Raffles Associates LP is a hedge fund based in New York, New York. According to its most recent Form D, filed Mar 10, 2026, the fund has sold $66,500,000 of interests to 94 investors since its first sale in Oct 1996. 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 Raffles Capital Advisors, LLC; Raffles Capital Management, LLC; Paul O'Leary.
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
- $66,500,000Cumulative sales reported on Form D
- Investors
- 94
- First sale
- Oct 1, 1996
- 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
- Raffles Capital Advisors, LLC; Raffles Capital Management, LLC; Paul O'Leary
- Latest Form D
- Mar 10, 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 47% of the 2,479 hedge funds based in New York, and more than 50% of all 10,157 that report sales.