NewsOct 27, 2026, 22:58 UTC

SEC filings reveal a wave of new venture funds, led by Trust Ventures' $400M Fund V

What's the deal? A batch of October SEC filings shows established venture firms including 8VC, Benchmark and Trust Ventures raising new funds. Trust Ventures, the Austin firm founded in 2017 by Salen Churi, filed on Monday to raise $400 million for its Fund V. Several of the vehicles have drawn little public attention.

What's the endgame? Trust Ventures backs companies building in highly regulated industries. Koch Disruptive Technologies seeded its debut fund in 2018, and the firm previously sought $225 million for Fund IV in 2023, though it is unclear whether that fund closed.

What else is in the filings? 8VC appears to be seeking capital for several vehicles, including the $400 million 8VC DSS III, plus smaller funds 8VC COSC ($30.35 million) and 8VC BRSC ($20.35 million). Benchmark filed for four partner-only funds listing Jack Altman, who recently left his own firm to join it. Deep-tech investor Interlagos Capital is also raising a $400 million Fund II.

Why now? A Form D is filed within 15 days of a fund taking its first money, so the filings mark raises already under way. They follow major 2026 raises: 8VC reportedly closed $1.5 billion for Fund VII in July, and Benchmark closed $2 billion across its core and first growth fund over the summer.

The secondaries pull: Industry Ventures has raised at least $1.7 billion for a secondaries fund that opened in late July, reflecting investor appetite for stakes in sought-after private companies nearing an exit.

The signal: The filings point to a sharply split fundraising market. Through Q3 2026, US VC firms raised $108.5 billion, but megafunds of $500 million or more captured 78% of the total while first-time funds took just $4.9 billion. The pattern suggests large, established managers keep attracting capital and broadening strategies, even as emerging managers struggle.