Form D · Hedge Fund

GEM Realty Securities Flagship, L.P.

Chicago, IL · CIK 0001057503

Offering snapshot reported Feb 27, 2026 · SEC filing

Reported sold
$761M
Indefinite offering
Investors reported
254
Form D · investor count
Minimum accepted
$0
Reported outside-investor minimum
First sale
Apr 1, 1998
As reported in this filing

Fundraising history

Reported sold
Reported amount sold by Form D filing date$0$381M$761MFeb 25, 2009: $357,868,019.00Feb 25, 2009Jan 5, 2010: $394,703,742.00Jan 5, 2011: $509,284,412.00Jan 5, 2012: $750,629,412.00Sep 18, 2012: $693,872,664.00Sep 19, 2013: $712,372,550.00Sep 19, 2014: $717,907,550.00Sep 18, 2015: $743,409,550.00Sep 19, 2016: $743,409,550.00Sep 19, 2017: $753,409,550.00Sep 19, 2018: $755,426,736.00Sep 19, 2019: $756,101,736.00Jun 11, 2020: $756,351,735.00Jun 11, 2021: $759,511,736.00Jun 10, 2022: $760,511,736.00Jun 9, 2023: $761,121,736.00Jun 7, 2024: $761,121,736.00Feb 27, 2026: $761,121,736.00Feb 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$761,121,736$0vs Jun 7, 2024254SEC filing
Jun 7, 2024Amendment$761,121,736$0vs Jun 9, 2023254SEC filing
Jun 9, 2023Amendment$761,121,736$610,000vs Jun 10, 2022254SEC filing
Jun 10, 2022Amendment$760,511,736$1,000,000vs Jun 11, 2021253SEC filing
Jun 11, 2021Amendment$759,511,736$3,160,001vs Jun 11, 2020253SEC filing
Jun 11, 2020Amendment$756,351,735$249,999vs Sep 19, 2019248SEC filing
Sep 19, 2019Amendment$756,101,736$675,000vs Sep 19, 2018247SEC filing
Sep 19, 2018Amendment$755,426,736$2,017,186vs Sep 19, 2017246SEC filing
Sep 19, 2017Amendment$753,409,550$10,000,000vs Sep 19, 2016237SEC filing
Sep 19, 2016Amendment$743,409,550$0vs Sep 18, 2015237SEC filing
Sep 18, 2015Amendment$743,409,550$25,502,000vs Sep 19, 2014237SEC filing
Sep 19, 2014Amendment$717,907,550$5,535,000vs Sep 19, 2013235SEC filing
Sep 19, 2013Amendment$712,372,550$18,499,886vs Sep 18, 2012233SEC filing
Sep 18, 2012Amendment$693,872,664-$56,756,748vs Jan 5, 2012229SEC filing
Jan 5, 2012Amendment$750,629,412$241,345,000vs Jan 5, 2011238SEC filing
Jan 5, 2011Amendment$509,284,412$114,580,670vs Jan 5, 2010186SEC filing
Jan 5, 2010Amendment$394,703,742$36,835,723vs Feb 25, 2009142SEC filing
Feb 25, 2009Amendment$357,868,019No comparisonNot reportedSEC filing
Feb 25, 2009Amendment$357,868,019No comparisonNot reportedSEC filing
Feb 25, 2009Amendment$357,868,019No 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
021-58929

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, L.P.

Investment adviser: GEM CAPITAL, L.P.

Gross asset value
$287M
Beneficial owners
67
ADV minimum commitment
$1M

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

Service providers

Fund administrator MORGAN STANLEY FUND SERVICES PURCHASE, New York, United States 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 2064295 · Mar 27, 2026 · Schedule D 7.B.(1), fund 805-8909507052

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
Craig R. Caffarelli Executive
Michael Elrad Executive
Gary Freeman Executive
Norman Geller Executive
Gem Capital, L.L.C. Gem Capital, L.L.C. Executive
Gem Capital, L.P. Gem Capital, L.P. Executive
Gem Capital, L.P. Executive
Gem Mm, Llc Gem Mm, Llc Executive
Gem Mm, Llc Executive
Gem Realty Advisors, Llc Gem Realty Advisors, Llc Executive
Gem Realty Advisors, Llc Promoter
Grs Advisors, Llc Executive, Promoter
Grslp Managers, Llc Grslp Managers, Llc Executive
Grslp Managers, Llc Executive
Neal Gumbin Executive
Barry Malkin Executive
Denise A. Olsen Executive
Eric M. Siegel Executive

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:
900 North Michigan Ave 14 Th Floor
Chicago, IL, 60611