---
title: "Sweater Review 2026: Venture Capital for $500, and What the Cashmere Fund's Filings Say It Costs"
url: https://altstreet.investments/platforms/reviews/sweater
kind: platform-review
updated: 2026-09-24
description: "Sweater review 2026 from the SEC filings: the Cashmere Fund's 9.32% gross and 4.95% net fees, 5.56% annualized return since 2022, prorated 5% redemptions, $2.4M of recoupable waivers and an expense subsidy its prospectus says negatively affects adviser viability."
publisher: AltStreet (https://altstreet.investments)
license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted.
---

# Sweater Review 2026: Venture Capital for $500, and What the Cashmere Fund's Filings Say It Costs

Sweater is a seven-person Boulder investment adviser that sells any US investor shares of registered venture-capital interval funds through a web app, SoFi Invest and Apex-powered brokerages, $500 minimum, no accreditation. Its flagship Cashmere Fund holds $16.6 million across 33 early-stage positions, has four audited fiscal years behind it (2.06% to 9.76% a year, 5.56% annualized since April 2022), has honored every semiannual repurchase offer for 5% of the fund, and carries a fee table of 9.32% gross and 4.95% net that the adviser subsidizes at a loss its own prospectus says negatively affects the adviser's financial viability.

AltStreet score: 46.6 (C+), scored September 24, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | Sweater |
| What it is | SEC-Registered Investment Adviser Offering 40 Act Interval Funds (Retail Venture Capital) |
| Asset class | Venture Capital (registered interval fund shares) |
| Website | sweaterventures.com |
| Review first published | September 24, 2026 |
| Last updated | September 24, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

Sweater built the most transparent wrapper AltStreet has reviewed around one of the most expensive products. A registered interval fund files audited statements, a tagged fee table, quarterly holdings and repurchase results, so every number in this review is on EDGAR. What those numbers say is that a $16.6 million fund cannot carry $1.46 million of annual expenses: the adviser accrued $394,666 of fees in fiscal 2026 and gave back $575,124, carries $2.43 million of potentially recoupable waivers and reimbursements, and tells investors in the prospectus that this 'negatively affects the financial viability of the Adviser'. The parent's last audited statements, for 2023, carry those advances as its largest asset and a going-concern paragraph. The returns are real and audited, 5.56% a year since inception against 5.88% for the S&P SmallCap 600 comparison shown in its annual report, and the semiannual repurchase offers for 5% of the fund have paid every time, prorated by small margins because every offer since August 2023 was oversubscribed. The web sites state none of the fees, quote a '10x' on one unrealized mark that is 12% of the fund, and still carry Webflow template text.

- **9.32% / 4.95%** The Cashmere Fund's total annual expenses before and after the adviser's waiver, per the July 29, 2026 prospectus fee table: a 2.50% management fee, 1.08% of marketing paid by the fund, 5.64% of other expenses and 0.10% of acquired fund fees, less a 4.37% waiver. Actual ratios were 9.22% gross and 5.57% net in fiscal 2026. Neither web site states a fee.
- **5.56%** Annualized total return since the April 13, 2022 inception, per the fiscal 2026 annual report, against 5.88% for the S&P SmallCap 600, the comparison index the report presents, over the same period. Year by year: 3.18% (the first eleven and a half months), 7.23%, 9.76%, 2.06%. NAV went from $20.00 to $24.27 and the fund has paid $0.48 a share in distributions.
- **5.00% x 6** Every semiannual repurchase offer since August 2023 was filled at exactly 5.00% of outstanding shares and prorated, because tenders ran between 5.00% and 5.07%. The fund has bought back roughly $5.1 million of shares across eight offers. The 5% is 5% of all outstanding shares, not of each holder's position: with tenders at 5.07% the pro-rata factor was about 98.6%, so a holder tendering everything in those windows had almost all of it accepted. The untested case is a rush, where 5% of the fund would be shared among everyone who asks.
- **$2,524,230** The 'related party receivable' Sweater Inc carried at December 31, 2023 for expenses it had advanced to the Cashmere Fund under the cap, 61% of the parent's $4,119,272 of total assets, with recoverability 'contingent on the future performance of the Fund'. The same audited statements say the parent's losses 'raise substantial doubt about the Company's ability to continue as a going concern' and that 'inability to secure short-term capital could lead to cessation of operations'. The fund's side of the ledger: $2,431,955 of potentially recoupable waivers and reimbursements, subject to the agreement's conditions, through March 2029.
- **10.2x** Graza, the olive-oil brand, carried at $2,030,582 against a $200,000 cost at March 31, 2026, the '10x investment' the fund's site advertises. It is 12.2% of net assets and unrealized. The fund's two realized exits, Trellis (235%) and SweatPals (267%), came in fiscal 2026 on positions the annual report does not size.

