DEF Associates Ltd.
DEF Associates Ltd. is a hedge fund based in Road Town, Tortola, Virgin Islands, British. According to its most recent Form D, filed Aug 13, 2026, the fund has sold $213,051,215 of interests to 39 investors since its first sale in Jan 1985. The minimum investment it accepts from an outside investor is $100,000. 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 Arnhold LLC; Nicolas Lowell; Steven Schaefer.
Performance
No verified returns have been reported for this fund. As a rough guide, Arnhold LLC, which manages it, disclosed U.S. stock holdings that returned an estimated +14.3% 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 +73.0% (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.
Is this your fund? Report your monthly returns · How performance works
- Total raised
- $213,051,215Cumulative sales reported on Form D
- Investors
- 39
- First sale
- Jan 1, 1985
- Minimum investment
- $100,000
- 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
- Arnhold LLC; Nicolas Lowell; Steven Schaefer
- Latest Form D
- Aug 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 DEF Associates Ltd.
What is the minimum investment for DEF Associates Ltd.?
According to its latest Form D, filed Aug 13, 2026, the minimum investment DEF Associates Ltd. accepts from an outside investor is $100,000.
Who can invest in DEF Associates Ltd.?
DEF Associates Ltd. 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 DEF Associates Ltd. raised?
DEF Associates Ltd. reports $213,051,215 sold from 39 investors on its Form D filed Aug 13, 2026. This is cumulative sales since the offering began, not current assets or performance.
Where is DEF Associates Ltd. based?
DEF Associates Ltd. is based in Road Town, Tortola, Virgin Islands, British and is managed by Arnhold LLC.
When did DEF Associates Ltd. launch?
DEF Associates Ltd. reports its first sale in Jan 1985.
Size compared with every hedge fund
Raised more than 68% of the 68 hedge funds based in Virgin Islands, British, and more than 70% of all 10,308 that report sales.