INDEPENDENT VERDICT
Boston Partners Long/Short Equity, L.P. is one of the oldest continuously filing private hedge-fund vehicles in this research batch. Its September 18, 2026 Form D/A reports $83,687,219 sold to 27 investors under an indefinite Rule 506(b) offering, Section 3(c)(1), and a first sale dating all the way back to July 25, 1997. Boston Partners Hedged Equity, LLC is the General Partner, while Boston Partners Global Investors, Inc. is identified as Managing Member of the GP and Investment Manager doing business as Boston Partners. Boston Partners Securities, L.L.C., CRD 2998, is the disclosed sales-compensation recipient, with estimated sales commissions of $10,050,808. That makes this vehicle materially different from a newer boutique hedge fund: the private partnership is embedded in a mature, institutional value-equity franchise with nearly three decades of long/short history and a parent-company chain extending to ORIX Corporation.
THE MOST IMPORTANT DIFFERENTIATOR IS THAT THE PRIVATE LP SITS INSIDE A MUCH LARGER LONG/SHORT STRATEGY PLATFORM
Boston Partners' official June 30, 2026 disclosure reports approximately $149.6 billion of total firm AUM, including $112.4 billion in U.S. equity, $29.5 billion in global and non-U.S. equity and $2.4 billion specifically in long/short equity. Those figures are strategy- and manager-level assets, not the size of Boston Partners Long/Short Equity, L.P. The Form D vehicle reports only $83.69 million of cumulative securities sold. That gap is not a contradiction: Boston Partners implements similar investment processes across private partnerships, mutual funds, separate accounts and other institutional mandates. Investors should therefore avoid using the $2.4 billion long/short strategy figure as the NAV of this partnership or the $149.6 billion firmwide figure as evidence of assets legally belonging to the fund.
THE STRATEGY ITSELF IS DISTINCTIVE BECAUSE BOSTON PARTNERS HAS USED THE SAME CORE "THREE CIRCLE" FRAMEWORK FOR DECADES
Boston Partners describes its equity process as looking for three characteristics at the same time: attractive valuation, strong business fundamentals and positive business momentum. In the long/short strategy, long positions are selected from companies that meet those criteria, while short positions are built around companies that fail them because of excessive valuation, earnings risk, balance-sheet weakness or deteriorating business momentum. Official materials say the strategy has followed substantially the same disciplined process since 1998, while the private LP's SEC first-sale date goes back to 1997. This gives the fund an unusually long operating record and a repeatable investment framework that can be independently matched against the manager's current portfolio commentary.
THE PUBLIC LONG/SHORT FUND PROVIDES A RARE WINDOW INTO HOW THE PRIVATE STRATEGY THINKS ABOUT LONGS AND SHORTS
Boston Partners' December 31, 2025 long/short strategy materials identified Alphabet, Galliford Try, Fairfax Financial, Twilio and British American Tobacco among its largest long holdings, while the largest short positions included TMC The Metals Company, Rivian, Richtech Robotics, Mama's Creations and Establishment Labs. The portfolio therefore does not simply hedge a traditional value book with index futures; it constructs individual short positions based on the same bottom-up framework used for longs. By March 31, 2026, official strategy materials described approximately 120 long holdings and roughly 80 shorts, with the long portfolio showing a much lower forward P/E and stronger operating characteristics than the short side. That structure is more informative than a generic "market-neutral" label and shows how Boston Partners attempts to create alpha on both sides of the book.
THE REGISTERED LONG/SHORT FUND IS USEFUL FOR STRATEGY TRANSPARENCY BUT IS NOT THE SAME LEGAL VEHICLE AS THE PRIVATE LP
Boston Partners also advises the registered Boston Partners Long/Short Equity Fund, ticker BPLSX for the institutional class and BPLEX for the investor class. SEC shareholder and prospectus filings disclose portfolio holdings, NAV history, sector exposures and expenses for that mutual-fund vehicle. As of February 28, 2026, the registered fund's reported net-asset sector exposure was led by Financials, Information Technology and Health Care. It also reported net asset value changes and distributions in public shareholder reports. Those disclosures help investors understand the implementation style of the broader Boston Partners long/short process, but they should not be treated as the exact portfolio of Boston Partners Long/Short Equity, L.P. The two vehicles have different legal structures, investors, liquidity terms and regulatory regimes even if their underlying research philosophy overlaps.
THE $10.05 MILLION SALES-COMMISSION FIGURE DESERVES SPECIFIC DILIGENCE BECAUSE IT IS LARGE RELATIVE TO CURRENT FORM D SALES
The September 2026 Form D reports estimated sales commissions of $10,050,808 against $83,687,219 of cumulative securities sold, or roughly 12% of the reported Form D amount. Boston Partners Securities, L.L.C. is the named recipient. This does not necessarily mean the current 27 investors paid a 12% front-end load: Form D commission figures can be cumulative, estimated and may cover many years of activity across a long-running offering. The first sale dates to 1997, so an accumulated distribution-cost figure over nearly three decades can look large relative to the latest reported cumulative sales amount. Nevertheless, investors should reconcile the Form D amount with actual placement, servicing, broker and historical distribution economics rather than assuming all costs are embedded solely in the management fee.
