Form D · Hedge Fund

Net Return Fund, Ltd.

Grand Cayman, E9 · CIK 0001381619

Offering snapshot reported Jan 8, 2026 · SEC filing

Reported sold
$189M
Indefinite offering
Investors reported
125
Form D · investor count
Minimum accepted
$50K
Reported outside-investor minimum
First sale
Jun 1, 2006
As reported in this filing

Fundraising history

Reported sold
Reported amount sold by Form D filing date$0$94.7M$189MMar 13, 2009: $48,197,882.00Mar 13, 2009Mar 8, 2010: $48,460,659.00Mar 3, 2011: $51,871,399.00Mar 2, 2012: $57,580,597.00Feb 26, 2013: $83,220,499.00Feb 24, 2014: $87,675,499.00Jan 15, 2015: $102,910,199.00Jan 15, 2016: $116,199,650.00Jan 12, 2017: $127,496,338.00Jan 12, 2018: $133,910,250.00Jan 11, 2019: $163,182,449.00Jan 9, 2020: $165,550,091.00Jan 11, 2021: $187,258,372.00Jan 11, 2022: $189,303,372.00Jan 10, 2023: $189,303,372.00Jan 9, 2024: $189,303,372.00Jan 8, 2025: $189,303,372.00Jan 8, 2026: $189,303,372.00Jan 8, 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
Jan 8, 2026Amendment$189,303,372$0vs Jan 8, 2025125SEC filing
Jan 8, 2025Amendment$189,303,372$0vs Jan 9, 2024125SEC filing
Jan 9, 2024Amendment$189,303,372$0vs Jan 10, 2023125SEC filing
Jan 10, 2023Amendment$189,303,372$0vs Jan 11, 2022125SEC filing
Jan 11, 2022Amendment$189,303,372$2,045,000vs Jan 11, 2021125SEC filing
Jan 11, 2021Amendment$187,258,372$21,708,281vs Jan 9, 2020123SEC filing
Jan 9, 2020Amendment$165,550,091$2,367,642vs Jan 11, 2019116SEC filing
Jan 11, 2019Amendment$163,182,449$29,272,199vs Jan 12, 2018115SEC filing
Jan 12, 2018Amendment$133,910,250$6,413,912vs Jan 12, 2017108SEC filing
Jan 12, 2017Amendment$127,496,338$11,296,688vs Jan 15, 2016100SEC filing
Jan 15, 2016Amendment$116,199,650$28,524,151vs Feb 24, 201495SEC filing
Jan 15, 2015Amendment$102,910,199$15,234,700vs Feb 24, 201488SEC filing
Feb 24, 2014Amendment$87,675,499$4,455,000vs Feb 26, 201383SEC filing
Feb 26, 2013Amendment$83,220,499$25,639,902vs Mar 2, 201283SEC filing
Mar 2, 2012Amendment$57,580,597$5,709,198vs Mar 3, 201166SEC filing
Mar 3, 2011Amendment$51,871,399$3,410,740vs Mar 8, 201064SEC filing
Mar 8, 2010Amendment$48,460,659$262,777vs Mar 13, 200958SEC filing
Mar 13, 2009Amendment$48,197,882No comparisonNot reportedSEC filing
Nov 8, 2006PaperNot reportedNo comparisonNot reportedSEC filing

Offering details

Securities
Equity, Pooled investment fund
Exemptions
06b, 3C, 3C.1
Duration over one year
Yes
Business combination
No
Sales commissions
$0 (estimated)
Finders' fees
$0 (estimated)
Form D file number
021-96702
The entities listed in Item 12 are entitiled to receive compensation equal to a % of the management fee, fixed fee and/or incentive allocations paid to the Manager (or affiliates) attributable to the investors it referred to the Issuer.

Sales compensation recipients

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RecipientCRDAssociated broker-dealer
MONNESS CRESPI HARDT & CO., INC.000007424
SAXONY SECURITIES, INC.000115547

Source: Form D, filed Jan 8, 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

NET RETURN FUND, LTD.

Investment adviser: NET RETURN ASSET MANAGEMENT LLC

Gross asset value
$210M
Beneficial owners
66
ADV minimum commitment
$1M

Reported in Form ADV on Mar 24, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator CITCO FUND SERVICES (CAYMAN ISLANDS) LIMITED CAMANA BAY, GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor ERNST & YOUNG LTD. CAMANA BAY, GRAND CAYMAN, Cayman Islands
Custodian CITCO BANK CANADA TORONTO, Canada Related to adviser: No
Custodian HSBC BANK U.S.A., NATIONAL ASSOCIATION NEW YORK, New York, United States Related to adviser: No
Custodian MORGAN STANLEY INVESTMENT MANAGEMENT INC. KANSAS CITY, Missouri, United States Related to adviser: No
Marketer MONNESS CRESPI HARDT & CO., INC. NEW YORK, New York, United States Related to adviser: Yes
Marketer SAXONY SECURITIES, INC. 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

ERNST & YOUNG LTD.
PCAOB 1655

HSBC BANK U.S.A., NATIONAL ASSOCIATION
LEI 1IE8VN30JCEQV1H4R804

MORGAN STANLEY INVESTMENT MANAGEMENT INC.
LEI 6N8SC06AK49F0N7KIX52

MONNESS CRESPI HARDT & CO., INC.
CRD 7424 · SEC 8-21380

SAXONY SECURITIES, INC.
CRD 115547 · SEC 8-53490

Filing source

Form ADV 2074266 · Mar 24, 2026 · Schedule D 7.B.(1), fund 805-1927345185

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
Neil S. Crespi Executive
Scott Dakers Director
Tatenda Gotosa Director
Vijayabalan Murugesu Director
Net Return Asset Management, Llc Executive
Thomas Parsons Jr. Director
Steven R. Yanis Director

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:
Ogier Global (Cayman) Limited 89 Nexus Way, Camana Bay
Grand Cayman, E9, KY1-9009