INDEPENDENT ASSESSMENT
Hidden Lake Onshore Fund LP is a verifiable Delaware hedge fund that has been continuously offered since its first sale on February 1, 2020. Its September 18, 2026 Form D/A reports an indefinite Rule 506(b) offering with $22,921,993 sold to 18 investors, Section 3(c)(1) status, equity and pooled investment fund interests, no placement agent, $0 sales commissions and $0 finder's fees. Hidden Lake Asset Management LP is explicitly identified as Investment Manager, Hidden Lake Fund GP LLC as General Partner, and Kevin Mok signed the amendment as Managing Member of the General Partner. The filing also states that the Investment Manager receives customary management fees. The immediately related Cayman vehicle, Hidden Lake Offshore Fund Ltd., amended its filing on the same day and reported $2,402,491 sold to six investors with a $100,000 minimum and the same Rule 506(b)/3(c)(1) framework. The important analytical point is that these two Form D sales figures are only the feeder-level fundraising picture: Hidden Lake's March 2026 adviser disclosures show a much larger investment-management business, including approximately $378 million of regulatory AUM and roughly $376 million of gross assets in Hidden Lake Master Fund Ltd. That gap is the defining structural feature of this case.
The master-feeder distinction prevents one of the easiest mistakes in this article. The $22.92 million onshore Form D amount and $2.40 million offshore amount do not explain the full economic scale of the Hidden Lake strategy, because adviser-derived private-fund data identify Hidden Lake Master Fund Ltd. at approximately $376 million of gross assets, while Hidden Lake Asset Management reported approximately $378.3 million of regulatory AUM across five accounts in its March 27, 2026 Form ADV. The structure therefore appears to route capital through feeder and/or other accounts into a substantially larger master or trading platform, although the public Form D filings alone do not disclose every subscription pathway or investor class. Investors should not add the onshore and offshore Form D amounts to the master-fund GAV, because doing so would likely double-count capital already represented at the master level. The correct diligence path is Onshore Fund / Offshore Fund / other managed accounts → Hidden Lake Master Fund or relevant trading account → actual securities and derivatives portfolio.
THE UNIQUE STORY: FORM D LOOKS SMALL, BUT THE MANAGER'S 13F SHOWS A MUCH LARGER AND HIGHLY TACTICAL PUBLIC-MARKET BOOK
Hidden Lake's June 30, 2026 Form 13F makes the strategy much more concrete than the sparse public website does. The manager reported 24 positions with approximately $332.206 million of reportable long securities and option positions. Public 13F summaries identify large exposures including puts on the iShares Semiconductor ETF and Nasdaq-100 ETF, calls on the KraneShares CSI China Internet ETF, and equity positions such as Advanced Micro Devices, Seagate Technology, Applied Materials, Snowflake and STMicroelectronics. The same manager reported roughly $395 million of 13F value at year-end 2025, approximately $331 million at March 2026 and $332 million at June 2026, while the mix of puts, calls and common shares changed materially from quarter to quarter. That is a distinctive signal: Hidden Lake does not look like a passive long-only technology fund. The observable portfolio suggests active use of index and sector options alongside individual equities, consistent with a hedge-fund structure where directional stock exposure can be paired with macro, sector or downside hedges. However, 13F reporting does not show short positions, many derivatives, cash, swaps or non-U.S. securities, so the $332 million number should not be treated as fund NAV or net exposure.
The 2026 adviser record adds another important layer. Hidden Lake Asset Management LP is SEC-registered under CRD 298209 / SEC file 801-115096 and reported approximately $378.3 million of regulatory AUM, 10 employees and five client accounts in its March 2026 Form ADV. Kevin Mok is identified in adviser records as a managing member/control person and is publicly associated with the firm as Founder and CIO, while Jonathan Rodriguez appears as another managing member and investment professional; John Morelli serves as COO and CCO and signed Hidden Lake's June 2026 13F. The public corporate website itself is intentionally sparse, giving little more than the firm name, New York address, phone and investor-relations email. That creates an unusual transparency profile: Hidden Lake exposes relatively little marketing material, yet SEC Form D, Form ADV and Form 13F records provide a fairly rich regulatory picture. Investors therefore have more evidence about legal structure, adviser scale and public-market holdings than they do about the manager's stated investment philosophy, risk limits, leverage policy or target return profile.
