HedgeForum Pentwater, Ltd.
Raised
$137M
Investors
291
Min Invest
$100,000
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AltStreet Analysis
·Generated from EDGAR primary sources
HedgeForum Pentwater, Ltd. is a Cayman Islands-domiciled pooled investment fund that has raised $136.8M from 291 investors under Rule 506(b) and Section 3(c) exemptions, with a $100K minimum investment. This amended filing was submitted on 2025-10-16, with iCapital Global Alternatives, LLC listed as promoter and Martin Steyn as director.
This offshore alternative investment vehicle employs the standard 506(b)/3(c) exemption structure common to private hedge funds and pooled vehicles. The $100K minimum positions it at the lower end of institutional alternative offerings, while the 291-investor count suggests a relatively broad distribution for a private fund of this size.
Data Flags
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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Capital Raise Timeline
8 Form D filings from Jun 24, 2013 to Oct 16, 2025, the latest a D/A.
In the Terminal
Filing events
4
latest Oct 16, 2025
Critical / warning
0 / 1
2 watch · 1 info
Statements extracted
0
none on file
NAV prints
0
none on file
Offering chains
1
raising
Latest event Sold increase · Oct 16, 2025
SEC.govFund family Part of the HedgeForum Pentwater family: 2 vehicles across 0 generations · full family and the filing behind each link in the terminal
Investor
- The full fund family and any related vehicles (parallel, feeder, successor, sibling series) with the filing that shows each link
- The dated record: 61 facts with source, effective date and capture date, viewable as AltStreet knew them on any past day
- 4 filing events with values and deltas, latest 2025-10-16, 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…
Adviser of Record (Form ADV)
CRD 324457 · lists this fund on Schedule D 7.B.(1) as a other private fund
Auditor named on Form ADV: PricewaterhouseCoopers LTD. · PCAOB-registered per the adviser
From the adviser's Form ADV as loaded from the SEC bulk data through December 31, 2024, joined on this issuer's Form D file number. Fund-level figures and the adviser's full fund roster are in the terminal.
Related Persons (Form D)
Executive officers, directors, and promoters listed on the SEC Form D filing. Source: SEC.gov.
Item 3 changed on the Form D filed 2025-10-16: 1 related person added and 2 removed against the filing of 2024-04-22; 2 now listed. The names are in the Terminal feed.
- iCapital Global Alternatives, LLC
Promoter · New York, NY
Martin Steyn
Director · Grand Cayman, E9
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.
Citigroup Global Markets Inc.CRD 7059 on BrokerCheck
New York, NY · Soliciting in all states and outside the United States
Citi Private Alternatives, LLCCRD 153777 on BrokerCheck
New York, NY · Soliciting in all states and outside the United States
Questions About HedgeForum Pentwater, Ltd.
Each answer is built from the values on the SEC filing and the AltStreet ledger, not from the issuer's marketing.
What is HedgeForum Pentwater, Ltd.?
HedgeForum Pentwater, Ltd. is a Cayman Islands entity that filed a Form D with the SEC on October 16, 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 HedgeForum Pentwater, Ltd. legit?
AltStreet does not rate legitimacy; it reports the public record. HedgeForum Pentwater, Ltd. filed a Form D with the SEC on October 16, 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 $136,796,163 sold to 291 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 HedgeForum Pentwater, Ltd. 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 HedgeForum Pentwater, Ltd. 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 HedgeForum Pentwater, Ltd. raised?
HedgeForum Pentwater, Ltd. reported $136,796,163 sold from 291 investors in an offering of indefinite size as of the Form D filed October 16, 2025. The filing states that the figure is combined across related vehicles, so it is not this entity's figure alone.
Who can invest in HedgeForum Pentwater, Ltd.?
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 HedgeForum Pentwater, Ltd.?
The Form D lists $100,000 as the minimum investment accepted from any outside investor as of October 16, 2025. Issuers can waive their own minimums, and the figure does not include fees.
Who is selling HedgeForum Pentwater, Ltd. and how are they paid?
The Form D names Citigroup Global Markets Inc. (CRD 7059); Citi Private Alternatives, LLC (CRD 153777) as recipients of sales compensation soliciting in all states. Sales commissions are reported as $1,152,136 and finders' fees as $0. Form D allows these to be estimates.
Who is behind HedgeForum Pentwater, Ltd.?
The Form D lists 2 related persons: iCapital Global Alternatives, LLC, promoter (Investment Manager of the Issuer); Martin Steyn, director (Non Executive Director). Form D Item 3 requires executive officers, directors, and promoters of the issuer to be listed.
Where is HedgeForum Pentwater, Ltd. located?
The issuer's address on its SEC filings is Maples Corporate Services Limited, Ugland House, 121 South Church Street, Grand Cayman, Cayman Islands KY1-1104. Its phone number of record is 212-783-8066. It is organized under the laws of Cayman Islands.
How long is the HedgeForum Pentwater, Ltd. 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 HedgeForum Pentwater, Ltd.?
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.