First Light Focus Fund, LP
First Light Focus Fund, LP is a hedge fund based in Edina, Minnesota. According to its most recent Form D, filed Dec 19, 2025, the fund has sold $367,718,918 of interests to 118 investors since its first sale in Nov 2015. The filing does not set a minimum investment. 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 First Light Focus Fund GP LLC; First Light Asset Management LLC.
Performance
No verified returns have been reported for this fund. As a rough guide, First Light Asset Management, LLC, which manages it, disclosed U.S. stock holdings that returned an estimated +21.5% 2026 YTD through Jun 30 (S&P 500: +9.5%), based only on its public 13F filings. Over a longer period, Q3 2024 to Q2 2026, the estimate is +73.4% (S&P 500: +37.2%).
This estimate covers the firm's whole disclosed long U.S. stock portfolio. It is not this fund's return and excludes dividends, fees, shorts, derivatives, bonds, cash and trading within each quarter.
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- Total raised
- $367,718,918Cumulative sales reported on Form D
- Investors
- 118
- First sale
- Nov 2, 2015
- Minimum investment
- None set
- Who can invest
- Qualified purchasersSection 3(c)(7): generally $5M+ in investments
- Offering exemption
- Rule 506(b)No general advertising
- Key people and entities
- First Light Focus Fund GP LLC; First Light Asset Management LLC
- Latest Form D
- Dec 19, 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 First Light Focus Fund, LP
What is the minimum investment for First Light Focus Fund, LP?
First Light Focus Fund, LP's latest Form D, filed Dec 19, 2025, does not set a minimum investment. Managers can still require one in the offering documents.
Who can invest in First Light Focus Fund, LP?
First Light Focus Fund, LP 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 First Light Focus Fund, LP raised?
First Light Focus Fund, LP reports $367,718,918 sold from 118 investors on its Form D filed Dec 19, 2025. This is cumulative sales since the offering began, not current assets or performance.
Where is First Light Focus Fund, LP based?
First Light Focus Fund, LP is based in Edina, Minnesota and is managed by First Light Asset Management, LLC.
When did First Light Focus Fund, LP launch?
First Light Focus Fund, LP reports its first sale in Nov 2015.
Size compared with every hedge fund
Raised more than 86% of the 70 hedge funds based in Minnesota, and more than 78% of all 10,308 that report sales.