AltMountain

Ikarian Healthcare Offshore Fund, Ltd.

Dallas, TX · CIK 1728787 · Managed by Ikarian Capital

Ikarian Healthcare Offshore Fund, Ltd. is a hedge fund based in Dallas, Texas. According to its most recent Form D, filed Jan 23, 2026, the fund has sold $217,456,216 of interests to 102 investors since its first sale in Feb 2018. The minimum investment it accepts from an outside investor is $100,000. It relies on the Section 3(c)(7) exclusion, so investors generally must be qualified purchasers. The offering uses Rule 506(b), which does not permit general solicitation. Related persons named in the filing include Sophia Dilbert; Neil Shahrestani; Joe Hardiman.

Performance

13F estimate · public data only

No verified returns have been reported for this fund. As a rough guide, Ikarian Capital, which manages it, disclosed U.S. stock holdings that returned an estimated +14.2% 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 +99.7% (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
$217,456,216Cumulative sales reported on Form D
Investors
102
First sale
Feb 1, 2018
Minimum investment
$100,000
Who can invest
Qualified purchasersSection 3(c)(7): generally $5M+ in investments
Offering exemption
Rule 506(b)No general advertising
Key people and entities
Sophia Dilbert; Neil Shahrestani; Joe Hardiman
Latest Form D
Jan 23, 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 Ikarian Healthcare Offshore Fund, Ltd.

What is the minimum investment for Ikarian Healthcare Offshore Fund, Ltd.?

According to its latest Form D, filed Jan 23, 2026, the minimum investment Ikarian Healthcare Offshore Fund, Ltd. accepts from an outside investor is $100,000.

Who can invest in Ikarian Healthcare Offshore Fund, Ltd.?

Ikarian Healthcare Offshore Fund, Ltd. is generally open only to qualified purchasers (generally individuals with at least $5 million in investments), because it relies on Section 3(c)(7). It uses Rule 506(b), which does not allow general advertising.

How much has Ikarian Healthcare Offshore Fund, Ltd. raised?

Ikarian Healthcare Offshore Fund, Ltd. reports $217,456,216 sold from 102 investors on its Form D filed Jan 23, 2026. This is cumulative sales since the offering began, not current assets or performance.

Where is Ikarian Healthcare Offshore Fund, Ltd. based?

Ikarian Healthcare Offshore Fund, Ltd. is based in Dallas, Texas and is managed by Ikarian Capital.

When did Ikarian Healthcare Offshore Fund, Ltd. launch?

Ikarian Healthcare Offshore Fund, Ltd. reports its first sale in Feb 2018.

Size compared with every hedge fund

Raised more than 81% of the 631 hedge funds based in Texas, and more than 70% of all 10,308 that report sales.

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