THE PRIVATE PLATFORM ALSO INCLUDES BOSTON PARTNERS PORTFOLIO TRUST, WHICH IS A SEPARATE AND MUCH LARGER FORM D ISSUER
Boston Partners Portfolio Trust filed its own September 18, 2026 Form D/A reporting $2,197,021,109 sold to 151 investors, up from $2,139,571,109 and 147 investors in September 2025. It has a first sale dating to August 15, 2003, uses the same One Beacon Street address, names BNY Mellon Trust of Delaware as Delaware Trustee and identifies Boston Partners Global Investors as Investment Manager. Boston Partners Securities again appears as the sales-compensation recipient. This is strong evidence that Boston Partners operates multiple private pooled structures in parallel. It is also exactly why Portfolio Trust's $2.197 billion must not be added to the Long/Short Equity LP's $83.69 million and labeled one hedge fund.
THE ORIX OWNERSHIP CHAIN IS DIRECTLY CONFIRMED IN CURRENT REGISTERED-FUND FILINGS
Current 2026 SEC prospectus materials describe Boston Partners Global Investors, Inc. as an indirect wholly owned subsidiary of ORIX Corporation of Japan. Boston Partners' own Form 13F filings reinforce that corporate chain: the Q2 2026 13F includes ORIX Corporation, ORIX Corp Europe N.V., Robeco Institutional Asset Management B.V. and Boston Partners Trust Co. as other included managers. This parent-level structure gives Boston Partners a very different institutional profile from independent boutique hedge funds. But ORIX assets, Robeco assets and Boston Partners assets should not be merged mechanically; the 13F itself distinguishes multiple included managers and reporting relationships.
THE 13F BOOK IS ENORMOUS, BUT IT IS A MANAGER-LEVEL REPORTING FOOTPRINT RATHER THAN A PRIVATE-FUND PORTFOLIO
Boston Partners' June 30, 2026 Form 13F reported approximately $112.57 billion across about 1,850 entries, up from roughly $95.47 billion and 1,772 entries at March 31. That number dwarfs both the $83.69 million private LP and the $2.4 billion long/short strategy allocation. The reason is straightforward: the 13F covers reportable securities managed across Boston Partners' broad U.S., global, institutional, registered and private client base, and also incorporates included-manager reporting relationships. It therefore cannot be used to infer the holdings of Boston Partners Long/Short Equity LP. The correct research approach is to use 13F as evidence of the manager's scale and public-equity infrastructure, while using strategy-specific public materials to understand long/short implementation.
FINAL ASSESSMENT
Boston Partners Long/Short Equity has at least nine case-specific features that make it meaningfully different from the hedge funds reviewed earlier: the private LP has a first sale dating to 1997; it reports $83.69 million sold to 27 investors; Boston Partners Hedged Equity LLC is its GP; Boston Partners Global Investors is the investment manager; the adviser is a fully SEC-registered firm under CRD 124982; Boston Partners reports $2.4 billion in long/short equity strategy assets and $149.6 billion firmwide AUM; the manager uses a consistent valuation/fundamentals/momentum Three-Circle process; a separate Boston Partners Portfolio Trust reports more than $2.19 billion of Form D sales; and ORIX ownership is directly disclosed in current SEC fund filings. The principal diligence challenge is therefore not manager legitimacy but capital and strategy mapping: investors must distinguish this private LP from the registered BPLSX/BPLEX mutual fund, Portfolio Trust, institutional separate accounts and the firm's much larger 13F reporting universe.
SEC SNAPSHOT
Issuer: Boston Partners Long/Short Equity, L.P. CIK: 0001044236 SEC Form: Form D/A Accession No.: 0000902664-26-003869 File No.: 021-76867 Film No.: 261388805 Filing Date: September 18, 2026 Jurisdiction: Delaware Principal Address: One Beacon Street, 30th Floor, Boston, MA 02108 Telephone: 617-832-8200 Industry: Pooled Investment Fund Fund Classification: Hedge Fund Investment Company Registered: No Investment Company Act Exclusion: Section 3(c)(1) Offering Exemption: Rule 506(b) Security Type: Pooled Investment Fund Interests Offering Amount: Indefinite Amount Sold: $83,687,219 Remaining To Be Sold: Indefinite Investors: 27 Minimum Investment: $0 First Sale: July 25, 1997 Offering Duration Over One Year: Yes Business Combination Transaction: No Sales Commissions: $10,050,808 estimated Finder's Fees: $0 General Partner: Boston Partners Hedged Equity, LLC Investment Manager: Boston Partners Global Investors, Inc. Distribution Entity: Boston Partners Securities, L.L.C. Distribution CRD: 2998 Signer: William G. Butterly III Signer Title: General Counsel
MANAGER / REGULATORY PENETRATION
Investment Adviser: Boston Partners
Legal Entity: Boston Partners Global Investors, Inc.
