Pantera Opportunities Fund LP TON is a hedge fund based in San Francisco, California. According to its most recent Form D, filed Dec 2, 2025, the fund has sold $17,771,000 of interests to 31 investors since its first sale in Jul 2024. The filing does not set a minimum investment. It relies on the Section 3(c)(7) exclusion, so investors generally must be qualified purchasers. The offering uses Rule 506(c), which permits general advertising to investors verified as accredited. Based on its first sale date and the amount raised, HedgeMountain classifies it as an emerging manager. Related persons named in the filing include Marc Selfon; Katrina Paglia; Matthew Gorham.
- Total raised
- $17,771,000Cumulative sales reported on Form D
- Investors
- 31
- First sale
- Jul 1, 2024
- Minimum investment
- None set
- Who can invest
- Qualified purchasersSection 3(c)(7): generally $5M+ in investments
- Offering exemption
- Rule 506(c)May advertise; investors must be verified as accredited
- Key people and entities
- Marc Selfon; Katrina Paglia; Matthew Gorham
- Latest Form D
- Dec 2, 2025
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 42% of the 1,051 hedge funds based in California, and more than 28% of all 10,157 that report sales.