Graham Alternative Investment Fund I Raises Over $400M in Private Offering

The Connecticut-based hedge fund has secured significant backing from accredited investors in a longstanding offering.

March 27, 2025

Fund continues to raise capital through an ongoing exempt offering

Graham Alternative Investment Fund I is continuing to attract capital—and a lot of it. Managed by Graham Capital Management LP, the fund has raised more than $402 million from accredited investors under Rule 506(b), an exemption that lets issuers raise funds without registering with the SEC. The offering has been active since 2006 and remains open today.

The setup is designed for flexibility. There’s no hard cap on the raise, and investors can commit funds on an ongoing basis. The minimum investment is $10,000. So far, 2,179 investors have participated.

Structure and investor eligibility

This is a pooled investment vehicle structured as a hedge fund. It offers equity interests only —no debt or structured products in the mix. The fund isn’t registered under the Investment Company Act of 1940, which is typical for offerings of this kind.

While Graham Capital Management doesn’t charge the fund for sales commissions, it may allocate a portion of the fees it earns—management and performance—to third parties who support fundraising. That includes a wide network of broker-dealers and financial advisors.

Distribution and participation

The filing lists major firms such as Merrill Lynch , Charles Schwab , RBC Capital Markets , and Wells Fargo Advisors among those involved in distribution. Solicitation is open across all U.S. states.

The fund is managed out of Rowayton, Connecticut, and incorporated in Delaware. It falls into the $50 million to $100 million asset range, based on the issuer’s self-reported size. According to the filing, none of the offering proceeds have gone to executive officers or promoters. Instead, the manager receives compensation in line with advisory and performance agreements tied to the fund’s net assets.

Management and outlook

Kenneth Tropin, chairman of Graham Capital, plays an executive role in overseeing the fund. Under his leadership, the firm has built out a broad platform of alternative strategies—this fund is one part of that.

For investors focused on hedge fund access through exempt offerings, this remains an active channel. The structure, distribution model, and continued capital commitments point to steady interest in alternative strategies managed by experienced teams.