CRD: 124982
SEC File No.: 801-61786
SEC Registration Effective: February 19, 2003
SEC Registered Investment Adviser: YES
Headquarters: One Beacon Street, 30th Floor, Boston, MA 02108
Official Website: bostonpartners.com
Parent: ORIX Corporation
ORIX Ownership: Indirect wholly owned subsidiary relationship publicly confirmed
2026 PLATFORM SCALE
Boston Partners Total AUM as of June 30, 2026: $149.6 billion
U.S. Equity: $112.4 billion
Global / Non-U.S. Equity: $29.5 billion
Long/Short Equity: $2.4 billion
Private LP Form D Amount: $83.69 million
These Figures Measure the Same Capital Pool: NO
THREE-CIRCLE STRATEGY PENETRATION
Core Long Criteria: Attractive valuation Strong business fundamentals Positive business momentum
Core Short Criteria: High / excessive valuation Earnings deterioration risk Balance-sheet weakness Negative business momentum
Strategy Orientation: Bottom-up Fundamental Value-oriented Long/short Security-selection driven
Macro Directional Fund: NO
Pure Market-Neutral Fund: NO
Index-Hedge-Only Strategy: NO
PUBLIC LONG/SHORT STRATEGY LOOK-THROUGH
December 31, 2025 Selected Largest Longs: Alphabet Class A Galliford Try Fairfax Financial Twilio Class A British American Tobacco ADR
December 31, 2025 Selected Largest Shorts: TMC The Metals Company Rivian Automotive Richtech Robotics Mama's Creations Establishment Labs
March 31, 2026 Approximate Long Holdings: 120
March 31, 2026 Approximate Short Holdings: 80
Long Portfolio Forward P/E: Approximately 10.0x in manager materials
Short Portfolio Forward P/E: Approximately 32.0x
Long Portfolio Free Cash Flow Yield: Approximately 5.2%
Short Portfolio Free Cash Flow Yield: Approximately -3.0%
Registered Fund Data Automatically Equals Private LP: NO
REGISTERED FUND PENETRATION
Registered Vehicle: Boston Partners Long/Short Equity Fund
Institutional Ticker: BPLSX
Investor Ticker: BPLEX
Registrant: RBB Fund, Inc.
1940 Act Registered: YES
Private LP 1940 Act Registered: NO
Public Fund Provides: Portfolio disclosure NAV disclosure Expense disclosure Shareholder reports
Public Fund Equal to Private LP: NO
Same Investment Philosophy: Strongly related
PORTFOLIO TRUST PENETRATION
Issuer: Boston Partners Portfolio Trust
CIK: 0001396803
File No.: 021-102257
First Sale: August 15, 2003
2025 Amount Sold: $2,139,571,109
2025 Investors: 147
2026 Amount Sold: $2,197,021,109
2026 Investors: 151
Increase: $57,450,000
Delaware Trustee: BNY Mellon Trust of Delaware, N.A.
Investment Manager: Boston Partners Global Investors, Inc.
Distributor: Boston Partners Securities, L.L.C.
2026 Estimated Sales Commissions: $1,450,347
Portfolio Trust Same Legal Entity as Long/Short Equity LP: NO
Amounts Automatically Additive: NO
13F PENETRATION
Reporting Manager: Boston Partners
CIK: 0001386060
13F File No.: 028-12484
Q1 2026 Reported Value: Approximately $95.47 billion
Q1 2026 Entries: 1,772
Q2 2026 Reported Value: Approximately $112.57 billion
Q2 2026 Entries: 1,850
Other Included Managers: ORIX Corp Europe N.V. Robeco Institutional Asset Management B.V. Boston Partners Trust Co. ORIX Corporation
13F Equals Long/Short Strategy AUM: NO
13F Equals Private LP NAV: NO
13F Includes Short Positions: NO
13F Shows Complete Hedge Book: NO
DISTRIBUTION / COMMISSION PENETRATION
Sales Compensation Recipient: Boston Partners Securities, L.L.C.
CRD: 2998
Solicitation: All U.S. states Foreign / non-U.S.
Long/Short LP Estimated Sales Commissions: $10,050,808
Form D Amount Sold: $83,687,219
Simple Commission-to-Form-D Ratio: Approximately 12.0%
Interpretation: This is a cumulative estimated Form D disclosure across a fund first sold in 1997 and should not automatically be treated as a current front-end load.
