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Market ViewsNovember 1, 2026

Open private raises

Of 951 private offerings of $50 million or more still open, most report little or nothing sold.

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Form D analysis

What you need to know

  1. Most report nothing sold

    Six in ten of the 951 open offerings of $50 million or more have reported nothing sold.[1]

  2. Most of the money is unraised

    $129.8 billion of the $149.3 billion sought is still to be raised.[2]

  3. Time alone does not close a raise

    414 of the 470 offerings open six months or longer have sold less than a quarter of their target.[1]

Open offerings of $50 million or more[1]

951

Sought in total[2]

$149.3bn

Still unraised[2]

$129.8bn

How much has been sold?

Most of these raises have made little progress on paper. 567 of the 951 reported nothing sold on their latest filing. A further 253 had sold less than a quarter of their target. Only 46 had sold more than half.

Six in ten open raises have reported nothing soldThe 951 open offerings of $50 million or more, by share of target sold. Number of offerings and share of the 951.
Six in ten open raises have reported nothing soldOpen offerings by share of target sold: nothing sold 567 (60%), under 25% sold 253 (27%), 25% to 50% sold 85 (9%), 50% to 80% sold 46 (5%).56760%Nothing sold25327%Under 25% sold859%25% to 50% sold465%50% to 80% soldSix in tenof the 951 open offerings havereported nothing soldSix in ten open raises have reported nothing soldOpen offerings by share of target sold: nothing sold 567 (60%), under 25% sold 253 (27%), 25% to 50% sold 85 (9%), 50% to 80% sold 46 (5%).56760%Nothingsold25327%Under 25%sold859%25% to 50%sold465%50% to 80%soldSix in tenof the 951 openofferings havereported nothing sold
Six in ten open raises have reported nothing sold
GroupOfferingsShare
Nothing sold56760%
Under 25% sold25327%
25% to 50% sold859%
50% to 80% sold465%

Source: SEC EDGAR Form D filings, twelve months to July 2026. Inaya Advisory analysis.

How much is still to be raised?

Together the 951 offerings sought $149.3 billion. On their most recent filings, $129.8 billion of that is still to be raised.

Most of the money sought has not yet been raisedTotal sought by the 951 open offerings, and the part still to be raised. US dollars.
Most of the money sought has not yet been raised$129.8 billion of the $149.3 billion sought by the 951 open offerings is still unraised.$149.3bnSought in total$129.8bnStill unraisedReported soldMost of the money sought has not yet been raised$129.8 billion of the $149.3 billion sought by the 951 open offerings is still unraised.$149.3bnSought in total$129.8bnStill unraisedReported sold
Most of the money sought has not yet been raised
MeasureUS dollars
Sought in total$149.3bn
Still unraised$129.8bn

Source: SEC EDGAR Form D filings, twelve months to July 2026. Inaya Advisory analysis.

How long have raises been open?

Time alone does not close a raise. 470 of these offerings have been open for six months or longer, and 414 of those have sold less than a quarter of their target.

Most raises open six months or longer have sold under a quarterOpen offerings by time in market. Number of offerings and share of the 951.
Most raises open six months or longer have sold under a quarterAll open offerings 951; open six months or longer 470 (49%); of those, under 25% sold 414 (44%).951All open offerings47049%Open six months or longer41444%Of those, under 25% sold49%of the 951 have been open sixmonths or longerMost raises open six months or longer have sold under a quarterAll open offerings 951; open six months or longer 470 (49%); of those, under 25% sold 414 (44%).951All openofferings47049%Open sixmonths orlonger41444%Of those,under 25%sold49%of the 951 have beenopen six months orlonger
Most raises open six months or longer have sold under a quarter
GroupOfferingsShare
All open offerings951
Open six months or longer47049%
Of those, under 25% sold41444%

Source: SEC EDGAR Form D filings, twelve months to July 2026. Inaya Advisory analysis.

Which industries lead?

The pattern is broad. Among the 951, real estate accounts for 440 offerings and investing for 233. Technology and health care together account for 69.

Real estate accounts for nearly half of open raisesThe 951 open offerings by industry group. Number of offerings and share of the 951.
Real estate accounts for nearly half of open raisesOpen offerings by industry: real estate 440 (46%), investing 233 (25%), technology and health care 69 (7%), all other industries 209 (22%).44046%Real estate23325%Investing697%Technology and health care20922%All other industriesReal estate accounts for nearly half of open raisesOpen offerings by industry: real estate 440 (46%), investing 233 (25%), technology and health care 69 (7%), all other industries 209 (22%).44046%Real estate23325%Investing697%Technologyand healthcare20922%All otherindustries
Real estate accounts for nearly half of open raises
GroupOfferingsShare
Real estate44046%
Investing23325%
Technology and health care697%
All other industries20922%

Amounts are as reported on each issuer's most recent Form D.[2]

Source: SEC EDGAR Form D filings, twelve months to July 2026. Inaya Advisory analysis.

What do the raises that close have in place?

The filings do not say why any single raise has not closed.

In our experience, the raises that do close tend to have four things in place.

01

Materials that answer the committee

An investment committee comes to a raise with a familiar set of questions. Materials that answer them before the first meeting allow that meeting to be spent on the decision rather than on the basics.

02

A considered sequence

The order in which allocators see a raise shapes how the market reads it. A raise shown to everyone at once reads differently from one introduced in a deliberate order, to the right allocators first.

03

An introduction from someone known

Allocators give their time to people they know. An introduction from someone the allocator already knows is read and answered in a way that an unsolicited approach rarely is.

04

Follow-through to terms

Interest is not a commitment. Diligence requests, follow-up questions and the commitment conversations need to be carried through, without gaps, until terms are agreed.

Notes and sources

  1. [1] Source: SEC EDGAR Form D filings, twelve months to July 2026. Inaya Advisory analysis.
  2. [2] Amounts are as reported on each issuer's most recent Form D. Issuers are not required to amend a Form D for every sale, so reported figures can lag what has been raised.

For information only. Nothing here constitutes an offer or solicitation to buy or sell any security.

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