INDEPENDENT VERDICT
ShawSpring Partners presents a substantially different verification profile from a newly created private fund whose existence depends almost entirely on one Form D. The investment manager, ShawSpring Partners LLC, is an SEC-registered investment adviser with CRD 172766 and SEC file number 801-117000, while the QP Fund has been filing as a private pooled investment vehicle since its first reported sale on April 1, 2021. Its September 16, 2026 Form D amendment reports an indefinite offering and $1,605,355,029 of securities sold to 192 investors, with a $100,000 minimum investment. The same filing identifies ShawSpring Partners LLC as investment manager, ShawSpring Partners GP, LP as general partner and ShawSpring Partners GP, LLC as another related management entity. These relationships can therefore be followed across multiple SEC systems rather than inferred from branding alone. The central analytical issue is not whether ShawSpring has a real regulatory footprint—it clearly has one—but how investors interpret three very different numbers attached to the business: roughly $1.605 billion of cumulative Form D sales, approximately $438.7 million of regulatory AUM reported by the adviser in 2026, and approximately $232.1 million of securities appearing in its June 2026 Form 13F. None of those figures is interchangeable with the others.
THE $1.605 BILLION FORM D NUMBER IS NOT CURRENT AUM
The September 2026 QP Fund amendment is particularly useful because it illustrates one of the most common errors in private-fund research. Form D Item 13 reports how much of the securities offering has been sold; it does not report the fund's present net asset value or the adviser's current assets under management. ShawSpring's QP Fund reports $1.605 billion sold since the offering began in 2021, an indefinite total offering size, 192 investors and no sales commissions or finder's fees. The vehicle identifies itself as a hedge fund, relies on Rule 506(b), claims the Investment Company Act Section 3(c)(7) exclusion and states that the offering is intended to continue for more than one year. By contrast, ShawSpring Partners LLC's March 2026 Form ADV data indicate approximately $438.7 million of regulatory AUM across seven accounts, all reported as discretionary assets. The gap does not by itself establish any inconsistency: cumulative subscriptions can coexist with investor withdrawals, redemptions, gains, losses, transfers and changing gross or net exposure over a multi-year fund life. It does, however, mean a researcher should not describe ShawSpring as currently managing $1.605 billion simply because that amount appears in Form D. The adviser-level ADV figure is the more relevant regulatory measure for current assets managed as of that filing date.
THE 13F RECORD REVEALS A CONCENTRATED PUBLIC-EQUITY BOOK, BUT NOT THE WHOLE FUND
ShawSpring's Form 13F history provides another independent layer of evidence that most private-fund Form D profiles do not offer. For the quarter ended June 30, 2026, ShawSpring Partners LLC reported 11 Section 13(f) positions with an aggregate reported market value of approximately $232.1 million. The disclosed names were Alibaba Group Holding, Amazon, Braze, Constellation Energy, Coupang, Crane Company, GDS Holdings, Liberty Media, Microsoft, Okta and Zscaler. That is a concentrated list rather than a broad index-style portfolio, and several of the positions reflect recurring exposure to internet, cloud, cybersecurity, digital infrastructure and technology-linked businesses. Yet the $232.1 million 13F total should not be compared mechanically with either the $438.7 million ADV AUM figure or the QP Fund's $1.605 billion cumulative Form D sales. Form 13F covers specified U.S.-listed securities and certain reportable instruments; it does not provide a full balance sheet and can omit cash, many private investments, securities outside the reportable universe, shorts and other economic exposures. The difference between the 13F value and regulatory AUM is therefore itself useful evidence that the visible public-equity filing is only a partial window into the firm's managed capital.
A LONGER REGULATORY TRAIL MAKES ENTITY PENETRATION STRONGER
The manager's identity can be cross-checked through several independent regulatory records. SEC Investment Adviser Public Disclosure lists ShawSpring Partners LLC as an SEC-registered adviser, with registration effective July 19, 2019, CRD 172766 and SEC number 801-117000. ShawSpring's own website states that the firm is an SEC-registered investment adviser and uses shawspring.com as its official domain. The website currently gives 171 Newbury Street, Suite 5 in Boston as its office, matching the address used in ShawSpring's 2026 Form 13F. The newer September 2026 QP Fund Form D instead lists 20 Park Plaza, Suite 1118 in Boston for the fund, investment manager and GP entities. The address change is therefore visible inside ShawSpring's own regulatory trail rather than evidence of an unexplained third party. Jason Thorpe signs both the August 2026 Form 13F as Chief Compliance Officer and the September 2026 Form D amendment for the QP Fund, creating another direct linkage between adviser and private fund. Historical Form D filings also show an older ShawSpring Partners Fund, L.P., demonstrating that the QP structure sits within a longer ShawSpring fund architecture rather than appearing as an isolated 2026 issuer.
