Form D · Hedge Fund

Sprott Physical Commodities Fund, LP

Darien, CT · CIK 0001979477

Offering snapshot reported Oct 21, 2025 · SEC filing

Reported sold: $28M
Investors reported: 31
Minimum accepted: $0
First sale: Nov 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$13,000,000 → $27,980,000
Reported investors13 → 31

Filing history

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Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Oct 21, 2025	Amendment	$27,980,000	$14,980,000vs Oct 16, 2024	31	SEC filing
Oct 16, 2024	Amendment	$13,000,000	$1,050,000vs Jul 24, 2024	13	SEC filing
Jul 24, 2024	Amendment	$11,950,000	$4,200,000vs Apr 19, 2024	9	SEC filing
Apr 19, 2024	Amendment	$7,750,000	$1,750,000vs Nov 13, 2023	5	SEC filing
Nov 13, 2023	Initial	$6,000,000	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: $78.3K (estimated)
Finders' fees: $0
Form D file number: 021-497076

Sales compensation recipients

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Recipient	CRD	Associated broker-dealer
Sprott Global Resource Investments Ltd	35878

Source: Form D, filed Oct 21, 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

SPROTT PHYSICAL COMMODITIES FUND LP

Investment adviser: SPROTT ASSET MANAGEMENT USA INC.

Gross asset value: $54.8M
Beneficial owners: 38
ADV minimum commitment: $1M

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

Service providers

Fund administrator CITCO (CANADA) INC. TORONTO, Canada Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG (CANADA) TORONTO, Canada

Auditor KPMG (CAYMAN) GRAND CAYMAN, Cayman Islands

Custodian C. STEINWEG- HANDELSVEEM B.V. ROTTERDAM, Netherlands Related to adviser: No

Custodian RBC CAPITAL MARKETS, LLC MINNEAPOLIS, Minnesota, United States Related to adviser: No

Marketer SPROTT GLOBAL RESOURCE INVESTMENTS LTD CARLSBAD, California, United States Related to adviser: Yes

Provider details

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

KPMG (CANADA)
PCAOB 85

KPMG (CAYMAN)
PCAOB 1323

RBC CAPITAL MARKETS, LLC
SEC 8-45411

SPROTT GLOBAL RESOURCE INVESTMENTS LTD
CRD 35878 · SEC 8-47039

Filing source

Form ADV 2087313 · Mar 30, 2026 · Schedule D 7.B.(1), fund 805-8382065828

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
Samay Bhachech	Executive
Varinder Bhathal	Executive
Brandon Hamada	Executive
N/A Sprott Asset Management Usa, Inc.	Executive
N/A Sprott Us Gen Par Llc	Executive
Thomas W. Ulrich	Executive
Momina Walli	Director, Executive

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

320 Post Road, Suite 230
Darien, CT, 06820