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.
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What the data actually shows - TL;DR
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.
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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.
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.
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.
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.
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.
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.
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.
Quick Verdict
Is this platform right for you?
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.
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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.
Avoid 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.
Top 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.
Key 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.
Compare Before Deciding
Where Sweater fits against alternatives
Use these hooks to pressure-test whether this is the right platform, or whether a nearby alternative matches the job better.
How this compares to Fundrise Review
Fundrise Review
Operator of the Innovation Fund, a far larger registered venture vehicle for non-accredited investors, for a scale and fee comparison.
How this compares to Moonfare Review
Moonfare Review
Feeder access to institutional private-equity and venture funds for accredited investors; the product Sweater's registered wrapper replaces at $500.
How this compares to Republic Review
Republic Review
Regulation Crowdfunding's route into early-stage companies, one issuer at a time, without a fund, a NAV or a redemption right.
Quick Answers
What most investors want to know first
The highest-signal facts first: minimums, liquidity reality, K-1 timing, and whether distributions are actually part of the experience.
Liquidity
There is none, and the interval structure is the substitute. The offer is 5% of the whole fund, not of each position: because tenders have exceeded 5% by at most 0.07% of outstanding shares, a holder who tendered everything in any window since August 2023 had about 98.6% or more of it accepted. What the record does not show is a rush; if holders of 20% or 30% of the fund tendered together, each would receive a fraction of their request and would wait for the next window.
K-1 Timing
Not applicable. Form 1099-DIV for the calendar year; no Schedule K-1.
Distributions
Declared at the adviser's discretion after the fiscal year; fiscal 2026's $0.39 per share came from net realized gains.
Overview
Platform Overview
A concise read on what the platform is, how the structure works, and where the practical friction shows up for real investors.
Sweater Industries LLC (Boulder, Colorado; SEC-registered adviser since January 3, 2022, CRD 317749) is the investment adviser to a family of registered closed-end interval funds sold to the public without an accreditation requirement: the Cashmere Fund (CIK 1868950, live since April 14, 2022, sub-advised by Forma Cashmere LLC dba Cashmere LLC), Jetstream Venture Fund (CIK 2041672, live since September 16, 2025, sub-advised by Xcellerant Ventures LLC), the Champion Fund (CIK 2051024, effective March 24, 2026 and offering from April 2026, sub-advised by Champion Venture Partners, the firm founded by former NFL receiver Marques Colston), and Amplifi Collective Fund (CIK 2115366, Amplifi Capital LLC), still in SEC registration. Sweater supplies the registration, compliance, valuation, board reporting and investor operations; an independent sub-adviser sources and manages each portfolio. Investors buy shares at NAV on any NYSE trading day through Sweater's web app, SoFi Invest or Apex Fintech-powered brokerages, $500 to start and $50 to add, and can only sell back to the fund in semiannual repurchase offers for 5% of outstanding shares. The adviser is wholly owned by Sweater Inc. (Delaware, incorporated October 28, 2019, CIK 1860541), which raised a $12 million seed round in 2022 and has sold its own stock to retail twice on Regulation Crowdfunding, in 2023 and 2024.
The parent bore the fund's first-year operating costs ($500,876 of 'Professional Services - Fund Expenses' in its 2022 accounts), and the fund's own gross expense ratio that first period was 30.02% annualized. Net assets grew from $11.8 million (March 2023) to $16.6 million (March 2026), roughly $5.1 million of shares were repurchased along the way, and the fund's investments stand at $16.7 million of fair value against $12.3 million of cost. Shareholders approved a new sub-adviser, Forma Cashmere LLC, at a special meeting called by the August 7, 2024 proxy, and the fund dropped 'Sweater' from its name. Sweater launched Jetstream Venture Fund in September 2025, the Champion Fund went effective on March 24, 2026 with a 2.90% management fee and a 4.90% cap, and Amplifi Collective Fund is in registration, each with an outside sponsor as sub-adviser.
Founded & Structure
Sweater Inc. (Delaware C corporation, incorporated October 28, 2019; 2000 Central Ave, Boulder, Colorado; CIK 1860541) wholly owns Sweater Industries LLC, the SEC-registered adviser (CRD 317749, SEC 801-122933, effective January 3, 2022). Founder and CEO Jesse Randall; co-founder Chad Lewkowski was president and chief investment officer until 2024. Funds are Delaware statutory trusts with independent trustees and Tait, Weller & Baker LLP as auditor. Administration is split: Cashmere's officers and administration come from Trailmark Fund Services, an outside firm, while Jetstream, Champion and Amplifi name Sweater Services Corps LLC, at the parent's Boulder address, as administrator, accounting agent and transfer agent.
