Pennarel 38 LP is a private equity fund based in New York, New York. According to its most recent Form D, filed Aug 18, 2025, it has sold $4,655,472 of interests to 12 investors since its first sale in May 2025. The minimum investment it accepts from an outside investor is $250,000. 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. Based on its first sale date and the amount raised, AltMountain classifies it as an emerging manager. Related persons named in the filing include Gabriel Bousbib; Richard Leibovitch.
- Total raised
- $4,655,472Cumulative sales reported on Form D
- Investors
- 12
- First sale
- May 23, 2025
- Minimum investment
- $250,000
- 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
- Gabriel Bousbib; Richard Leibovitch
- Latest Form D
- Aug 18, 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. Returns are not part of SEC filings. Private funds are speculative, illiquid and generally limited to accredited investors or qualified purchasers. Full disclosures · Request a correction
Questions about Pennarel 38 LP
What is the minimum investment for Pennarel 38 LP?
According to its latest Form D, filed Aug 18, 2025, the minimum investment Pennarel 38 LP accepts from an outside investor is $250,000.
Who can invest in Pennarel 38 LP?
Pennarel 38 LP 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 Pennarel 38 LP raised?
Pennarel 38 LP reports $4,655,472 sold from 12 investors on its Form D filed Aug 18, 2025. This is cumulative sales since the offering began, not current assets or performance.
Where is Pennarel 38 LP based?
Pennarel 38 LP is based in New York, New York.
When did Pennarel 38 LP launch?
Pennarel 38 LP reports its first sale in May 2025, 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 private equity fund
Raised more than 55% of the 3,770 private equity funds based in New York, and more than 34% of all 9,142 that report sales.