Stonepine Capital, L.P.
Stonepine Capital, L.P. is a hedge fund based in Bend, Oregon. According to its most recent Form D, filed Apr 3, 2026, the fund has sold $294,030,928 of interests to 182 investors since its first sale in May 2006. The minimum investment it accepts from an outside investor is $500,000. 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 Jeff Nunnenkamp; Jon Plexico; Bryant Fong.
Performance
No verified returns have been reported for this fund. As a rough guide, Stonepine Capital Management, LLC, which manages it, disclosed U.S. stock holdings that returned an estimated -3.9% 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 +58.4% (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
- $294,030,928Cumulative sales reported on Form D
- Investors
- 182
- First sale
- May 5, 2006
- Minimum investment
- $500,000
- Who can invest
- Qualified purchasersSection 3(c)(7): generally $5M+ in investments
- Offering exemption
- Rule 506(b)No general advertising
- Key people and entities
- Jeff Nunnenkamp; Jon Plexico; Bryant Fong
- Latest Form D
- Apr 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. Private funds are speculative, illiquid and generally limited to accredited investors or qualified purchasers. Full disclosures · Request a correction
Questions about Stonepine Capital, L.P.
What is the minimum investment for Stonepine Capital, L.P.?
According to its latest Form D, filed Apr 3, 2026, the minimum investment Stonepine Capital, L.P. accepts from an outside investor is $500,000.
Who can invest in Stonepine Capital, L.P.?
Stonepine Capital, 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 Stonepine Capital, L.P. raised?
Stonepine Capital, L.P. reports $294,030,928 sold from 182 investors on its Form D filed Apr 3, 2026. This is cumulative sales since the offering began, not current assets or performance.
Where is Stonepine Capital, L.P. based?
Stonepine Capital, L.P. is based in Bend, Oregon and is managed by Stonepine Capital Management, LLC.
When did Stonepine Capital, L.P. launch?
Stonepine Capital, L.P. reports its first sale in May 2006.
Size compared with every hedge fund
Raised more than 94% of the 16 hedge funds based in Oregon, and more than 75% of all 10,308 that report sales.