Raised
$30M
Investors
109
Min Invest
$100,000
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AltStreet Analysis
·Generated from EDGAR primary sources
HedgePremier/BP Total Return Fund LP is a Delaware limited partnership operating as a pooled investment fund that has raised $29.8M from 109 investors under Rule 506(b) and Section 3(c) exemptions. The fund requires a $100K minimum investment and is managed by n/a Morgan Stanley AI GP LLC, with this filing representing an amended Form D submission dated August 3, 2017.
This fund falls within the lower-mid tier of the alternative investment space with a $100K minimum, making it accessible to accredited individual investors rather than institutional-only allocators. The 506(b) / 3(c) exemption pairing is standard for private funds seeking to avoid general solicitation while accommodating up to 100 beneficial owners before triggering Investment Company Act registration.
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 August 3, 2017
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.govFilings 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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The two vehicles' combined reported amount sold more than doubled, from $712 million to $1.44 billion, between their Form D amendments of November 6, 2025 and November 4, 2026. HedgePremier/Millennium USA III LP reported $845.7 million sold to 2,452 investors and HedgePremier/Millennium International II Ltd. $595.9 million to 1,680. The combined figures are AltStreet's addition across two notices; investor counts are per notice.
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A Form D/A filed August 27 puts Blue Owl Real Estate Net Lease Trust at 44,524 investors and $9.2 billion sold since inception, both up about 46% from the amendment filed a year earlier, as its September closing added $178.6 million and the $2.45 billion Sila Realty Trust take-private closed on credit-facility borrowings.
Platform coverage · Sep 2026
What Is a Form D Amendment? KKR Infrastructure V's D/A Tops $17 Billion
A Form D amendment updates an existing exempt-offering notice rather than announcing a new raise, and a 2026 filing from a KKR infrastructure fund shows exactly how that distinction plays out in the numbers.
Platform coverage · Sep 2026
iCapital-PEG Evergreen PE Offshore Fund Reports $414M Raised, Up 113% in One Year
A Form D/A filed July 20, 2026 shows total offering proceeds for the iCapital-managed Cayman segregated portfolio company more than doubled versus the prior annual amendment, with investor headcount rising 37% to 224.
Platform coverage · Aug 2026
From 49 to 92 Investors in a Year: A 1972-Vintage Quant Shop Is Quietly Winning the Wealth Channel
The annual Form D amendment iCapital filed August 19 for its Campbell Absolute Return feeder is the kind of document nobody reads — except this one measured something: an 88% jump in investors and $12 million of new capital in twelve months, the largest single-year move AltStreet has recorded for the entity, and a direct reading on how wealth advisers are buying systematic absolute return.
Platform coverage · Aug 2026
Capital Raise Timeline
8 Form D filings from Jul 22, 2010 to Aug 3, 2017, the latest a D/A.
In the Terminal
Filing events
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none on file
Critical / warning
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Statements extracted
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none on file
NAV prints
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Offering chains
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dark
Investor
- The dated record: 36 facts with source, effective date and capture date, viewable as AltStreet knew them on any past day
- 1 offering timeline: velocity, share raised, first-sale lag, stalled flags
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Related Persons (Form D)
Executive officers, directors, and promoters listed on the SEC Form D filing. Source: SEC.gov.
n/a Morgan Stanley AI GP LLC
Executive Officer · New York, NY
Michael Korn
Director · New York, NY
Colbert Narcisse
Director · New York, NY
Ben Huneke
Director · New York, NY
Alison Nest
Director · New York, NY
Jeremy Beal
Director · New York, NY
Alper Daglioglu
Director · New York, NY
Mike Davies
Director · New York, NY
Scott Steel
Director · New York, NY
Placement Agents and Sales Compensation (Form D)
Who the issuer reported paying to sell the securities (Form D Item 12), with the FINRA registration number the filer gave. Source: SEC.gov.
Morgan Stanley Smith Barney LLCCRD 149777 on BrokerCheck
Associated broker-dealer: None · Purchase, NY · Soliciting in all states
Questions About HedgePremier/BP Total Return Fund LP
Each answer is built from the values on the SEC filing and the AltStreet ledger, not from the issuer's marketing.
What is HedgePremier/BP Total Return Fund LP?
HedgePremier/BP Total Return Fund LP is a Delaware limited partnership that filed a Form D with the SEC on August 3, 2017 as a hedge fund. The filing claims Rule 506(b), Section 3(c), Section 3(c)(7) for an offering of pooled investment fund interests. AltStreet links the issuer to iCapital.
Is HedgePremier/BP Total Return Fund LP legit?
AltStreet does not rate legitimacy; it reports the public record. HedgePremier/BP Total Return Fund LP filed a Form D with the SEC on August 3, 2017 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 $29,828,890 sold to 109 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 HedgePremier/BP Total Return Fund LP 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 HedgePremier/BP Total Return Fund LP 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 HedgePremier/BP Total Return Fund LP raised?
HedgePremier/BP Total Return Fund LP reported $29,828,890 sold from 109 investors in an offering of indefinite size as of the Form D filed August 3, 2017.
Who can invest in HedgePremier/BP Total Return Fund LP?
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 minimum investment accepted from an outside investor is $100,000.
What is the minimum investment in HedgePremier/BP Total Return Fund LP?
The Form D lists $100,000 as the minimum investment accepted from any outside investor as of August 3, 2017. Issuers can waive their own minimums, and the figure does not include fees.
Who is selling HedgePremier/BP Total Return Fund LP and how are they paid?
The Form D names Morgan Stanley Smith Barney LLC (CRD 149777), associated with None as the recipient of sales compensation soliciting in all states. Sales commissions are reported as $213,863 and finders' fees as $0. Form D allows these to be estimates.
Who is behind HedgePremier/BP Total Return Fund LP?
The Form D lists 9 related persons: Morgan Stanley AI GP LLC, executive officer (General Partner); Michael Korn, director (Director of the Issuer's General Partner); Colbert Narcisse, director (Director of the Issuer's General Partner); Ben Huneke, director (Director of the Issuer's General Partner); Alison Nest, director (Director of the Issuer's General Partner); Jeremy Beal, director (Director of the Issuer's General Partner); Alper Daglioglu, director (Director of the Issuer's General Partner); Mike Davies, director (Director of the Issuer's General Partner), and 1 more. Form D Item 3 requires executive officers, directors, and promoters of the issuer to be listed.
Where is HedgePremier/BP Total Return Fund LP located?
The issuer's address on its SEC filings is Morgan Stanley Ai Gp LLC, 522 Fifth Avenue, 13th Floor, New York, NY 10036. Its phone number of record is 212-296-1999. It is organized under the laws of Delaware.
How long is the HedgePremier/BP Total Return Fund LP 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; 7 amendments are on record for this CIK.
How large is HedgePremier/BP Total Return Fund LP?
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.