iDirect Multi-Strategy Fund, LLC
Raised
$138M
Investors
56
Min Invest
None stated
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AltStreet Analysis
·Generated from EDGAR primary sources
iDirect Multi-Strategy Fund, LLC is a Delaware-domiciled pooled investment fund that has raised $137.6M from 56 investors under Rule 506(b) and Section 3(c) exemptions. The fund is promoted by iCapital HF GP, LLC with Michael Stanton as executive officer, and this filing represents an amended disclosure.
This multi-strategy fund employs the standard 506(b)/3(c) exemption pattern common to private hedge funds targeting accredited and qualified purchasers. With approximately $2.5M average investor commitment, the offering sits in the institutional-accessible range typical of established alternative investment vehicles.
Data Flags
Critical Disclosures
What the filings and the regulators have said about this entity that a reader should know first. Each line links to its source. The history, the same event across other issuers, and alerts are in the terminal.
Reporting lapsed · Form D · last filing May 12, 2025
Offering declared to continue beyond a year; annual amendment 13+ months overdue An issuer that stops filing is the case the going-concern flag cannot catch: the report that would have carried it was never filed.
EDGAR Filing Data
Form D — Primary Source
View on SEC.govFund Filings
Tender-offer fund (811-24047). Figures are the fund's own from Forms N-PORT and N-CEN and its repurchase filings on SEC EDGAR. "Marks" is the share of holdings at Level 3 or carried at NAV. All registered funds AltStreet tracks.
- Net assets
- $389.9M at Jun 30, 2026
- Holdings
- 11 positions, $394.1M
- Marks
- 95% of holdings at Level 3 or carried at NAV
- Adviser
- iCapital Fund Advisors LLC
- Fees (N-CEN)
- management fee 0.8%, net operating expenses 1.14999999% for the year to Mar 31, 2026
- Auditor
- PricewaterhouseCoopers LLP
- Latest repurchase offer
- SC TO-I filed Oct 20, 2026
Checking your access
Filings on Record
Every filing AltStreet's ledger holds for this CIK, newest first. Each opens the SEC archive folder.
AltStreet Coverage
Original reporting from AltStreet's daily EDGAR monitoring covering iCapital and its filings.
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Capital Raise Timeline
2 Form D filings from May 22, 2024 to May 12, 2025, the latest a D/A.
In the Terminal
Filing events
5
latest May 12, 2025
Critical / warning
0 / 0
3 watch · 2 info
Statements extracted
0
none on file
NAV prints
0
none on file
Offering chains
1
dark
Latest event First sale · May 12, 2025
SEC.govFund family Part of the iDirect Multi Strategy Fund family: 2 vehicles across 0 generations; Same adviser Morgan Stanley Private Markets & Alternatives Fund, and 1 other related vehicle · full family and the filing behind each link in the terminal
Investor
- The full fund family and 2 related vehicles (parallel, feeder, successor, sibling series) with the filing that shows each link
- The dated record: 65 facts with source, effective date and capture date, viewable as AltStreet knew them on any past day
- 5 filing events with values and deltas, latest 2025-05-12, and alerts on the next one
- 1 offering timeline: velocity, share raised, first-sale lag, stalled flags
Pro
- This issuer against its cohort: rank by velocity and share raised among offerings filed the same quarter
- The same events, statements and NAV moves across every issuer, screenable, with unlimited watches and CSV
Counts and dates above are the free record. The values, the series and the comparisons are the seat. Loading your view…
Regulatory Activity
Filing events on this entity detected by AltStreet's EDGAR monitoring.
Signal analysis reserved for subscribers
Severity grading, value-change deltas, and analyst notes on these filings ship in the AltStreet newsletter and the Pro terminal.
Get the signal feedRelated Persons (Form D)
Executive officers, directors, and promoters listed on the SEC Form D filing. Source: SEC.gov.
-- iCapital HF GP, LLC
Promoter · New York, NY
Michael Stanton
Executive Officer · New York, NY
Questions About iDirect Multi-Strategy Fund, LLC
Each answer is built from the values on the SEC filing and the AltStreet ledger, not from the issuer's marketing.