Data note: Returns, expense ratios, net assets, repurchase results and the schedule of investments are taken from the Cashmere Fund's audited annual reports (Tait, Weller & Baker LLP, Philadelphia) and the SEC's tagged XBRL company facts for CIK 1868950. The fee table is the July 29, 2026 prospectus. Sweater Inc's financials are its Regulation Crowdfunding annual reports (audited by TaxDrop LLC). Every site claim is dated to the September 24, 2026 scrape.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| 9.32% / 4.95% | Total annual expenses before and after the waiver, July 2026 fee table. | Actual fiscal 2026: 9.22% gross, 5.57% net. Not stated on either site. |
| 5.56% | Annualized total return since April 13, 2022, per the fiscal 2026 annual report. | S&P SmallCap 600, the comparison index in the annual report, over the same period: 5.88%. Fiscal 2026: 2.06% vs 20.50%. |
| $16,610,000 | Cashmere Fund net assets at March 31, 2026, 706,164 shares at $24.27. | $11.85M (2023), $14.23M (2024), $15.74M (2025). Investments $16.66M at fair value, $12.35M at cost. |
| 5.00% | Of the fund's outstanding shares repurchased in each of the last six semiannual offers, prorated. | Tenders ran 5.00% to 5.07% of outstanding shares, so tendering holders received about 98.6% or more of their requests; about $5.1M repurchased across eight offers since February 2023. |
| $575,124 | Fees waived and expenses reimbursed by the adviser in fiscal 2026, against $394,666 of fees accrued. | $2,431,955 potentially recoupable through March 2029, subject to the cap; the parent booked $2,524,230 of such advances as a receivable at end-2023, 61% of its assets, alongside a going-concern paragraph. |
| $2,030,582 | Graza at fair value, March 31, 2026, against $200,000 of cost. | 12.2% of net assets, unrealized; the '10x' the fund site advertises. |


## Verdict

Sweater has done the hard institutional thing: it registered a venture fund with the SEC, got it audited, honored its redemption policy, and filed everything. That makes it the most checkable retail venture product AltStreet covers, and the filings check out. They also show a product whose costs are out of proportion to its size, an adviser that subsidizes it at a loss and says so, returns that have trailed the comparison index its annual report presents, and liquidity that has worked well under light demand and is untested under a rush. Buy it for what it is, an audited $500 door into early-stage private equity, with long patience and a 5% annual fee, and do not buy it for what the sites say.

**Best for**

- Non-accredited investors who want a small, audited, diversified venture allocation and will hold it through many repurchase windows.
- Investors who value a registered fund's disclosure enough to pay a small fund's expense ratio for it.

**Look elsewhere if**

- You may need to sell at a time when other shareholders also want out; the fund's capacity is 5% of all shares per window, shared among everyone who tenders.
- You expect the '10x' or the '28.4% over the Venture Index' to be your return; the audited number is 5.56% a year.
- You are relying on the expense cap without accepting that its counterparty is a seven-person adviser that, per the fiscal 2026 board memorandum, is compensated by this fund alone.
- You are buying Jetstream, Champion or Amplifi on Cashmere's record; each is a new fund with its own sub-adviser (Champion's management fee is 2.90%) and a fee problem that scales with its smallness.

**Strengths**

- A registered interval fund: audited annual statements, a full schedule of investments, an XBRL-tagged fee table, NPORT-P holdings and filed repurchase results.
- Eight repurchase offers honored at NAV since February 2023, six of them filled at exactly 5.00% of outstanding shares with tendering holders receiving about 98.6% or more of their requests.
- Four positive fiscal years, 5.56% annualized, two realized exits at 235% and 267%, and a $0.39 capital-gain distribution.
- Independent trustees and auditor, an independent administrator on Cashmere (the three newer funds are administered in-house by Sweater Services Corps LLC); a shareholder vote on the 2024 sub-adviser change; no enforcement, litigation or disclosure event found.
- Daily purchases at NAV through the web app, SoFi Invest and Apex-powered brokers at $500.

