Lionstone Fund, Ltd.
Lionstone Fund, Ltd. is a hedge fund based in Hamilton, Bermuda. According to its most recent Form D, filed Sep 23, 2026, the fund has sold $160,878,392 of interests to 47 investors since its first sale in Oct 2004. The minimum investment it accepts from an outside investor is $1,000,000. 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. Related persons named in the filing include Lee Lowenstein; Herbert Selzer; James Keyes.
Performance
No returns have been reported for this fund. Hedge fund returns are not part of SEC filings; managers report them to AltMountain directly.
The firm that manages it, Lionstone Capital Management LLC, files Form 13F. Its page shows the firm's disclosed stock holdings and an estimate derived from them. Those figures describe the firm as a whole, not this fund.
Is this your fund? Report your monthly returns · How performance works
- Total raised
- $160,878,392Cumulative sales reported on Form D
- Investors
- 47
- First sale
- Oct 1, 2004
- Minimum investment
- $1,000,000
- 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
- Lee Lowenstein; Herbert Selzer; James Keyes
- Latest Form D
- Sep 23, 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 Lionstone Fund, Ltd.
What is the minimum investment for Lionstone Fund, Ltd.?
According to its latest Form D, filed Sep 23, 2026, the minimum investment Lionstone Fund, Ltd. accepts from an outside investor is $1,000,000.
Who can invest in Lionstone Fund, Ltd.?
Lionstone Fund, Ltd. 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 Lionstone Fund, Ltd. raised?
Lionstone Fund, Ltd. reports $160,878,392 sold from 47 investors on its Form D filed Sep 23, 2026. This is cumulative sales since the offering began, not current assets or performance.
Where is Lionstone Fund, Ltd. based?
Lionstone Fund, Ltd. is based in Hamilton, Bermuda and is managed by Lionstone Capital Management LLC.
When did Lionstone Fund, Ltd. launch?
Lionstone Fund, Ltd. reports its first sale in Oct 2004.
Size compared with every hedge fund
Raised more than 56% of the 100 hedge funds based in Bermuda, and more than 65% of all 10,140 that report sales.
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