ARI Founders Fund, LP is a hedge fund based in Chicago, Illinois. According to its most recent Form D, filed Jun 27, 2025, the fund has sold $2,800,000 of interests to 15 investors since its first sale in Jun 2021. The minimum investment it accepts from an outside investor is $250,000. 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. Based on its first sale date and the amount raised, AltMountain classifies it as an emerging manager. Related persons named in the filing include Matthew Swaim; Advisory Research, Inc; Bruce Zessar.
Performance
No verified returns have been reported for this fund. As a rough guide, Advisory Research Inc, which manages it, disclosed U.S. stock holdings that returned an estimated +17.5% 2026 YTD through Jun 30 (S&P 500: +9.5%), based only on its public 13F filings. Over a longer period, Q3 2024 to Q2 2026, the estimate is +52.1% (S&P 500: +37.2%).
This estimate covers the firm's whole disclosed long U.S. stock portfolio. It is not this fund's return and excludes dividends, fees, shorts, derivatives, bonds, cash and trading within each quarter.
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- Total raised
- $2,800,000Cumulative sales reported on Form D
- Investors
- 15
- First sale
- Jun 1, 2021
- Minimum investment
- $250,000
- 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
- Matthew Swaim; Advisory Research, Inc; Bruce Zessar
- Latest Form D
- Jun 27, 2025
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 ARI Founders Fund, LP
What is the minimum investment for ARI Founders Fund, LP?
According to its latest Form D, filed Jun 27, 2025, the minimum investment ARI Founders Fund, LP accepts from an outside investor is $250,000.
Who can invest in ARI Founders Fund, LP?
ARI Founders Fund, LP 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 ARI Founders Fund, LP raised?
ARI Founders Fund, LP reports $2,800,000 sold from 15 investors on its Form D filed Jun 27, 2025. This is cumulative sales since the offering began, not current assets or performance.
Where is ARI Founders Fund, LP based?
ARI Founders Fund, LP is based in Chicago, Illinois and is managed by Advisory Research Inc.
When did ARI Founders Fund, LP launch?
ARI Founders Fund, LP reports its first sale in Jun 2021, which makes it an emerging manager by AltMountain's definition (first sale in 2021 or later and under $50 million raised).
Size compared with every hedge fund
Raised more than 21% of the 323 hedge funds based in Illinois, and more than 11% of all 10,308 that report sales.