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Primary Source · SEC.gov

Altera Secondary Fund, LLC

Fund Vehicle2026 vintage506(b), 3(c)
Latest signalInvestors increasedForm D/A · 2026-10-0613 events: 5 investors increased, 4 sold increased, 1 offering downsizedLast filing 2026-10-06

Raised

$25M

Investors

82

Min Invest

$250,000

AltStreet Analysis

·

Generated from EDGAR primary sources

Altera Secondary Fund, LLC is a Delaware-organized pooled investment vehicle that filed an amended Form D on 2026-10-06, reporting $27.4M raised from 82 investors at a $250K minimum investment, under combined Securities Act 506(b) and Investment Company Act 3(c) exemptions. The filing lists Altera Secondary Fund GP, LLC and Altera Private Access, LLC as executive officers alongside David Fershteyn; no parent platform or related entity family has yet been matched in available records.

This filing fits the typical profile of a private secondary/pooled fund vehicle using a 506(b)/3(c) exemption pairing, which is standard for closed-end funds offered without general solicitation to accredited investors and relying on a private-fund exclusion under the Investment Company Act. The $250K minimum and ~$334K average check size across 82 investors are consistent with a mid-sized institutional-leaning secondary fund rather than a retail or micro-check vehicle.

Data Flags

exemptionFiling claims both Securities Act 506(b) and Investment Company Act 3(c) exemptions simultaneously; this dual-exemption pattern is a standard Form D convention for private pooled funds rather than an entity-specific anomaly.
firstSaleDateFirst sale date is not disclosed despite the fund already having sold $27.4M to 82 investors on this amended filing — unlike the standard exception for large (>$100M) institutional raises, this raise is well under $100M, making the missing date a notable data gap.
industryGroupIndustry group field is left unspecified on the filing.

EDGAR Filing Data

Form D — Primary Source

View on SEC.gov
CIK Number0002090598
Entity NameAltera Secondary Fund, LLC
ExemptionRule 506(b), Section 3(c), Section 3(c)(7)
What the exemption meansRule 506(b) of Regulation D: securities may be sold to an unlimited number of accredited investors and up to 35 non-accredited investors who meet the rule's sophistication standard, without general solicitation or advertising. Section 3(c) of the Investment Company Act of 1940: the issuer is a pooled investment vehicle relying on an exclusion from registration as an investment company. Section 3(c)(7) of the Investment Company Act: the fund is excluded from investment-company registration because every investor is a qualified purchaser, generally an individual with at least $5 million in investments or an institution with at least $25 million.
Entity TypeLimited Liability Company
Jurisdiction of OrganizationDelaware
Year Organized2025
Issuer Address3550 Peachtree Road Ne, Suite 260, Atlanta, GA 30326
Phone(404) 537-2759
Industry / Fund TypePooled Investment Fund · Other Investment Fund
Investment Company ActExcluded under Section 3(c)(7) (qualified purchasers only)
Securities TypeEquity, Pooled Investment Fund
First Sale Date—
Filing DateOctober 6, 2026
Accession Number0002090598-26-000006
Total Offering Amount$27,365,000
Total Amount Sold$25,475,000
Amount Remaining$0
Total Investors82
Non-Accredited InvestorsNone
Minimum Investment$250,000
Offering DurationOne year or less
Sales Commissions$0
Finders' Fees$0
Proceeds to Related Persons$854,563
Net Asset Value RangeDecline to Disclose
State (Issuer Address)GA
Amendment Count5 amendments filed
Signed ByJulie Newman, Managing Director

Filings on Record

Every filing AltStreet's ledger holds for this CIK, newest first. Each opens the SEC archive folder.

D/AOctober 6, 2026D/AJuly 13, 2026D/AMay 20, 2026D/AApril 6, 2026D/AJanuary 8, 2026DNovember 19, 2025

AltStreet Coverage

Original reporting from AltStreet's daily EDGAR monitoring covering Altera Secondary Fund, LLC and its filings.

