Bandera Value Fund LLC
Bandera Value Fund LLC is a hedge fund based in Brooklyn, New York. According to its most recent Form D, filed May 30, 2025, the fund has sold $179,608,268 of interests to 29 investors since its first sale in May 2007. 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. Related persons named in the filing include Bandera Partners LLC; Natalie Banas; Jefferson Gramm.
Performance
No verified returns have been reported for this fund. As a rough guide, Bandera Partners, which manages it, disclosed U.S. stock holdings that returned an estimated +12.8% 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 +5.5% (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
- $179,608,268Cumulative sales reported on Form D
- Investors
- 29
- First sale
- May 1, 2007
- 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
- Bandera Partners LLC; Natalie Banas; Jefferson Gramm
- Latest Form D
- May 30, 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 Bandera Value Fund LLC
What is the minimum investment for Bandera Value Fund LLC?
According to its latest Form D, filed May 30, 2025, the minimum investment Bandera Value Fund LLC accepts from an outside investor is $250,000.
Who can invest in Bandera Value Fund LLC?
Bandera Value Fund LLC 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 Bandera Value Fund LLC raised?
Bandera Value Fund LLC reports $179,608,268 sold from 29 investors on its Form D filed May 30, 2025. This is cumulative sales since the offering began, not current assets or performance.
Where is Bandera Value Fund LLC based?
Bandera Value Fund LLC is based in Brooklyn, New York and is managed by Bandera Partners.
When did Bandera Value Fund LLC launch?
Bandera Value Fund LLC reports its first sale in May 2007.
Size compared with every hedge fund
Raised more than 64% of the 2,544 hedge funds based in New York, and more than 67% of all 10,307 that report sales.