Methodology and data sources
Which funds are included
A fund is listed when it files a Form D with the SEC and selects "Hedge Fund", "Private Equity Fund" or "Venture Capital Fund" as its investment fund type. That is the fund's own classification; AltMountain does not add or remove funds by judgment. The directory currently lists 11,542 hedge funds (8,461 based in the United States, managed by 3,838 firms), 14,320 private equity funds and 17,798 venture capital funds. Funds that select "Other investment fund" (real estate, credit and similar) are not included yet.
Single-deal vehicles. Many private equity and venture capital filings are special purpose vehicles (SPVs), co-investment funds or "a series of" vehicles created for one investment. AltMountain identifies them by name, labels them, and keeps them out of lists and search-engine indexes so that lists show investable funds.
Each fund appears once, under its SEC Central Index Key (CIK). When a fund files amendments, the page shows the most recent filing.
Data sources and update schedule
| Source | What it provides | How often we check |
|---|---|---|
| Form D (EDGAR daily index) | New and amended filings: amount raised, investors, minimum, exemptions, related persons, address | Every day |
| Form D data sets (SEC quarterly) | Full history used to rebuild every page | Every day, full rebuild |
| Form ADV (SEC adviser data) | Manager assets, number of funds, employees, website, disclosures | Every day, using the latest monthly SEC release |
| Form 13F (SEC data sets) | Disclosed U.S. equity holdings for 13F performance estimates | Every day, using the latest quarterly SEC release |
New filings usually appear on AltMountain the morning after they reach EDGAR. Search engines are notified of new and changed pages automatically.
Definitions
- Raised is the "total amount sold" on the fund's latest Form D. It is cumulative since the offering began, it includes money that may since have been redeemed, and it is not assets under management or performance.
- Investors is the number of investors who have already invested, as reported on Form D.
- Minimum investment is the minimum the fund reports it will accept from an outside investor. Funds may waive it.
- Launched / first sale is the date of first sale reported on Form D. A fund that has filed but not yet sold shows "yet to occur."
- Emerging manager: AltMountain's label for a fund with a first sale in 2021 or later and under $50 million raised.
- Rule 506(b) and 506(c) come from the exemptions the fund claims. 506(c) funds may advertise to verified accredited investors. More
- 3(c)(1) and 3(c)(7) come from the Investment Company Act exclusions the fund claims, which set who can invest. More
- Managed by links connect a fund to a Form ADV adviser when one of the fund's Form D related persons carries the adviser's name, or the fund's name begins with a distinctive part of it. Funds with no confident match show no firm.
13F performance estimates
For managers that file Form 13F, AltMountain estimates the return of the disclosed U.S. stock portfolio by carrying each quarter's reported positions to the next quarter-end at market prices. These are estimates of a public holdings snapshot, not the return of any fund, and they ignore shorts, cash, fees, leverage, trading within the quarter and non-U.S. positions. Unusual values are shown as calculated. See the estimates
Limits of the data
- Form D figures are self-reported and AltMountain does not verify them.
- Some managers file several near-identical "series" vehicles; lists show each one, while research reports exclude them where noted.
- Funds that never filed a Form D (for example, some offshore funds that sell only outside the U.S.) are not listed.
- Manager-reported returns appear only for Rule 506(c) funds. Rule 506(b) funds are listed without performance figures.
Corrections and reuse
Data is republished as filed. If something is wrong, the fund's own filing is the place to fix it; managers can also claim their listing to add context. Journalists may cite AltMountain figures with a link to the page used. Questions: hello@hedgemountain.com.