WHAT THE REGULATORY RECORD DOES AND DOES NOT PROVE
ShawSpring has several verification characteristics that can be tested unusually well from primary filings: an SEC-registered adviser, a live official domain, identifiable GP entities, recurring Form ADV disclosures, repeated Form 13F holdings reports and multiple years of Form D activity. Those records establish the existence and regulatory identity of the organization, but they do not independently establish investment performance, future returns or whether the QP Fund is suitable for a particular investor. Investors should also recognize the sharp decline in reported regulatory AUM visible between periods: third-party compilations of ShawSpring's SEC ADV data show approximately $939.8 million in an earlier filing versus about $438.7 million in the March 2026 filing. AUM can move because of redemptions, market movements, account restructuring, transfers and reporting changes, so the decline should not be assigned a cause without additional evidence. For due diligence, the more useful questions are what drove the change in capital, how much of current adviser AUM belongs specifically to the QP Fund, what the fund's gross and net exposures are beyond the 13F portfolio, how performance has evolved after fees, what liquidity and redemption terms apply, and how concentrated positions are risk-managed.
FINAL ASSESSMENT
ShawSpring Partners is supported by a considerably richer public evidence chain than the Form D alone: the investment manager is currently shown by IAPD as SEC registered, the private fund identifies the same manager and related GP entities, the firm's 13F filings expose an identifiable concentrated securities portfolio, and the official website aligns with the regulatory identity and Boston operating footprint. The most important caution for researchers is numerical rather than existential. $1.605 billion is cumulative securities sold under the QP Fund's Form D offering; approximately $438.7 million is ShawSpring Partners LLC's reported 2026 regulatory AUM; and approximately $232.1 million is the value of its reportable June 2026 13F securities. Using any one of these numbers as a substitute for the others would materially distort the regulatory record. ShawSpring's filings provide strong evidence of an established adviser and operating fund structure, but the SEC's acceptance of Form D, ADV and 13F filings is not an endorsement of the fund, its investment strategy, valuation, performance or expected returns.
SEC SNAPSHOT ShawSpring Partners QP Fund, LP | CIK 0001856181 | File No. 021-395954 | Delaware LP | Formed 2021 | Rule 506(b) | Section 3(c)(7) | Hedge Fund | First Sale April 1, 2021 | Latest Form D/A September 16, 2026 | Indefinite Offering | $1,605,355,029 Sold | 192 Investors | $100,000 Minimum | Investment Manager: ShawSpring Partners LLC | GP: ShawSpring Partners GP, LP | Adviser CRD 172766 | SEC 801-117000
WEBSITE / ENTITY PENETRATION Official domain: https://shawspring.com/ SEC adviser identity match: Confirmed Investment manager named in Form D: ShawSpring Partners, LLC General partner named in Form D: ShawSpring Partners GP, LP Related GP entity: ShawSpring Partners GP, LLC CRD / IARD linkage: CRD 172766 / SEC 801-117000 Form 13F manager CIK: 0001766908 Form D fund CIK: 0001856181 CCO appearing across filings: Jason Thorpe Website / 13F address: 171 Newbury Street, Suite 5, Boston, MA 02116 September 2026 Form D address: 20 Park Plaza, Suite 1118, Boston, MA 02116 Regulatory identity consistency: Strong, subject to normal filing-date differences
Q2 2026 PUBLIC 13F POSITIONS Alibaba Group Holding Amazon Braze Constellation Energy Coupang Crane Company GDS Holdings Liberty Media Microsoft Okta Zscaler Total reported 13F value: $232,082,002 Number of reported positions: 11
CORE INVESTOR QUESTIONS What explains the movement from earlier reported adviser AUM levels to approximately $438.7 million in March 2026 How much of current adviser regulatory AUM is attributable specifically to ShawSpring Partners QP Fund How do historical subscriptions, redemptions and withdrawals reconcile with the $1.605 billion cumulative Form D amount sold What assets and exposures sit outside the Form 13F reporting universe What are the fund's audited net returns after management and performance fees What redemption, lock-up, gate and side-pocket provisions apply Which administrator, auditor, prime broker and custodians currently service the fund How does ShawSpring control single-name, sector and liquidity concentration risk
PRIMARY EVIDENCE REVIEWED SEC Form D/A — ShawSpring Partners QP Fund, LP — September 16, 2026 SEC Investment Adviser Public Disclosure — ShawSpring Partners LLC — CRD 172766 / SEC 801-117000 SEC Form 13F-HR — ShawSpring Partners LLC — quarter ended June 30, 2026 SEC Form 13F Information Table — June 30, 2026 Historical SEC Form D filings — ShawSpring Partners Fund, L.P. and ShawSpring Partners QP Fund, LP ShawSpring Partners official website — shawspring.com
IMPORTANT FORM D / ADV / 13F NOTICE Form D is a notice of an exempt securities offering and does not establish current AUM. Form ADV reports regulatory information about an investment adviser but is not an SEC rating or endorsement. Form 13F reports specified securities and should not be treated as a complete portfolio or fund balance sheet. SEC registration and filing history do not mean the SEC has approved ShawSpring Partners, verified investment performance or determined that an investment is safe or suitable.