Placement fees · SEC Form D 2023–2026

What do placement agents charge on a private raise?

Of 49,040 private raises reported on Form D since 2023, 4,594 paid an intermediary. Their median commission fell from 6.0% on $1–5M raises to 1.8% on raises above $100M.

Most companies raise without one: only 6–17% of raises in each size band reported a sales commission or finder's fee.

Fees by amount raised

Among Form D raises filed 2023Q1–2026Q2 that paid an intermediary, the median fee was 6.0% of the amount sold for $1–5M raises (926 raises), 3.78% for $10–25M (436) and 1.77% above $100M (167). Equity raises had a median of 5.0% (3,577 raises) and debt raises 2.5% (415).

Sales commissions plus finders' fees as reported in Form D Item 16, divided by amount sold. Median with middle half below. Raises reporting fees above 20% of the amount sold are excluded as partial-sale or entry artefacts.

Amount raised	Raises	Paid an intermediary	All	Equity	Debt
<$1M	20,522	11.2%	5.00%5.0%–6.0%	5.00%5.0%–5.9%	7.13%6.0%–10.0%
$1–5M	14,587	6.3%	6.00%3.1%–8.0%	6.00%2.9%–7.8%	5.00%2.5%–7.1%
$5–10M	5,481	6.9%	5.10%2.5%–7.8%	5.00%2.5%–8.0%	2.50%2.0%–4.2%
$10–25M	4,690	9.3%	3.78%2.0%–6.7%	4.85%2.0%–7.0%	2.50%2.0%–3.0%
$25–50M	1,857	13.2%	2.64%1.5%–5.9%	3.70%1.5%–6.0%	2.00%1.5%–2.3%
$50–100M	893	14.7%	2.21%1.2%–5.0%	4.00%1.8%–6.0%	1.46%1.0%–1.8%
$100M+	1,010	16.5%	1.77%0.8%–4.0%	2.46%0.9%–4.6%	1.50%1.3%–2.0%

Fees by industry

Healthcare and life-sciences raises that paid an intermediary had a median fee of 6.77% (581 raises); financial-services raises had 2.5% (409). Real-estate issuers used intermediaries most often: 2,271 of 11,637 raises.

Industry	Raises	Paid an intermediary	Fee (median, middle half)
Technology & telecom	11,753	3.1%	5.00%2.4%–7.1%
Healthcare & life sciences	5,430	10.7%	6.77%4.3%–8.0%
Financial services	3,846	10.6%	2.50%1.5%–5.0%
Real estate	11,637	19.5%	5.00%5.0%–5.2%
Energy, mining & utilities	1,361	9.6%	4.43%2.0%–7.0%
Consumer & retail	1,531	3.5%	4.49%1.9%–7.5%
Industrials & business services	1,760	4.3%	5.00%1.9%–7.0%
Other	11,722	6.1%	5.21%2.4%–6.7%

Broker-dealers

Recipients named in Item 12 with five or more fee-paying raises. Some platforms serve many very small raises.

