Form D · Hedge Fund

GEM Realty Securities Flagship, Ltd.

George Town, Grand Cayman, E9 · CIK 0001409215

Offering snapshot reported Feb 27, 2026 · SEC filing

Reported sold
$1.39B
Indefinite offering
Investors reported
126
Form D · investor count
Minimum accepted
$50K
Reported outside-investor minimum
First sale
May 1, 2003
As reported in this filing

Fundraising history

Reported sold
Reported amount sold by Form D filing date$0$969M$1.94BFeb 25, 2009: $1,012,189,525.00Feb 25, 2009Jan 5, 2010: $1,252,682,525.00Jan 5, 2011: $908,674,654.00Jan 5, 2012: $1,937,933,655.00Sep 18, 2012: $1,153,459,165.00Sep 19, 2013: $1,197,404,166.00Sep 19, 2014: $1,347,654,166.00Sep 18, 2015: $1,393,654,166.00Sep 19, 2016: $1,393,654,166.00Sep 19, 2017: $1,393,654,166.00Sep 19, 2018: $1,393,654,166.00Sep 19, 2019: $1,394,154,166.00Jun 11, 2020: $1,394,154,166.00Jun 11, 2021: $1,394,154,166.00Jun 10, 2022: $1,394,154,166.00Jun 9, 2023: $1,394,154,166.00Jun 7, 2024: $1,394,154,166.00Feb 27, 2026: $1,394,154,166.00Feb 27, 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.

No comparable changes in the displayed metrics.

Filing history

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FiledFiling typeReported soldChange vs linked filingInvestorsSource
Feb 27, 2026Amendment$1,394,154,166$0vs Jun 7, 2024126SEC filing
Jun 7, 2024Amendment$1,394,154,166$0vs Jun 9, 2023126SEC filing
Jun 9, 2023Amendment$1,394,154,166$0vs Jun 10, 2022126SEC filing
Jun 10, 2022Amendment$1,394,154,166$0vs Jun 11, 2021126SEC filing
Jun 11, 2021Amendment$1,394,154,166$0vs Jun 11, 2020126SEC filing
Jun 11, 2020Amendment$1,394,154,166$0vs Sep 19, 2019126SEC filing
Sep 19, 2019Amendment$1,394,154,166$500,000vs Sep 19, 2018126SEC filing
Sep 19, 2018Amendment$1,393,654,166$0vs Sep 19, 2017126SEC filing
Sep 19, 2017Amendment$1,393,654,166$0vs Sep 19, 2016126SEC filing
Sep 19, 2016Amendment$1,393,654,166$0vs Sep 18, 2015126SEC filing
Sep 18, 2015Amendment$1,393,654,166$46,000,000vs Sep 19, 2014126SEC filing
Sep 19, 2014Amendment$1,347,654,166$150,250,000vs Sep 19, 2013123SEC filing
Sep 19, 2013Amendment$1,197,404,166$43,945,001vs Sep 18, 2012117SEC filing
Sep 18, 2012Amendment$1,153,459,165-$784,474,490vs Jan 5, 2012115SEC filing
Jan 5, 2012Amendment$1,937,933,655$1,029,259,001vs Jan 5, 2011122SEC filing
Jan 5, 2011Amendment$908,674,654-$344,007,871vs Jan 5, 2010102SEC filing
Jan 5, 2010Amendment$1,252,682,525$240,493,000vs Feb 25, 200984SEC filing
Feb 25, 2009Amendment$1,012,189,525No comparisonNot reportedSEC 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
021-107124

Source: Form D, filed Feb 27, 2026. Minimum accepted may differ from a standard advertised minimum.

Fund connections

The linked fund shows its most recently reported ADV details.

Matched by reported Form D file number

GEM REALTY SECURITIES FLAGSHIP, LTD

Investment adviser: GEM CAPITAL, L.P.

Gross asset value
$1.17K
Beneficial owners
0
ADV minimum commitment
$1M

Reported in Form ADV on Sep 24, 2024. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator MORGAN STANLEY FUND SERVICES (BERMUDA) LTD. DUBLIN, Ireland Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor KPMG, LLP CHICAGO, Illinois, United States
Custodian GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States Related to adviser: No
Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No
Prime broker GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States
Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

KPMG, LLP
PCAOB 185

GOLDMAN SACHS & CO. LLC
SEC 8-129

MORGAN STANLEY & CO. LLC
SEC 8-15869

GOLDMAN SACHS & CO. LLC
CRD 361 · SEC 8-129

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Filing source

Form ADV 1902027 · Sep 24, 2024 · Schedule D 7.B.(1), fund 805-3453964265

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; 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
Michael A. Elrad Director
Gem Realty Advisors, Llc Promoter
Grs Advisors, Llc Promoter
William E.J. Walmsley Director
Peter Young Director

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:
C/O M&C Corporate Services Limited Ugland House, P.O. Box 309 Gt
George Town, Grand Cayman, E9, 00000