Form D · Hedge Fund

iCapital Millennium Fund II, L.P.

New York, NY · CIK 0002039934

Offering snapshot reported Oct 26, 2026 · SEC filing

Reported sold: $716M
Investors reported: 1,126
Minimum accepted: $0
First sale: Dec 6, 2024

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$406,154,871 → $716,448,997
Reported investors629 → 1,126

Filing history

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Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Oct 26, 2026	Amendment	$716,448,997	$310,294,126vs Oct 17, 2025	1,126	SEC filing
Oct 17, 2025	Amendment	$406,154,871	No comparison	629	SEC filing
Oct 18, 2024	Initial	Yet to sell	No comparison	0	SEC filing

Offering details

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

Sales commissions: $0 (estimated)
Finders' fees: $0
Form D file number: 021-527156

Certain investors are required to pay (i) an upfront placement fee and/or (ii) an ongoing annual fee to the placement agent.

Sales compensation recipients

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Recipient	CRD	Associated broker-dealer
Raymond James Financial Services, Inc.	6694
RBC Capital Markets, LLC	31194
Stifel, Nicolaus & Company, Incorporated	793

Source: Form D, filed Oct 26, 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

ICAPITAL MILLENNIUM FUND II, L.P.

Investment adviser: ICAPITAL ADVISORS, LLC

Gross asset value: $131M
Beneficial owners: 618
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 BANK OF NEW YORK MELLON NEW YORK, New York, United States Investor statements: No (provided to no investors) Related to adviser: No

Auditor KPMG LLP NEW YORK, New York, United States

Custodian BANK OF NEW YORK MELLON NEW YORK, New York, United States Related to adviser: No

Marketer ICAPITAL MARKETS LLC NEW YORK, New York, United States Related to adviser: Yes

Marketer RAYMOND JAMES FINANCIAL SERVICES, INC. ST. PETERSBURG, Florida, United States Related to adviser: No

Marketer RBC CAPITAL MARKETS, LLC NEW YORK, New York, United States Related to adviser: No

Marketer STIFEL, NICOLAUS & COMPANY, INCORPORATED ST. LOUIS, Missouri, 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

KPMG LLP
PCAOB 185

ICAPITAL MARKETS LLC
CRD 118219 · SEC 8-53640

RAYMOND JAMES FINANCIAL SERVICES, INC.
CRD 6694 · SEC 8-17983

RBC CAPITAL MARKETS, LLC
CRD 31194 · SEC 801-13059

STIFEL, NICOLAUS & COMPANY, INCORPORATED
CRD 793 · SEC 801-10746

Filing source

Form ADV 2135827 · Sep 30, 2026 · Schedule D 7.B.(1), fund 805-8446618563

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
I Capital Hf Gp, Llc	Promoter
Max Schwartz	Executive

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

C/O Compliance Department 60 East 42 Nd Street, 24 Th Floor
New York, NY, 10165