Hidden Leaf LP has undergone several meaningful regulatory changes since its first SEC filing, making the filing chronology itself the strongest public research story. The initial June 3, 2024 Form D identified Hidden Leaf as a newly formed limited partnership organized in New Hampshire, operating from Derry, New Hampshire, with a fixed $25 million equity offering and $0 sold. Xiuxian Du and Matthew Owens were listed as executive officers. By the November 2024 amendment, the fund had been reorganized in Delaware, moved its disclosed address to 8 The Green, Suite B in Dover, and reported $2.6 million sold following a July 23, 2024 first sale. The October 2025 amendment increased cumulative sales to $5 million while retaining the $25 million total offering. The September 11, 2026 filing then changed the economics more substantially: the offering became indefinite, cumulative sales reached $14,352,808, the investor count reached 15 and the stated minimum outside investment was $500,000. This is therefore not a static launch filing but a hedge fund whose public fundraising structure has evolved materially over roughly two years.
The manager chain is clearer than the investment strategy. The latest Form D names Hokage Capital Management, LLC as a promoter and specifically describes it as the fund's general partner. Xiuxian Du and Matthew Owens are each identified as executive officers and promoters and as managers of the general partner. That relationship is independently reinforced by Puerto Rico's Office of the Commissioner of Financial Institutions, which lists Hokage Capital Management LLC as an active Exempt Reporting Adviser under CRD 333504, with a Dorado, Puerto Rico address, telephone number matching the fund's 802-231-1537 contact and Xiuxian Du as the associated responsible person. The Puerto Rico registration became active on February 5, 2026. This provides a meaningful external regulatory link among Hidden Leaf, Hokage and Du rather than relying solely on one Form D. It should still be described correctly: an Exempt Reporting Adviser is not the same as a fully SEC-registered investment adviser.
The latest filing also changes the distribution regime in a way that matters for both SEO and investor diligence. Hidden Leaf now claims Rule 506(c), whereas the most important practical implication is that the offering can be broadly solicited so long as purchasers meet the accredited-investor requirements and the issuer takes reasonable steps to verify that status. The September 2026 filing reports no broker or dealer and no named sales-compensation recipient, but indicates foreign/non-U.S. solicitation. The minimum investment has risen to $500,000 and the fund's total offering amount is now indefinite rather than capped at $25 million. That combination suggests Hidden Leaf is no longer presenting itself as a small, fixed-size launch fund. At the same time, only 15 investors account for $14.35 million of cumulative sales, so average subscribed capital per investor is relatively substantial even before considering uneven commitment sizes.
What cannot yet be established publicly is just as important. The SEC filing classifies Hidden Leaf as a hedge fund, but the latest reviewed disclosure does not explain whether the strategy is long/short equity, macro, quantitative, derivatives-driven, digital assets, credit, event-driven or multi-strategy. FilingDossier did not identify a standalone Hidden Leaf or Hokage Capital website that could be confidently tied to CIK 0002025397, CRD 333504, Xiuxian Du and Matthew Owens. There is therefore no reliable public source for portfolio holdings, target return, leverage, gross/net exposure, liquidity terms, prime brokers, auditor, administrator, custodian or historical returns. This is an important contrast with hedge funds whose 13F filings, adviser websites or institutional databases allow external reconstruction of strategy. The unrelated Hidden Leaf Foundation should not be connected to this fund merely because of the shared name.
The fund's capital progression is nevertheless substantial. From $0 at launch, Hidden Leaf moved to $2.6 million by late 2024, $5 million by October 2025 and $14.35 million by September 2026. The latest increase alone is approximately $9.35 million relative to the prior filing, larger than all capital previously reported through 2025. That does not mean the fund's NAV is $14.35 million today: Form D measures securities sold through the offering, while investment gains, losses, redemptions, withdrawals, expenses and leverage can move current net assets away from cumulative subscriptions. The latest filing also declines to disclose aggregate NAV. For a hedge fund with no public strategy page, this distinction becomes especially important because the filing gives a credible fundraising trail but almost no information about what investor capital is actually doing after subscription.