120 rows

Broker-dealer	Raises	Median fee	Median raise	Largest filings
H&L Equities	804	5.00%	$125K	Form DDec 2024 · $1.88M Form DJan 2026 · $1.63M Form DFeb 2025 · $1.5M
Ica	782	5.00%	$125K	Form DDec 2024 · $1.25M Form DOct 2023 · $173K Form DFeb 2023 · $125K
H.C. Wainwright	97	7.00%	$4.04M	Form DAug 2023 · $212M Form DAug 2023 · $120M Form DMay 2026 · $110M
Maxim Group	52	7.00%	$4M	Form DSep 2025 · $175M Form DOct 2025 · $105M Form DOct 2025 · $105M
Alexander Capital	50	7.98%	$3.89M	Form DMar 2023 · $11.3M Form DSep 2025 · $8.51M Form DApr 2025 · $7.4M
Canaccord Genuity	46	5.51%	$3.72M	Form DOct 2023 · $100M Form DDec 2025 · $100M Form DDec 2025 · $51.9M
Performance Trust Capital Partners	43	2.25%	$25M	Form DMar 2026 · $171M Form DJul 2024 · $144M Form DSep 2025 · $100M
A5 Securities	41	13.71%	$124K	Form DNov 2023 · $1.07M Form DJan 2023 · $125K Form DDec 2023 · $125K
TPEG Securities	37	7.00%	$1.9M	Form DAug 2023 · $37M Form DApr 2024 · $22M Form DJan 2023 · $21M
Haywood Securities (USA)	37	6.00%	$777K	Form DApr 2024 · $109M Form DOct 2025 · $37.5M Form DMay 2023 · $33.3M
Aegis Capital	32	8.25%	$4.1M	Form DAug 2025 · $501M Form DFeb 2024 · $22.4M Form DNov 2025 · $20M
H&L Equities	31	5.00%	$125K	Form DFeb 2023 · $125K Form DFeb 2023 · $125K Form DFeb 2023 · $125K
A.G.P./Alliance Global Partners	28	6.82%	$4.15M	Form DAug 2025 · $450M Form DJun 2025 · $425M Form DMay 2023 · $42.2M
Stonehaven	28	0.65%	$195K	Form DApr 2024 · $197M Form DOct 2024 · $133M Form DOct 2024 · $44.9M
Roth Capital Partners	25	5.83%	$7.44M	Form DAug 2025 · $224M Form DAug 2024 · $99.7M Form DOct 2024 · $70M
Laidlaw & Company (UK)	25	6.67%	$1.71M	Form DApr 2024 · $61.5M Form DMay 2026 · $17M Form DFeb 2026 · $15M
FNEX Capital	23	9.98%	$7.65M	Form DMar 2026 · $145M Form DJan 2023 · $73.6M Form DJan 2023 · $66.8M
Leerink Partners	22	6.00%	$89.8M	Form DMar 2024 · $400M Form DNov 2025 · $285M Form DAug 2023 · $212M
Dawson James Securities	21	5.88%	$7.31M	Form DApr 2024 · $1.49B Form DSep 2025 · $108M Form DMay 2024 · $43M
Emerson Equity	21	8.97%	$12.7M	Form DMar 2026 · $145M Form DJan 2025 · $82.8M Form DJan 2023 · $73.6M
Goldman Sachs	20	0.99%	$122M	Form DMar 2023 · $6.13B Form DJun 2024 · $1.04B Form DSep 2023 · $460M
Paulson Investment Company	19	10.00%	$3M	Form DJan 2025 · $25M Form DOct 2024 · $17.2M Form DSep 2025 · $17.2M
Tangent Capital Partners	19	0.65%	$221K	Form DAug 2023 · $271M Form DFeb 2024 · $11.8M Form DJan 2024 · $9.61M
TPEG Securities	18	7.00%	$6.42M	Form DMay 2023 · $35.3M Form DMar 2024 · $18.6M Form DMay 2023 · $13.9M
Raymond James & Associates	18	4.17%	$30.5M	Form DMay 2026 · $110M Form DSep 2025 · $100M Form DNov 2025 · $65M
