AIR Legal Finance Fund, LP is a hedge fund based in Chicago, Illinois. According to its most recent Form D, filed Nov 7, 2025, the fund has sold $42,436,097 of interests to 49 investors since its first sale in Feb 2023. The minimum investment it accepts from an outside investor is $250,000. It relies on the Section 3(c)(1) exclusion, which limits it to 100 beneficial owners, typically accredited investors. The offering uses Rule 506(b), which does not permit general solicitation. Based on its first sale date and the amount raised, HedgeMountain classifies it as an emerging manager. Related persons named in the filing include AIR Legal Finance Fund Management, LLC; Stephen Luongo; Matthew Schaefer.
Performance
No verified returns have been reported for this fund. Hedge fund returns are not part of SEC filings; managers report them to HedgeMountain directly.
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- Total raised
- $42,436,097Cumulative sales reported on Form D
- Investors
- 49
- First sale
- Feb 1, 2023
- Minimum investment
- $250,000
- Who can invest
- Accredited investorsSection 3(c)(1): up to 100 beneficial owners
- Offering exemption
- Rule 506(b)No general advertising
- Key people and entities
- AIR Legal Finance Fund Management, LLC; Stephen Luongo; Matthew Schaefer
- Latest Form D
- Nov 7, 2025
From SEC filings, not verified. This page republishes the fund's Form D as filed. It is not an offer, solicitation or recommendation, and HedgeMountain has not reviewed the fund. “Raised” is cumulative sales, not current assets or performance. Private funds are speculative, illiquid and generally limited to accredited investors or qualified purchasers. Full disclosures
Size compared with every hedge fund
Raised more than 55% of the 321 hedge funds based in Illinois, and more than 42% of all 10,157 that report sales.