INDEPENDENT VERDICT
9823 Fund LP is not a newly created hedge fund with no history. It is the renamed successor to White Star Fund LP and sits inside a Dallas investment platform that traces its legal and operating roots back more than two decades. The September 4, 2026 Form D/A reports $125,952,000 cumulatively sold to 24 investors, a $500,000 minimum, an indefinite Rule 506(b) offering and reliance on Section 3(c)(1). Dana Blair Baker is the controlling investment figure, while 9823 Capital LP serves as adviser and management entity and Nick Roossien signs the fund's SEC filings as CFO and CCO of the general partner. SEC IAPD identifies 9823 Capital as the renamed successor to White Star Capital and shows the firm as fully SEC registered under CRD 324329 / SEC 801-127155. The official website independently explains that the "9823" name reflects a strategy evolution from an investment firm founded in the late 1990s into a technology-heavy systematic platform relaunched under the new branding in 2023.
The current investment process blends quantitative and fundamental methods rather than operating as a pure statistical hedge fund. 9823 Capital says it uses large datasets, proprietary technology, factor testing, machine learning and systematic screening to identify long and short baskets of equities, while retaining fundamental issuer analysis and discretionary oversight. Its public materials describe a workflow that moves from idea generation and data collection through model development, optimization, portfolio integration and stress testing before implementation. The adviser also offers broader multi-asset portfolios and separately managed accounts. That means the fund should not be described simply as an AI fund or a traditional stock-picking fund: the differentiating feature is the attempt to combine Blair Baker's long investment history with a newer engineering and data-science platform.
The capital history also needs to be read carefully. The current Form D offering began on March 1, 2023. The June 2023 amendment reflected approximately $25 million of incremental subscriptions, while the August 2024 amendment added roughly $92.95 million and brought the cumulative total close to today's level. By August 2025, the fund had already reached $125.952 million, and the September 2026 amendment leaves that amount unchanged at $125.952 million. The latest filing therefore does not represent a fresh 2026 capital raise. The fund currently reports 24 investors and a $500,000 minimum, implying a relatively concentrated institutional or high-net-worth investor base, although actual allocations are not disclosed. The Form D also reports zero sales commissions and finder fees but notes that certain related persons may receive management fees and performance-based compensation under the fund documents.
9823 Capital is materially larger than this one vehicle. Its July 2026 Form ADV reports approximately $677 million of regulatory assets under management across 19 client accounts, while adviser records link the platform to 9823 Fund, Precept Management Partners, 9823 BlueSand Fund and 9823 FLI Fund. Precept Management Partners has its own filing history stretching back to at least 2009 and is now tied to 9823 Capital as general partner, providing further evidence that the sponsor's investment activity predates the 9823 rebrand by many years. The offshore 9823 BlueSand Fund was formed in the Cayman Islands in 2024 and reported a much larger exempt offering, but those vehicles should not be mechanically combined with 9823 Fund because they can represent distinct strategies, investor channels or portfolios. What they do establish is that 9823 Capital is a broader multi-vehicle platform rather than a one-fund manager.
FINAL ASSESSMENT
9823 Fund has a clear regulatory identity, a long sponsor history and a differentiated hybrid investment process. SEC records establish the continuity from White Star Fund and White Star Capital into the current 9823 names, while the adviser's SEC registration and approximately $677 million regulatory AUM provide a stronger institutional footprint than the Form D alone would suggest. The central diligence question is not whether 9823 exists, but how successfully its newer systematic infrastructure has improved results relative to the older discretionary process. Investors should obtain audited fund returns before and after the 2023 strategy retooling, gross and net long/short exposure, model turnover, factor concentrations, drawdowns, short-side contribution, derivatives use, liquidity, current fees and the exact relationship among 9823 Fund, Precept, BlueSand and other related vehicles. A sophisticated data platform can improve screening and risk control, but it can also introduce model crowding, overfitting and regime-change risk if historical relationships stop working.
KEY FINDINGS / IDENTITY / CAPITAL HISTORY
9823 Fund LP is a Texas pooled investment fund originally known as White Star Fund LP. Its legal entity dates to May 2005, while the current Regulation D offering began on March 1, 2023. The latest September 4, 2026 Form D/A reports $125.952 million cumulatively sold to 24 investors, with a $500,000 minimum, Rule 506(b), Section 3(c)(1), an indefinite offering and zero commissions or finder fees. The biggest fundraising increase occurred in 2024, when approximately $92.952 million was added after an earlier 2023 increase of about $25 million. The 2025 and 2026 filings report no further increase in cumulative amount sold, so the latest $125.952 million should be described as the current cumulative Form D figure rather than as a new 2026 raise.