Upmarket Securities	18	5.96%	$589K	Form DOct 2025 · $3.06M Form DApr 2025 · $1.79M Form DSep 2025 · $1.35M
Canaccord Genuity Wealth Management (USA)	17	1.91%	$266K	Form DMar 2026 · $21M Form DApr 2024 · $12.7M Form DMay 2023 · $1.04M
Network 1 Financial Securities	17	7.98%	$3M	Form DFeb 2026 · $80M Form DAug 2025 · $33M Form DApr 2026 · $32.3M
Marco Polo Securities	17	6.00%	$777K	Form DMar 2026 · $3M Form DAug 2024 · $2.43M Form DSep 2024 · $2.14M
Ladenburg Thalmann	16	7.88%	$4M	Form DJan 2024 · $80M Form DMar 2024 · $10.1M Form DMay 2025 · $10M
Ceros Financial Services	16	7.15%	$2.75M	Form DJun 2023 · $17.9M Form DApr 2023 · $17.7M Form DNov 2025 · $14.3M
A5 Securities	16	8.80%	$123K	Form DJan 2024 · $125K Form DJan 2024 · $125K Form DJan 2025 · $125K
Canaccord Genuity	16	5.54%	$1.31M	Form DMar 2026 · $22.8M Form DAug 2024 · $19.4M Form DNov 2025 · $12.8M
Kingswood Capital Partners	16	4.02%	$5M	Form DJun 2026 · $5M Form DJun 2026 · $5M Form DJun 2026 · $5M
Raymond James (USA)	15	6.00%	$1.85M	Form DDec 2025 · $137M Form DNov 2024 · $45.4M Form DDec 2023 · $22.1M
Sprott Global Resource Investments	15	4.29%	$1.26M	Form DOct 2025 · $55.8M Form DMar 2023 · $8.65M Form DOct 2024 · $6.24M
Finalis Securities	15	1.33%	$19.2M	Form DAug 2024 · $37.5M Form DJun 2024 · $32.3M Form DJul 2025 · $25.8M
Patrick Capital Markets	15	3.60%	$9.4M	Form DJan 2023 · $66.8M Form DJan 2023 · $52.4M Form DAug 2025 · $17.3M
NFP Securities	15	1.27%	$102M	Form DDec 2025 · $2.73B Form DDec 2024 · $2.64B Form DDec 2023 · $2.41B
The Benchmark Company	14	6.12%	$7.99M	Form DAug 2023 · $271M Form DFeb 2026 · $80M Form DAug 2025 · $33M
Paradigm Capital U.S.	14	5.60%	$2.61M	Form DMay 2026 · $8.49M Form DFeb 2025 · $6.55M Form DJan 2026 · $5.95M
T Capital Funding	13	6.56%	$6M	Form DJan 2025 · $19.6M Form DMar 2023 · $16.4M Form DNov 2023 · $15.3M
Jefferies	13	4.33%	$150M	Form DJun 2024 · $856M Form DNov 2025 · $285M Form DDec 2024 · $250M
PNC Capital Markets	13	0.43%	$119M	Form DJun 2026 · $251M Form DJun 2025 · $208M Form DSep 2023 · $181M
Boustead Securities	13	10.00%	$675K	Form DJan 2023 · $4M Form DJun 2024 · $1.5M Form DApr 2023 · $1.25M
M Holdings Securities	13	1.00%	$7.34M	Form DDec 2025 · $2.73B Form DDec 2024 · $2.64B Form DDec 2023 · $2.41B
Compass Securities Corporation	13	0.25%	$102M	Form DJun 2026 · $251M Form DJun 2025 · $208M Form DJul 2024 · $176M
Arcadia Securities	13	4.12%	$4.37M	Form DNov 2023 · $18.3M Form DNov 2023 · $17.3M Form DMar 2026 · $7.28M
Great Point Capital	12	7.19%	$14.2M	Form DMar 2026 · $145M Form DJan 2023 · $66.8M Form DJun 2026 · $35M
