Square Wave Offshore, Ltd. is a hedge fund based in Brooklyn, New York. According to its most recent Form D, filed Jul 16, 2025, the fund has sold $32,361,879 of interests to 4 investors since its first sale in Apr 2025. 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(b), which does not permit general solicitation. Based on its first sale date and the amount raised, AltMountain classifies it as an emerging manager. Related persons named in the filing include Ryan Ashayeri; Square Wave Capital, LLC.
Performance
No verified returns have been reported for this fund. As a rough guide, Square Wave Capital, which manages it, disclosed U.S. stock holdings that returned an estimated +9.3% 2026 YTD through Jun 30 (S&P 500: +9.5%), based only on its public 13F filings. Over a longer period, Q1 2025 to Q2 2026, the estimate is +0.9% (S&P 500: +27.4%).
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
- $32,361,879Cumulative sales reported on Form D
- Investors
- 4
- First sale
- Apr 1, 2025
- Minimum investment
- None set
- Who can invest
- Accredited investorsSection 3(c)(1): up to 100 beneficial owners
- Offering exemption
- Rule 506(b)No general advertising
- Key people and entities
- Ryan Ashayeri; Square Wave Capital, LLC
- Latest Form D
- Jul 16, 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 Square Wave Offshore, Ltd.
What is the minimum investment for Square Wave Offshore, Ltd.?
Square Wave Offshore, Ltd.'s latest Form D, filed Jul 16, 2025, does not set a minimum investment. Managers can still require one in the offering documents.
Who can invest in Square Wave Offshore, Ltd.?
Square Wave Offshore, Ltd. 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(b), which does not allow general advertising.
How much has Square Wave Offshore, Ltd. raised?
Square Wave Offshore, Ltd. reports $32,361,879 sold from 4 investors on its Form D filed Jul 16, 2025. This is cumulative sales since the offering began, not current assets or performance.
Where is Square Wave Offshore, Ltd. based?
Square Wave Offshore, Ltd. is based in Brooklyn, New York and is managed by Square Wave Capital.
When did Square Wave Offshore, Ltd. launch?
Square Wave Offshore, Ltd. reports its first sale in Apr 2025, 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 36% of the 2,544 hedge funds based in New York, and more than 38% of all 10,308 that report sales.