Forager Fund, L.P.
Forager Fund, L.P. is a hedge fund based in Birmingham, Alabama. According to its most recent Form D, filed Dec 2, 2025, the fund has sold $322,368,647 of interests to 94 investors since its first sale in Feb 2012. The filing does not set a minimum investment. 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 Edward Kissel; Forager Capital Management, LLC; Robert MacArthur.
Performance
No verified returns have been reported for this fund. As a rough guide, Forager Capital Management, LLC, which manages it, disclosed U.S. stock holdings that returned an estimated +24.8% 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 +41.1% (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
- $322,368,647Cumulative sales reported on Form D
- Investors
- 94
- First sale
- Feb 1, 2012
- Minimum investment
- None set
- 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
- Edward Kissel; Forager Capital Management, LLC; Robert MacArthur
- Latest Form D
- Dec 2, 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 Forager Fund, L.P.
What is the minimum investment for Forager Fund, L.P.?
Forager Fund, L.P.'s latest Form D, filed Dec 2, 2025, does not set a minimum investment. Managers can still require one in the offering documents.
Who can invest in Forager Fund, L.P.?
Forager 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 Forager Fund, L.P. raised?
Forager Fund, L.P. reports $322,368,647 sold from 94 investors on its Form D filed Dec 2, 2025. This is cumulative sales since the offering began, not current assets or performance.
Where is Forager Fund, L.P. based?
Forager Fund, L.P. is based in Birmingham, Alabama and is managed by Forager Capital Management, LLC.
When did Forager Fund, L.P. launch?
Forager Fund, L.P. reports its first sale in Feb 2012.
Size compared with every hedge fund
Raised more than 96% of the 26 hedge funds based in Alabama, and more than 76% of all 10,308 that report sales.