Toronado Fund pulls in $201.9M in open-ended offering
What's the deal? Toronado Fund, L.P.Dealroom has a profile for this one. Try Dealroom → has raised $201,883,599 through an exempt securities offering, according to a September 1, 2026 disclosure. The San Francisco-based hedge fund listed the total offering size as indefinite, meaning it can keep raising capital over time.
How it's structured: The fund is a Delaware limited partnership headquartered at 50 California Street in San Francisco. It operates as a pooled investment vehicle and hedge fund.
Who runs it? Michele Clifford serves as chief operating officer and chief compliance officer for the investment adviser, while Anthony Berta is chief financial officer.
The fees: Affiliated entities may earn management fees based on assets under management, plus performance fees tied to fund profits. That standard hedge fund arrangement is a key consideration for investors weighing the offering.
The signal: The indefinite offering size points to an open-ended structure, letting Toronado add capital as demand allows rather than closing at a fixed target — a flexible approach that keeps the door open for new investors.
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