INDEPENDENT VERDICT
Stellar Growth Fund LP is a small Delaware hedge fund with a real SEC filing history but unusually limited public transparency around its investment manager, strategy and operating platform. The September 4, 2026 Form D is a new Rule 504 offering rather than an amendment to a large continuing raise. It reports an indefinite offering, a $25,000 minimum investment, $0 sold, zero investors and "first sale yet to occur," while the issuer selected an aggregate net asset value range of $1 million to $5 million. Michael Esposito is the only related person named in the filing and is described as an executive officer and principal of the general partner; Jonathan T. Buck signs the filing as another principal of the general partner. SEC records consistently classify the vehicle as a hedge fund relying on Section 3(c)(1), but the filing does not name a separate registered investment adviser, disclose a strategy, identify service providers or provide current performance. For FilingDossier, that means the correct conclusion is not that Stellar Growth Fund is suspicious or illegitimate, but that the public evidence supports only a very small, lightly disclosed hedge-fund operation and does not justify attaching an unrelated website or inferring a sophisticated institutional platform.
The fund's Form D chronology is its most distinctive feature. Stellar Growth Fund was formed in 2022 and filed new notices in 2022, 2023, 2024, 2025 and 2026 rather than maintaining one continuously amended Form D record. The 2022 filing showed $0 sold. The August 2023 notice is the only filing in the public history that clearly reports an actual sale: $38,000 sold after an August 24, 2023 first sale. The August 2024 new notice again showed $0 sold and first sale yet to occur; 2025 did the same; the latest 2026 filing again reports $0 sold and no first sale. This means the historical $38,000 should not be treated as part of a continuously increasing cumulative fundraising total. It is more accurate to say that the issuer has repeatedly opened new offering windows, with only one publicly reported sale visible in the reviewed history. The 2026 filing's self-reported $1 million–$5 million aggregate NAV range also suggests that the fund may hold capital or investment assets from prior activity even though the latest offering itself has not yet sold interests.
The exemption choice also deserves attention. Unlike most larger private funds in this D-list, Stellar Growth Fund relies on Rule 504, not Rule 506(b) or Rule 506(c). Rule 504 is generally used for smaller exempt securities offerings and operates under a different framework from the more common Rule 506 private-fund market. The 2026 filing also checks that securities may be sold to persons who are not accredited investors, while reporting that zero non-accredited investors have invested so far. That combination is unusual for a hedge-fund Form D and increases the importance of reviewing the actual private placement memorandum, subscription documents and state-law compliance. Rule 504 status does not say anything positive or negative about investment quality; it simply tells investors that the offering structure differs from the institutional 506(b)/3(c)(7) funds seen elsewhere in this list.
PUBLIC IDENTITY AND WEBSITE DISAMBIGUATION
One of the biggest risks in researching Stellar Growth Fund is attaching the wrong online entity. Search engines prominently return a separate `Stellar Growth Fund` website and a Mauritius `Stellar Growth Fund VCC`, but those records point to a Mauritius fund structure, ONS FinServ and different personnel such as Rachit Agarwal. The SEC issuer reviewed here is a Delaware LP formed in 2022, based at 360 Nueces Street in Austin, with Michael Esposito and Jonathan Buck connected to the general partner. No reviewed primary record establishes that the Mauritius VCC or the public `stellar-fund.com` website belongs to this U.S. issuer. FilingDossier should therefore leave the website field blank rather than create a false entity connection. The same caution applies to manager identity: while public professional profiles appear to show a Los Angeles-area Mike Esposito associated with Stellar Growth Fund LP, the SEC filing itself does not identify a separate advisory company, CRD number or investment-adviser registration, so no manager registration should be invented.
FORM D HISTORY / SCALE / DILIGENCE
The filing history can be summarized compactly: 2022 New Notice, $0 sold; 2023 New Notice, $38,000 sold after an August 24 first sale; 2024 New Notice, $0 sold; 2025 New Notice, $0 sold; 2026 New Notice, $0 sold with first sale yet to occur. The latest filing shows a $25,000 minimum, no commissions, no finder fees and no related-person use of proceeds, while selecting a $1 million–$5 million aggregate NAV range. Investors should reconcile how that NAV arose when the visible Form D sales history is so limited, whether prior investor capital remained invested, whether founder or GP capital makes up most of current assets, whether assets were transferred into the partnership, and whether historical subscriptions were redeemed or rolled into later offering periods. They should also obtain the current portfolio, audited or reviewed financial statements, management agreement, fee schedule, general-partner ownership, custodian, broker, administrator, auditor, valuation policy, redemption terms, use of leverage or derivatives, and a complete explanation of why the fund files a new Rule 504 notice almost every year instead of amending one continuous offering.
CORE RISKS / SEC SNAPSHOT / EVIDENCE
The principal risks are limited public transparency, small-fund operating scale, key-person dependence, unknown portfolio concentration, unknown leverage or derivatives exposure, potentially high fixed expenses relative to NAV, investor concentration, uncertain liquidity and the possibility of confusing unrelated Stellar-branded investment businesses. SEC snapshot: Stellar Growth Fund LP, CIK 0001935830, SEC File No. 021-596554, Delaware LP formed in 2022, 360 Nueces St. #3008, Austin, TX 78701, phone 248-321-3206, hedge fund, Rule 504(b)(1), Section 3(c)(1), indefinite offering, $25,000 minimum, $0 currently sold, zero current investors, first sale yet to occur, $1M–$5M reported aggregate NAV range, Michael Esposito as executive officer/principal of the general partner and Jonathan T. Buck as filing signer/principal of the general partner. Primary evidence reviewed includes the 2022–2026 SEC Form D history, the September 4, 2026 SEC filing, historical SEC-linked filing indexes and public records used only to distinguish the U.S. issuer from unrelated Mauritius and similarly named Stellar Growth entities.
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering. Filing with the SEC does not mean the SEC has approved, endorsed, audited or verified Stellar Growth Fund, Michael Esposito, Jonathan Buck, any strategy, portfolio asset, valuation or expected return. The latest filing reports $0 sold and first sale yet to occur; the earlier $38,000 sale in 2023 belongs to a separate New Notice and should not be presented as part of a current cumulative offering amount. The $1 million–$5 million aggregate NAV range is issuer-reported and should be reconciled against current financial statements before being treated as current net asset value. Investors should independently verify the investment manager, general partner, portfolio, service providers, fees, performance and custody before investing.