Platform Scale
Form ADV (March 31, 2026): 7 employees, 2 investment adviser representatives, $16,149,770 of regulatory assets in two accounts, one registered fund and one private venture fund with $236,000 of gross assets. Cashmere Fund net assets $16,610,000 and 706,164 shares at fiscal year-end 2026; Jetstream $1,165,385 after its first six and a half months. Champion Fund effective March 24, 2026 with no financial highlights yet. Company-stated: '5000+ investors', '5 SEC-registered Funds currently under Sweater's advisory'.
Fee Structure
Cashmere Fund, July 29, 2026 fee table: management fee 2.50% of average daily NAV (of which 1.55% is paid by the adviser to the sub-adviser on the first $50 million), marketing 1.08%, other expenses 5.64%, acquired fund fees 0.10%; total 9.32%; waiver 4.37%; net 4.95%. Expense cap 4.85% through July 29, 2027 (5.90% before December 11, 2025), waivers recoupable for three years. No sales load. Early repurchase fee 2.0% on shares held 185 days or less, 1.5% to day 365, 0.5% to day 545, none after.
Investor Terms
Shares sold continuously at NAV to any US investor; $500 minimum, $50 additions, purchases processed on NYSE trading days through the Sweater web app, SoFi Invest or Apex-powered brokerages. Semiannual repurchase offers in February and August for 5% of the fund's outstanding shares under Rule 23c-3, shared pro rata among tendering holders if oversubscribed. Form 1099-DIV. No secondary market.
Audit & Compliance
Tait, Weller & Baker LLP, Philadelphia, unmodified opinions on every annual report; independent trustees; Rule 23c-3 fundamental repurchase policy; N-CSR, N-CSRS, NPORT-P, N-CEN and N-PX on schedule since 2022. Form ADV Part 1: zero disclosure items. Legal scan (SEC, FINRA, Colorado, CourtListener, press): no enforcement action, litigation release, order, suit or complaint pattern found against any entity or principal.
Investor Operations
The practical questions investors actually care about: when tax documents arrive, how cash distributions work, and whether capital can be exited before the underlying asset is sold.
Tax Documents
K-1 Timing
What to expect
Not applicable. Form 1099-DIV for the calendar year; no Schedule K-1.
Cash Flow
Distributions
Frequency
Annual, when the fund has net income or realized gains to distribute as a regulated investment company.
Timing
Declared at the adviser's discretion after the fiscal year; fiscal 2026's $0.39 per share came from net realized gains.
Consistency
Four fiscal years: $0.05 (2023 short period, from net income), $0.04 (2024, from net income), none (2025), $0.39 (2026, from realized gains). Distributions are not the return; NAV appreciation is.
Liquidity
Exit Reality
Holding period
None formally, but shares cannot be sold except to the fund, and the fund buys only 5% of its outstanding shares twice a year, shared among all tendering holders. A declining fee applies: 2.0% through day 185, 1.5% to day 365, 0.5% to day 545.
Exit options
- Tender into the February or August repurchase offer; receive NAV on the pricing date, prorated if the offer is oversubscribed (every offer since August 2023 has been).
- No secondary market exists; the prospectus states 'no public market for Fund Shares' and 'none is expected to develop'.
- The fund may increase an offer by up to 2% of outstanding shares at its discretion; it has not done so in eight offers.
- Death or disability provisions in the prospectus waive the early repurchase fee but not the 5% limit.
Secondary market
There is none, and the interval structure is the substitute. The offer is 5% of the whole fund, not of each position: because tenders have exceeded 5% by at most 0.07% of outstanding shares, a holder who tendered everything in any window since August 2023 had about 98.6% or more of it accepted. What the record does not show is a rush; if holders of 20% or 30% of the fund tendered together, each would receive a fraction of their request and would wait for the next window.
Investment Structures
The Cashmere Fund (SWTRX / CSHMX), live
Interval fund operating since April 14, 2022. Thirty-three positions at March 31, 2026: 63.1% direct preferred and common equity in 22 companies, 16.4% SAFEs in nine, 11.5% in five portfolio funds (including a Kalshi SPV at $1,103,232 and a Y Combinator access fund), 4.5% convertible notes (Mad Rabbit 8%, Cabinet Health 4.55%), 0.7% warrants and 4.1% cash. $500 minimum, $50 additions, purchases at NAV daily, semiannual repurchase offers for 5% of the fund. 2.50% management fee, 4.95% net expenses after the cap.