MANAGER / REBRAND / STRATEGY
9823 Capital LP is the current adviser and was formerly White Star Capital LP. SEC IAPD shows the adviser as fully SEC registered under CRD 324329 / SEC 801-127155 effective January 6, 2023. Dana Blair Baker is the ultimate controlling investment principal and has roughly 26 years of disclosed advisory experience with no public disclosures shown in his current IAPD profile. The official 9823 Capital website says the firm's name reflects its evolution from a traditional investment business founded around 1998 into a reengineered 2023 platform combining fundamental research with proprietary technology. Its public strategy materials describe long and short equity baskets generated through large-scale data analysis, machine learning, factor back-testing and risk-management systems, supplemented by issuer-level fundamental analysis and discretionary portfolio oversight. The adviser also offers multi-asset portfolios, LP vehicles and separately managed accounts.
RELATED VEHICLES / PLATFORM SCALE
Latest adviser data report approximately $677 million of regulatory AUM across 19 client accounts. Current related private vehicles include 9823 Fund LP, long-running Precept Management Partners LP, 9823 BlueSand Fund Ltd. and 9823 FLI Fund LP. Precept's own Form D history goes back well over a decade, while 9823 BlueSand is a Cayman exempt company formed in 2024. These entities should be treated as one 9823 / White Star / Baker sponsor family for FilingDossier de-duplication, but their Form D amounts should not be added together without fund-level evidence because the vehicles may have different strategies, assets and investors. The broader adviser scale and related-fund history are useful sponsor evidence but are not equivalent to the $125.952 million current 9823 Fund offering.
WEBSITE / ENTITY PENETRATION / INVESTOR DILIGENCE
The fund's former White Star name, current 9823 name, Dallas address, Dana Blair Baker relationship, Nick Roossien role, 9823 Capital manager relationship and SEC registration all reconcile across primary regulatory sources and the official website. What remains unavailable publicly is the complete current fund portfolio, current gross and net exposure, largest long and short positions, leverage, derivatives, portfolio turnover, management and incentive fee percentages, current auditor, administrator, prime broker and audited post-retooling track record. Investors should specifically ask how performance before 2023 compares with the post-2023 systematic process, how much capital is allocated to systematic versus discretionary sleeves, how signals are prevented from overfitting historical data, what human override authority exists, and how models behave when correlations or factor relationships change abruptly.
CORE RISKS / SEC SNAPSHOT
The principal risks include equity-market exposure, short squeezes, quantitative-model risk, machine-learning overfitting, factor crowding, regime shifts, data-quality errors, leverage or derivative exposure if used, model-to-human implementation risk, liquidity, key-person dependence on Blair Baker and the risk of confusing the wider 9823 platform with this specific fund. SEC snapshot: 9823 Fund LP, CIK 0001955969, File No. 021-466135, private fund ID 805-4088612128, Texas LP, former name White Star Fund LP, 2323 Cedar Springs Road Suite 320, Dallas, Texas 75201, first sale March 1, 2023, latest Form D/A September 4, 2026, pooled investment fund, Rule 506(b), Section 3(c)(1), indefinite offering, $125,952,000 sold, 24 investors, $500,000 minimum, zero commissions and finder fees.
PRIMARY EVIDENCE REVIEWED
SEC Form D and Form D/A filings for 9823 Fund / White Star Fund from 2022 through 2026; SEC IAPD profile for 9823 Capital LP; July 2026 Form ADV and private-fund schedule; SEC IAPD profile for Dana Blair Baker; 9823 Capital official website, investment approach and strategy materials; historical Form D records for Precept Management Partners; SEC filings for 9823 BlueSand Fund Ltd.; and public entity records used to confirm the White Star-to-9823 legal continuity.
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering and does not mean the SEC has approved, endorsed, audited or verified 9823 Fund, 9823 Capital, Dana Blair Baker, Nick Roossien, any quantitative model, machine-learning process, historical return or expected investment result. The $125.952 million Form D amount measures cumulative securities sold by this fund and is not the same as 9823 Capital's approximately $677 million firmwide regulatory AUM or the assets of related Precept, BlueSand or FLI vehicles. Investors should independently review audited financial statements, current holdings, long/short exposure, model methodology, leverage, service providers, fees, liquidity and redemption terms before investing.