How 37A Research works

Every data point on this site originates from a public SEC regulatory filing. Here is exactly how we collect it, what we add, and what we don't claim to know.

Data source

All filing data originates from SEC EDGAR — the Electronic Data Gathering, Analysis, and Retrieval system maintained by the U.S. Securities and Exchange Commission. Form D is a notice of exempt offering of securities that private funds must file within 15 days of their first sale of securities under Regulation D. It is a mandatory public disclosure; 37A Research adds no proprietary data to the underlying filing record.

Ingestion pipeline

Our pipeline runs every business day, typically between 4–6 AM ET. It queries EDGAR's full-text search API for new Form D filings filed on or after the previous business day. Each filing is parsed, normalized, and stored. The process covers:

• All Regulation D fund types: hedge funds, private equity, venture capital, real estate, private credit, infrastructure, and multi-strategy vehicles
• Both initial Form D filings and amendments
• Offering amounts, exemption types (506b / 506c), amount sold, and related persons (GPs)
• Normalization of manager names across multiple filings

AI-generated analysis

For each filing, we generate a structured brief using a large language model. The brief covers:

• Fund structure signals — feeder vs. master, offshore vehicles, continuation structures
• Manager context — known history, prior raises, strategy consistency
• Market timing signals — how the filing relates to current market conditions
• LP due diligence flags — concentration risk, GP stake, exemption type implications

Important: All AI-generated analysis is clearly labeled as 37A Research content. It is not investment advice. It is not verified by the SEC or the filing manager. It reflects pattern recognition across the filing data and publicly available context — not proprietary research or insider knowledge.

Long-form articles

For notable filings — typically raises of $100M or more from recognized managers — we publish in-depth analysis articles. These are drafted with AI assistance and reviewed editorially before publication. Articles provide additional context on the manager, the fundraising environment, and structural observations not captured in the brief. All articles are clearly attributed to 37A Research and are not investment advice.

What we don't know

• Whether a fund successfully closed — Form D does not report final close
• Actual investor identities — LP names are not disclosed in Form D
• Net returns or fund performance — not reported in Form D
• Whether offering amount represents a hard cap or a target
• Whether amendments represent new capital or administrative corrections

Update frequency

New filings appear in our database the same business day they are processed by our pipeline. EDGAR itself processes filings within 1–2 business days of submission. There is an unavoidable lag between when a fund manager files and when the data appears on 37A Research — typically 1–3 business days total.