Form D · Hedge Fund

PHASE3 MASTER FUND LLC

Boca Raton, FL · CIK 0001789825

Offering snapshot reported Nov 12, 2025 · SEC filing

Reported sold: $45.6M
Investors reported: 26
Minimum accepted: $1M
First sale: Oct 1, 2019

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.

No comparable changes in the displayed metrics.

Filing history

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Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Nov 12, 2025	Amendment	$45,646,750	$0vs Nov 12, 2024	26	SEC filing
Nov 12, 2024	Amendment	$45,646,750	$0vs Nov 9, 2023	26	SEC filing
Nov 9, 2023	Amendment	$45,646,750	$100,000vs Dec 29, 2022	26	SEC filing
Dec 29, 2022	Amendment	$45,546,750	$11,986,720vs Nov 12, 2021	42	SEC filing
Nov 12, 2021	Amendment	$33,560,030	$26,700,030vs Nov 12, 2020	40	SEC filing
Nov 12, 2020	Amendment	$6,860,000	$2,050,000vs Oct 3, 2019	6	SEC filing
Oct 3, 2019	Initial	$4,810,000	No comparison	2	SEC filing

Offering details

Securities: Pooled investment fund
Exemptions: 06b, 3C, 3C.1
Duration over one year: Yes
Business combination: No

Sales commissions: $0
Finders' fees: $0
Form D file number: 021-350339

Source: Form D, filed Nov 12, 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

PHASE3 MASTER FUND LLC

Investment adviser: PHASE 3 CAPITAL MANAGEMENT LLC

Gross asset value: $20.8M
Beneficial owners: 19
ADV minimum commitment: $1M

Reported in Form ADV on Apr 29, 2025. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator NAV FUND ADMINISTRATION GROUP OAKBROOK TERRACE, Illinois, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG LLP CHICAGO, Illinois, United States

Auditor KPMG LLP GRAND CAYMAN, Cayman Islands

Custodian MAREX CAPITAL MARKETS INC. NEW YORK, New York, United States Related to adviser: No

Custodian STONEX FINANCIAL INC. WINTER PARK, Florida, United States Related to adviser: No

Custodian TD PRIME SERVICES LLC NEW YORK, New York, United States Related to adviser: No

Custodian WEDBUSH SECURITIES INC. LOS ANGELES, California, United States Related to adviser: No

Prime broker TD PRIME SERVICES 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

KPMG LLP
PCAOB 1323

MAREX CAPITAL MARKETS INC.
SEC 8-69039

STONEX FINANCIAL INC.
SEC 8-51269

TD PRIME SERVICES LLC
SEC 8-3337

WEDBUSH SECURITIES INC.
SEC 8-12987

TD PRIME SERVICES LLC
CRD 1914 · SEC 8-3337

Filing source

Form ADV 1982475 · Apr 29, 2025 · Schedule D 7.B.(1), fund 805-3450523817

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
Karim S. Alwan	Executive
Shane B. Hoover	Executive
N/A Phase 3 Capital Management Llc	Executive
Eric M. White	Executive
Ethan S. Youderian	Executive

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

6501 Congress Avenue., Suite 220
Boca Raton, FL, 33487