Carnot Fund Ltd. is a private investment fund based in Hamilton, Bermuda. According to its most recent Form D, filed Jan 15, 2026, it has sold $1,034,520,126 of interests to 33 investors since its first sale in Jan 2021. The minimum investment it accepts from an outside investor is $5,000,000. It relies on the Section 3(c)(7) exclusion, so investors generally must be qualified purchasers. The offering uses Rule 506(b), which does not permit general solicitation. Related persons named in the filing include Jason Carne; Integral ILS Ltd; Lixin Zeng.
- Total raised
- $1,034,520,126Cumulative sales reported on Form D
- Investors
- 33
- First sale
- Jan 1, 2021
- Minimum investment
- $5,000,000
- Who can invest
- Qualified purchasersSection 3(c)(7): generally $5M+ in investments
- Offering exemption
- Rule 506(b)No general advertising
- Key people and entities
- Jason Carne; Integral ILS Ltd; Lixin Zeng
- Latest Form D
- Jan 15, 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 AltMountain has not reviewed the fund. “Raised” is cumulative sales, not current assets or performance. Returns are not part of SEC filings. Private funds are speculative, illiquid and generally limited to accredited investors or qualified purchasers. Full disclosures · Request a correction
Questions about Carnot Fund Ltd.
What is the minimum investment for Carnot Fund Ltd.?
According to its latest Form D, filed Jan 15, 2026, the minimum investment Carnot Fund Ltd. accepts from an outside investor is $5,000,000.
Who can invest in Carnot Fund Ltd.?
Carnot Fund Ltd. is generally open only to qualified purchasers (generally individuals with at least $5 million in investments), because it relies on Section 3(c)(7). It uses Rule 506(b), which does not allow general advertising.
How much has Carnot Fund Ltd. raised?
Carnot Fund Ltd. reports $1,034,520,126 sold from 33 investors on its Form D filed Jan 15, 2026. This is cumulative sales since the offering began, not current assets or performance.
Where is Carnot Fund Ltd. based?
Carnot Fund Ltd. is based in Hamilton, Bermuda.
When did Carnot Fund Ltd. launch?
Carnot Fund Ltd. reports its first sale in Jan 2021.
Size compared with every private investment fund
Raised more than 80% of the 40 private investment funds based in Bermuda, and more than 93% of all 10,212 that report sales.