Hiive's HII Fund Line Reports $383M as Average Checks Fall 42% From Q4 Peak

Hiive's institutional fund line completed its first four quarters of operation with $383.2 million in reported sales across 63 single-company SPVs and 4,156 investors, according to an AltStreet census of SEC Form D filings enumerated from EDGAR's quarterly master indexes.

The HII vehicles — each named for its underlying company, in the pattern 'HII Varda-01, a Series of HII Varda, LLC' — began selling in July 2025 and have filed continuously since. Vehicles whose first sales occurred during the first four quarters had reported $383.2 million in cumulative sales at their latest filings; all figures are reported amounts sold as of each vehicle's most recent Form D filing and may be revised by later amendments.

What the filings show

The census covers Hiive's SPV fund products only. The direct-transfer marketplace that constitutes the bulk of Hiive's historical transaction activity does not generate Form D filings and is not visible in this data. Excluded from the census: Hiive Markets Limited's own corporate raises (the operating broker-dealer), the William Blair MB Investments HII 2021 and 2022 series (an external manager's vehicles), and two name-collision false positives surfaced by enumeration.

• —63 company-named HII vehicles with reported sales, $383.2M sold at latest filing, 4,156 investors; first sales span 2025-07-11 to 2026-06-01; all Rule 506(b) filings
• —Cohorts by quarter of first sale, using cumulative amounts sold at each vehicle's latest filing (not capital raised during that quarter): Q3 2025 — 8 vehicles / $48.2M / 480 investors; Q4 2025 — 22 / $146.5M / 1,148; Q1 2026 — 19 / $98.7M / 1,320; Q2 2026 — 14 / $89.9M / 1,208
• —Implied average check (amount sold divided by investor count, at latest filing) by first-sale quarter: approximately $100,000 (Q3 2025), $128,000 (Q4 2025), $75,000 (Q1 2026), $74,000 (Q2 2026); investors per vehicle rose from roughly 52 at the Q4 peak to 86 in Q2 2026 — a 65% increase against a 42% decline in average check
• —Hiive's original retail-branded series ('Hiive Anthropic Series I' and similar) total 39 vehicles, $134.2M and 1,525 investors since April 2024; no retail-family vehicle in the census reports a first sale after 2025-12-23
• —The implied average check across the two families is nearly identical: roughly $88,000 for the retail family against $92,000 for HII overall
• —Full census reconciliation: 106 vehicles with reported sales = 63 company-named HII vehicles + 39 retail-branded vehicles + 4 classified separately. Standard Fund Series II ($12.46M / 136 investors / $50,000 minimum, first sale 2026-06-18) uses an HII legal entity — it is a Series of HII Standard Fund LLC — but does not follow the company-named HII series pattern, so AltStreet classifies it separately; the similarly named Standard Fund Series I, LLC ($4.5M of a $10M ceiling from a single investor, first sale 2025-09-24) — a standalone Delaware LLC, structurally distinct from Series II despite the shared name — and Crossover Fund X, LLC ($5.15M / 54 investors, fully subscribed, first sale 2025-12-30) were located via the adviser's Form ADV and full-text search after falling outside the census naming patterns. AA Writer Series I ($1.8M / 9 investors) is a single series organized under Hiive Writer LLC whose filer name carries an 'AA' prefix outside both family naming patterns
• —The two Standard Fund vehicles are the census's only Rule 506(c) filings, permitting general solicitation. Series II's filing also invokes Investment Company Act Section 3(c)(7), the qualified-purchaser exclusion — so its public marketability pairs with an eligibility bar well above accredited status, not a retail opening. The filings create a pathway for public marketing, but two similarly named vehicles do not establish a category-wide change in Hiive's distribution strategy
• —Three additional 2026 entities filed Form D notices reporting no sales and therefore appear in none of the totals above: two numbered series of Hiive Access, LLC (New York) and Hiive SpaceX Opp Fund, LLC (New York, standalone)

Hiive adviser seeks full SEC registration

Hiive Advisors Inc. (CRD 335888) filed a simultaneous exempt-reporting-adviser withdrawal and initial SEC registration application on June 24, 2026, reporting regulatory assets under management of $1,129,870,005 — all discretionary — across 84 pooled investment vehicles. The application was pending as of publication.

The adviser's $1.13 billion RAUM and the census's $541.3 million measure different things and should not be compared directly. Form ADV regulatory AUM is a gross regulatory measure that, for private funds, generally includes the fair value of fund assets plus contractual uncalled capital commitments. The Form D census measures capital reported sold by the identified offering vehicles.

