Ashton Total Return Fund, LP is a hedge fund based in Southlake, Texas. According to its most recent Form D, filed Dec 5, 2025, the fund has sold $15,801,579 of interests to 25 investors since its first sale in Jan 2024. The minimum investment it accepts from an outside investor is $500,000. 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 Malcolm Ashton; Ashton Capital, LLC.
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
- $15,801,579Cumulative sales reported on Form D
- Investors
- 25
- First sale
- Jan 1, 2024
- Minimum investment
- $500,000
- 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
- Malcolm Ashton; Ashton Capital, LLC
- Latest Form D
- Dec 5, 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 37% of the 668 hedge funds based in Texas, and more than 27% of all 10,157 that report sales.