# Lone Star Funds

> Lone Star Funds is an SEC-registered investment advisory firm in Dallas, TX, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 31, 2026.

- CRD: 160000
- Filed as: LONE STAR FUNDS
- Legal name: Lone Star Americas Acquisitions, Inc.
- Also doing business as: LONE STAR
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Dallas, TX
- Filing period: October 2026
- Form ADV filing dated: August 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/160000
- AdvisorCensus page: https://advisorcensus.com/firm/lone-star-funds-dallas-tx-160000

## Quick answers

**How is Lone Star Funds compensated?**
On its Form ADV (Item 5.E, October 2026), Lone Star Funds reports these compensation arrangements: other.

**Where is Lone Star Funds located?**
Lone Star Funds' principal office is in Dallas, TX, according to its Form ADV; the September 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Lone Star Funds registered with the SEC or a state?**
Lone Star Funds is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 160000.

**How much does Lone Star Funds manage?**
Lone Star Funds reports $35,725,668,153 in regulatory assets under management in its Form ADV filing dated August 31, 2026 (100% discretionary).

**How have Lone Star Funds' assets and staff changed since 2021?**
In the Form ADV data for Lone Star Funds: Regulatory assets under management: $37,951,642,246 in the October 2021 data and $35,725,668,153 in the October 2026 data, down 6%. Total employees: 42 in October 2021 and 36 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Lone Star Funds serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (31).

**Does Lone Star Funds report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/160000

**What changed in Lone Star Funds' recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 20 to 17.

## From the Form ADV filing

### Compensation (Item 5.E)
- Other

### Regulatory assets under management (Item 5.F)
- Total: $35,725,668,153
- Discretionary: $35,725,668,153
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 31 | $35,725,668,153 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 36 total, 17 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY, TX
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/160000

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- lonestarfunds.com
- LinkedIn @lone-star-funds

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $37,951,642,246 | 42 | March 31, 2021 |
| October 2022 | $36,117,621,114 | 32 | September 14, 2022 |
| October 2023 | $40,708,060,655 | 26 | August 22, 2023 |
| October 2024 | $36,159,474,957 | 25 | May 2, 2024 |
| October 2025 | $37,407,336,598 | 25 | March 31, 2025 |
| October 2026 | $35,725,668,153 | 36 | August 31, 2026 |

Regulatory assets under management: $37,951,642,246 in the October 2021 data and $35,725,668,153 in the October 2026 data, down 6%.
Total employees: 42 in October 2021 and 36 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 20 to 17.

### February 2026
- Item 11 disclosure answers changed: 3 yes answers, previously 7 (now no: 11.A(1), 11.A(2), 11.D(1), 11.D(2)).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Lone Star Funds (CRD 160000): Form ADV filing data as of October 2026.