The adviser's Schedule D also listed two funds whose names match neither of the census's naming patterns — Crossover Fund X, LLC and Standard Fund Series I, LLC. Both were subsequently located on EDGAR and folded into the census after attribution was verified on both sides of the join: the adviser's sworn Schedule D listing on one side, and the filers' registered address and phone — matching the Hiive Advisors office — on the other. The census methodology now includes ADV Schedule D cross-checking alongside the naming-pattern enumeration. A U.S. adviser relying on the private-fund-adviser exemption generally must advise solely private funds with less than $150 million in private-fund assets under management in the United States; Hiive Advisors reported approximately $1.13 billion of RAUM in its June filing.

Background

Hiive launched its fund product in April 2024 with company-named retail series and added the HII line in mid-2025. The two families share a structural signature that distinguishes Hiive's filings within the pre-IPO secondary category: the underlying company appears in the SEC filer name itself. A diligence reader can determine what 'HII Cerebras-02' holds from EDGAR alone.

That is what makes the two Hiive Access, LLC filings notable. They are numbered rather than company-named — 'Hiive Series I, a Series of Hiive Access, LLC' — and organized in New York rather than Delaware. Whether the underlying company is disclosed elsewhere in those filings is a question for the offering documents, which AltStreet has not yet reviewed; the naming change alone is the observable fact. The naming change resembles a structure used elsewhere in the category, where generic series names make the underlying company less identifiable from the Form D filer name alone.

The adviser-registration filing is the corporate-layer counterpart to the fund-level growth: the census's issuance ramp and the adviser's June registration application describe the same expansion from two different regulatory vantage points.

The pattern in AltStreet's data

AltStreet's pre-IPO secondary coverage includes scoped Form D censuses for the venue-affiliated fund complexes of EquityZen (from 2013), Forge Investments (2016 forward, 218 vehicles), and Hiive (2024 forward). For Hiive, AltStreet identified 106 affiliated vehicles with reported sales under its defined census methodology — naming-pattern enumeration plus ADV Schedule D cross-checking. Against that set, Hiive's investor counts are consistent with multi-investor aggregation rather than exclusively bespoke single-LP institutional placements; Form D does not identify the type of investor, so the composition of those investors — individuals, family offices, advisers, or institutions — cannot be determined from the filings. AltStreet's full Hiive review covers the platform's marketplace and fund products in depth.

One negative finding is worth stating explicitly: AltStreet's amendment monitoring, which in 2025 identified a coordinated reporting-basis change across 60+ Forge series that broke the comparability of their filed raise figures, finds no equivalent discontinuity in Hiive's filing histories.

Why it matters

The check-size trajectory is the finding that reframes the product. A line carrying institutional branding is, in its filings, aggregating more investors per vehicle at smaller average size since the Q4 2025 peak: from roughly $128,000 per investor to roughly $74,000 in the two most recent quarters, after rising from roughly $100,000 in the line's first quarter. Averages conceal distribution — a vehicle with one $10 million anchor and a hundred $30,000 checks produces the same mean as uniform mid-size checks — but the direction across 63 vehicles and four quarters is consistent, and it runs toward broader, smaller-check distribution.

The retail family's apparent dormancy is the complementary observation. No vehicle in the original Hiive-branded series reports a first sale in 2026. Read together with the near-identical implied check sizes across families, the filings are consistent with HII becoming Hiive's primary new SPV issuance family rather than a parallel institutional tier — though Form Ds cannot establish intent, only issuance, and vehicles with sales not yet filed would not appear in this census for up to fifteen days after first sale.

For diligence users, the practical takeaways are narrower: Hiive's filings remain company-named and therefore EDGAR-legible in a way that serialized, company-blind structures elsewhere in the category are not; the Access series are the first exception to that legibility and merit document-level review; and every sold figure in this article is a point-in-time snapshot from the latest filing, revisable by amendment.

What this census can and cannot establish

AltStreet identified 106 Hiive-affiliated vehicles with reported sales under its defined census methodology — enumeration via EDGAR quarterly master indexes plus adviser Form ADV Schedule D cross-checking, full ingest including amendment histories, as of July 15, 2026. Amounts sold are as reported on each vehicle's most recent filing; final amounts may be higher, and subsequent amendments may revise figures. Implied average check is a mean and says nothing about the distribution of individual check sizes, and Form D does not identify investor type. Quarterly groupings use each vehicle's date of first sale as reported in Item 7. Hiive's direct-transfer marketplace does not file Form Ds, so total platform activity is substantially larger than, and not inferable from, these figures. The absence of new retail-family first sales after December 2025 is an observation about filings, not a statement about the platform's product decisions, which Hiive has not addressed publicly to AltStreet's knowledge. Hiive Advisors' initial SEC registration application had not been declared effective as of publication. SEC registration does not constitute endorsement of the adviser or independent verification of every figure reported on Form ADV. AltStreet has not reviewed the offering documents of the Hiive Access series, the SpaceX Opp Fund, the Standard Fund vehicles, or Crossover Fund X, and takes no view on the merits of any offering. This is not investment advice.