What is iDirect Multi-Strategy Fund, LLC?
iDirect Multi-Strategy Fund, LLC is a Delaware limited liability company that filed a Form D with the SEC on May 12, 2025 as a hedge fund. The filing claims Rule 506(b), Section 3(c), Section 3(c)(7) for an offering of equity and pooled investment fund interests. AltStreet links the issuer to iCapital.
Is iDirect Multi-Strategy Fund, LLC legit?
AltStreet does not rate legitimacy; it reports the public record. iDirect Multi-Strategy Fund, LLC filed a Form D with the SEC on May 12, 2025 claiming Rule 506(b), Section 3(c), Section 3(c)(7). A Form D is a notice of an exempt offering, not a review or approval of it. The newest notice reports $137,550,000 sold to 56 investors. AltStreet's enforcement record (SEC, FINRA and state actions) shows no action naming the issuer as of today. The issuer is linked to iCapital, which AltStreet has reviewed. Before investing, confirm the filing on EDGAR, check the seller's registration on FINRA BrokerCheck, and read the offering documents, which a Form D does not include.
Is iDirect Multi-Strategy Fund, LLC registered with or approved by the SEC?
No. A Form D is a notice that an issuer is selling securities under an exemption from registration, and the SEC does not review, approve, or pass on the merits of the offering. The filing shows that iDirect Multi-Strategy Fund, LLC claimed Rule 506(b), Section 3(c), Section 3(c)(7) and disclosed the items the form requires, such as the amount sold, the minimum investment, related persons, and anyone paid to sell the securities. It does not verify the issuer's claims or its business.
How much has iDirect Multi-Strategy Fund, LLC raised?
iDirect Multi-Strategy Fund, LLC reported $137,550,000 sold from 56 investors in an offering of indefinite size as of the Form D filed May 12, 2025.
Who can invest in iDirect Multi-Strategy Fund, LLC?
The offering relies on Rule 506(b), which permits sales to accredited investors and to no more than 35 non-accredited investors who meet a sophistication standard, and prohibits general solicitation. Because the fund also relies on Section 3(c)(7), each investor must be a qualified purchaser, generally an individual with at least $5 million in investments. The filing reports no non-accredited investors. The filing lists the minimum investment as $0, meaning no minimum was stated.
What is the minimum investment in iDirect Multi-Strategy Fund, LLC?
The Form D lists the minimum investment as $0, which means the issuer did not state a minimum on the form. The offering documents, not the Form D, set the actual subscription terms.
Who is selling iDirect Multi-Strategy Fund, LLC and how are they paid?
The Form D names no recipient of sales compensation, which usually means the issuer or its affiliates are placing the securities directly. Sales commissions are reported as $0 and finders' fees as $0. Form D allows these to be estimates.
Who is behind iDirect Multi-Strategy Fund, LLC?
The Form D lists 2 related persons: iCapital HF GP, LLC, promoter (Managing Member of the Issuer); Michael Stanton, executive officer (Authorized Signatory of the Managing Member). Form D Item 3 requires executive officers, directors, and promoters of the issuer to be listed.
Where is iDirect Multi-Strategy Fund, LLC located?
The issuer's address on its SEC filings is C/O Compliance Department, 60 East 42nd Street, 28th Floor, New York, NY 10165. Its phone number of record is (212) 994-7400. It is organized under the laws of Delaware.
How long is the iDirect Multi-Strategy Fund, LLC offering open?
The issuer indicated that the offering is intended to last more than one year. An issuer must amend its Form D annually while a continuing offering stays open; 1 amendment is on record for this CIK.
How large is iDirect Multi-Strategy Fund, LLC?
The issuer declined to disclose its net asset value range on the Form D, which the form permits.
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Data Methodology
Capital raise figures, investor counts, and filing dates are sourced directly from SEC EDGAR Form D primary documents via the SEC EDGAR submissions API and full-text search index. EDGAR entity profiles and deal-level data are reviewed by AltStreet analysts with backgrounds in corporate finance and securities law — cross-referenced against offering circulars, audited financial statements, and primary regulatory filings before publication. Platform-provided information, where present, is clearly labeled and does not affect EDGAR data or AltStreet editorial coverage. Platforms may request factual corrections for demonstrable inaccuracies by contacting [email protected]. This page does not constitute investment advice.