**Limitations**

- 9.32% gross and 4.95% net expenses on a $16.6 million fund, with 1.08% of marketing paid by shareholders.
- An adviser that accrued $394,666 and waived $575,124, carries $2.43 million of potentially recoupable waivers, and states in the prospectus that the arrangement negatively affects its financial viability.
- Marketing that states no fee, no net assets and no audited return, and carries template text and unexplained asterisks.
- 12.2% of the fund in one unrealized mark, a 6.7% NAV rise in the fiscal year's last month without attribution, and a 2.06% latest-year return.
- A sponsor with seven employees, a departed CIO, a retired app, and a parent whose last audited statements show $701,556 of cash, a going-concern paragraph and a $2.5 million receivable from the fund as its largest asset.
- Sister funds that restart the small-fund economics: Jetstream's first period cost 116% gross.


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| Non-accredited investors who want a small, audited allocation to early-stage venture | well-suited |  |
| Investors comparing this to a venture index or a listed small-cap fund | neutral |  |
| Anyone who may need the money within five years | poor-fit |  |
| Investors who want their fees to buy management | poor-fit |  |
| Fans of the sponsor's athletes and designers | neutral |  |


## Questions

**What is Sweater, and what do you actually buy?**

Sweater Industries LLC is an SEC-registered investment adviser in Boulder, Colorado, and what you buy through its web app, SoFi Invest or an Apex-powered broker is shares of a registered closed-end interval fund it advises: the Cashmere Fund (live since April 2022), Jetstream Venture Fund (live since September 2025), the Champion Fund (effective March 24, 2026) or, once it is effective, Amplifi Collective Fund. Each fund holds early-stage venture positions at fair value, an outside sub-adviser picks them, and you own a pro-rata share priced daily at NAV. There is no accreditation requirement and the minimum is $500.

**What does the Cashmere Fund charge?**

Per the July 29, 2026 prospectus fee table: a 2.50% management fee, 1.08% of marketing expenses, 5.64% of other expenses and 0.10% of acquired fund fees, 9.32% in total, less a 4.37% waiver under an expense limitation agreement, for 4.95% net. The actual fiscal 2026 ratios were 9.22% gross and 5.57% net. There is no sales load. A 2.00% early repurchase fee applies to shares sold back within 185 days, phased out by 545 days. The adviser pays the sub-adviser 1.55% out of its own 2.50%. None of these figures appears on sweaterventures.com or thecashmerefund.com.

**What has the fund returned?**

Audited total returns by fiscal year ended March 31: 3.18% (2023, from the April 14, 2022 launch), 7.23% (2024), 9.76% (2025), 2.06% (2026). Since inception that is 5.56% a year and 23.94% cumulative, against 5.88% a year for the S&P SmallCap 600 the fund reports against. NAV went from $20.00 to $24.27 and the fund has paid $0.48 a share in distributions. The site's '10x' refers to one position, Graza, carried at $2,030,582 against $200,000 of cost, unrealized, 12.2% of the fund.

**Can I get my money out?**

Only by tendering to the fund in its February and August repurchase offers, each for 5% of outstanding shares at NAV. The 5% is 5% of the whole fund, shared pro rata among everyone who tenders. Every offer since August 2023 has been oversubscribed by a small margin (tenders of 5.00% to 5.07% of outstanding shares) and filled at 5.00%, so a holder who tendered everything received about 98.6% or more of it. That is the record under light demand; if many holders asked out at once, the same 5% would be prorated heavily. There is no secondary market and the prospectus says none is expected. Shares held 185 days or less pay a 2.0% fee, 1.5% to day 365, 0.5% to day 545. Payment arrives within seven days of the pricing date.

**Is Sweater legit?**

Yes, in the sense that matters: the funds are registered investment companies under the 1940 Act with audited financial statements (Tait, Weller & Baker LLP), independent trustees, an independent administrator on Cashmere (Trailmark Fund Services; the three newer funds are administered in-house by Sweater Services Corps LLC), quarterly holdings on EDGAR and a filed repurchase record; the adviser is SEC-registered with no disclosure items; and a legal scan found no enforcement action, litigation or complaint pattern against any entity or principal. The concerns in this review are economic, not conduct: the fund is expensive for its size, the adviser subsidizes it at a loss and says so, and the marketing omits the fees.

