Form D · Private Equity Fund

503 Capital Partners Direct Municipal Opportunities Fund, LP

Leawood, KS · CIK 0001690081

Offering snapshot reported Dec 16, 2025 · SEC filing

Reported sold: $81.5M
Investors reported: 212
Minimum accepted: $0
First sale: Dec 30, 2016

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$46,075,000 → $81,500,000
Reported investors115 → 212

Filing history

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Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Dec 16, 2025	Amendment	$81,500,000	$35,425,000vs May 16, 2017	212	SEC filing
May 16, 2017	Amendment	$46,075,000	No comparison	115	SEC filing
Nov 16, 2016	Initial	Yet to sell	No comparison	0	SEC filing

Offering details

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

Sales commissions: $0
Finders' fees: $0
Form D file number: 021-274605

Employees of affiliates of the GP ("Tortoise") involved in the placement of fund interests received compensation in part based on the amount of capital raised for the fund; such compensation is borne by Tortoise and not by the fund's investors.

Sales compensation recipients

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Recipient	CRD	Associated broker-dealer
Montage Securities, LLC	154327	Montage Securities LLC · CRD 154327

Source: Form D, filed Dec 16, 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

503 CAPITAL PARTNERS DIRECT MUNICIPAL OPPORTUNITIES FUND, LP

Investment adviser: 503 CAPITAL PARTNERS, LLC

Gross asset value: $266K
Beneficial owners: 212
ADV minimum commitment: $250K

Reported in Form ADV on Apr 8, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator U.S. BANK FUND SERVICES MILWAUKEE, Wisconsin, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG, LLP KANSAS CITY, Missouri, United States

Custodian U.S. BANK NATIONAL ASSOCIATION MILWAUKEE, Wisconsin, United States Related to adviser: No

Provider details

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

ERNST & YOUNG, LLP
PCAOB 42

U.S. BANK NATIONAL ASSOCIATION
LEI 6BYL5QZYBDK8S7L73M02

Filing source

Form ADV 2087213 · Apr 8, 2026 · Schedule D 7.B.(1), fund 805-2187053267

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
Bradley Beman	Director
Michelle Kelly	Director
Connie Savage	Director
N/A Tortoise Municipal Credit Gp, Llc	Promoter

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

4000 W. 114 Th Street Suite 260
Leawood, KS, 66211