Five Stones Trading LP is a hedge fund based in Rochester, New York. According to its most recent Form D, filed Oct 21, 2026, the fund has sold $300,000 of interests to 2 investors since its first sale in Jul 2026. The minimum investment it accepts from an outside investor is $100,000. 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 Walter McDonald; Jacob Fabry; Five Stones Capital Management 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
- $300,000Cumulative sales reported on Form D
- Investors
- 2
- First sale
- Jul 29, 2026
- Minimum investment
- $100,000
- 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
- Walter McDonald; Jacob Fabry; Five Stones Capital Management LLC
- Latest Form D
- Oct 21, 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 Five Stones Trading LP
What is the minimum investment for Five Stones Trading LP?
According to its latest Form D, filed Oct 21, 2026, the minimum investment Five Stones Trading LP accepts from an outside investor is $100,000.
Who can invest in Five Stones Trading LP?
Five Stones Trading 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 Five Stones Trading LP raised?
Five Stones Trading LP reports $300,000 sold from 2 investors on its Form D filed Oct 21, 2026. This is cumulative sales since the offering began, not current assets or performance.
Where is Five Stones Trading LP based?
Five Stones Trading LP is based in Rochester, New York and is managed by Five Stones Capital.
When did Five Stones Trading LP launch?
Five Stones Trading LP reports its first sale in Jul 2026, 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 10% of the 2,544 hedge funds based in New York, and more than 2% of all 10,307 that report sales.