Jetstream Venture Fund (JVF), live
Interval fund that commenced operations September 16, 2025, sub-advised by Xcellerant Ventures LLC for early and seed-stage health tech, med tech and biotech. Fee table (prospectus dated September 12, 2025): management 2.90% of average daily NAV, of which 1.90% goes to Xcellerant, estimated other expenses 2.35%, acquired fund fees 0.50%, 5.75% total, waiver 0.85%, 4.90% net under a 4.90% cap; 2.00% early repurchase fee. First reports: NAV $19.99 and net assets $155,950 at September 30, 2025 (two weeks in); NAV $19.85, total return (0.75)%, net assets $1,165,385, gross expense ratio 116.01% annualized (93.61% excluding organizational and offering costs) and 4.89% net at March 31, 2026, 0% turnover.
The Champion Fund (CVP), live since April 2026
Interval fund declared effective March 24, 2026 (prospectus dated April 1, 2026), sub-advised by Champion Venture Partners, founded by Marques Colston; sports media, technology, ventures, clubs and real estate per Sweater's site. Same mechanics as Cashmere ($500 and $50 minimums, 5% semiannual repurchases, 2.00% early repurchase fee) with a higher fee: management 2.90% of average daily NAV (of which 1.5% to 1.9% goes to the sub-adviser), estimated other expenses 2.35%, acquired fund fees 0.50%, 5.75% total, waiver 0.85%, 4.90% net under a cap that runs through April 1, 2027. No financial highlights yet; its first holdings report (NPORT-P) was filed August 25, 2026.
Amplifi Collective Fund, in registration
Filed Form N-8A on March 17, 2026 and Form N-2 on March 23, 2026 with Amplifi Capital LLC as sub-adviser; not effective at the date of this review, and Sweater's site lists it as 'Currently in SEC registration process'. A 'fifth fund' is listed as 'coming soon'. Neither can sell shares until the SEC declares its registration effective.
Parent-level stock (a different security)
Sweater Inc. sold SAFEs to the public on Regulation Crowdfunding in 2023 and Series Seed II Preferred at $35.50 a share on StartEngine in 2024. Those are claims on the loss-making parent, not on any fund, and are reviewed here only as evidence of the sponsor's finances.
Risk
Risk Structure
This is where the marketplace pitch gives way to the actual operating reality: delayed exits, limited disclosure, fee drag, and path-dependent outcomes.
Expense drag on a small fund
Total expenses were $1,455,241 in fiscal 2026 on average net assets near $15.8 million: 9.22% gross. The cap holds the shareholder's cost to 4.85% plus excluded items, which produced a 5.57% net ratio. Against the fund's 5.56% annualized shareholder return, a rough pre-expense decomposition suggests expenses have consumed a share of the same order as what shareholders kept; the prospectus's own expense example charges $742 on a $1,000 investment over ten years at an assumed 5% return, with only the first year reflecting the waiver.
The expense cap has a counterparty
The waiver is a contract with a seven-person adviser that the fiscal 2026 board memorandum describes as having the fund as its only advisory client for which it receives compensation (Jetstream, which pays the same adviser under its own cap, launched during that fiscal year), and whose parent last reported $701,556 of cash against a $5.6 million annual loss. The prospectus states the adviser 'is required to pay out of its own assets a portion of the Fund's expenses' and that its lack of profitability 'negatively affects the financial viability of the Adviser and its continued ability to fulfill its obligations'. The parent's 2023 audited statements carry a going-concern paragraph and book the advances as a $2,524,230 receivable whose recovery is 'contingent on the future performance of the Fund'. If the cap lapses, the shareholder pays the gross ratio.
Recoupment overhang
$2,431,955 of waivers and reimbursements are potentially recoupable within three years, but only to the extent repayment keeps expenses under the cap in force at the time of the waiver or at the time of repayment, whichever is lower; that balance is 14.6% of net assets. Growth in assets would lower the gross ratio and open room for repayment, so the net expense ratio is unlikely to fall much below the cap for years even if the fund scales.
Repurchase capacity
Each offer is for 5% of the fund's outstanding shares, shared pro rata among everyone who tenders. Six consecutive offers have been oversubscribed by 0.01% to 0.07% of outstanding shares, so tendering holders have received about 98.6% or more of what they asked for. That is the record under normal demand; there is no assurance it would provide comparable liquidity if a large share of holders sought to exit at once, when the same 5% of the fund would be prorated heavily. A 2.0% fee applies to shares held 185 days or less, 1.5% to day 365, 0.5% to day 545, none after.
Concentration and Level 3 marks
Graza is 12.2% of net assets at a fair value 10.2 times cost; Kalshi via an SPV is 6.6%; the top five positions are roughly a third of the fund. Nearly everything is Level 3, valued by the adviser under board-approved procedures. The audited NAV rose 6.7% in the final month of fiscal 2026 and fell 1.2% by the next repurchase notice; the filings do not attribute either move.
