New York sponsors' Form D raises against their recent deals
A recent Form D often describes an older raise. First sale dates, status and dated deals for New York sponsors, plus $0 notices at Odyssey and Brightstar.
Contents 7 sections
We screened New York private equity funds with $100M or more sold. On 53.7% of them, the latest Form D came more than a year after the first sale.
The median gap was about 378 days. Funds still selling amend the form about once a year, which is why the gap sits near that mark. Only 8.8% show money left to sell. Another 9.8% show $0 remaining, and 81.5% mark the offering Indefinite, which gives no answer either way.
Deal dates don't follow the forms either. In the set below, a sponsor's recent purchase lands anywhere from 101 days before its latest form to 143 days after it. Odyssey and Brightstar filed $0 notices for new funds in July and August 2026, with deals on both sides of each notice.
How we built the list
A Form D is the notice a fund files with the SEC when it sells interests. The figures above come from an open screen: every vehicle with a New York address and the form's private equity label whose latest filing since June 2025 shows $100M or more sold. We dropped names that mark credit, real estate, infrastructure, secondaries, feeders, co-invest, continuation and similar vehicles. A total repeated across vehicles counts once. The parallel funds post shows how to read those repeats.
The table is a chosen set of mid-size New York sponsors, so it isn't a market ranking. A row needs a numbered buyout fund with $250M to $3B sold on a Form D filed since June 2025. It also needs a 2026 purchase by the sponsor itself, backed by an SEC filing or a dated page we could read. Other sponsors can meet the same test, and a sponsor without a row here may still be buying.
Form D status and deals
Sorted by amount sold on the latest form. The status comes from the form, or from a final-close headline where one exists. Each deal shows how far it sits from the latest form.
| Sponsor and fund | Latest Form D | Recent dated deal | First sale and status |
|---|---|---|---|
| Reverence Capital Partners PE Opportunities Fund IV (Fund VIII) | $2.89B (opens in a new tab) Filed June 16, 2026 | Eide Bailly Agreement June 23, 2026 (opens in a new tab), 7 days after | June 17, 2025 Not stated (Indefinite) |
| Lightyear Capital Fund VI and VI-A | $2.45B (opens in a new tab) Filed April 20, 2026 Sum of two vehicles | PayByPhone Agreement February 4, 2026 (opens in a new tab), 75 days before | July 19, 2024 Closed: sold equals offering, $0 remaining |
| Court Square Capital Fund V | $2.23B (opens in a new tab) Filed December 23, 2025 | CallTower April 2, 2026 (opens in a new tab), 100 days after | December 15, 2023 Not stated (Indefinite) |
| TruArc Partners Fund V | $1.12B (opens in a new tab) Filed May 6, 2026 | Matrix Adhesives March 30, 2026 (opens in a new tab), 37 days before | May 2, 2025 Closed: final-close headline |
| J.F. Lehman & Company Fund VII | $993.5M (opens in a new tab) Filed June 11, 2026 | Forged Solutions Group Completed March 2, 2026 (opens in a new tab), 101 days before | April 21, 2026 Not stated (Indefinite) |
| NMS Capital Fund V | $519M (opens in a new tab) Filed April 27, 2026 Of a $750M offering | Medical Optics September 17, 2026 (opens in a new tab), 143 days after | April 28, 2025 Room left: $231M |
| ATL Partners Fund III | $293.3M (opens in a new tab) Filed October 14, 2026 | Precise Metal Products October 13, 2026 (opens in a new tab), 1 day before | November 23, 2025 Not stated (Indefinite) |
The PayByPhone, Matrix, Forged Solutions and Precise deals came before the latest form. Eide Bailly, CallTower and Medical Optics came after it.
Gaps run from 1 day at ATL to 143 days at NMS. ATL's October 14 form is an amendment covering sales since November 23, 2025, so that 1-day gap doesn't tie the money to the deal.
Reading the amounts
Reverence's $2.89B repeats on three vehicles and counts once, while Lightyear's $1.07B and $1.38B (opens in a new tab) add up to $2.45B, as the parallel funds post explains.
Read each amount as of its filing date. TruArc's form says $1.12B, while the firm's site (opens in a new tab) links to a headline saying it "Closes on $1.2 Billion for TruArc Partners Fund V."
NMS is the one row that still shows room: $231M remaining on the form as of April 27, 2026. Lightyear's forms from April 20, 2026 show $0 remaining.
