INDEPENDENT VERDICT
Concentric Capital Strategies Fund LP is a domestic feeder within a much larger long/short hedge-fund platform managed by SEC-registered Concentric Capital Strategies L.P.; it should not be analyzed as a standalone $33.7 million investment business. The September 4, 2026 Form D/A reports $33.7 million cumulatively sold to 20 investors, an indefinite Rule 506(b) offering, Section 3(c)(7) status and a surprisingly low reported $1,000 minimum. Concentric Capital GP LLC is the general partner and Seth Turkeltaub is the central executive and promoter. The stronger structural evidence comes from Form ADV: Concentric identifies this domestic partnership together with Cayman-based Concentric Capital Partners Offshore Ltd as feeder funds that invest substantially all of their assets into Concentric Capital Master Fund LP, where the actual investment activity occurs. Latest 2026 adviser data show approximately $3.105 billion of regulatory assets under management across nine accounts and approximately $1.102 billion of private-fund gross assets across four private funds, while the domestic feeder itself reports gross assets of about $58.7 million. Those measures explain why the $33.7 million Form D subscription total is only one narrow capital-formation number and must not be treated as Concentric's firmwide AUM or master-fund NAV.
The investment footprint also looks far more complex than the domestic feeder size suggests. Concentric's SEC Form 13F for Q2 2026 reported approximately $1.802 billion of U.S. long securities across more than 300 reportable positions, with SPY as the largest reported position and material option positions including Disney and Alphabet calls plus VXX exposure; earlier quarters likewise showed index ETFs, single-name equities, calls and puts. That public record is consistent with a trading-oriented long/short hedge-fund platform using equities, options, index exposure and hedging rather than a concentrated buy-and-hold partnership. However, 13F is filed at the adviser level and omits shorts, many derivatives, cash, non-U.S. positions and other exposures, so no individual security in the 13F should automatically be described as a holding of Concentric Capital Strategies Fund specifically. The master-feeder structure makes this distinction even more important: domestic and offshore investors may ultimately participate in the same underlying master portfolio, meaning feeder Form D amounts cannot simply be added together as separate economic asset pools.
Seth Turkeltaub is the key investment person behind the platform. Concentric's regulatory records identify him as Chief Investment Officer and limited partner, while KPJ Advisors LLC serves as general partner of the advisory firm and is principally owned by Turkeltaub. Public professional references describe him as a former Millennium portfolio manager, and he holds the CFA designation. David Dove is identified in the adviser's current disclosure materials as Director of Research and an equity owner, while the broader team includes investment and operating professionals such as Darren Ross. Concentric was formed in January 2021 and registered with the SEC in July 2022, which closely aligns with the September 2022 launch of the domestic feeder. The platform now manages four private pooled vehicles, including the domestic feeder, offshore feeder, master fund and Concentric 150 Fund, so future vehicles bearing the Concentric name should be treated as one sponsor family rather than separate brands.
The adviser's regulatory history is mostly straightforward but includes one recent state-level compliance issue that should not be omitted. In September 2025, the Connecticut Banking Commissioner entered into a stipulation with Concentric after alleging that the SEC-registered adviser had failed to make the state notice filing required for SEC advisers operating in Connecticut. Concentric cured the deficiency and agreed to pay $3,025, consisting of a $2,500 administrative fine and $525 in overdue filing fees. The matter concerned state notice-filing compliance, not allegations of investment fraud, misappropriation or portfolio misconduct. It is therefore relevant as a compliance-control data point but should not be exaggerated into a broader enforcement finding.
FINAL ASSESSMENT
Concentric Capital Strategies Fund has a strong regulatory identity but must be interpreted through its master-feeder architecture. The latest Form D shows only $33.7 million of domestic subscriptions, while Form ADV reports approximately $58.7 million of gross assets for the domestic feeder and roughly $3.105 billion of regulatory assets for Concentric Capital Strategies overall. The adviser's large and rapidly changing 13F portfolio, including equities, ETFs and listed options, supports a sophisticated long/short and hedging operation, but public filings do not disclose the complete master-fund risk book or allow clean attribution of every 13F position to this feeder. Investors should therefore focus on master-fund net and gross exposure, leverage, option Greeks, short exposure, concentration, liquidity, turnover, drawdowns and audited net performance rather than using Form D fundraising as a proxy for strategy scale.