Marketing paid by shareholders, promoters paid by someone
The fund bears a marketing line of 1.08% of net assets ($171,204 in fiscal 2026, $303,713 in fiscal 2025), reviewed quarterly by the board. The fund site labels its athlete and designer partnerships as paid. Both facts are disclosed; the recipients and amounts are not.
Sponsor turnover and dependence
The portfolio was run in-house until the 2024 sub-adviser vote, the chief investment officer left in December 2024, the app was replaced by a web app, Sweater Inc. reported 31 employees in April 2024 while the adviser reported seven on its March 2026 Form ADV, and the company now markets fund infrastructure to third-party sponsors. Each new fund (Jetstream at 116% gross expenses in its first period; Champion at a 2.90% management fee under a 4.90% cap) repeats the Cashmere subsidy problem at a smaller size.
ASRisk signals to watch
- The August 2026 repurchase result in the December 2026 semiannual report: fill percentage, tendered percentage and NAV, and whether the fund exercised its option to buy more than 5%.
- Renewal of the expense limitation agreement before July 29, 2027, and any change to the 4.85% cap; a higher cap or a lapse changes the product.
- Fiscal 2027 net assets and the gross expense ratio: the subsidy shrinks only if assets grow, and recoupment starts if expenses fall under the cap.
- Any realization of the Graza position and the price relative to the $2,030,582 mark; any write-down of the Kalshi SPV or the Y Combinator access fund.
- Sweater Inc's next Regulation Crowdfunding annual report (its FY2024 and FY2025 financials are not on EDGAR) and the adviser's Form ADV headcount and assets.
- Champion's first semiannual report (period to September 30, 2026) for its net assets and gross expense ratio, effectiveness of the Amplifi registration, and whether the sponsors bring capital or only audiences.
- Any change to the sub-advisory agreement with Forma Cashmere LLC, which shareholders approved in 2024, or to the fund's name and ticker.
Regulatory & Legal Posture
Security Status
Shares of registered closed-end management investment companies operating as interval funds under Rule 23c-3 of the Investment Company Act of 1940, offered continuously under Rule 415 of the Securities Act on Form N-2. The adviser and sub-advisers are registered under the Investment Advisers Act. No exemption from registration is relied on at the fund level.
The Cashmere Fund's N-2 was declared effective April 11, 2022 (accession 9999999995-22-000910); post-effective amendments were filed each July from 2022 to 2026; annual reports on N-CSR and holdings on NPORT-P are on EDGAR every year; the fund adopted a fundamental policy to make semiannual repurchase offers, which only a shareholder vote can change.
- The fund may invest no more than 15% of net assets in private funds relying on Sections 3(c)(1) or 3(c)(7); at March 31, 2026 portfolio funds were 11.5% of net assets.
- Rule 23c-3 requires the fund to offer to repurchase between 5% and 25% of its shares at each interval; the fund's policy is the 5% floor, and it may repurchase up to an additional 2% at its discretion, which it has not done in any offer on record.
- The fund intends to qualify as a regulated investment company under Subchapter M, which requires distributing substantially all net income and gains; distributions have been $0.05 (fiscal 2023 short period), $0.04 (fiscal 2024), none (fiscal 2025) and $0.39 from realized gains (fiscal 2026).
- Sweater Inc's own securities offerings are Regulation Crowdfunding (Form C, C/A, C-U and C-AR on file 2023 to 2024) and a 2022 Form D; none of those securities is a fund share.
Disclosure Quality
Excellent in the filings, absent on the sites. The prospectus states every fee, the cap, the recoupment right, the repurchase mechanics and the adviser's viability risk in plain language; the annual report prints the repurchase results, the schedule of investments and the board's fee reasoning. The marketing states no fee, no NAV history and no net assets, and its two performance claims ('10x', '28.4% over the Venture Index') are not the fund's audited return.
Custody Model
Investor money buys shares of the fund; the fund's cash and securities are held by an independent custodian named in the prospectus, and, for Cashmere, its records by an independent transfer agent and its officers are employees of Trailmark Fund Services. The three newer funds use Sweater Services Corps LLC, an in-house entity, for administration, fund accounting and transfer agency, so for those funds the shareholder register and the books sit with the sponsor's own affiliate rather than a third party. Sweater Industries does not hold client assets; its Form ADV reports books and records at a cloud provider's Seattle address.
Regulatory Backing
Investment Company Act custody, valuation, board-independence and affiliated-transaction rules; annual audit by a PCAOB-registered firm; Rule 23c-3 repurchase obligations; Advisers Act fiduciary and compliance obligations on the adviser and sub-advisers.
