October 2026 Form D Monitor: Four Notices, Four Different Signals
Four SEC notices show why filing dates, first sales, amendments and combined parallel vehicles require separate fields in private-fund research.
A new SEC Form D filing is a starting point for private-fund research. Its filing date, first-sale date and sales amount answer different questions. Four notices filed between September 29 and October 9, 2026 illustrate why a fundraising monitor should keep those fields separate: one notice reports no sales, another combines parallel vehicles, an amendment retains a 2018 first-sale date, and a small venture vehicle has different acceptance and filing dates.
This is a deliberately selected four-notice comparison, checked against SEC complete submissions on October 15. It is not a ranking, a census of new funds or a measure of the private-fund market. Each issuer identifies its industry as a pooled investment fund in the captured Form D. The figures below are the issuers' reported notice values at those dates.
Spectrum Equity XI-A: $2.375 billion covers parallel vehicles
Spectrum Equity XI-A's October 9 Form D reports a September 30 first sale, a $2.375 billion offering and $2.375 billion sold, with zero remaining. The issuer identifies the vehicle as a private equity fund.
The decisive qualification appears in Item 13: those amounts include the issuer and two parallel funds, Spectrum Equity XI-B and XI-C. A researcher therefore cannot treat the $2.375 billion as capital attributable solely to XI-A, or add the same combined figure again merely because a parallel vehicle appears as another legal issuer.
For a monitoring record, store the combined-vehicle qualification alongside the amount. Keep the legal entity and the economic fundraising unit as separate fields. The notice does not allocate the combined sales among the three vehicles; that breakdown remains unverified here.
Maple IV: a $75 million offering with no sales reported
Maple IV's September 29 original notice identifies a venture capital fund. It reports a $75 million total offering, zero sold, $75 million remaining and zero investors. The first-sale field says the first sale had yet to occur.
For this snapshot, $75 million describes the reported offering size. It is not $75 million of reported fundraising proceeds. The useful signal is an offering notice before any reported sale, with the sales status explicitly preserved. The notice alone does not establish whether sales occurred after September 29.
Crescent Rock: a current amendment with a 2018 first sale
Crescent Rock US Fund's September 30 filing is a Form D/A, not an original notice. It identifies a hedge fund and links a previous accession, 0000905148-25-003445. Its first-sale date is October 1, 2018. Item 13 reports $67.148 million sold; the offering and remaining amounts are indefinite.
That supports a September 2026 update to an existing offering record. It does not establish a September 2026 fund launch or $67.148 million raised during that month. This comparison has not captured the linked predecessor, so it makes no claim about an increase in sales since that earlier notice. An indefinite offering amount is also unsuitable as the denominator for a percentage-funded calculation.
DE-0903 Fund IV: acceptance, filing and first sale have separate dates
DE-0903 Fund IV's original notice, for a series of Psychedelic Medicine SPV, identifies a venture capital fund. The complete submission's header gives an October 1 filing date and a September 30 acceptance date. Item 7 gives a September 29 first sale. It reports $78,999 offered and sold, with zero remaining.
A date filter applied to acceptance timestamps would place this record in September; a filter applied to the filing-date field would place it in October. Preserve both dates and state the filter used. The notice's fully sold reported amount describes this offering snapshot; it does not establish the size of the wider platform or other series.
A repeatable way to use the notices
The SEC staff's Form D FAQ explains that a notice can be filed before any securities have been sold. It also defines first sale by the first investor's irrevocable contractual commitment and distinguishes amendments to continuing offerings from new original notices. The FAQ is staff guidance, with its stated limitations.
For each candidate in a fundraising research queue:
- Save the SEC accession, legal issuer, form type, filing date and acceptance timestamp before writing a launch headline.
- Record first sale separately, including an explicit yet-to-occur value.
- Preserve offering amount, amount sold, remaining amount and any combined-vehicle explanation together.
- Route amendments to a predecessor comparison. Without that comparison, report the stated amount rather than an invented period-over-period change.
- Label the selection period and method. A short chosen list can demonstrate useful distinctions without establishing market share or a complete opportunity set.
The next useful research step differs by record: verify subsequent sales for a pre-sale notice, obtain an allocation for combined parallel vehicles, or compare an amendment with its linked predecessor. Keeping those questions attached to the evidence makes the monitoring record more useful than a fund name and an undated fundraising number.
For the evidence rules used here, see Altss methodology.
Sources
See the allocators behind your next close.
Public records carry source-specific dates where available. No population-wide measured refresh cadence or universal verification deadline is established here. Page modified, source captured, fact observed, entity verified and aggregate measured describe different events. Check the date attached to the relevant claim; a missing verification date means unknown. Stored source history does not establish a customer-facing historical-analysis interface.