Who is launching hedge funds in 2026
New hedge funds have to file a Form D with the SEC within 15 days of their first sale. We analyzed every hedge fund Form D on file to see who is starting funds, where, and how they raise money.
Key findings
- 1,407 new hedge funds made their first sale between January 1, 2025 and Oct 28, 2026, and another 1,123 have filed a Form D but not yet reported a first sale.
- New York City is the launch capital, with 247 new funds. Boston, Miami and Greenwich follow.
- Florida is the No. 2 state for new hedge funds (141), ahead of California (120).
- More new funds can advertise. 13.5% of funds launched in 2026 use Rule 506(c), which permits public advertising to verified accredited investors, up from 5.6% of funds launched in 2019.
- Most new funds start small. Funds launched in 2025 have raised a median of $11.9M; 47% have raised less than $10 million and the median fund reports 5 investors.
- One in 4 new funds is offshore (25%), mostly in the Cayman Islands.
Where new hedge funds launch: top cities
U.S. hedge funds that made their first sale since January 2025, by city.
Top states
More new funds choose a structure that allows advertising
Share of new hedge funds using Rule 506(c), by year of first sale. Rule 506(c) lets a fund advertise publicly as long as every investor is verified as accredited. In March 2025 the SEC staff said a high minimum investment can help satisfy that verification, which lowered the cost of using 506(c).
*2026 through Oct 28, 2026. Earlier years include only funds that have filed or amended a Form D since Oct 1, 2024.
What a typical new fund looks like
- Median raised so far
- $11.9MFunds first sold in 2025
- Raised under $10M
- 47%
- Median investors
- 5
- Median minimum investment
- $100K
- Qualified purchasers only
- 57%Section 3(c)(7) funds
- Offshore
- 25%Mostly Cayman Islands
A note on series vehicles
Some large managers create many near-identical “series” vehicles, each of which files its own Form D. Since January 2025, 483 new vehicles with “Series” in their name made a first sale, led by AQR Capital Management II, LLC (196); AQR Capital Management, LLC (144); Quantinno Capital Management LP (39). Counting them would add 483 to the 1,407 funds above, so this report leaves them out to better reflect the number of distinct new funds.
Methodology
Data comes from Form D notices filed with the SEC by issuers that identify themselves as hedge funds, covering filings from Oct 1, 2024 through Oct 28, 2026. A fund's launch is the date of first sale reported on its most recent Form D. Funds that have filed but report no sale yet are counted separately, so the most recent months will rise as those funds start raising. “Raised” is cumulative sales reported on Form D, not current assets or performance. Form D data is self-reported and not reviewed by the SEC.
Browse the funds behind these numbers: new hedge funds, emerging managers, and hedge funds by state.
For journalists
You're welcome to use these figures and charts with credit and a link. Suggested citation:
HedgeMountain analysis of SEC Form D filings, Oct 28, 2026. https://hedgemountain.com/research/new-hedge-fund-launches-2026/
For custom cuts of the data (a state, a city, a time period) or questions, email hello@hedgemountain.com.
HedgeMountain republishes public SEC filings and is not affiliated with any fund listed. This report is not an offer, solicitation or recommendation of any security.