Tax Treatment
Reporting
Form 1099-DIV
The fund reports as a regulated investment company; shareholders receive a Form 1099-DIV for the calendar year. No Schedule K-1 is issued and no state partnership filings arise from holding fund shares.
Income Character
Capital gain distributions and, rarely, ordinary dividends
The fund runs a net investment loss every year (interest income of $86,959 against $880,117 of net expenses in fiscal 2026), so ordinary dividends have been small or nil. Distributions to date have been $0.04 and $0.05 from net income in the first two periods and $0.39 from net realized gains in fiscal 2026 after the Trellis and SweatPals exits.
Limitation
Fund-level expenses are not deductible by the shareholder. Repurchases generally receive sale-or-exchange treatment, subject to the applicable tax rules and the shareholder's circumstances; the early repurchase fee is paid to the fund and reduces proceeds.
Special Considerations
- Most of the return has been unrealized appreciation inside the fund; a shareholder is taxed only on distributions and on sale, which for a RIC means the deferral is real until the fund sells positions and distributes gains.
- Semiannual repurchases price at the NAV on the repurchase pricing date, not the tender date; basis is the purchase NAV.
- The fund may pay distributions from sources unrelated to performance, including offering proceeds, per the prospectus cover; those would be return of capital.
- AltStreet is not a tax adviser. Confirm the character of any distribution with the 1099-DIV and your own adviser.
Account Suitability
Taxable
The natural home. A 1099-DIV, deferred gains and small distributions make the tax work minimal; the cost is the expense ratio, not the tax.
Roth IRA
Possible where a custodian will hold an unlisted interval fund (the SoFi and Apex channels may make this practical), and the long-deferral profile suits a Roth. The illiquidity and the 5% windows do not change inside an IRA.
Traditional IRA
Same mechanics as the Roth; a required minimum distribution cannot be met from a holding that can only be sold twice a year subject to fund-wide capacity, so hold it alongside liquid assets.
HSA
Not appropriate. An HSA should hold liquid assets against near-term medical costs; this holding can only be sold to the fund twice a year, subject to fund-wide capacity.
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AltStreet Data Layer
What the data actually shows
Four audited years of one small registered fund, read line by line. The pattern is a wrapper that delivers everything it promises on disclosure and redemptions, wrapped around costs that a $16.6 million fund cannot carry, an adviser that pays the difference at a loss it discloses, and a return that trails the comparison index its annual report presents.
The fund paid its manager less than nothing in fiscal 2026
Management fees accrued were $394,666 (2.50% of average net assets); the adviser waived fees and reimbursed expenses of $575,124 under the cap. Net of the sub-advisory fee it owes Forma (1.55%, roughly $245,000), Sweater's own economics from the fund the fiscal 2026 board memorandum calls 'the Adviser's only advisory client for which it receives compensation' were negative by more than $400,000 before its own payroll.
What this means
The adviser's incentive is growth in assets at almost any cost, which is consistent with a fund that spends 1.08% of net assets on marketing and pays celebrity partners. The shareholder's protection is the cap; the cap's protection is the adviser's balance sheet.
Potentially recoupable waivers equal 14.6% of the fund
$950,506 potentially recoupable by March 2027, $906,325 by March 2028, $575,124 by March 2029: $2,431,955 against $16.61 million of net assets. Recoupment is permitted only to the extent it keeps expenses under the cap in force at the time of the waiver or at the time of repayment, whichever is lower; it is not an unconditional payable.
What this means
If assets grow and the gross ratio falls below 4.85%, the first beneficiary is the adviser, not the shareholder; the net expense ratio has a floor near the cap for as long as the recoupment balance lasts.
Six consecutive repurchase offers filled at exactly 5.00%
Tenders exceeded the 5% offer in every window from August 2023 to February 2026 by up to 0.07% of outstanding shares, and each was prorated: 32,269, 33,773, 34,302, 34,203, 34,449 and 35,820 shares, $686,459 to $818,511 apiece. The February 2023 offer, the first, filled 3.53% because fewer shares were tendered.
What this means
The redemption right works and it is fully used at today's demand: a holder who tendered everything received about 98.6% to 99.8% of it. The fund has never exercised its option to buy an extra 2%, and the record says nothing about how the 5% capacity would be shared in a window where a large share of holders asked out together.
Against the comparison index in its annual report, the fund trails slightly
Since inception (April 13, 2022 to March 31, 2026): fund 5.56% annualized, S&P SmallCap 600 5.88%. Fiscal 2026: fund 2.06%, index 20.50%. Fiscal 2025 (9.76%) and fiscal 2024 (7.23%) were the fund's best years. Cumulative 23.94%.
