Lionstone Fund, Ltd. is a hedge fund based in Hamilton, Bermuda. According to its most recent Form D, filed Sep 23, 2026, the fund has sold $160,878,392 of interests to 47 investors since its first sale in Oct 2004. The minimum investment it accepts from an outside investor is $1,000,000. 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. Related persons named in the filing include Lee Lowenstein; Herbert Selzer; James Keyes.
- Total raised
- $160,878,392Cumulative sales reported on Form D
- Investors
- 47
- First sale
- Oct 1, 2004
- Minimum investment
- $1,000,000
- 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
- Lee Lowenstein; Herbert Selzer; James Keyes
- Latest Form D
- Sep 23, 2026
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 58% of the 104 hedge funds based in Bermuda, and more than 65% of all 10,157 that report sales.
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