**Who runs the portfolio?**

Forma Cashmere LLC, doing business as Cashmere LLC, an affiliate of the venture firm Forma Capital, under a sub-advisory agreement Cashmere Fund shareholders approved at a special meeting called by the August 7, 2024 proxy. Before that, Sweater managed the portfolio in-house with founder Jesse Randall as portfolio manager. Sweater remains the adviser of record, handles compliance, valuation, board reporting and investor operations, and pays Forma 1.55% of net assets out of its 2.50% fee. Jetstream is sub-advised by Xcellerant Ventures, Champion by Champion Venture Partners, Amplifi by Amplifi Capital.

**Why does the prospectus say the adviser may not be viable?**

Because the fund is too small to cover its own costs and the adviser is contractually filling the gap. In fiscal 2026 the fund's expenses were $1,455,241 against $86,959 of income; the adviser accrued $394,666 of fees and waived or reimbursed $575,124. The prospectus states that the adviser 'is not currently realizing any profit', that the fund is its 'only significant client', and that this 'negatively affects the financial viability of the Adviser and its continued ability to fulfill its obligations to the Fund under the Expense Limitation Agreement'. The adviser has seven employees; its parent, Sweater Inc, last reported a $5.6 million annual loss and $701,556 of cash, its auditor's notes for 2023 raise substantial doubt about its ability to continue as a going concern, and its largest asset was a $2.5 million receivable for the very expenses it advanced to the fund.

**What happened to the Sweater app?**

It was retired. The November 2024 prospectus supplement described the Sweater App, 'available for free through the Apple App Store and Google Play Store', as 'the exclusive means through which investors may purchase Shares'; the July 2025 prospectus replaced it with a web app at app.sweaterventures.com, and the Google Play listing now returns an error. The adviser's site still shows 'Download the Sweater app (launching soon)' on several template landing pages. Purchases and repurchase requests now run through the web app, SoFi Invest or Apex-powered brokerages.


## Update history

**September 24, 2026: Evidence pass: administration is split by fund; three of four funds are administered in-house**

The evidence extraction over the four funds' N-2 filings and N-CSR reports shows Trailmark Fund Services administers Cashmere only. Jetstream, Champion and Amplifi each name Sweater Services Corps LLC, an entity at the parent's Boulder address, as administrator, accounting agent and transfer agent. The review had described the platform as independently administered throughout; the five passages are corrected, the platform record now carries the split, and the administrator quality input moves from independent to affiliate-administered. The same pass added Cashmere's 2024 semiannual expense figures (gross 10.22%, net 5.90%, waiver $316,481) to the performance record and recorded the funds' RIC election.


## Evidence appendix

Platform website captured September 24, 2026.

Every financial figure is taken from the Cashmere Fund's audited annual reports (Form N-CSR for fiscal years ended March 31, 2023, 2024, 2025 and 2026), its semiannual reports, its prospectuses (486BPOS filings of August 2022, July 2023, July 2024, July 2025 and July 2026, with 424B3 supplements including December 11, 2025), its eight Rule 23c-3 repurchase notices, the August 7, 2024 proxy, and the SEC's XBRL company facts for CIK 1868950; Jetstream's figures from its N-2/A filings and June 9, 2026 N-CSR; the parent's from its Form C, C/A and C-AR filings (2023 and 2024); the adviser's from Form ADV Part 1 (annual amendment March 31, 2026). Site claims are from two Firecrawl scrapes on September 24, 2026 (109 pages of sweaterventures.com, 83 of thecashmerefund.com). A legal scan covered SEC litigation releases, administrative proceedings and press releases, FINRA, the Colorado Division of Securities, CourtListener and the trade and general press.

