FormDSignal
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32 Capital launches ERISA-focused portable alpha hedge fund with $377M raised

Fund raise update · Hedge fund · Open-ended · Grand Cayman, Cayman Islands · Form D/A filed 2026-10-22 · sponsor: 32 Capital · all Capital Erisa Portable vehicles

32 Capital (ERISA) Portable Alpha Fund Ltd., a Cayman Islands hedge fund, has raised $377M from eight institutional investors under Regulation D exemption 3(c)(7). The fund targets qualified purchasers with a $100K minimum and remains open to additional capital.

Note: Fund incorporated in 2024 with first sale in September 2024; no placement agent listed despite $377M raise.

$100M+ sold3(c)(7) — qualified purchasersCapital closing nowHedge fund

How this compares

  • Across 174 hedge fund sponsors with more than one launch on EDGAR, the median gap between consecutive funds is 7 months.
  • This is the sponsor's 2nd fund launch on EDGAR; the previous one, 32 Capital (ERISA) Portable Alpha Fund Ltd., was filed 24 months earlier.

Computed from every Form D fund launch on EDGAR since late 2024, not sampled. Amounts are the stated offering size; indefinite offerings are excluded.

Raise progress

Sold rose from $357M to $377M (+$20M, +1 investor) in 364 days since the previous filing.

FiledFormSoldInvestorsChange
2024-10-09D$135M5
2025-10-23D/A$357M7+$222M
2026-10-22D/A$377M8+$20M

Amount sold and investor count as restated on each of the issuer's Form D filings. A rise since the previous filing is capital closed in between.

32 Capital on EDGAR

Earlier and related filings by the same issuer and sponsor. All Capital Erisa Portable vehicles →

People on the filing

Ian PilgrimDirector
W. William WoodsDirector
Noelle L'HeureuxDirector
Jennifer CollinsDirector

Signed by Ian Pilgrim, Director.

Why now — by persona

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Filing contact

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