KEY FINDINGS Hidden Leaf LP launched in 2024 with a $25 million fixed offering and no sales, began selling on July 23, 2024, reported $2.6 million by November 2024, reached $5 million by October 2025 and reported $14,352,808 sold to 15 investors in September 2026. The latest filing changes the offering to indefinite, raises the disclosed minimum outside investment to $500,000 and claims Rule 506(c). Hokage Capital Management, LLC is the GP/promoter and is independently listed as an active Puerto Rico Exempt Reporting Adviser under CRD 333504, with Xiuxian Du named by the regulator. The largest unresolved gap is strategy transparency: no verified public website, portfolio disclosure or performance record was independently located.
REGULATORY AND FUNDRAISING HISTORY June 3, 2024: Original Form D; New Hampshire entity; $25M offering; $0 sold; no first sale yet. July 23, 2024: First sale later reported. November 8, 2024: Delaware amendment; $2.6M sold; $22.4M remaining. October 24, 2025: $5M cumulative amount sold; $20M remaining. September 11, 2026: $14,352,808 sold; 15 investors; indefinite offering; Rule 506(c); $500,000 minimum. Increment from October 2025 to September 2026: Approximately $9,352,808. Important distinction: Cumulative Form D sales are not current NAV.
MANAGER / ENTITY PENETRATION Fund: Hidden Leaf LP SEC File No.: 021-514888 General Partner / Promoter: Hokage Capital Management, LLC Related Persons: Xiuxian Du / Matthew Owens Manager CRD: 333504 Manager Status: Exempt Reporting Adviser Puerto Rico Regulatory Status: Active Puerto Rico Registration Date: February 5, 2026 Regulatory Contact Identified: Xiuxian Du Fund Phone: 802-231-1537 Manager Regulatory Phone: 802-231-1537 Identity Link: Strong Standalone Official Website: Not independently verified
OFFERING STRUCTURE Latest Exemption: Rule 506(c) Security: Equity Offering Duration: More than one year Sales Compensation: No named broker/dealer or recipient in latest filing Solicitation: Foreign/non-U.S. indicated Aggregate NAV: Declined to disclose
CORE INVESTOR QUESTIONS Investors should request the current private placement memorandum and exact investment mandate; determine asset classes, geographic limits, leverage policy, derivatives use and short-selling authority; obtain current NAV rather than infer it from Form D sales; review monthly and annual net performance since July 2024; calculate maximum drawdown and volatility; identify the auditor, administrator, custodian, prime brokers and banking counterparties; review management fee, incentive allocation, hurdle and high-water-mark provisions; understand redemption frequency, notice periods, gates and suspension powers; determine whether side letters alter liquidity or fee terms; reconcile the move from a $25M fixed target to an indefinite offering; and obtain evidence explaining why the minimum investment increased to $500,000.
CORE RISKS The main risk is disclosure opacity rather than an identified public enforcement issue. Hidden Leaf's legal and managerial identities are verifiable, but its investment process and portfolio remain largely invisible through public sources. A hedge fund can employ leverage, derivatives, short selling, concentrated positions or illiquid instruments without those exposures appearing in Form D. A relatively small 15-investor base can also create redemption concentration. The shift to Rule 506(c) permits broader solicitation but does not reduce portfolio risk. ERA status provides regulatory visibility but is not equivalent to the fuller disclosure framework associated with an SEC-registered investment adviser.
SEC SNAPSHOT SEC File No.: 021-514888 Latest Filing: Form D/A Formation Year: 2024 Exemption: Rule 506(c) Security: Equity Aggregate NAV: Declined to disclose Related Persons: Xiuxian Du / Matthew Owens
PRIMARY EVIDENCE REVIEWED SEC original Form D for Hidden Leaf LP filed June 3, 2024. SEC Form D/A filed November 8, 2024. SEC Form D/A filed October 24, 2025. September 11, 2026 Form D/A and SEC-derived filing records. Puerto Rico Office of the Commissioner of Financial Institutions active Exempt Reporting Adviser registry. Public SEC-derived historical filing databases used to reconcile cumulative fundraising changes.
IMPORTANT FORM D NOTICE Hidden Leaf LP's $14,352,808 amount sold is cumulative private securities issuance and should not be described as current fund NAV or current assets under management. The latest filing explicitly declines to disclose aggregate NAV. Likewise, Hokage Capital Management's ERA registration establishes a regulatory reporting status but does not constitute SEC or Puerto Rico regulatory approval of the fund's investment strategy, performance or investment merits. Form D is an exempt-offering notice, not an endorsement.