**Highlights**

- Prospectus 2026-07-29, fee table: 'Management Fees 2.50%; Marketing Expenses 1.08%; Other Expenses 5.64%; Acquired Fund Fees and Expenses 0.10%; Total Annual Expenses 9.32%; Fee Waiver and/or Expense Reimbursement (4.37)%; Total Annual Expenses (After Fee Waiver and/or Expense Reimbursement) 4.95%.' Expense example, on a $1,000 investment at an assumed 5% return with only the first year reflecting the waiver: $50, $228, $391, $742 over one, three, five and ten years.
- Prospectus 2026-07-29: 'Out of this management fee, the Adviser pays to the Subadviser for its services a subadvisory fee ... $1 to $50,000,000: 1.55%; $50,000,001 to $100,000,000: 1.65%.'
- Prospectus 2026-07-29, risk factor: 'the amount of Fund expenses that the Adviser is required to pay pursuant to the Expense Limitation Agreement far exceeds the amount of Management Fees received by the Adviser. Accordingly, the Adviser is not currently realizing any profit from its management of the Fund; rather, the Adviser is required to pay out of its own assets a portion of the Fund's expenses ... This represents a significant burden to the Adviser and its financial resources ... negatively affects the financial viability of the Adviser and its continued ability to fulfill its obligations to the Fund under the Expense Limitation Agreement and the Fund's management contract with the Adviser.'
- Annual report fiscal 2026, Note 3: 'For the year ended March 31, 2026, the Fund accrued $394,666 in investment management fees' and 'the Adviser waived and/or reimbursed expenses totaling $575,124 that are subject to recoupment'; recoupable by March 31, 2027 $950,506, 2028 $906,325, 2029 $575,124.
- Annual report fiscal 2026, statement of operations: interest income $86,959; expenses $1,455,241 (management $394,666, marketing $171,204, fund accounting and administration $124,589, audit and tax $123,000, insurance $106,375, transaction $99,163, investor compliance $69,300, chief compliance officer $65,000, legal $59,633, trustees $50,000, transfer agent $43,170, chief financial officer $40,000, shareholder reporting $32,236, custody $30,891, registration $24,036, miscellaneous $21,978); waiver ($575,124); net expenses $880,117; net investment loss ($793,158).
- Annual report fiscal 2025, statement of operations: management $367,479; marketing $303,713; transfer agent $178,205; audit and tax $130,000; insurance $128,894; fund accounting $120,798; legal $112,425; total expenses $1,773,575; waiver $906,325.
- Financial highlights (fiscal 2026 report): ratios of expenses to average net assets, gross 9.22% (2026), 12.06% (2025), 13.10% (2024), 30.02% (2023, annualized); net 5.57%, 5.90%, 5.00%; net assets end of period $16,610, $15,736, $14,226, $11,847 (thousands); net investment loss per share ($1.18), ($1.10), ($0.74), $0.29.
- Repurchase results, fiscal 2023 to 2026: February 2023, 20,430 shares at $20.38, 3.53%; August 2023, 32,269 at $21.27, and February 2024, 33,773 at $21.02, each 5.00% with tenders 'exceeded 5.00%, but less than 5.01%'; August 2024, 34,302 at $21.97, and February 2025, 34,203 at $22.04, tenders under 5.05%; August 2025, 34,449 at $23.76 ($818,511), and February 2026, 35,820 at $22.75 ($814,886), tenders under 5.07%; 'repurchases were made on a pro-rata basis.'
- Prospectus 2026-07-29: 'Although the Fund makes semiannual offers to repurchase its Shares (each such offer expected to be limited to no more than 5% of the Fund's outstanding Shares), in the past certain of these offers have been oversubscribed'; 'There is no public market for Fund Shares and none is expected to develop.'
- Repurchase notice 2026-07-28: 'As of July 21, 2026, the NAV per share of the Fund's shares was $23.97 per share'; audited NAV at 2026-03-31 $24.27; repurchase pricing NAV at 2026-02-27 $22.75. Semiannual reports (N-CSRS): NAV $20.07 and net assets $9,582,000 at 2022-09-30 (six-month return 0.35%, net expense ratio 0.00% while the parent bore expenses); $21.15 and $13,168,137 at 2023-09-30 (2.57%; gross 12.18%, net 4.05%); $21.88 and $14,262,522 at 2024-09-30 ((0.68)%); $23.54 and $15,350,428 at 2025-09-30 ((2.65)%; sales of investments $1,870,106 and a $275,000 realized gain in the half).
- Schedule of investments 2026-03-31: total investments cost $12,348,754, fair value $16,661,935 (100.3% of net assets); equity in portfolio companies cost $6,600,047, value $10,466,109; Drupely, Inc. dba Graza Series A-3 Preferred, 210,999 shares, $2,030,582; Kalshi (HII Kalshi-02, a Series of HII Kalshi-A, LLC) $1,103,232; IsoTalent $971,712; IQ Bar $924,281; After Services $594,762 and $529,943; Line Financial SAFE $600,000; Wyndly Health SAFE $575,000; Frances Valentine $550,000; The Last Gameboard SAFE $0; warrants cost $400,000 value $123,602; Goldman Sachs Financial Square Government Fund $684,658.
- Semiannual report 2022-12-05: Drupely, Inc. dba Graza carried at $200,000 (cost); annual report fiscal 2025 letter: 'In a milestone moment for the Fund, Graza Olive Oil's most recent fundraising round lifted the po[sition]'.
