What is a fund’s final close?
A final close is the last fundraising milestone of a fund. After it, the fund accepts no new investors and its size is fixed. The final-close amount is the total that investors have committed; it is not cash in the bank and not the amount still available for new investments.
Kai MarekWhat a final close means
Most funds raise money in several rounds, called closes. With each close, new investors sign up and commit capital. The final close ends this process. From then on, the list of investors and the total commitments stay the same for the life of the fund.
Final close vs first close
- First close: the first group of investors has signed. Fundraising usually continues.
- Final close: fundraising is finished. The announced amount is the fund’s total size.
- Target: the amount the manager aimed to raise. A fund can close above, at or below its target.
A final close of the same fund is not new money on top of the first close. The final amount already includes the earlier commitments, so never add the two together.
What happens after the final close?
Many funds start investing after their first close, so by the final close some investments may already be made. Investors pay in their commitments step by step through capital calls, usually over an investment period of several years. Investors who joined late typically pay their share of earlier calls, so everyone holds the same portfolio in proportion to their commitment.
For founders, a recent final close means the fund knows its full budget. It does not confirm how much is left for new companies. That depends on how far the fund is into its investment period, which is rarely public. Check the manager’s website or ask the team.
Two European examples
KOMPAS VC Fund II
Close Index records a €160m final close for this Danish venture capital fund, which invests from seed to Series B. The source was published in April 2026. The fund’s timeline on Close Index also shows its earlier first close, so you can see how fundraising developed.
Axcel VIII
The Danish buy-out manager’s eighth fund is recorded with a €2.1bn final close, from a source published in September 2026. Read €2.1bn as total commitments over the fund’s life, not as cash available today.
How to read a final-close announcement
- Check the wording. “Final close” or “closed at” describes the end of fundraising; “first close” or “interim close” does not.
- Compare the amount with the target, if one was published.
- Confirm the fund name and number. Fund III and Fund IV of the same manager are separate funds.
- Check stage, sector and investment region. On Close Index, the country shows the manager’s headquarters, not where the fund invests.
- Ask the manager about current investment activity before you reach out with a pitch or an offer.
On Close Index, the Final Close filter shows only funds whose fundraising is finished. Figures such as total volume count only final closes, so first-close amounts are never mixed in.
Sources and next step
Browse funds with a final close, open the original source and verify the details relevant to your research. Coverage may be incomplete. Close Index is not investment advice.