Light Street Photon, L.P.
Light Street Photon, L.P. is a hedge fund based in Palo Alto, California. According to its most recent Form D, filed Nov 13, 2025, the fund has sold $6,550,000 of interests to 6 investors since its first sale in Apr 2024. The minimum investment it accepts from an outside investor is $2,000,000. 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. Based on its first sale date and the amount raised, AltMountain classifies it as an emerging manager. Related persons named in the filing include Robert Wenzell; George Lynch; Glen Kacher.
Performance
No verified returns have been reported for this fund. As a rough guide, Light Street Capital Management, LLC, which manages it, disclosed U.S. stock holdings that returned an estimated +29.5% 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 +95.2% (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
- $6,550,000Cumulative sales reported on Form D
- Investors
- 6
- First sale
- Apr 1, 2024
- Minimum investment
- $2,000,000
- Who can invest
- Qualified purchasersSection 3(c)(7): generally $5M+ in investments
- Offering exemption
- Rule 506(b)No general advertising
- Key people and entities
- Robert Wenzell; George Lynch; Glen Kacher
- Latest Form D
- Nov 13, 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 Light Street Photon, L.P.
What is the minimum investment for Light Street Photon, L.P.?
According to its latest Form D, filed Nov 13, 2025, the minimum investment Light Street Photon, L.P. accepts from an outside investor is $2,000,000.
Who can invest in Light Street Photon, L.P.?
Light Street Photon, L.P. 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 Light Street Photon, L.P. raised?
Light Street Photon, L.P. reports $6,550,000 sold from 6 investors on its Form D filed Nov 13, 2025. This is cumulative sales since the offering began, not current assets or performance.
Where is Light Street Photon, L.P. based?
Light Street Photon, L.P. is based in Palo Alto, California and is managed by Light Street Capital Management, LLC.
When did Light Street Photon, L.P. launch?
Light Street Photon, L.P. reports its first sale in Apr 2024, which makes it an emerging manager by AltMountain's definition (first sale in 2021 or later and under $50 million raised).
Size compared with every hedge fund
Raised more than 30% of the 1,060 hedge funds based in California, and more than 17% of all 10,307 that report sales.