SEC Publishes Data on Regulation A, Crowdfunding Offerings, and Private Fund Beneficial Ownership Concentration

On May 28, 2025, The Securities and Exchange Commission's Division of Economic and Risk Analysis published three new reports that provide information on capital formation and beneficial ownership of qualifying private funds.

The first two papers—analyses of the Regulations A and Crowdfunding markets-provide valuable information on how capital is being raised in the United States particularly by smaller issuers. During the periods reviewed (2015 to 2024 for Regulation A and 2016 to 2024 for Regulation Crowdfunding) more than $10 billion was raised.

The third paper-an analysis of beneficial ownership concentration and fund outcomes for qualifying hedge funds (QHFs) and their advisers from 2013 to 2023-provides information on the interaction of beneficial ownership concentration, portfolio liquidity, investor liquidity, fund leverage, performance, and margins.

Three new reports that provide information on capital formation and beneficial ownership of qualifying private funds.

"Today's reports provide key information on the capital markets," said Robert Fisher, Acting Chief Economist and Director of the SEC's Division of Economic and Risk Analysis. "Understanding how capital is being raised and the interaction of ownership concentration with fund outcomes for private funds informs not only the Commission but the public about essential parts of our markets."

The three reports are available HERE