First Turn, LP
First Turn, LP is a hedge fund based in Del Mar, California. According to its most recent Form D, filed Nov 6, 2025, the fund has sold $148,592,514 of interests to 67 investors since its first sale in May 2018. The filing does not set a minimum investment. 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. Related persons named in the filing include Lisa Wheatley; First Turn GP Manager, LLC; First Turn GP, 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
- $148,592,514Cumulative sales reported on Form D
- Investors
- 67
- First sale
- May 1, 2018
- Minimum investment
- None set
- 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
- Lisa Wheatley; First Turn GP Manager, LLC; First Turn GP, LLC
- Latest Form D
- Nov 6, 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 73% of the 1,051 hedge funds based in California, and more than 64% of all 10,157 that report sales.