Arete Wealth Management	12	8.68%	$2.38M	Form DJan 2023 · $52.4M Form DJun 2025 · $15.4M Form DSep 2025 · $3.5M
Craig-Hallum Capital Group	12	6.24%	$22.5M	Form DApr 2026 · $113M Form DApr 2026 · $70M Form DMar 2025 · $40M
Cormark Securities (USA)	12	6.00%	$2.08M	Form DNov 2024 · $22.8M Form DJan 2024 · $16.4M Form DMar 2026 · $7.71M
Benchmark Investments	12	16.00%	$2M	Form DApr 2023 · $2.88M Form DApr 2023 · $2M Form DApr 2023 · $2M
ThinkEquity	11	7.00%	$9.09M	Form DJul 2025 · $213M Form DJul 2025 · $39.6M Form DNov 2025 · $25M
WealthForge Securities	11	0.75%	$330K	Form DFeb 2023 · $3.4M Form DJun 2023 · $2.25M Form DFeb 2023 · $330K
Time Equities Securities	11	7.41%	$9.5M	Form DMar 2026 · $17.2M Form DJan 2024 · $16M Form DNov 2023 · $11.8M
BofA Securities	11	1.40%	$183M	Form DJun 2024 · $856M Form DApr 2024 · $370M Form DMar 2026 · $350M
Haywood Securities (usa)	11	5.92%	$773K	Form DSep 2025 · $3.34M Form DJul 2025 · $1.65M Form DMay 2026 · $1.5M
J.H Darbie	11	14.00%	$110K	Form DJan 2025 · $292K Form DDec 2024 · $220K Form DDec 2024 · $220K
Dominari Securities	11	6.40%	$1.96M	Form DJul 2025 · $220M Form DMar 2026 · $31M Form DAug 2024 · $5.94M
Vistia Capital	10	7.29%	$8.94M	Form DJan 2026 · $14.9M Form DDec 2025 · $13.4M Form DJan 2023 · $11M
Noble Capital Markets	10	8.08%	$2.39M	Form DMay 2024 · $50M Form DMay 2023 · $35M Form DMay 2023 · $4.36M
Chardan Capital Markets	10	5.60%	$11M	Form DMay 2023 · $15.9M Form DApr 2024 · $15.1M Form DJun 2026 · $15M
Newbridge Securities Corporation	10	7.83%	$6.47M	Form DMay 2026 · $30M Form DApr 2024 · $24.1M Form DOct 2024 · $12.4M
Templum Markets	10	6.00%	$3.24M	Form DAug 2024 · $41.6M Form DDec 2025 · $7.49M Form DMay 2026 · $5.85M
Research Capital USA	10	5.50%	$832K	Form DSep 2025 · $9.45M Form DOct 2025 · $2.8M Form DAug 2025 · $2.31M
Brean Capital	9	2.75%	$10M	Form DFeb 2026 · $45.5M Form DApr 2026 · $26M Form DFeb 2023 · $20M
Joseph Gunnar	9	7.90%	$5.33M	Form DJul 2025 · $50M Form DFeb 2026 · $18.1M Form DNov 2025 · $8M
Crews & Associates	9	2.00%	$12M	Form DMar 2025 · $33.1M Form DJan 2023 · $23.4M Form DJun 2025 · $20.3M
Univest Securities	9	7.44%	$2.2M	Form DJun 2023 · $6.76M Form DApr 2026 · $4.82M Form DMay 2025 · $4.5M
Taglich Brothers	9	8.00%	$2.73M	Form DJan 2024 · $4.68M Form DSep 2023 · $4.35M Form DApr 2023 · $3.25M
Oppenheimer	9	5.85%	$50M	Form DDec 2024 · $250M Form DAug 2025 · $175M Form DApr 2024 · $131M
Canaccord Genuity	9	5.82%	$1.11M	Form DDec 2024 · $16.1M Form DFeb 2024 · $3.55M Form DSep 2025 · $1.87M
Green Vista Capital	9	5.34%	$18.7M	Form DDec 2025 · $36.1M Form DDec 2025 · $24.5M Form DDec 2024 · $21.3M
Spartan Capital Securities	8	12.73%	$1.52M	Form DApr 2024 · $44.4M Form DJan 2023 · $3.3M Form DJan 2024 · $2.84M