KEY FINDINGS / STRUCTURE / CAPITAL HISTORY
Concentric Capital Strategies Fund LP is a Delaware domestic feeder formed in 2022 and managed by Concentric Capital Strategies L.P. through Concentric Capital GP LLC. The latest September 4, 2026 Form D/A reports $33.7 million cumulatively sold to 20 investors, up $1.5 million from $32.2 million in 2025; prior cumulative totals were $31 million in 2024, $30.65 million in 2023 and $19.45 million at launch in 2022. The offering remains indefinite under Rule 506(b) and Section 3(c)(7), with a reported $1,000 minimum. Form ADV identifies private fund ID 805-1869182686 and reports approximately $58.7 million of current gross assets for the domestic feeder. The same ADV explains that Concentric Capital Strategies Fund and Cayman-based Concentric Capital Partners Offshore invest substantially all assets into Concentric Capital Master Fund LP, so domestic and offshore capital should not be mechanically summed as independent strategy AUM.
MANAGER / PLATFORM / STRATEGY
Concentric Capital Strategies L.P. is an SEC-registered investment adviser under CRD 313057 / SEC 801-126136, registered effective July 21, 2022. Its March 2026 Form ADV reports approximately $3.105 billion in discretionary regulatory AUM across nine accounts, 11 employees, eight advisory professionals and approximately $1.102 billion of private-fund gross assets across four private funds. Seth A. Turkeltaub, CFA, is CIO and a principal owner through KPJ Advisors, while David Dove is Director of Research and an equity owner. Public 13F records show a large, actively changing U.S. securities portfolio using equities, ETFs and listed options; Q2 2026 reportable long value was approximately $1.802 billion across 313 positions, with SPY, Disney calls, Alphabet calls and VXX among the largest visible exposures. Because 13F omits shorts and many derivative or non-U.S. exposures and is filed for the adviser rather than one feeder, these positions should be treated as platform-level evidence only.
WEBSITE / ENTITY PENETRATION / REGULATORY HISTORY
The official Concentric website uses the same Two Stamford Plaza address as Form D and provides a matching investment-management identity, while Form ADV directly links the domestic feeder, offshore feeder and master fund. The manager is fully SEC registered rather than an ERA. The principal public compliance event identified in this review is Connecticut's September 2025 stipulation concerning Concentric's failure to timely make the state notice filing required of an SEC-registered adviser; the firm cured the deficiency and paid $3,025. No reviewed source establishes that this matter involved fraud, client losses or trading misconduct. Current public materials still do not provide sufficient fund-specific information on complete holdings, current management and incentive fees, prime brokers, administrator, auditor, net performance, maximum drawdown or master-fund gross/net exposure, all of which should be verified through current offering and audited fund documents.
CORE INVESTOR QUESTIONS / RISKS
The central investor questions concern the master portfolio rather than the domestic feeder's subscription count: what are current gross and net exposures, long and short books, option delta/gamma/vega, portfolio leverage, sector and factor concentrations, liquidity profile, turnover, use of index hedges, largest downside scenario and historical drawdowns; how are the domestic and offshore feeders economically aligned; what portion of the $58.7 million feeder GAV is invested in the master; how much current master-fund NAV exists; and how does master NAV reconcile with Concentric's $3.105 billion adviser RAUM and large 13F reporting footprint. Key risks include equity-market exposure, short squeezes, derivatives convexity, option-decay and volatility risk, leverage, basis risk, high portfolio turnover, factor crowding, liquidity under stress, master-feeder complexity, manager/key-person dependence, operational complexity and the risk of confusing firmwide 13F or RAUM figures with the economics of this specific domestic feeder.
SEC SNAPSHOT / PRIMARY EVIDENCE
Issuer: Concentric Capital Strategies Fund LP; CIK 0001946307; SEC File No. 021-458525; private fund ID 805-1869182686; Delaware LP formed in 2022; Two Stamford Plaza, Suite 1101, Stamford, Connecticut 06901; latest Form D/A filed September 4, 2026; first sale September 1, 2022; hedge fund; Rule 506(b); Section 3(c)(7); indefinite offering; $33,700,000 sold; 20 investors; $1,000 minimum; general partner Concentric Capital GP LLC; related executive Seth Turkeltaub. Primary evidence reviewed includes 2022–2026 SEC Form D filings, Concentric's March 2026 Form ADV, SEC IAPD registration record, master-feeder disclosures, 2025–2026 Form 13F filings, the official Concentric website, and the Connecticut Department of Banking's 2025 securities bulletin.
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 Concentric Capital Strategies Fund, Concentric Capital Strategies L.P., Seth Turkeltaub, any portfolio security, option position or expected return. The $33.7 million Form D amount, approximately $58.7 million domestic-feeder gross assets, approximately $1.102 billion private-fund platform GAV, approximately $1.802 billion Q2 2026 13F long value and approximately $3.105 billion adviser RAUM all measure different things and must not be combined or substituted for one another. Investors should independently review the master-fund financial statements, feeder/master capital reconciliation, complete exposure report, leverage, options, fees, service providers, liquidity and audited net performance before investing.