FINAL ASSESSMENT
Hidden Lake Onshore Fund is a genuine SEC-filed hedge-fund feeder with a long-running offering, but the most important story is the mismatch between feeder-level Form D sales and the much larger master/adviser platform. The September 2026 filing shows only $22.92 million sold to 18 onshore investors, while the offshore sleeve adds just $2.40 million to six investors; by contrast, adviser data place Hidden Lake near $378 million of regulatory AUM and its master fund near $376 million of gross assets. The manager's June 2026 13F then reveals approximately $332 million of reportable securities and options, including technology stocks and sizeable ETF option positions. That combination strongly suggests that the real economic exposure must be understood at the master/trading-account level rather than from the feeder Form D alone. Investors should therefore obtain the full master-feeder organizational chart, current NAV, gross and net exposure, option and short-book data, leverage limits, liquidity terms, administrator/auditor details, management and performance-fee schedule and current performance history before using any single SEC filing number as a proxy for strategy size or risk.
SEC SNAPSHOT
SEC CLASSIFICATION: Hedge Fund / Pooled Investment Fund | SECURITY: Equity + Pooled Investment Fund Interests | EXEMPTION: Rule 506(b) | ICA EXCLUSION: Section 3(c)(1) | FIRST SALE: February 1, 2020 | OFFERING: Indefinite | DURATION: More than one year.
TOTAL SOLD: $22,921,993 | INVESTORS: 18 | MINIMUM SHOWN ON FORM D: $0 | SALES COMMISSIONS: $0 | FINDER'S FEES: $0 | AGGREGATE NAV: Declined to disclose.
INVESTMENT MANAGER: Hidden Lake Asset Management LP | GENERAL PARTNER: Hidden Lake Fund GP LLC | SIGNER: Kevin Mok — Managing Member of the General Partner.
ITEM 16: $0 estimated related-person use of proceeds, with clarification that the Investment Manager receives customary management fees.
PARALLEL OFFSHORE VEHICLE: Hidden Lake Offshore Fund Ltd. | CIK: 0001750427 | Cayman Islands | Form D/A September 18, 2026 | $2,402,491 sold | 6 investors | $100,000 minimum | first sale May 1, 2020 | Rule 506(b) | Section 3(c)(1).
IMPORTANT CAPITAL DISTINCTION: $22.922M onshore sales + $2.402M offshore sales are feeder-level Form D amounts. They should not be added to the approximately $376M master-fund GAV or $378M adviser RAUM because that would risk double-counting the same underlying capital.
WEBSITE / ENTITY PENETRATION
OFFICIAL MANAGER: Hidden Lake Asset Management LP | OFFICIAL DOMAIN: hiddenlakeam.com | ADDRESS: 152 West 57th Street, Suite 920, New York, NY 10019.
REGULATORY STATUS: SEC-registered investment adviser | CRD 298209 | SEC FILE 801-115096.
MARCH 2026 ADVISER SCALE: approximately $378.3M regulatory AUM | 10 employees | 5 accounts | portfolio management for pooled investment vehicles | asset-based and performance-based compensation.
PRIVATE-FUND STRUCTURE: Hidden Lake Master Fund Ltd. — approximately $376M gross assets in adviser-derived private-fund data | Hidden Lake SPV II LLC — approximately $1.7M gross assets | additional feeder / vehicle architecture reflected in Form D history.
Q2 2026 FORM 13F: 24 reportable positions | approximately $332.206M aggregate reported value | major public summaries identify SOXX puts, QQQ puts, KWEB calls and equity exposure including AMD, Seagate, Applied Materials, Snowflake and STMicroelectronics.
13F TREND: approximately $395.4M at Q4 2025 | approximately $330.9M at Q1 2026 | approximately $332.2M at Q2 2026. These are reportable long securities and option values, not fund NAV or net exposure.
KEY PEOPLE: Kevin Mok — managing member / Founder & CIO | Jonathan Rodriguez — managing member / investment professional | John Morelli — COO / CCO.