Larger forms outside the set
Some sponsors outside this set have larger forms than the lower rows. To extend the list, check their first sale dates and find each sponsor's last dated deal on its own news page: Leeds Equity VIII (opens in a new tab) at $1.75B, Avance II (opens in a new tab) at $1.11B, Ascend II (opens in a new tab) at $790.8M and Perry Creek III (opens in a new tab) at $770.4M.
Two large forms carry no fund number, so the numbered-fund test leaves them out. Tinicum L.P. (opens in a new tab) shows $2.72B on a notice filed February 5, 2026, with a first sale on January 1, 2026. OIP Lightning (opens in a new tab), an Odyssey vehicle, shows $1.287B from 16 investors on a form that gives no purpose.
Just started: the $0 notices at Odyssey and Brightstar
These filings show a raise at its first step. Neither gives a size, because both list the offering as Indefinite. Each has one deal in the month before the notice and one 64 days after it.
| Sponsor, fund and $0 notice | Deal before | Deal after |
|---|---|---|
| Odyssey Investment Partners Fund VII (opens in a new tab), VII-A and F&F Notice July 20, 2026 | TransPak July 14, 2026 (opens in a new tab) | Falcon Gases September 22, 2026 (opens in a new tab) |
| Brightstar Capital Partners Fund IV (opens in a new tab) and IV-A Notice August 17, 2026 | BrightTree Studios July 20, 2026 (opens in a new tab) | Material Handling Group October 20, 2026 (opens in a new tab) |
Don't wait for a number on these. ATL's Fund III showed $0 on November 17, 2025, and its next form arrived about 11 months later, on October 14, 2026, at $293.3M. J.F. Lehman's Fund VII showed $0 on April 17, 2026 and $993.5M on June 11, 2026, about 8 weeks later.
Other new funds with New York addresses filed the same kind of notice: Halle Capital Partners III (opens in a new tab) on June 2, 2026, GreyLion Fund IV (opens in a new tab) on August 18, 2026 and Kohlberg Investors XI (opens in a new tab) on October 14, 2026.
CD&R Fund XIII (opens in a new tab) showed $0 on July 24, 2026, and a vehicle named CD&R Fund XIII Private Investors (opens in a new tab) reported $1.01B sold on August 5, 2026.
Who bought what, by sector
Sorted by what the target does, the deals on this list fall into three sectors.
- Business services: Reverence's Eide Bailly, Odyssey's TransPak and TruArc's Schill Grounds Management, bought on January 13, 2026.
- Healthcare: NMS's Medical Optics and ENDOCORP, both now under Asurgence Medical, and Brightstar's Simon Eye, bought on May 7, 2026.
- Industrials: ATL's Precise, J.F. Lehman's Forged Solutions Group, TruArc's Matrix, Odyssey's Falcon Gases and Brightstar's Material Handling Group.
Why a filing date doesn't show which fund paid
Form D has no field for deals. Line up the dates and you get timing, which is useful, and nothing more.
J.F. Lehman shows the gap. Its Fund VII first filed on April 17, 2026 (opens in a new tab) at $0 and reports a first sale on April 21, 2026. Forged Solutions Group closed on March 2, 2026, before that date.
Odyssey's Falcon Gases deal came while Fund VII's latest form still said no sale had happened. Brightstar's release (opens in a new tab) ties Material Handling Group to its "dedicated lower middle market strategy," with no fund named.
Reverence shows another case. On April 30, 2026 it closed a recapitalization (opens in a new tab) of Osaic, already a Reverence portfolio company. A continuation vehicle (opens in a new tab) led by Ares Secondaries and Lexington Partners anchored that deal at "more than $2 billion," so it isn't the purchase in Reverence's row.
What to read before the first call
Before you treat a sponsor as raising, read three things:
- the date of first sale in Item 7
- the amount remaining in Item 13
- any final-close headline
An old first sale with an Indefinite offering leaves the question open, so take it to the first call.
On r/private_equity, one adviser wrote (opens in a new tab) that talks die over financing and lost interest, and asked how others vet a counterparty. A filing narrows that question. It tells you who raised and when.
On the call, ask which fund would write the check, how much of it is invested and what the largest equity check looks like.
Open the sponsor record
Pick the sector that matches your client, then open each name's record. Brightstar's is a good first one, since it has a $0 notice and fresh deals on both sides of it. The deal finder runs the same search across deals, with a source link on each one.