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, AltMountain 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 AltMountain 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 AltMountain 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 · Request a correction
Questions about Ashton Total Return Fund, LP
What is the minimum investment for Ashton Total Return Fund, LP?
According to its latest Form D, filed Dec 5, 2025, the minimum investment Ashton Total Return Fund, LP accepts from an outside investor is $500,000.
Who can invest in Ashton Total Return Fund, LP?
Ashton Total Return Fund, LP is generally open only to accredited investors, and it may have no more than 100 beneficial owners because it relies on Section 3(c)(1). It uses Rule 506(b), which does not allow general advertising.
How much has Ashton Total Return Fund, LP raised?
Ashton Total Return Fund, LP reports $15,801,579 sold from 25 investors on its Form D filed Dec 5, 2025. This is cumulative sales since the offering began, not current assets or performance.
Where is Ashton Total Return Fund, LP based?
Ashton Total Return Fund, LP is based in Southlake, Texas.
When did Ashton Total Return Fund, LP launch?
Ashton Total Return Fund, LP reports its first sale in Jan 2024, which makes it an emerging manager by AltMountain's definition (first sale in 2021 or later and under $50 million raised).
Size compared with every hedge fund
Raised more than 39% of the 631 hedge funds based in Texas, and more than 27% of all 10,308 that report sales.