- Board memorandum (fiscal 2026 report): 'the Fund's contractual management fee (before any waivers or expense reimbursements) of 2.50% was higher than the contractual management fees charged by all but one of the six peer group funds'; 'Because the Fund is the Adviser's only advisory client for which it receives compensation'; 'the Subadviser was not retaining any subadvisory fees from the Fund that it hadn't offset by paying Fund expenses'; the adviser and sub-adviser represented that none of the fund's marketing spend 'are retained by the Adviser, the Subadviser, or their respective personnel'.
- Proxy 2024-08-07: 'I am asking for your vote to approve a new sub-advisory contract on behalf of the Sweater Cashmere Fund ... a new sub-advisory agreement between the Fund's adviser, Sweater Industries LLC (the Adviser), and Forma Cashmere LLC (Forma), the proposed subadviser to the Fund.'
- Annual report fiscal 2023, ownership disclosure: 'Sweater Inc., the Adviser's parent company, provided the initial $100,000 in seed capital to the Fund'; prospectuses of 2023, 2024 and 2026: 'the Fund does not know of any control persons of the Fund' (25% or more).
- Jetstream Venture Fund N-CSR 2026-06-09, financial highlights: NAV $20.00 to $19.85; total return (0.75)% not annualized; net assets $1,165,385; gross expenses 116.01% annualized, 93.61% excluding organizational and offering costs; net 4.89%.
- Sweater Inc Form C-AR filed 2023-05-02 (FY2022, audited by TaxDrop LLC): revenues none; operating expenses $6,684,347 (salaries and wages $4,241,660, marketing and advertising $1,002,526, professional services - fund expenses $500,876); net loss $6,643,111 (2021: $2,274,270); cash $4,664,860; total assets $7,793,923; financing inflows $12,612,063; 'The company currently has 15 full time employees and one part time employee'; 'Sweater will not be bearing the total operating expenses of the fund for FY2023.'
- Sweater Inc Form C-AR filed 2024-04-25 (FY2023, audited by TaxDrop LLC): management fees $269,970 and other income $38,128 (form-data revenue $308,098); operating expenses $5,916,042 (salaries and wages $3,788,348, marketing $447,306, professional services $408,787, rent $374,199, fund expenses $265,133); net loss $5,607,945; cash $701,556; total assets $4,119,272; total liabilities $742,910; 31 employees. Note 1: 'These matters raise substantial doubt about the Company's ability to continue as a going concern ... Management plans to secure additional funding through a crowdfunding campaign ... Inability to secure short-term capital could lead to cessation of operations.' Note 3: 'Sweater is obligated to cover any expenses incurred by the Fund that exceed 5.9% of the Fund's Assets Under Management ... As of December 31, 2023, the Company has a related party receivable of $2,524,230 representing these expense advances ... The recoverability of this receivable is contingent on the future performance of the Fund.'
- Sweater Inc Form C/A filed 2024-04-25: 'Issuer is extending campaign end date to July 1st, 2024'; Series Seed II Preferred; $35.50 per share; target $14,981; maximum $1,086,761.50; StartEngine Capital, LLC, compensation '7 - 13 percent' plus 'Three percent (3%) of securities of the total amount of investments raised'.
- Form ADV Part 1, 2026-03-31: 7 employees (Item 5.A), 2 performing advisory functions, regulatory assets under management $16,149,770 across 2 accounts, 1 registered investment company, 1 private fund (venture capital, $236,000 gross assets), no Item 11 disclosures, books and records at 410 Terry Avenue North, Seattle.
- thecashmerefund.com/about: 'Twice a year, in February and August, we offer to repurchase up to 5% of the Fund's outstanding shares at the current NAV'; '$500 Minimum Investment', 'No Accreditation Required'; podcast page: 'SoFi receives compensation from the sale of these funds.'
- sweaterventures.com: home footer 'This is a Medium Rare template powered by Webflow'; our-story 'Hero copy line that can be up to two lines long'; /team/jesse-randall lorem ipsum biography; /lp/jkr: '"Sweater is the best thing ever to exist in the history of the world" - Jesse Randall'; home: 'Amplifi Collective ... Currently in SEC registration process. Coming soon - A Fifth Fund.'
- thecashmerefund.com, Josh Allen post: 'the newest investor in The Cashmere Fund, (Ticker: CSHMX) and partnering with the Fund's subadviser, Cashmere LLC'; disclosures on the Damar Hamlin, Jenna Lyons and Eric Wood pages read 'Paid partnership'; team page lists Mary Owen, Bruce Popko and Josh Feine as 'also a General Partner at Forma Capital' or a Forma co-founder.
- Legal and reputational scan, 2026-09-24: no SEC litigation release, administrative proceeding or press release names any Sweater entity or principal; Form ADV Item 11 clean; CourtListener returns no docket with a Sweater entity as a party; Colorado Division of Securities releases contain nothing; no Reddit, Bogleheads or X complaint thread surfaced; one third-party review site rates the fund 0.5 of 5 on fees.

