Refuge Capital Fund Two, LLC is a private equity fund based in Missoula, Montana. According to its most recent Form D, filed Feb 3, 2026, it has sold $5,280,000 of interests to 26 investors since its first sale in Aug 2025. The minimum investment it accepts from an outside investor is $25,000. 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 Jay Ray II; Aubrey Prince; Bruce Smith.
- Total raised
- $5,280,000Cumulative sales reported on Form D
- Investors
- 26
- First sale
- Aug 4, 2025
- Minimum investment
- $25,000
- 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
- Jay Ray II; Aubrey Prince; Bruce Smith
- Latest Form D
- Feb 3, 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. 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 Refuge Capital Fund Two, LLC
What is the minimum investment for Refuge Capital Fund Two, LLC?
According to its latest Form D, filed Feb 3, 2026, the minimum investment Refuge Capital Fund Two, LLC accepts from an outside investor is $25,000.
Who can invest in Refuge Capital Fund Two, LLC?
Refuge Capital Fund Two, LLC 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 Refuge Capital Fund Two, LLC raised?
Refuge Capital Fund Two, LLC reports $5,280,000 sold from 26 investors on its Form D filed Feb 3, 2026. This is cumulative sales since the offering began, not current assets or performance.
Where is Refuge Capital Fund Two, LLC based?
Refuge Capital Fund Two, LLC is based in Missoula, Montana.
When did Refuge Capital Fund Two, LLC launch?
Refuge Capital Fund Two, LLC reports its first sale in Aug 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 67% of the 3 private equity funds based in Montana, and more than 36% of all 8,950 that report sales.