GEM Realty Securities Flagship, Ltd.
GEM Realty Securities Flagship, Ltd. is a hedge fund based in George Town, Grand Cayman, Cayman Islands. According to its most recent Form D, filed Feb 27, 2026, the fund has sold $1,394,154,166 of interests to 126 investors since its first sale in May 2003. The minimum investment it accepts from an outside investor is $50,000. 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 GRS Advisors, LLC; Michael Elrad.
Performance
No returns have been reported for this fund. As a rough guide, Gem Realty Capital, which manages it, disclosed U.S. stock holdings that returned an estimated +14.6% 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 +22.8% (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
- $1,394,154,166Cumulative sales reported on Form D
- Investors
- 126
- First sale
- May 1, 2003
- Minimum investment
- $50,000
- Who can invest
- Qualified purchasersSection 3(c)(7): generally $5M+ in investments
- Offering exemption
- Rule 506(b)No general advertising
- Key people and entities
- GRS Advisors, LLC; Michael Elrad
- Latest Form D
- Feb 27, 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 GEM Realty Securities Flagship, Ltd.
What is the minimum investment for GEM Realty Securities Flagship, Ltd.?
According to its latest Form D, filed Feb 27, 2026, the minimum investment GEM Realty Securities Flagship, Ltd. accepts from an outside investor is $50,000.
Who can invest in GEM Realty Securities Flagship, Ltd.?
GEM Realty Securities Flagship, 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 GEM Realty Securities Flagship, Ltd. raised?
GEM Realty Securities Flagship, Ltd. reports $1,394,154,166 sold from 126 investors on its Form D filed Feb 27, 2026. This is cumulative sales since the offering began, not current assets or performance.
Where is GEM Realty Securities Flagship, Ltd. based?
GEM Realty Securities Flagship, Ltd. is based in George Town, Grand Cayman, Cayman Islands and is managed by Gem Realty Capital.
When did GEM Realty Securities Flagship, Ltd. launch?
GEM Realty Securities Flagship, Ltd. reports its first sale in May 2003.
Size compared with every hedge fund
Raised more than 90% of the 2,362 hedge funds based in Cayman Islands, and more than 93% of all 10,309 that report sales.