Who is actually writing checks right now?
Short answer
A fund is actively deploying if they've filed an SEC Form D, closed a publicly reported round, or made a portfolio announcement in the last 6 months. Anything older than 12 months — treat as cold. VC websites are unreliable. Form D filings aren't. raise(fn) tracks deployment status automatically.
Half the VCs on your target list aren't deploying.
Their websites haven't been updated in 18 months. The fund is between vintages, winding down, or quietly paused — and the "we love founders" page is still up.
Founders find their initial list from those pages and from "best VCs" articles from 2024. Both lag reality by 12-24 months. The result: weeks pitching investors who couldn't write a check this quarter if they wanted to. (How do I find investors who actually invest in my space covers the broader filter method — this piece is on the activity check specifically.)
The fix takes 30 seconds per fund. Public data, free, exact.
The four sources to check
Each has different latency and coverage. Use them together.
1. SEC Form D (most reliable)
Every priced US round files a Form D within 15 days. Searchable on SEC EDGAR by fund or by issuer. Required by law, near-complete coverage of US priced rounds.
Limitation: SAFEs and convertibles don't trigger a Form D. So an early-stage fund deploying mostly on SAFEs can look quiet on EDGAR while being very active. Cross-reference.
2. Public round announcements
TechCrunch, Axios Pro Rata, Crunchbase News, Fortune Term Sheet. Search by investor, filter to last 6 months. 3+ reported rounds in the window = active. Zero = dig deeper.
Limitation: smaller funds and angel rounds often don't get reported. Less coverage at the long tail.
3. Dated portfolio pages
Some funds list portfolio companies with dates. If the most recent dated entry is 18+ months old, either the page isn't maintained or the fund is paused. Yellow flag. Verify with the other sources.
4. Partner activity
Twitter, LinkedIn, podcasts, panels. A partner posting about new investments = a fund deploying. A partner who used to be visible going silent = something has shifted. Worth investigating.
The four velocity tiers
After running every candidate through the sources, sort:
- Active (last 6 months): Form D, announced round, or portfolio addition in window. Pitch normally.
- Slowing (6-12 months): Still open, more selective. Worth pitching for a tight fit. Skip for stretch fits.
- Paused (12-18 months): No public activity. Only reach out with a strong referral. Ask directly if they're deploying before pitching.
- Wound down (18+ months silent): Cold. Skip unless you have intelligence on a new fund being raised.
This sort alone removes 30-50% of most founders' lists. What's left is worth conversations.
Active beats famous
A famous fund that's paused burns six weeks of your time being polite. An active no-name fund closes in three weeks.
Specifics: emerging managers in years 2-4 of a fund are typically the most active. Fresh capital, fresh urgency, building a portfolio. Brand-name funds in years 5-7 are often slowing or reserve-deploying. Without checking, you'd assume the brand-name is the better target. The data usually says otherwise.
The 30-second check, per fund
- Search SEC EDGAR. Last Form D date.
- Search Crunchbase or news. Last 3 reported rounds, dates.
- Visit portfolio page. Most recent dated addition.
- Check lead partner's Twitter/LinkedIn last 90 days.
- Score: active / slowing / paused / wound down.
Five minutes for the first fund. 30 seconds each after that.
50-fund list = 4 hours of work. Saves 4 weeks of stalled outreach.
The shortcut
We do this automatically across 17,000+ investors and refresh continuously. Every fund in raise(fn)'s index carries a deployment-activity flag, so you can filter to "Active" before any outreach. 4,331 of those investors are classified by sector ontology, 892 of those have observed thesis from actual check data.
FAQ
How recent is "recent"?
6 months for active. 6-12 months means slowing. 12+ months means paused or wound down.
What if a fund hasn't filed Form D but partners say they're active?
SAFEs and convertibles don't trigger Form D. Look for announced rounds and partner posts. 2-of-3 signals = trust them.
Are emerging managers actually more active?
Yes, in fund years 2-4. Fresh capital, fresh urgency. Smaller checks, less reserve, but better odds of a yes.
How do I tell if a fund is between vintages?
No Form D, no announced rounds, no portfolio additions, no fundraising press for the fund itself. That's the pattern.
Does deployment activity matter for angels?
Yes, but the sources differ. Look at AngelList syndicate activity, Twitter posts, named co-investments. Active angels post about deals. Silent angels usually aren't writing.
Related research
How do I find investors who actually invest in my space?
Stop reading VC websites. They lie by omission. Here's how to build a target list from what funds actually fund — recent check data, not stated thesis — in under 30 minutes.
How do I know if a VC passed — or is just slow?
Slow is a pass. Here are the specific signals that tell you which investors are actually moving forward and which have ghosted in slow motion. Read them right or you'll spend three weeks chasing a soft no.
Am I ready to raise — or should I wait?
Most founders raise too early because waiting feels worse. Some wait too long because they want one more quarter of metrics. Here's the Raise Readiness Framework: six signals that tell you which mistake you're about to make.
Open raise(fn) — get matched with investors who fund your space.
Open raise(fn) →