Most parallel funds repeat one Form D total. 16% to 28% don't

Leeds Equity Partners VIII and VIII-A each report $1.75B sold. Lightyear Fund VI and VI-A report $1.07B and $1.38B. The first pair is one raise, $1.75B on the form. The second is two amounts that add up to $2.45B, and Lightyear's own filing note puts the total at $2.49B with the GP commitment.

To read a sponsor's raise on Form D, pull every vehicle in the fund and read the note under Item 13. Count a repeated total once. If totals differ on the same filing date with no note, add them and treat the sum as an estimate. Then take the latest filing date and check it against the sponsor's announcement, because the form usually updates about once a year.

Most matched sets repeat the total. We took vehicles with a private equity label that filed on the same day and matched them by fund name. Among those pairs and sets, mainly buyout and growth funds, 83.7% repeat one total on every vehicle and 16.3% report different amounts. Those shares use a $50M floor on every vehicle. Remove it, which lets small parallel vehicles back in, and the split is 72.0% and 28.0%.

• Repeat one total83.7%
• Different amounts16.3%

With no $50M floor: 72.0% repeat one total, 28.0% report different amounts.

We kept filings since January 2024 where the largest vehicle showed $100M or more sold and every vehicle showed at least $50M. We dropped names that mark credit, real estate, infrastructure, insurance, housing, asset-based finance, fund-of-funds, secondaries, GP stakes and feeders.

Same number on every vehicle

Open the filing and go to Item 13, Offering and Sales Amounts. Below the amounts sits a free-text box called Clarification of Response. When it's filled in, it answers the question.

Leeds VIII (opens in a new tab) and VIII-A (opens in a new tab) both filed on December 10, 2025. Each shows $1,747,427,215 sold against a $1.8B offering. The note on both says the offering and remaining amounts "are aggregated together with Issuer and its related parallel funds." Investor counts differ, 90 and 88, while the dollars match to the last digit. That's one pool reported twice.

Spectrum Equity shows what goes wrong if you add. XI-A, XI-B and XI-C each report $2.375B, which would sum to $7.125B. The note on XI-A (opens in a new tab) says the amounts "include interests sold by the Issuer and its two parallel funds." Spectrum announced $2.5B (opens in a new tab) for Fund XI. To explain the gap between the form and the release, look for a GP commitment outside the form, as in Lightyear's note below, and for any vehicle the note doesn't name.

Different numbers per vehicle

Lightyear VI (opens in a new tab) and VI-A (opens in a new tab) filed on April 20, 2026. VI shows $1,074,682,334 and VI-A shows $1,378,867,666, which add to $2,453,550,000. The note goes further and says the total raised by the two funds "is $2,493,530,000 (inclusive of GP commitment)." So the sold fields add to $2.45B, and with the GP commitment the filing says $2.49B. Lightyear's release (opens in a new tab) rounds that to "approximately $2.5 billion."

Oak Hill Capital Partners VII (opens in a new tab) is the same thing across four vehicles. On September 29, 2026, Onshore showed $820M, TE 892 showed $378M, Management showed $294M and Offshore showed $201M. The Onshore note reads: "Total Amount Sold for the Issuer and its parallel funds is $1,693,847,500." The four rows add up to that figure, give or take a dollar.

A name search for "parallel" finds none of them, so pull every filing the sponsor made that day.

Sometimes the box is blank. Dunes Point Capital Fund IV (opens in a new tab) shows $467,301,572 and IV-A (opens in a new tab) shows $414,653,428, both filed on September 2, 2026, with no note on either. Add them and treat $882M as an estimate.

Two unrounded amounts adding to a round one ($881,955,000) are a hint of one pool split across vehicles, and Lightyear shows the same thing. It's only a hint. Oak Hill's rows don't add to a round figure, and its note still confirms one pool.

The $0 notice

A sponsor can file before anyone has committed. As one securities lawyer's guide (opens in a new tab) puts it, "an issuer may file Form D when an offering begins even though no sale has yet occurred."

Many do. Take every vehicle with a private equity label, a wider base than the chart above. Of those first filed between January 2024 and October 2025 that later reached $100M sold, 59.0% showed $0 on their first filing, and 68.8% showed less than half of their later peak.

The $0 then tends to sit there. For that $0 group, the median time to the first filing with money in it was 365 days. 67.7% took 330 to 380 days. Across all the vehicles that later reached $100M, 46.5% still showed $0 on EDGAR at day 330.

