Pattern RecognitionOpen raises
Where private raises stall.
Our analysis of open private raises counted 951 offerings of $50 million or more. Read together, the figures show four patterns in where a raise stops and where it moves.
nothing sold
or longer, under 25% sold
more than half
01 · The startMost raises stop before the first close
567 of the 951 open offerings reported nothing sold on their latest filing. Most of the raises in the data have not yet secured a first commitment. Allocators tend to look at who else has committed, so a raise with nothing sold asks each of them to go first.
02 · TimeTime in market does not close a raise
470 of the offerings have been open for six months or longer. 414 of those have sold less than a quarter of their target. On these figures, a raise that has not moved in its first months is unlikely to move without a change in how it is run.
03 · ProgressFewer raises at each step
253 offerings had sold less than a quarter of their target, 85 between a quarter and a half, and 46 more than half. The number of raises falls at each step. Few reach the point where new allocators are asked to join a raise that is already well committed.
04 · CategoryA crowded category needs a clear case
Real estate accounts for 440 of the 951 open offerings, and investing for 233. An allocator that covers real estate sees many of these raises at the same time. A raise in a crowded category needs to state plainly what separates it from the others in front of the same committee.
05 · PerspectiveWhat we take from it
The filings do not show why any single raise has stalled. Taken together, the patterns point to the start of a raise as the stage that decides most outcomes. That is where we put the most work on a mandate, in the materials, the terms and the order in which allocators see the raise.
Source: SEC EDGAR Form D filings, twelve months to July 2026, Inaya Advisory analysis. All figures are as published in Open private raises: $129.8 billion still unraised. Amounts are as reported on each issuer's most recent Form D and can lag what has been raised. For information only. Nothing here constitutes an offer or solicitation to buy or sell any security.
