Form D · Hedge Fund

iCapital Multi-Strategy Fund, Ltd.

New York, NY · CIK 0001600941

Offering snapshot reported Jun 2, 2026 · SEC filing

Reported sold: $458M
Investors reported: 876
Minimum accepted: $41.8K
First sale: Mar 1, 2014

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$411,504,887 → $457,920,484
Reported investors771 → 876

Filing history

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Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Jun 2, 2026	Amendment	$457,920,484	$46,415,597vs Jun 4, 2025	876	SEC filing
Jun 4, 2025	Amendment	$411,504,887	$406,053,401vs Mar 13, 2014	771	SEC filing
Jun 3, 2024	Amendment	$269,967,324	$264,515,838vs Mar 13, 2014	633	SEC filing
May 22, 2023	Amendment	$101,859,749	$96,408,263vs Mar 13, 2014	221	SEC filing
Apr 6, 2023	Amendment	$101,859,749	$8,370,175vs Oct 23, 2020	221	SEC filing
Mar 4, 2022	Amendment	$101,859,749	$8,370,175vs Oct 23, 2020	221	SEC filing
Oct 23, 2020	Amendment	$93,489,574	$10,991,542vs Oct 17, 2019	221	SEC filing
Oct 17, 2019	Amendment	$82,498,032	$3,200,807vs Oct 12, 2018	180	SEC filing
Oct 12, 2018	Amendment	$79,297,225	$10,218,852vs Sep 19, 2017	178	SEC filing
Sep 19, 2017	Amendment	$69,078,373	$9,258,031vs Feb 6, 2017	132	SEC filing
Feb 6, 2017	Amendment	$59,820,342	$1,344,975vs Aug 5, 2016	129	SEC filing
Aug 5, 2016	Amendment	$58,475,367	$26,119,669vs Jul 10, 2015	129	SEC filing
Jul 10, 2015	Amendment	$32,355,698	$6,150,277vs Feb 13, 2015	97	SEC filing
Feb 13, 2015	Initial	$26,205,421	No comparison	97	SEC filing
Mar 13, 2014	Initial	$5,451,486	No comparison	18	SEC filing

Offering details

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

Sales commissions: $0 (estimated)
Finders' fees: $0 (estimated)
Form D file number: 021-213524

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
ACP SECURITIES, LLC	139049
A.G.P. / ALLIANCE GLOBAL PARTNERS	8361
COMMONWEALTH FINANCIAL NETWORK	8032
Empire Asset Management Company	143007
Harbor Investment Advisory, LLC	151085
Janney Montgomery Scott, LLC	463
Money Concepts Capital Corp.	12963
PRIVATE CLIENT SERVICES, LLC	120222
RBC Capital Markets, LLC	31194
Stifel, Nicolaus & Company, Incorporated	793
USCA SECURITIES LLC	103789
WILLIAM BLAIR	1252

Source: Form D, filed Jun 2, 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 MULTI-STRATEGY FUND, LTD.

Investment adviser: ICAPITAL ADVISORS, LLC

Gross asset value: $437M
Beneficial owners: 1,087
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 APEX FUND SERVICES LTD. 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 ALPHACORE CAPITAL LLC LA JOLLA, California, United States Related to adviser: No

Marketer ARKADIOS WEALTH ADVISORS ATLANTA, Georgia, United States Related to adviser: No

Marketer BRADLEY WEALTH LLC SCOTTSDALE, Arizona, United States Related to adviser: No

Marketer CLEARPATH CAPITAL PARTNERS LLC MENLO PARK, California, United States Related to adviser: No

Marketer EQUINUM, LLC BROOKLYN, New York, United States Related to adviser: No

Marketer JAMES WALTER WEALTH MANAGEMENT WEST CHESTER, Pennsylvania, United States Related to adviser: No

Marketer JANNEY MONTGOMERY SCOTT LLC NEW YORK, New York, United States Related to adviser: No

Marketer MERITAS ADVISORS, LLC SAN RAFAEL, California, United States Related to adviser: No

Marketer OPAL WEALTH ADVISORS, LLC JERICHO, New York, United States Related to adviser: No

Marketer SNYDER ASSET MANAGEMENT, LLC LUTHERVILLE, Maryland, 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

ALPHACORE CAPITAL LLC
CRD 174346 · SEC 801-108468

ARKADIOS WEALTH ADVISORS
CRD 288863 · SEC 801-110833

BRADLEY WEALTH LLC
CRD 131808 · SEC 801-121942

CLEARPATH CAPITAL PARTNERS LLC
CRD 111756 · SEC 801-78763

EQUINUM, LLC
CRD 304350 · SEC 801-116824

JANNEY MONTGOMERY SCOTT LLC
CRD 463 · SEC 801-7258

MERITAS ADVISORS, LLC
CRD 157071

OPAL WEALTH ADVISORS, LLC
CRD 289759 · SEC 801-114223

SNYDER ASSET MANAGEMENT, LLC
CRD 290450

Filing source

Form ADV 2135827 · Sep 30, 2026 · Schedule D 7.B.(1), fund 805-3723702563

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
None Altegris Advisors, Llc	Promoter
None Altegris Funds	Promoter
Martin I Beaulieu	Director, Executive
Kyle Hartley	Director
I Capital Advisors, Llc	Promoter
Kenneth I. Mc Guire	Executive
Matthew C. Osborne	Director, Executive
Richard G. Pfister	Director
Jack L. Rivkin	Executive
Michael Stanton	Executive
Jon C. Sundt	Executive

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

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