What this means
The site's '28.4% over the Venture Index' compares to a private benchmark as of 2024; the fund's own annual report compares to a public small-cap index and shows no premium after fees against it. The two answer different questions and neither disproves the other; on the evidence filed, the case for the fund is exposure and diversification rather than outperformance.
One olive-oil brand is 12.2% of net assets at 10.2 times cost
Drupely, Inc. dba Graza: 210,999 Series A-3 preferred shares, carried at $200,000 in December 2022, $569,400 in September 2023, $692,056 in September 2024, $1,971,594 in March 2025 and $2,030,582 in March 2026. The next four positions (Kalshi SPV $1,103,232; IsoTalent $971,712; IQ Bar $924,281; After Services $1,124,705 across two series) bring the top five to about 37% of net assets.
What this means
The fund's cumulative return and its marketing lean on a single unrealized Level 3 mark tied to a private round. Underwrite the fund at what a sale of that position would fetch, not at the mark, and expect the NAV to move when it is tested.
NAV rose 6.7% in the last month of the fiscal year and gave back 1.2% by July
Semiannual NAV September 30, 2025: $23.54, with a six-month total return of (2.65)%. Repurchase pricing NAV February 27, 2026: $22.75. Audited NAV March 31, 2026: $24.27, closing the fiscal year at +2.06%, so the whole year's gain and more came after February.
Repurchase notice NAV July 21, 2026: $23.97. The shareholder letter attributes fiscal 2026 to 'portfolio exits, valuation increases resulting from follow-on financings, continued operating progress ... and mark-to-market valuation updates' without naming positions or dates.
What this means
Shareholders who tendered in February 2026 sold at $22.75 five weeks before a $24.27 audited mark. Interval-fund holders should know that the NAV they get is the NAV on the pricing date, and that year-end marks on Level 3 books can move it.
Shareholders pay for the marketing; the promoters are paid
Fee table: marketing 1.08% of net assets. Statement of operations: $171,204 (fiscal 2026), $303,713 (fiscal 2025), the second-largest expense line in fiscal 2025 after the management fee. The fund site labels the Josh Allen, Damar Hamlin, Jenna Lyons and Eric Wood relationships 'Paid partnership' and calls the same people 'Partner & Investor'.
What this means
A registered fund paying for its own distribution out of shareholder assets is legal and disclosed; the amounts going to named promoters are not. Read the marketing as marketing.
The second fund started where the first did: over 100% gross expenses
Jetstream Venture Fund, September 16, 2025 to March 31, 2026: $1,165,385 of net assets, gross expense ratio 116.01% annualized (93.61% excluding organizational and offering costs), net 4.89% after recoupable waivers, NAV $19.85 from $20.00. The Cashmere Fund's first period ran 30.02% gross on $11.8 million.
What this means
Every fund Sweater launches for a partner restarts the subsidy at a smaller size, with the same adviser as counterparty. Champion went effective in March 2026 at a 2.90% management fee and a 4.90% cap; Amplifi is in registration. The partner program's economics depend on the same growth Sweater has not yet found for its flagship, from a parent whose 2023 audit carries substantial doubt.
The sponsor's last filed numbers are two years old and small
Sweater Inc, FY2023 (Form C-AR, April 2024): revenue $308,098, net loss $5,607,945, cash $701,556, total assets $4,119,272, 31 employees. FY2022: net loss $6,643,111, cash $4,664,860, after a $12.6 million financing year. Form ADV, March 2026: 7 employees at the adviser. No FY2024 or FY2025 financial statements are on EDGAR.
What this means
The expense cap's counterparty was burning about $5.6 million a year on $700,000 of cash at last report, carried a going-concern paragraph, and booked its advances to the fund as a $2,524,230 receivable that was 61% of its assets; the adviser's March 2026 Form ADV reports seven employees against the 31 the parent reported in April 2024, a different entity and population but the same direction. The 2024 StartEngine round (the 'crowdfunding campaign' management planned) and the sub-adviser transfer of portfolio management are consistent with that. The fund's board 'considered ... the Adviser's ... capitalization and ability to continue to meet their respective financial obligations to the Fund' and renewed the contract.
Neither site states a single fee
Across 192 captured pages, no management fee, expense ratio, expense cap, waiver, recoupment, sales load or repurchase fee is stated. The stated economics are the $500 minimum, $50 additions, purchases at NAV and the February and August repurchase windows. The prospectus, one click from the fund site's footer, states all of them.
What this means
The fee is 9.32% gross and 4.95% net. Investors who buy from the site without opening the prospectus do not know that, and the site's asterisked stat strip ('$7.5B*', '$1b*') has no footnote to send them there.