**Primary source pages**

- Form 486BPOS, Cashmere Fund, filed 2026-07-29 (accession 0001213900-26-082910): fee table, expense example, expense limitation agreement through 2027-07-29, sub-advisory fee schedule, adviser viability risk factor, repurchase terms, control persons
- Form N-CSR, Cashmere Fund, fiscal year ended 2026-03-31, filed 2026-06-08 (accession 0001213900-26-066260): shareholder letter, average annual total returns, schedule of investments, statement of operations, financial highlights 2023 to 2026, Note 3 (fees and recoupment), Note 4 (repurchase results), board renewal memorandum
- Form N-CSR, fiscal 2025 (0001213900-25-051948), fiscal 2024 (0001213900-24-051058), fiscal 2023 (0001213900-23-047510): expense line items, repurchase results, Graza carrying values
- Form N-CSRS, semiannual reports of 2022-12-05, 2023-12-07, 2024-12-09 and 2025-12-08: interim Graza marks and holdings
- Form N-23C3A repurchase offers, 2023-01-27 through 2026-07-28: offer terms, NAVs on notice dates ($23.97 at 2026-07-21)
- Form DEF 14A, filed 2024-08-07 (accession 0001213900-24-066093): special meeting to approve the sub-advisory agreement with Forma Cashmere LLC
- Form N-2, filed 2021-07-01, and CORRESP letters of 2021-10-25, 2022-03-11 and 2022-04-05: registration history; EFFECT 2022-04-11
- SEC XBRL company facts, CIK 1868950: cef taxonomy fee table and us-gaap NetAssetValuePerShare 2023 to 2026
- Form N-CSR, Jetstream Venture Fund, filed 2026-06-09 (accession 0001398344-26-010624), and N-2/A filings of 2025-03-06, 2025-08-08 and 2025-09-02
- Form N-2 and N-2/A, Champion Fund (2025-01-17 to 2026-03-19), EFFECT 2026-03-24, the April 1, 2026 prospectus (management fee 2.90%, sub-advisory 1.5% to 1.9%, estimated total expenses 5.75%, waiver 0.85%, net 4.90%, cap through 2027-04-01) and NPORT-P 2026-08-25; Form N-8A and N-2, Amplifi Collective Fund (2026-03-17 and 2026-03-23)
- Form C-AR, Sweater Inc, filed 2023-05-02 (FY2022 audited statements, TaxDrop LLC) and 2024-04-25 (FY2023: revenue $308,098, net loss $5,607,945, cash $701,556, total assets $4,119,272)
- Form C/A, Sweater Inc, filed 2024-04-25 (Series Seed II Preferred at $35.50, maximum $1,086,761.50, StartEngine Capital LLC intermediary)
- Form ADV Part 1, Sweater Industries LLC, CRD 317749, annual amendment 2026-03-31 (SEC IA roster, August 2026)
- sweaterventures.com (109 pages) and thecashmerefund.com (83 pages), captured 2026-09-24


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