Clearwater Fund L.P. is a hedge fund based in Evanston, Illinois. According to its most recent Form D, filed Jan 13, 2026, the fund has sold $27,850,000 of interests to 10 investors since its first sale in Jan 2018. The minimum investment it accepts from an outside investor is $250,000. It relies on the Section 3(c)(1) exclusion, which limits it to 100 beneficial owners, typically accredited investors. The offering uses Rule 506(b), which does not permit general solicitation. Related persons named in the filing include Evanston Capital Management, LLC; Ryan Cahill; Scott Zimmerman.
- Total raised
- $27,850,000Cumulative sales reported on Form D
- Investors
- 10
- First sale
- Jan 1, 2018
- Minimum investment
- $250,000
- Who can invest
- Accredited investorsSection 3(c)(1): up to 100 beneficial owners
- Offering exemption
- Rule 506(b)No general advertising
- Key people and entities
- Evanston Capital Management, LLC; Ryan Cahill; Scott Zimmerman
- Latest Form D
- Jan 13, 2026
From SEC filings, not verified. This page republishes the fund's Form D as filed. It is not an offer, solicitation or recommendation, and HedgeMountain has not reviewed the fund. “Raised” is cumulative sales, not current assets or performance. Private funds are speculative, illiquid and generally limited to accredited investors or qualified purchasers. Full disclosures
Size compared with every hedge fund
Raised more than 47% of the 321 hedge funds based in Illinois, and more than 35% of all 10,157 that report sales.