Form D · Other Investment Fund

BlackRock Appreciation Strategy Fund, Ltd.

Seattle, WA · CIK 0001480559

Offering snapshot reported Feb 10, 2026 · SEC filing

Reported sold
$270M
Indefinite offering
Investors reported
32
Form D · investor count
Minimum accepted
$100K
Reported outside-investor minimum
First sale
Jan 4, 2010
As reported in this filing

Fundraising history

Reported sold
Reported amount sold by Form D filing date$0$181M$361MJan 13, 2010: $6,000,000.00Jan 13, 2010Jan 18, 2011: $11,500,000.00Jan 12, 2012: $12,500,000.00Jan 14, 2013: $22,500,000.00Jan 14, 2014: $37,625,000.00Jan 14, 2015: $78,264,018.00Jan 14, 2016: $110,229,801.00Jan 17, 2017: $197,413,801.00Jan 18, 2018: $214,698,301.00Jan 17, 2019: $236,013,301.00Jan 17, 2020: $264,511,028.00Jan 19, 2021: $265,813,608.00Jan 19, 2022: $284,083,608.00Jan 19, 2023: $310,783,608.00Jan 16, 2024: $353,086,229.00Jan 27, 2025: $361,086,229.00Feb 10, 2026: $269,722,230.00Feb 10, 2026

Dates are filing dates, not cash receipt dates. Decreases are reported revisions, not evidence of withdrawals. Separate offering histories are not added together.

What changed?

Latest filing versus its linked predecessor, where available.

  • Reported sold$361,086,229 → $269,722,230
  • Reported investors34 → 32

Filing history

Scroll to see all columns →

FiledFiling typeReported soldChange vs linked filingInvestorsSource
Feb 10, 2026Amendment$269,722,230-$91,363,999vs Jan 27, 202532SEC filing
Jan 27, 2025Amendment$361,086,229$8,000,000vs Jan 16, 202434SEC filing
Jan 16, 2024Amendment$353,086,229$42,302,621vs Jan 19, 202333SEC filing
Jan 19, 2023Amendment$310,783,608$26,700,000vs Jan 19, 202230SEC filing
Jan 19, 2022Amendment$284,083,608$19,572,580vs Jan 17, 202029SEC filing
Jan 19, 2021Amendment$265,813,608$1,302,580vs Jan 17, 202027SEC filing
Jan 17, 2020Amendment$264,511,028$28,497,727vs Jan 17, 201927SEC filing
Jan 17, 2019Amendment$236,013,301$21,315,000vs Jan 18, 201819SEC filing
Jan 18, 2018Amendment$214,698,301$17,284,500vs Jan 17, 201716SEC filing
Jan 17, 2017Amendment$197,413,801$87,184,000vs Jan 14, 201614SEC filing
Jan 14, 2016Amendment$110,229,801$31,965,783vs Jan 14, 201510SEC filing
Jan 14, 2015Amendment$78,264,018$40,639,018vs Jan 14, 201410SEC filing
Jan 14, 2014Amendment$37,625,000$15,125,000vs Jan 14, 20136SEC filing
Jan 14, 2013Amendment$22,500,000$10,000,000vs Jan 12, 20125SEC filing
Jan 12, 2012Amendment$12,500,000$1,000,000vs Jan 18, 20114SEC filing
Jan 18, 2011Amendment$11,500,000$5,500,000vs Jan 13, 20103SEC filing
Jan 13, 2010Initial$6,000,000No comparison2SEC filing

Offering details

Securities
Pooled investment fund
Exemptions
06b, 3C, 3C.7
Duration over one year
Yes
Business combination
No
Sales commissions
$0
Finders' fees
$0
Form D file number
021-137789
This is a continuous offering.

Source: Form D, filed Feb 10, 2026. Minimum accepted may differ from a standard advertised minimum.

Fund connections

Each card uses that adviser's latest imported filing. Filing dates can differ; these disclosures do not confirm a current relationship.

Matched by reported Form D file number

BLACKROCK APPRECIATION STRATEGY FUND, LTD.

Investment adviser: BLACKROCK FINANCIAL MANAGEMENT, INC

Gross asset value
$96.9M
Beneficial owners
39
ADV minimum commitment
$5M

Reported in Form ADV on Aug 27, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator MUFG ALTERNATIVE FUND SERVICES (CAYMAN), LTD. GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No Other funds reporting this name →
Auditor DELOITTE & TOUCHE GRAND CAYMAN, Cayman Islands Other funds reporting this name →
Custodian MUFG ALTERNATIVE FUND SERVICES (CAYMAN), LTD. GRAND CAYMAN, Cayman Islands Related to adviser: No Other funds reporting this name →
Custodian THE BANK OF NEW YORK MELLON (INTERNATIONAL) LIMITED LONDON, United Kingdom Related to adviser: No Other funds reporting this name →
Marketer BLACKROCK INVESTMENTS, LLC NEW YORK, New York, United States Related to adviser: Yes Other funds reporting this name →
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
Yes

DELOITTE & TOUCHE
PCAOB 1096

BLACKROCK INVESTMENTS, LLC
CRD 38642 · SEC 8-48436

Fund asset history · 5 annual observations Gross asset value by annual ADV filing$0$527M$1.05BFY 2021: $1,054,304,559.00FY 2021FY 2022: $931,545,280.00FY 2022FY 2023: $825,172,999.00FY 2023FY 2024: $39,245,148.00FY 2024FY 2025: $825,174,589.00FY 2025

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Fiscal yearGross assetsBeneficial ownersADV filed
2021$1,054,304,55947Mar 30, 2022
2022$931,545,28039Mar 30, 2023
2023$825,172,99939Mar 28, 2024
2024$39,245,14839Mar 31, 2025
2025$825,174,58939Mar 31, 2026
Filing source

Form ADV 2128806 · Aug 27, 2026 · Schedule D 7.B.(1), fund 805-6103538457

Reported by BLACKROCK FINANCIAL MANAGEMENT, INC (CRD 107105).

Other-Than Anual Amendment For Registered Adviser.

Official IAPD profile (latest public filing). Historical values on this page come from the SEC/IAPD filing archive; the public profile may show a newer filing.

People & organizations

Current and past Form D appearances. These existing records do not establish a person's current role or uniquely identify them across issuers.

People and organizations reported in Form D filings
NameReported role
N/A N/A Black Rock Financial Management, Inc. Executive, Promoter
Karla Bodden Director
Robert S. Ellsworth Jr. Director
Dennis Hunter Director
Robert Meschi Director
Bryan J. Smith Director
Darren Stainrod Director

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:
601 Union Street, 56 Th Floor
Seattle, WA, 98101
Phone: (206) 613-6700