Data as of 2026-09-24 . AltStreet review evidence layer . Public-source analysis
Full datasetDecision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Non-accredited investors who want a small, audited allocation to early-stage venture
This is the product Sweater built and it exists almost nowhere else at $500: a registered fund with audited marks, a daily NAV, a filed fee table and a redemption policy that has paid. Size the allocation to money you can leave through a window in which the fund-wide 5% capacity is heavily prorated, and treat the 5% net expense ratio as the price of the wrapper.
Investors comparing this to a venture index or a listed small-cap fund
The fund has returned 5.56% a year since inception against 5.88% for the S&P SmallCap 600 comparison its annual report presents, with the marks mostly untested by sales. The case for it is diversification into private early-stage equity, not outperformance; the site's venture-index claim is a different comparison that the filings neither support nor test.
Anyone who may need the money within five years
Twice-yearly windows for 5% of the fund, every one oversubscribed since 2023, a declining fee for 18 months, no secondary market and a prospectus that says to expect none. Under the demand seen so far a full tender has been almost fully accepted; under a rush it would not be, and there is no other way out.
Investors who want their fees to buy management
Of the 4.95% net, only 2.50% is the management fee and the adviser gives most of that back; the rest is the cost of running a $16.6 million registered fund. You are paying for audit, administration, compliance, insurance, trustees and marketing at small-fund scale, and the marketing line alone is more than 1% of assets.
Fans of the sponsor's athletes and designers
The partnerships are disclosed as paid and the partners are investors in the fund; the portfolio is chosen by Forma Cashmere LLC under a sub-advisory agreement shareholders approved. Buy the portfolio, not the roster, and read the schedule of investments first.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Disclosure
Two web sites that state no fee, a stat strip with unexplained asterisks, a '10x' on an unrealized mark, and template text still live on the page that asks for the money.
Fees
9.32% gross, 4.95% net, 5.57% actual, a marketing line the fund pays, and $2.43 million of potentially recoupable waivers that would be repaid before the ratio can fall.
Liquidity
Capacity is 5% of the fund per window, shared among all tendering holders: prorated six times running under light demand, untested under heavy demand, with a declining fee for 18 months and no other market.
Track record
A 2.06% latest year against a 20.50% year for the comparison index in its annual report, a NAV that moved 6.7% in the fiscal year's last month without attribution, and one mark that is 12% of the fund.
Sponsor
Seven employees, one paying client, a parent that lost $12 million in two years, with $701,556 of cash, a going-concern paragraph and a $2.5 million receivable from the fund at last report, a departed CIO, a retired app, and a prospectus that names the adviser's viability as a risk.
Avoid
Who This Is Not For
This section should be read as a filter, not an afterthought. If you need income, simplicity, or near-term access to capital, the structure is working against you.
Anyone who reads the sites and not the prospectus
The sites state no fee, no NAV history and no net assets; the prospectus states 9.32% gross, 4.95% net and an expense subsidy it says negatively affects the adviser's financial viability.
Investors who need liquidity on their own schedule
Two windows a year for 5% of the fund, shared among all tendering holders and prorated every time since 2023, with a declining fee for 18 months and no secondary market.
Anyone underwriting the '10x' as the fund's return
Graza is 12.2% of net assets at an unrealized mark; the fund's audited return is 5.56% a year since 2022 and 2.06% in the latest fiscal year.
Investors who want the sponsor's balance sheet behind the expense cap
The cap is a promise from a seven-person adviser whose parent last reported $701,556 of cash; the prospectus says the obligation is 'a significant burden to the Adviser and its financial resources', and the parent's 2023 audit carries substantial doubt about its ability to continue as a going concern.
Buyers of Jetstream, Champion or Amplifi expecting Cashmere's economics
Jetstream ran a 116% gross expense ratio in its first period on $1.17 million of net assets, Champion opened in April 2026 at a 2.90% management fee, and Amplifi is not yet effective; each new fund restarts the subsidy at a smaller size.
Editorial View
AltStreet Perspective
The compressed version of the review: what matters, what marketing tends to obscure, and how we would frame the platform for a serious allocator.
Verdict
The right structure at the wrong size. Sweater's registered-fund wrapper is what retail venture access should look like, and the fund has behaved as its prospectus promised for four years. But the same filings show that a $16.6 million interval fund costs its shareholders 5% a year and its adviser more than that, and that the adviser is a small, loss-making company whose promise to keep paying is the thing holding the expense ratio down. Until the fund complex is several times larger, the product is an expensive, honest bet on early-stage marks.
Positioning
Closest in structure to the Fundrise Innovation Fund (a much larger registered venture vehicle with a lower fee) and to the Moonfare and iCapital feeder model in purpose, but sold to non-accredited investors at $500. Among Regulation A and Reg CF platforms on AltStreet's coverage, nothing offers audited marks, a daily NAV and a filed redemption record; among registered funds, few are this small or this expensive.
