First Turn, LP
First Turn, LP is a hedge fund based in Del Mar, California. According to its most recent Form D, filed Nov 6, 2025, the fund has sold $148,592,514 of interests to 67 investors since its first sale in May 2018. 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 Lisa Wheatley; First Turn GP Manager, LLC; First Turn GP, LLC.
Performance
No verified returns have been reported for this fund. As a rough guide, First Turn Management, LLC, which manages it, disclosed U.S. stock holdings that returned an estimated +18.6% 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 +64.2% (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
- $148,592,514Cumulative sales reported on Form D
- Investors
- 67
- First sale
- May 1, 2018
- 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
- Lisa Wheatley; First Turn GP Manager, LLC; First Turn GP, LLC
- Latest Form D
- Nov 6, 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 Turn, LP
What is the minimum investment for First Turn, LP?
First Turn, LP's latest Form D, filed Nov 6, 2025, does not set a minimum investment. Managers can still require one in the offering documents.
Who can invest in First Turn, LP?
First Turn, 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 First Turn, LP raised?
First Turn, LP reports $148,592,514 sold from 67 investors on its Form D filed Nov 6, 2025. This is cumulative sales since the offering began, not current assets or performance.
Where is First Turn, LP based?
First Turn, LP is based in Del Mar, California and is managed by First Turn Management, LLC.
When did First Turn, LP launch?
First Turn, LP reports its first sale in May 2018.
Size compared with every hedge fund
Raised more than 73% of the 1,060 hedge funds based in California, and more than 64% of all 10,308 that report sales.