Private Funds (PE, VC, Hedge)

For each monthly cohort of Form D offerings (by the original Form D filing date), the share closed, in percent: offerings whose latest filing reports an amount sold at or above the stated total offering amount, so nothing is left to sell. Indefinite offerings can never reach this state. The secondary value is the share that went quiet without reporting full subscription: last filing 13 or more months old, split in raw into 'lapsed' (declared to last a year or less, or duration not stated, so no amendment was required) and 'dark' (declared to continue beyond a year, so the annual amendment is overdue). Raw also carries the shares still raising (amended within 13 months with sales moving), stalled (amending on schedule with unchanged totals), pre-sale, and the pooled-fund share of the cohort. A print is written only once the cohort is 24 months old, when every offering declared to run past a year has had one annual amendment fall due; younger cohorts are still maturing. Offerings are chained across filings by each amendment's previous-accession reference, so an amendment is never attributed to a namesake. Every print is recomputed from the whole table each run.