Form D · Hedge Fund

HedgeForum BH Alpha Strategies, Ltd.

New York, NY · CIK 0002021173

Offering snapshot reported Oct 16, 2025 · SEC filing

Reported sold: $356M
Investors reported: 376
Minimum accepted: $100K
First sale: Feb 1, 2023

Fundraising history

Reported sold

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$323,586,441 → $356,186,442
Reported investors360 → 376

Filing history

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Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Oct 16, 2025	Amendment	$356,186,442	$32,600,001vs Apr 30, 2024	376	SEC filing
Apr 30, 2024	Initial	$323,586,441	No comparison	360	SEC filing

Offering details

Securities: Equity, Pooled investment fund
Exemptions: 06b, 3C, 3C.7
Duration over one year: Yes
Business combination: No

Sales commissions: $3.47M (estimated)
Finders' fees: $0
Form D file number: 021-512003

Private placement clients of Citigroup Global Markets Inc. and Citi Private Advisory LLC (Citi) may be required to pay an upfront placement fee directly to Citi.

Sales compensation recipients

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Recipient	CRD	Associated broker-dealer
Citigroup Global Markets Inc.	7059
Citi Private Alternatives, LLC	153777

Source: Form D, filed Oct 16, 2025. 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

HEDGEFORUM BH ALPHA STRATEGIES, LTD.

Investment adviser: ICAPITAL ADVISORS, LLC

Gross asset value: $267M
Beneficial owners: 238
ADV minimum commitment: $100K

Reported in Form ADV on Sep 30, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator CITCO FUND ADMINISTRATION (CAYMAN ISLANDS) LIMITED GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS LLP GRAND CAYMAN, Cayman Islands

Custodian CITCO BANK CANADA TORONTO, Canada Related to adviser: No

Marketer CITIBANK CANADA INVESTMENT FUNDS LIMITED TORONTO, Canada Related to adviser: No

Marketer CITIBANK EUROPE PLC (LUXEMBOURG BRANCH) LUXEMBOURG, Luxembourg Related to adviser: No

Marketer CITIBANK EUROPE PLC (UK BRANCH) LONDON, United Kingdom Related to adviser: No

Marketer CITIBANK N.A. GENEVA BRANCH GENEVA, Switzerland Related to adviser: No

Marketer CITIBANK N.A., JERSEY BRANCH JERSEY, Jersey Related to adviser: No

Marketer CITIBANK N.A. LONDON BRANCH LONDON, United Kingdom Related to adviser: No

Marketer CITIBANK N.A., NEW YORK BRANCH NEW YORK, New York, United States Related to adviser: No

Marketer CITIBANK N.A. ZURICH BRANCH ZURICH, Germany Related to adviser: No

Marketer CITIBANK (SWITZERLAND) AG ZURICH, Switzerland Related to adviser: No

Marketer CITI PRIVATE ALTERNATIVES, LLC NEW YORK, New York, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

PRICEWATERHOUSECOOPERS LLP
PCAOB 1366

CITI PRIVATE ALTERNATIVES, LLC
CRD 153777 · SEC 8-69789

Filing source

Form ADV 2135827 · Sep 30, 2026 · Schedule D 7.B.(1), fund 805-4198434700

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
Name	Reported role
N/A Citi Global Alternatives, Llc	Promoter
I Capital Global Alternatives, Llc	Promoter
Stephane Lachance	Director
Martin Steyn	Director
Omar Wright	Director

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

C/O Compliance Department 60 East 42nd Street, 28th Floor City
New York, NY, 10165