AltMountain

Lionstone Fund, Ltd.

Hamilton, Bermuda · CIK 1347556 · Managed by Lionstone Capital Management LLC
Offshore

Lionstone Fund, Ltd. is a hedge fund based in Hamilton, Bermuda. According to its most recent Form D, filed Sep 23, 2026, the fund has sold $160,878,392 of interests to 47 investors since its first sale in Oct 2004. The minimum investment it accepts from an outside investor is $1,000,000. 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 Lee Lowenstein; Herbert Selzer; James Keyes.

Performance

13F estimate · public data only

No verified returns have been reported for this fund. As a rough guide, Lionstone Capital Management LLC, which manages it, disclosed U.S. stock holdings that returned an estimated -0.8% 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 +10.1% (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.

Is this your fund? Report your monthly returns · How performance works

Total raised
$160,878,392Cumulative sales reported on Form D
Investors
47
First sale
Oct 1, 2004
Minimum investment
$1,000,000
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
Lee Lowenstein; Herbert Selzer; James Keyes
Latest Form D
Sep 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 Lionstone Fund, Ltd.

What is the minimum investment for Lionstone Fund, Ltd.?

According to its latest Form D, filed Sep 23, 2026, the minimum investment Lionstone Fund, Ltd. accepts from an outside investor is $1,000,000.

Who can invest in Lionstone Fund, Ltd.?

Lionstone Fund, 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 Lionstone Fund, Ltd. raised?

Lionstone Fund, Ltd. reports $160,878,392 sold from 47 investors on its Form D filed Sep 23, 2026. This is cumulative sales since the offering began, not current assets or performance.

Where is Lionstone Fund, Ltd. based?

Lionstone Fund, Ltd. is based in Hamilton, Bermuda and is managed by Lionstone Capital Management LLC.

When did Lionstone Fund, Ltd. launch?

Lionstone Fund, Ltd. reports its first sale in Oct 2004.

Size compared with every hedge fund

Raised more than 58% of the 104 hedge funds based in Bermuda, and more than 66% of all 10,308 that report sales.

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