Finder's Fees: $0
Management Fee Exists: YES
Exact Private LP Management Fee in Form D: Not disclosed
OWNERSHIP / CORPORATE PENETRATION
Boston Partners Founded: 1995
ORIX Ownership: YES
Robeco Historical / Group Relationship: YES
Current Parent Company: ORIX Corporation
Boston Partners Global Investors Legal Entity Still Used: YES
Boston Partners Brand Still Used: YES
Private LP Historical Names Include: Robeco Boston Partners Long/Short Equity, L.P. Boston Partners Hedged Equity LP
Current Name: Boston Partners Long/Short Equity, L.P.
Name Changes Do Not Indicate Different Current Strategy by Themselves: YES
WEBSITE / ENTITY PENETRATION
Official Boston Partners Website Confirmed: YES
Boston Partners Long/Short Strategy Page Confirmed: YES
Boston Partners SEC Adviser Registration Confirmed: YES
CRD 124982 Confirmed: YES
SEC 801-61786 Confirmed: YES
ORIX Parent Relationship Confirmed: YES
Private LP SEC Issuer Confirmed: YES
Boston Partners Hedged Equity GP Confirmed: YES
Boston Partners Securities Distribution Role Confirmed: YES
Portfolio Trust SEC Issuer Confirmed: YES
Registered Long/Short Fund Confirmed: YES
Current Private LP NAV Publicly Confirmed: NO
Complete Private LP Long Book Publicly Confirmed: NO
Complete Private LP Short Book Publicly Confirmed: NO
Private LP Auditor Independently Confirmed: NO
Private LP Administrator Independently Confirmed: NO
Prime Broker Independently Confirmed: NO
Custodian Independently Confirmed: NO
CORE INVESTOR QUESTIONS
What is the current NAV of Boston Partners Long/Short Equity LP Why does cumulative Form D amount sold remain $83.69 million while the broader long/short strategy manages approximately $2.4 billion What percentage of the long/short platform is in this private LP versus mutual funds and separate accounts Does the private LP hold substantially the same longs and shorts as BPLSX/BPLEX How much tracking difference exists between the private and registered vehicles What is the private LP's current gross exposure What is current net exposure What beta target applies What short-book concentration limit applies How are borrow costs and hard-to-borrow securities handled What is the maximum single-name short size How is portfolio risk controlled during short squeezes What management fee applies to the private LP What incentive allocation applies What explains the $10.05 million cumulative estimated sales-commission figure How much of those commissions were actually paid versus estimated What role does Boston Partners Securities play today How do fees compare with the registered BPLSX/BPLEX vehicle What liquidity and redemption terms apply Can the private LP impose gates How are private LP opportunities allocated versus separate accounts and registered funds Who serves as the current auditor Who serves as administrator and custodian Which prime brokers finance the long/short book How do ORIX ownership and included-manager relationships affect governance or conflicts
PRIMARY EVIDENCE REVIEWED
SEC Form D/A for Boston Partners Long/Short Equity, L.P. filed September 18, 2026. SEC Form D/A for Boston Partners Portfolio Trust filed September 18, 2026. SEC Form D history establishing the Long/Short Equity LP's July 25, 1997 first sale. SEC Investment Adviser Public Disclosure record for Boston Partners, CRD 124982 / SEC 801-61786. Boston Partners official June 30, 2026 AUM disclosure. Boston Partners official Long/Short Equity strategy materials. Boston Partners Q1 2026 Long/Short Equity deep-dive materials. Boston Partners December 31, 2025 portfolio-manager materials identifying selected long and short positions. RBB Fund registered-fund SEC filings for Boston Partners Long/Short Equity Fund. Boston Partners June 30, 2026 Form 13F. Current John Hancock / SEC prospectus materials confirming Boston Partners Global Investors as an indirect wholly owned subsidiary of ORIX Corporation. SEC Portfolio Trust filing identifying BNY Mellon Trust of Delaware and Boston Partners Global Investors' investment-management relationship.
IMPORTANT FORM D NOTICE
Boston Partners Long/Short Equity, L.P.'s September 18, 2026 Form D/A reports $83,687,219 of cumulative securities sold to 27 investors. Boston Partners' approximately $2.4 billion of long/short equity assets, $149.6 billion of total AUM, $112.57 billion Q2 2026 Form 13F value and Boston Partners Portfolio Trust's $2.197 billion of Form D sales all measure different pools or regulatory concepts. They should not be combined and described as the NAV of Boston Partners Long/Short Equity LP. Likewise, holdings disclosed by the registered BPLSX/BPLEX fund provide strategy evidence but are not proof that the private LP owns identical positions. SEC registration, Form D filings, 13F filings and ORIX ownership do not constitute SEC approval or guarantee investment performance.