The Bottom Line
An audited, SEC-registered venture fund for $500 that has honored every redemption window and returned 5.6% a year, charging 5% a year for the privilege on a fund too small to pay its own way.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Open the July 29, 2026 prospectus (accession 0001213900-26-082910) and read the fee table and the expense example: 9.32% gross, 4.95% net, and $742 on a $1,000 investment over ten years at 5%, because only the first year of the example carries the waiver.
Read the 'Adviser's financial viability' risk factor on the same page as the expense limitation agreement; decide whether you are comfortable that the cap depends on a seven-person adviser.
Open the fiscal 2026 annual report (accession 0001213900-26-066260): the financial highlights table for four years of returns and expense ratios, the schedule of investments for the 33 positions and the Graza mark, and Note 3 for the $2,431,955 of potentially recoupable waivers and their expiry dates.
Check the repurchase results table in the same report: 5.00% filled, tenders over 5%, and the NAVs of $23.76 and $22.75. Then compare the March 31 NAV of $24.27 and the July 21 NAV of $23.97 in the repurchase notice.
If you are buying through SoFi or an Apex broker, confirm how repurchase requests are submitted through that channel and whether the broker adds any fee; the prospectus routes requests through Sweater's web app.
Size the position to money that can wait through a heavily prorated window, and time the purchase so the 18-month early repurchase fee schedule (2.0%, 1.5%, 0.5% by days held) has run before you might need to tender.
If what you want is the venture asset class with lower fees and larger scale, read the Fundrise review (Innovation Fund); if what you want is pre-IPO names with a secondary market, read the Forge Global and Clarity reviews.
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Deal Intelligence →Appendix
Sources, Disclosures, and Supporting Context
The lower section is structured like a report appendix: relationship context first, adjacent reading second, and evidence last.
Report Appendix
Disclosure
Relationship and compensation context
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Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
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Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
Further Reading
Related Resources
Adjacent frameworks and reviews that help place the platform in a broader allocation or due-diligence context.
Explore Asset Class
Venture Capital (registered interval fund shares)Similar Platform Reviews
- Fundrise Review
Operator of the Innovation Fund, a far larger registered venture vehicle for non-accredited investors, for a scale and fee comparison.
- Moonfare Review
Feeder access to institutional private-equity and venture funds for accredited investors; the product Sweater's registered wrapper replaces at $500.
- Republic Review
Regulation Crowdfunding's route into early-stage companies, one issuer at a time, without a fund, a NAV or a redemption right.
- Kalshi Review
The prediction-market operator that is the Cashmere Fund's second-largest position, held through an SPV at $1.1 million.
Report Appendix
Evidence & Methodology
687 cited passages on file; sources, scope, and how the review was assembled
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Report Appendix
Evidence & Methodology
687 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
687 supporting passages on file for Sweater and its offerings from 21 source documents, 58 discrepancies flagged. Each passage records the metric it supports, the value read from the document, the page, and the verbatim text where the document has it. Terminal subscribers read the passages; open them in the terminal.
- Cited passages
- 687
- Source documents
- 21
- Analyst verified
- 0
- Discrepancies flagged
- 58
ASReview Evidence
Methodology
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.
Scope
CIK 1868950 (Cashmere Fund, 92 filings 2021 to 2026), 1860541 (Sweater Inc, 13 filings), 2041672 (Jetstream Venture Fund, 17 filings), 2051024 (Champion Fund, 9, effective 2026-03-24), 2115366 (Amplifi Collective Fund, 2), 1923763 and 1923570 (Form 3 and 4 filings by the founders); CRD 317749 (Sweater Industries LLC).
Key Findings
- *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
Comparable Platforms
- Fundrise
Innovation Fund: a registered venture vehicle at many times the scale and a lower fee, for non-accredited investors.
- Moonfare
Feeder access to institutional funds for accredited investors, the product Sweater's public wrapper replaces at $500.
- Republic
Reg CF startup investing one issuer at a time, without a fund, a NAV, an audit or a redemption policy.
- Kalshi
The Cashmere Fund's second-largest holding, via an SPV, reviewed on its own terms.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
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
What's changed in this Sweater review
New data, new findings, corrections, and confirmations as they emerge. Most recent updates appear first.
- Correction
ADMINISTRATOR: independent (Trailmark) for Cashmere only; Jetstream, Champion and Amplifi administered, accounted and transfer-agented by Sweater Services Corps LLC, in-house. View section
- New data
Cashmere six months to 2024-09-30: total expenses $745,689, waiver $316,481, gross 10.22% / net 5.90% annualized. View section