A.G.P. / Alliance Global Partners	8	7.00%	$4.24M	Form DJan 2025 · $9.79M Form DFeb 2026 · $6M Form DJul 2023 · $4.5M
H&L Equities	8	5.00%	$125K	Form DJan 2023 · $125K Form DJan 2023 · $125K Form DJan 2023 · $125K
Carolina Financial Securities	8	9.06%	$786K	Form DJul 2023 · $10M Form DMay 2023 · $1.58M Form DJan 2023 · $1.29M
WealthForge Securities	8	5.04%	$15.2M	Form DApr 2023 · $33.4M Form DJan 2023 · $31.5M Form DDec 2025 · $19.3M
GP Nurmenkari	8	4.68%	$7M	Form DMay 2026 · $73.1M Form DMay 2024 · $26.9M Form DMay 2024 · $15.2M
Canaccord Genuity Wealth Management (usa)	8	4.24%	$366K	Form DOct 2025 · $2.31M Form DJan 2024 · $585K Form DOct 2023 · $527K
Performance Trust Capital Partners	8	2.25%	$26.1M	Form DSep 2025 · $100M Form DDec 2025 · $42.5M Form DFeb 2026 · $33.5M
AcreTrader Financial	8	0.07%	$2.14M	Form DJan 2024 · $5.62M Form DMay 2023 · $3.68M Form DJun 2024 · $2.86M
M Holdings Securities	8	1.32%	$321M	Form DMar 2026 · $2.02B Form DMar 2026 · $1.84B Form DMar 2026 · $546M
StartEngine Primary	8	6.52%	$124K	Form DApr 2024 · $473K Form DApr 2024 · $332K Form DMar 2024 · $331K
AltAccess Securities Company	8	2.90%	$2.51M	Form DMar 2024 · $62.1M Form DApr 2025 · $9.66M Form DApr 2026 · $8.75M
Cormark Securities (usa)	8	6.00%	$1.25M	Form DJul 2025 · $5.2M Form DJun 2025 · $3.53M Form DFeb 2026 · $2.47M
Greenwood and Cavalier	8	2.00%	$226K	Form DMay 2025 · $1.4M Form DJan 2025 · $900K Form DDec 2024 · $350K
Paradigm Capital U.S.	8	5.96%	$2.01M	Form DFeb 2026 · $6.37M Form DSep 2025 · $3.34M Form DApr 2025 · $2.9M
Carty, Harding & Hearn	8	2.18%	$3.51M	Form DDec 2025 · $8.88M Form DDec 2025 · $7.83M Form DDec 2025 · $4.49M
Alexander Capital	7	9.00%	$1.25M	Form DMar 2023 · $5.31M Form DJan 2023 · $2.2M Form DMay 2024 · $1.85M
Brookline Capital Markets, a division of Arcadia Securities	7	6.03%	$5.59M	Form DOct 2024 · $20.6M Form DDec 2024 · $16.1M Form DApr 2023 · $6.5M
Pickwick Capital Partners	7	5.00%	$600K	Form DNov 2023 · $53M Form DSep 2024 · $5M Form DSep 2023 · $4M
Iroquois Capital Advisors	7	5.00%	$125K	Form DJan 2023 · $125K Form DJan 2023 · $125K Form DJan 2023 · $125K
Concorde Investment Services	7	10.12%	$31.5M	Form DJan 2023 · $73.6M Form DJan 2023 · $66.8M Form DJan 2023 · $52.4M
CU Investment Solutions	7	1.15%	$10M	Form DMay 2026 · $75M Form DSep 2025 · $20M Form DJan 2024 · $15M
Metric Financial	7	10.52%	$9.85M	Form DJun 2025 · $17.3M Form DOct 2024 · $11M Form DJan 2026 · $10.3M
Network 1 Financial Securities	7	10.00%	$6.61M	Form DMay 2025 · $198M Form DJan 2023 · $73.6M Form DSep 2024 · $9.32M
Exemplar Capital	7	4.36%	$5M	Form DMar 2025 · $5M Form DMar 2025 · $5M Form DJun 2026 · $5M
