We construct the Reg D sample in four sequential steps. First, we flag every initial Form D notice filed between 1 January and 31 May 2025 as the starting point of a new offering. Throughout the paper we treat the Accession Number of that first-time filing as the Offering ID. Second, we follow the linkage field Previous Accession Number to pull in every subsequent Form D/A amendment that refers back to the same offering, continuing the chain until no further amendments appear. This procedure guarantees that each Offering ID maps to one, and only one complete filing history. Third, because the “Total Amount Sold” line item on Form D is cumulative, we keep only the most recent filing in every chain. That final notice (whether it is the original D or a later D/A) contains the definitive values for funds sold and number of investors, thereby preventing the early under-counts that would arise if we summed across all filings.
This approach ensures that (i) every offering begun in 2025 enters the sample exactly once, (ii) amendments are properly reflected without double-counting or truncation
| Industry Group | Offerings | Sold Amount | Issuers | Mean Investors | Mean Amount/Investor |
|---|---|---|---|---|---|
| Private Equity Fund | 2,029 | $75.57B | 2,008 | 20.5 | $16.8M |
| Hedge Fund | 741 | $75.51B | 736 | 21.2 | $43.3M |
| Other Investment Fund | 1,387 | $57.93B | 1,353 | 26.3 | $14.0M |
| Other Technology | 1,429 | $30.47B | 1,324 | 10.7 | $3.2M |
| Other | 1,648 | $23.69B | 1,501 | 14.5 | $4.0M |
| Venture Capital Fund | 2,827 | $16.70B | 2,775 | 15.9 | $510K |
| Biotechnology | 261 | $4.39B | 232 | 16.7 | $1.5M |
| Other Real Estate | 535 | $4.06B | 529 | 16.3 | $2.3M |
| Other Health Care | 368 | $3.55B | 347 | 10.8 | $1.3M |
| Investing | 250 | $3.16B | 235 | 105.2 | $1.8M |
| Manufacturing | 103 | $2.98B | 101 | 8.0 | $1.4M |
| Commercial | 637 | $2.23B | 602 | 12.5 | $529K |
| Insurance | 77 | $1.87B | 40 | 14.5 | $15.8M |
| REITS and Finance | 293 | $1.68B | 288 | 90.5 | $3.8M |
| Residential | 346 | $1.50B | 340 | 19.3 | $971K |
| Other Banking and Financial Services | 141 | $1.19B | 120 | 50.5 | $1.8M |
| Pharmaceuticals | 62 | $1.07B | 55 | 10.3 | $2.2M |
| Business Services | 119 | $939M | 117 | 11.0 | $1.1M |
| Oil and Gas | 117 | $598M | 113 | 6.8 | $2.0M |
| Telecommunications | 32 | $395M | 28 | 18.1 | $8.6M |
| Construction | 36 | $370M | 36 | 23.8 | $555K |
| Other Energy | 63 | $349M | 56 | 12.4 | $1.2M |
| Commercial Banking | 32 | $313M | 30 | 25.6 | $1.4M |
| Restaurants | 53 | $271M | 49 | 8.1 | $3.1M |
| Agriculture | 36 | $243M | 35 | 11.6 | $4.2M |
| Retailing | 73 | $149M | 72 | 8.5 | $659K |
| Computers | 33 | $126M | 31 | 7.5 | $1.4M |
| Energy Conservation | 5 | $79M | 5 | 30.0 | $1.4M |
| Hospitals and Physicians | 17 | $54M | 17 | 10.8 | $578K |
| Investment Banking | 16 | $48M | 6 | 6.3 | $1.8M |
| Lodging and Conventions | 14 | $44M | 14 | 13.7 | $311K |
| Environmental Services | 8 | $23M | 7 | 16.6 | $209K |
| Health Insurance | 3 | $11M | 3 | 14.0 | $423K |
| Airlines and Airports | 1 | $8M | 1 | 35.0 | $233K |
| Other Travel | 1 | $3M | 1 | 13.0 | $255K |
| Tourism and Travel Services | 7 | $2M | 5 | 4.3 | $145K |
| Electric Utilities | 2 | $250K | 2 | 2.0 | $63K |
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