HSI Phaidra III LLC is a venture capital fund based in Los Angeles, California. According to its most recent Form D, filed Dec 3, 2025, it has sold $13,800,000 of interests to 20 investors since its first sale in May 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 Helena Special Investments Fund I SPV GP LLC.
- Total raised
- $13,800,000Cumulative sales reported on Form D
- Investors
- 20
- First sale
- May 28, 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
- Helena Special Investments Fund I SPV GP LLC
- Latest Form D
- Dec 3, 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. Returns are not part of SEC filings. Private funds are speculative, illiquid and generally limited to accredited investors or qualified purchasers. Full disclosures · Request a correction
Questions about HSI Phaidra III LLC
What is the minimum investment for HSI Phaidra III LLC?
HSI Phaidra III LLC's latest Form D, filed Dec 3, 2025, does not set a minimum investment. Managers can still require one in the offering documents.
Who can invest in HSI Phaidra III LLC?
HSI Phaidra III LLC 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 HSI Phaidra III LLC raised?
HSI Phaidra III LLC reports $13,800,000 sold from 20 investors on its Form D filed Dec 3, 2025. This is cumulative sales since the offering began, not current assets or performance.
Where is HSI Phaidra III LLC based?
HSI Phaidra III LLC is based in Los Angeles, California.
When did HSI Phaidra III LLC launch?
HSI Phaidra III LLC reports its first sale in May 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 venture capital fund
Raised more than 79% of the 2,268 venture capital funds based in California, and more than 90% of all 15,160 that report sales.