Altera Secondary Fund Reports Its Offering Fully Sold at $27.4 Million, Below the $30 Million Ceiling and $450,000 Less Than It Reported in July

The October 6, 2026 Form D/A cuts the total offering amount from $30,000,000 to $27,365,000 and reports the same figure sold with nothing remaining, down from $27,815,000 sold in July even as the investor count rose from 78 to 82. It is the first of six filings since November 2025 in which the fund's reported amount sold moved down.

This entity · Oct 2026

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Capital Raise Timeline

6 Form D filings from Nov 19, 2025 to Oct 6, 2026, the latest a D/A.

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In the Terminal

Filing events

13

latest Oct 6, 2026

Critical / warning

0 / 2

5 watch · 6 info

Statements extracted

0

none on file

NAV prints

0

none on file

Offering chains

1

closed

Latest event Sold decrease · Oct 6, 2026

SEC.gov
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  • 1 offering timeline: velocity, share raised, first-sale lag, stalled flags

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Regulatory Activity

Filing events on this entity detected by AltStreet's EDGAR monitoring. Showing 8 of 12 tracked events.

Oct 2026Form D amendment
SEC.gov
Oct 2026Form D amendment
SEC.gov
Oct 2026Form D amendment
SEC.gov
Jul 2026Form D amendment
SEC.gov
Jul 2026Form D amendment
SEC.gov
May 2026Form D amendment
SEC.gov
May 2026Form D amendment
SEC.gov
Apr 2026Form D amendment
SEC.gov

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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 Altera Secondary Fund GP, LLC

Executive Officer · Atlanta, GA

N/A Altera Private Access, LLC

Executive Officer · Atlanta, GA

David Fershteyn

Executive Officer · Atlanta, GA

Questions About Altera Secondary 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 Altera Secondary Fund, LLC?

Altera Secondary Fund, LLC is a Delaware limited liability company organized in 2025 that filed a Form D with the SEC on October 6, 2026 as a other investment 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 Altera Secondary Fund, LLC.

Is Altera Secondary Fund, LLC legit?

AltStreet does not rate legitimacy; it reports the public record. Altera Secondary Fund, LLC filed a Form D with the SEC on October 6, 2026 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 $25,475,000 sold to 82 investors. AltStreet's enforcement record (SEC, FINRA and state actions) shows no action naming the issuer as of today. The issuer is linked to Altera Secondary Fund, LLC, 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 Altera Secondary 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 Altera Secondary 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 Altera Secondary Fund, LLC raised?

Altera Secondary Fund, LLC reported $25,475,000 sold from 82 investors of a $27,365,000 total offering as of the Form D filed October 6, 2026.

Who can invest in Altera Secondary 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 minimum investment accepted from an outside investor is $250,000.

What is the minimum investment in Altera Secondary Fund, LLC?

The Form D lists $250,000 as the minimum investment accepted from any outside investor as of October 6, 2026. Issuers can waive their own minimums, and the figure does not include fees.

Who is selling Altera Secondary 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. The issuer reports $854,563 of gross proceeds used or proposed to be used for payments to related persons.

Who is behind Altera Secondary Fund, LLC?

The Form D lists 3 related persons: Altera Secondary Fund GP, LLC, executive officer (Managing Member of the Issuer); Altera Private Access, LLC, executive officer (Investment Manager of Issuer); David Fershteyn, executive officer (CEO and Member of the Managing Member of the Issuer). Form D Item 3 requires executive officers, directors, and promoters of the issuer to be listed.

Where is Altera Secondary Fund, LLC located?

The issuer's address on its SEC filings is 3550 Peachtree Road Ne, Suite 260, Atlanta, GA 30326. Its phone number of record is 404-537-2759. It is organized under the laws of Delaware.

How long is the Altera Secondary Fund, LLC offering open?

The issuer indicated that the offering is not intended to last more than one year. An issuer must amend its Form D annually while a continuing offering stays open; 5 amendments are on record for this CIK.

How large is Altera Secondary 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.