First Turn Rx, LP is a hedge fund based in Del Mar, California. According to its most recent Form D, filed Apr 13, 2026, the fund has sold $3,750,000 of interests to 5 investors since its first sale in Apr 2025. 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. Based on its first sale date and the amount raised, AltMountain classifies it as an emerging manager. Related persons named in the filing include First Turn Management, LLC; First Turn Rx GP, LLC; Lisa Wheatley.
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
- $3,750,000Cumulative sales reported on Form D
- Investors
- 5
- First sale
- Apr 1, 2025
- 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
- First Turn Management, LLC; First Turn Rx GP, LLC; Lisa Wheatley
- Latest Form D
- Apr 13, 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. Private funds are speculative, illiquid and generally limited to accredited investors or qualified purchasers. Full disclosures · Request a correction
Questions about First Turn Rx, LP
What is the minimum investment for First Turn Rx, LP?
First Turn Rx, LP's latest Form D, filed Apr 13, 2026, does not set a minimum investment. Managers can still require one in the offering documents.
Who can invest in First Turn Rx, LP?
First Turn Rx, 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 Rx, LP raised?
First Turn Rx, LP reports $3,750,000 sold from 5 investors on its Form D filed Apr 13, 2026. This is cumulative sales since the offering began, not current assets or performance.
Where is First Turn Rx, LP based?
First Turn Rx, LP is based in Del Mar, California and is managed by First Turn Management, LLC.
When did First Turn Rx, LP launch?
First Turn Rx, LP reports its first sale in Apr 2025, 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 25% of the 1,060 hedge funds based in California, and more than 13% of all 10,308 that report sales.