Both Lightyear vehicles filed $0 on July 18, 2024. Their later filings give July 19, 2024 as the date of first sale, one day after the notice. The next number arrived on July 18, 2025.

• Jul 18, 20240
• Jul 18, 20251.35B
• Oct 28, 20251.93B
• Apr 20, 20262.45B

First notices on Jul 18, 2024 showed $0.

So screen on new notices from the sponsors you cover, whatever the amount says. A fresh $0 notice marks the start of a raise. On an amendment, read the date of first sale in Item 7 and treat it as the real start.

The Indefinite box

Skip the Indefinite box as a size signal. 75.4% of the vehicles that later reached $100M show Indefinite on their latest filing, which the form instructions (opens in a new tab) use when the amount offered "is undetermined or cannot be calculated at the present time." Total Amount Sold is the field to read, and it counts commitments: the instructions include "cash to be paid in the future under mandatory capital commitments."

How old the figure is

The form asks for an amendment "annually, on or before" the anniversary of the last notice while the offering continues, and a change in the amount sold doesn't need an earlier one. Item 13 reports sales "as of the filing date."

This uses the wider base again, every vehicle with a private equity label. Across consecutive filings by the same vehicle since January 2024, with both at $100M or more, the median gap was 362.5 days. 51.8% of gaps fell between 330 and 380 days. The later filing was higher 80.6% of the time, and the median change was 15.4%.

So a close can land between amendments. EDGAR (opens in a new tab) lists December 10, 2025 as the latest filing for Leeds Fund VIII, at $1.75B. On April 13, 2026, AltAssets reported (opens in a new tab) a $1.9B final close. That sits above the $1.8B offering on the form, and the note says the GP "reserves the right to offer a greater or lesser amount."

The anniversary of the Leeds filing hasn't arrived, so the next amendment isn't due yet. If the offering has ended, the instructions don't require one, since they drop the duty to amend for changes "after the offering terminates."

TruArc Fund V's May 6, 2026 filing (opens in a new tab) shows $1.12B sold, and $1.14B with the GP commitment. It's the one Fund V vehicle we found for TruArc, and its note doesn't mention parallel funds. On July 21, 2026, TruArc announced $1.2B (opens in a new tab) for Fund V "together with its parallel funds," so that gap may be scope as well as timing. Here too the next amendment isn't due yet.

Vehicles of one fund on different dates: Court Square V

Court Square Capital Partners V (opens in a new tab) and its Blocker vehicle both show $2.23B, filed December 23, 2025. The note says the figure "Includes amounts of Issuer's parallel funds."

Executive V (opens in a new tab) carries the same note but shows $1.66B, filed May 27, 2025. The totals differ because the dates do, and only the note tells you not to add them. EDGAR (opens in a new tab) lists nothing newer for Executive V, even though the anniversary of that filing has passed. Land on that vehicle and you come away $562M below its sibling's figure (opens in a new tab) for the same fund.

Take the latest date across all vehicles, then check the announcement anyway. A FIN News headline (opens in a new tab) from April 9, 2026 reads "Court Square Raises $3.8 Billion For Fifth Flagship Fund." The newest Form D for that fund on EDGAR is the $2.23B filing. To see what the $3.8B covers, find the sponsor's own release or ask the GP.

Raises next to recent deals

A buyer list needs two dates for each sponsor: when the capital came in, and when it last bought something. Here they are side by side.

Lightyear's final close came after the PayByPhone agreement, and its April 20 filing caught up with that close. Press reported Court Square's $3.8B days after CallTower, well above the latest form. Spectrum filed one day after announcing its close, and Xapien came before both. NMS is the one still showing room on the form, $231M, and Medical Optics came after that filing.

Check one sponsor's record

1. Search the fund name on EDGAR and list every vehicle, including Blocker, Executive, Offshore and TE names.
2. Open the latest filing for each vehicle and read the note under Item 13.
3. If the note gives a combined total, use it. If the amounts match, count them once. If they differ on the same filing date with no note, add them and treat the sum as an estimate.
4. Keep the newest date across the vehicles, and treat that figure as a floor if the offering is still open.
5. Search for the sponsor's closing announcement, then set the result next to a recent dated deal.

Lightyear's record is a good first run through those steps.