Covariance Onshore Feeder, LP
Covariance Onshore Feeder, LP is a hedge fund based in Salt Lake City, Utah. According to its most recent Form D, filed Nov 26, 2025, the fund has sold $23,099,093 of interests to 29 investors since its first sale in Feb 2024. The filing does not set a minimum investment. It relies on the Section 3(c)(1) exclusion, which limits it to 100 beneficial owners, typically accredited investors. The offering uses Rule 506(c), which permits general advertising to investors verified as accredited. Based on its first sale date and the amount raised, AltMountain classifies it as an emerging manager. Related persons named in the filing include Covariance Fund GP, LLC; Brian Smedley; The Cynosure Group, LLC.
Performance
No verified returns have been reported for this fund. As a rough guide, Cynosure Group, LLC, which manages it, disclosed U.S. stock holdings that returned an estimated +4.7% 2026 YTD through Jun 30 (S&P 500: +9.5%), based only on its public 13F filings. Over a longer period, Q3 2024 to Q2 2026, the estimate is +23.5% (S&P 500: +37.2%).
This estimate covers the firm's whole disclosed long U.S. stock portfolio. It is not this fund's return and excludes dividends, fees, shorts, derivatives, bonds, cash and trading within each quarter.
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- Total raised
- $23,099,093Cumulative sales reported on Form D
- Investors
- 29
- First sale
- Feb 1, 2024
- Minimum investment
- None set
- Who can invest
- Accredited investorsSection 3(c)(1): up to 100 beneficial owners
- Offering exemption
- Rule 506(c)May advertise; investors must be verified as accredited
- Key people and entities
- Covariance Fund GP, LLC; Brian Smedley; The Cynosure Group, LLC
- Latest Form D
- Nov 26, 2025
From SEC filings, not verified. This page republishes the fund's Form D as filed. It is not an offer, solicitation or recommendation, and AltMountain has not reviewed the fund. “Raised” is cumulative sales, not current assets or performance. Private funds are speculative, illiquid and generally limited to accredited investors or qualified purchasers. Full disclosures · Request a correction
Questions about Covariance Onshore Feeder, LP
What is the minimum investment for Covariance Onshore Feeder, LP?
Covariance Onshore Feeder, LP's latest Form D, filed Nov 26, 2025, does not set a minimum investment. Managers can still require one in the offering documents.
Who can invest in Covariance Onshore Feeder, LP?
Covariance Onshore Feeder, LP is generally open only to accredited investors, and it may have no more than 100 beneficial owners because it relies on Section 3(c)(1). It uses Rule 506(c), so it may advertise, but every investor must be verified as accredited.
How much has Covariance Onshore Feeder, LP raised?
Covariance Onshore Feeder, LP reports $23,099,093 sold from 29 investors on its Form D filed Nov 26, 2025. This is cumulative sales since the offering began, not current assets or performance.
Where is Covariance Onshore Feeder, LP based?
Covariance Onshore Feeder, LP is based in Salt Lake City, Utah and is managed by Cynosure Group, LLC.
When did Covariance Onshore Feeder, LP launch?
Covariance Onshore Feeder, LP reports its first sale in Feb 2024, which makes it an emerging manager by AltMountain's definition (first sale in 2021 or later and under $50 million raised).
Size compared with every hedge fund
Raised more than 65% of the 57 hedge funds based in Utah, and more than 32% of all 10,307 that report sales.