Clearwater Fund L.P.
Clearwater Fund L.P. is a hedge fund based in Evanston, Illinois. According to its most recent Form D, filed Jan 13, 2026, the fund has sold $27,850,000 of interests to 10 investors since its first sale in Jan 2018. 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 Evanston Capital Management, LLC; Ryan Cahill; Scott Zimmerman.
Performance
No verified returns have been reported for this fund. Hedge fund returns are not part of SEC filings; managers report them to AltMountain directly.
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- Total raised
- $27,850,000Cumulative sales reported on Form D
- Investors
- 10
- First sale
- Jan 1, 2018
- 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
- Evanston Capital Management, LLC; Ryan Cahill; Scott Zimmerman
- Latest Form D
- Jan 13, 2026
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 Clearwater Fund L.P.
What is the minimum investment for Clearwater Fund L.P.?
According to its latest Form D, filed Jan 13, 2026, the minimum investment Clearwater Fund L.P. accepts from an outside investor is $250,000.
Who can invest in Clearwater Fund L.P.?
Clearwater Fund L.P. 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 Clearwater Fund L.P. raised?
Clearwater Fund L.P. reports $27,850,000 sold from 10 investors on its Form D filed Jan 13, 2026. This is cumulative sales since the offering began, not current assets or performance.
Where is Clearwater Fund L.P. based?
Clearwater Fund L.P. is based in Evanston, Illinois and is managed by Evanston Capital Management, LLC.
When did Clearwater Fund L.P. launch?
Clearwater Fund L.P. reports its first sale in Jan 2018.
Size compared with every hedge fund
Raised more than 48% of the 323 hedge funds based in Illinois, and more than 36% of all 10,308 that report sales.