Olden Lane Securities	7	2.00%	$8.5M	Form DApr 2023 · $110M Form DSep 2024 · $13M Form DJul 2024 · $9.5M
National Bank of Canada Financial	7	5.00%	$6.56M	Form DMar 2025 · $18.1M Form DMay 2026 · $14M Form DMar 2026 · $7.71M
Chardan Capital Markets	7	9.66%	$36.1M	Form DMar 2024 · $400M Form DAug 2025 · $175M Form DJul 2025 · $50M
MML Investors Services	7	1.27%	$136M	Form DMar 2026 · $1.84B Form DMar 2026 · $546M Form DMar 2026 · $505M
Cedar Point Capital	7	9.85%	$3.27M	Form DJul 2024 · $18.4M Form DJul 2025 · $6.36M Form DNov 2023 · $4.55M
J.P. Morgan Securities	7	4.00%	$100M	Form DDec 2024 · $250M Form DSep 2025 · $145M Form DFeb 2026 · $127M
Marco Polo Securities	7	4.79%	$314K	Form DNov 2025 · $3.35M Form DNov 2025 · $2.04M Form DFeb 2026 · $952K
Seaport Global Securities	7	4.00%	$33M	Form DMar 2026 · $345M Form DFeb 2026 · $80M Form DJun 2025 · $50M
Keefe, Bruyette & Woods	7	1.75%	$45M	Form DMar 2026 · $171M Form DSep 2025 · $100M Form DDec 2025 · $60M
SoFi Securities	7	6.00%	$3.13M	Form DDec 2025 · $7.49M Form DMay 2026 · $5.85M Form DMay 2026 · $3.34M
Arive Capital Markets	6	8.55%	$3.51M	Form DAug 2023 · $4.49M Form DMar 2023 · $4.2M Form DSep 2023 · $3.87M
The Dalmore Group	6	8.01%	$511K	Form DMar 2023 · $965K Form DJun 2024 · $890K Form DJul 2023 · $536K
TPEG Securities	6	7.00%	$8.24M	Form DFeb 2023 · $26.9M Form DFeb 2023 · $11.1M Form DFeb 2023 · $9M
Maxim Group	6	7.69%	$1.87M	Form DJul 2025 · $11.7M Form DMay 2026 · $2.99M Form DDec 2025 · $2.15M
Carofin	6	10.54%	$1.11M	Form DJul 2023 · $10M Form DMay 2023 · $1.58M Form DJan 2023 · $1.29M
McDermott Investment Services	6	7.88%	$25.4M	Form DJan 2023 · $66.8M Form DJan 2023 · $52.4M Form DJan 2023 · $31.5M
Arkadios Capital	6	6.59%	$13.6M	Form DMar 2026 · $145M Form DJan 2023 · $31.5M Form DAug 2024 · $16.1M
Realized Financial	6	9.62%	$35.8M	Form DJan 2023 · $73.6M Form DJan 2023 · $66.8M Form DJan 2023 · $52.4M
Capulent	6	7.29%	$35.8M	Form DMar 2026 · $145M Form DJan 2023 · $73.6M Form DJan 2023 · $52.4M
LifeSci Capital	6	6.00%	$134M	Form DApr 2025 · $307M Form DDec 2024 · $250M Form DDec 2023 · $180M
Red Cloud Securities	6	6.00%	$1.86M	Form DAug 2023 · $6.06M Form DApr 2024 · $2M Form DApr 2023 · $1.96M

A broker-dealer’s appearance here reflects Form D filings only. It is not a recommendation or an assessment of the firm. Check a firm’s registration and disciplinary history on FINRA BrokerCheck before engaging it.

Coverage: original Form D filings by operating companies (pooled investment funds excluded). Form D amounts are self-reported by the issuer, can be estimates, and are not reviewed for accuracy by the SEC.