PUBLIC WEBSITE TRANSPARENCY: LIMITED | official site provides contact information but does not publish a detailed strategy, portfolio or performance presentation.
CURRENT MASTER-FUND NAV: NOT PUBLICLY DISCLOSED | CURRENT NET EXPOSURE: NOT DISCLOSED | SHORT BOOK: NOT SHOWN IN 13F | SWAPS / MANY DERIVATIVES: NOT FULLY SHOWN IN 13F | MANAGEMENT / PERFORMANCE FEE RATES: REQUIRE FUND DOCUMENTS | CURRENT IRR / ANNUALIZED RETURN / SHARPE / MAX DRAWDOWN: NOT PUBLICLY VERIFIED.
CORE INVESTOR QUESTIONS
How exactly do the onshore and offshore feeders connect to Hidden Lake Master Fund Ltd. | What other managed accounts or investor classes explain the gap between Form D sales and approximately $378M RAUM | What is current master-fund NAV | What are current gross and net exposures | How large is the short book relative to the 13F long book | What role do SOXX, QQQ and other option positions play — hedging, directional trading or relative-value positioning | What percentage of portfolio risk is technology and semiconductors | How much leverage is permitted | What are monthly / quarterly liquidity terms and gates | What management and incentive fees apply | Who are the current administrator, auditor, custodian and prime brokers | How are options and other derivatives valued | What are current drawdown and stress-test limits | How are investments allocated among the master fund, SPVs and separately managed accounts
CORE RISKS
Equity-market risk | technology and semiconductor concentration | options and derivatives risk | short-position risk not visible in 13F | leverage risk | gross/net exposure opacity | master-feeder complexity | investor redemption risk | limited public strategy disclosure | performance-fee incentives | valuation of derivative positions | 13F reporting incompleteness | feeder Form D sales do not equal master NAV | adviser RAUM and 13F value are different measures and should not be combined.
INDEPENDENT CONCLUSION
Hidden Lake is a strong example of why a small-looking Form D can materially understate the scale of the underlying investment platform. The onshore issuer reports only $22.92 million sold and the offshore feeder another $2.40 million, yet the manager reports approximately $378 million of regulatory AUM, its master fund is shown around $376 million of gross assets, and its June 2026 13F contains approximately $332 million of reportable securities and options.
The unique diligence challenge is therefore reconstructing the portfolio from several regulatory layers rather than relying on one filing. Form D identifies the feeders, Form ADV identifies the adviser and master-fund scale, and Form 13F reveals a tactical book combining individual technology equities with substantial option exposure. Investors still need the private fund reports to see shorts, swaps, leverage, net exposure, performance and fee economics. SEC registration and Form D filings verify the structure; they do not mean that the SEC approved Hidden Lake's portfolio, derivatives strategy, valuations or future investment performance.
PRIMARY EVIDENCE REVIEWED
U.S. Securities and Exchange Commission — Hidden Lake Onshore Fund LP — CIK 0001750426 — Form D/A filed September 18, 2026 — $22,921,993 sold — 18 investors — Rule 506(b) — Section 3(c)(1).
U.S. Securities and Exchange Commission — Hidden Lake Offshore Fund Ltd. — CIK 0001750427 — Form D/A filed September 18, 2026 — $2,402,491 sold — 6 investors — $100K minimum — Rule 506(b) — Section 3(c)(1).
SEC Form ADV / IAPD — Hidden Lake Asset Management LP — CRD 298209 / SEC 801-115096 — approximately $378.3M RAUM in March 2026.
Private-fund data derived from Form ADV — Hidden Lake Master Fund Ltd. — approximately $376M gross assets.
U.S. Securities and Exchange Commission — Hidden Lake Asset Management LP — Q2 2026 Form 13F — 24 entries — approximately $332.206M reportable securities and option value.
Hidden Lake Asset Management official website — firm identity, New York address and investor-relations contact.
IMPORTANT FORM D NOTICE:
Form D is a notice filing for an exempt securities offering. SEC registration of Hidden Lake Asset Management does not mean that the SEC approved Hidden Lake Onshore Fund, Hidden Lake Offshore Fund, Hidden Lake Master Fund, any equity or option position, management fee, valuation or future investment performance.