June 02, 2017 No Comments Author: Andy Jones

Private Equity Fund Size Distribution – Form D, Part 2

In a previous post, I looked at capital raises from 88,000 Form D filings from 2014 – 2016.

For this post, I mapped the distribution of fund sizes in 2016 from Form D filings (ignoring funds less than $5 million).

Form D Fund Distribution, Private Equity

Although the fund size distribution is somewhat flatter than expected, there’s a definite concentration in the $100 – $250 million range and a steep drop off for funds with $1 billion or more. This is consistent with the private equity fund sizes we see in our database at www.PrivateEquityInfo.com (we don’t use Form D data in our database).

The next chart shows how this has changed over time, comparing the same 2016 data to 2015 and 2014.

Form D Fund Distribution, Private Equity

Once again, this data shows the general trend of more funds and increasingly larger fund sizes.

2016 shows more funds in almost all fund size ranges. A notable exception is the $10 – $25 million range. We might infer from this graph that some firms moved up in fund size from prior years. For example, those funds that might have raised $10 – $25 million in previous years may have increased the offering to the $25 – $50 million range.