INDEPENDENT VERDICT
Silvercrest Jefferson is not a single legal fund but a layered multi-manager structure with both U.S. and offshore components. The September 2026 Form D/A for Silvercrest Jefferson Fund, L.P. reports approximately $64.90 million sold to 37 investors, while Silvercrest Jefferson Fund, Ltd. reports approximately $11.12 million sold to seven investors. The offshore company has an additional identity history: it was formerly Jefferson Global Growth Fund, Ltd., and Silvercrest took over as investment manager in 2014. Silvercrest's current SEC filings and Form ADV brochure further show that the offshore vehicle invests substantially all of its assets into Silvercrest Jefferson Master Fund, L.P., while the domestic Silvercrest Jefferson Fund, L.P. is itself a separate fund-of-funds investing across mutual funds, ETFs, separately managed accounts, hedge funds, private equity, real estate and venture capital. The research story is therefore a three-layer architecture—domestic fund, Cayman feeder and Cayman master—rather than a conventional one-vehicle hedge fund.
THE DOMESTIC AND OFFSHORE FUNDS SHOULD NOT BE TREATED AS ONE FORM D ISSUER
Silvercrest Jefferson Fund, L.P., CIK 0001617964, is a Delaware limited partnership formed in 2014. Its latest reviewed 2026 Form D/A reports an indefinite Rule 506(b) offering, Section 3(c)(1), $64,898,507 sold and 37 investors, with no reported sales commissions or finder fees. The fund uses Silvercrest Asset Management Group LLC's Richmond office at 9030 Stony Point Parkway, Suite 570 and Silvercrest's main 212-649-0600 telephone number. The Form ADV describes this domestic fund as a fund of funds rather than a single-manager directional portfolio.
Silvercrest Jefferson Fund, Ltd., CIK 0001618065, is different. It is a Cayman Islands exempt company, formerly named Jefferson Global Growth Fund, Ltd., and its September 2026 Form D/A reports an indefinite Rule 506(b) offering with approximately $11,115,963 sold to seven investors and no reported sales commissions or finder fees. The offshore vehicle also uses the Richmond Silvercrest address. These figures are separate issuer-level Form D totals and should not be casually added and presented as one fund's NAV.
THE OFFSHORE VEHICLE FEEDS INTO A MASTER FUND
Silvercrest's 2026 Form ADV brochure makes the offshore structure unusually clear. Silvercrest Jefferson Fund, Ltd. invests all or substantially all of its assets in Silvercrest Jefferson Master Fund, L.P., a Cayman Islands exempt limited partnership formed in 2014. Silvercrest Investors III LLC serves as general partner of the Master Fund and has discretionary authority over its activities. Before August 1, 2014, the offshore vehicle instead invested substantially all of its assets in Jefferson Global Growth Fund, L.P., a Delaware partnership. On August 1, 2014, that architecture changed and the offshore vehicle began investing into the new Cayman master fund.
This historical transition is central to understanding the name change. The offshore issuer was not simply renamed from Jefferson Global Growth Fund, Ltd. to Silvercrest Jefferson Fund, Ltd. and left unchanged. Its underlying investment structure also changed from the older Delaware Jefferson Global Growth Fund, L.P. to the Cayman Silvercrest Jefferson Master Fund. That creates genuine historical continuity but also a meaningful structural break in 2014.
THE DOMESTIC FUND HAS A MUCH BROADER FUND-OF-FUNDS MANDATE
Silvercrest's 2026 Form ADV states that Silvercrest Jefferson Fund, L.P. invests through underlying mutual funds, exchange-traded funds, separately managed accounts, hedge funds, private equity funds, real estate funds and venture capital funds. That makes the fund materially different from a standard hedge fund that directly runs one trading strategy. Investors are exposed not only to Silvercrest's allocation decisions but also to the fees, liquidity terms, valuation methodologies and risks of multiple underlying managers.
The Class A fee structure is also disclosed. Silvercrest receives an annualized 0.75% management fee, paid quarterly in advance, based on the net worth of each Class A limited partner's capital account. The ADV further discusses "Designated Investments"—underlying investments that may be hard to value, illiquid or held until a special event is resolved—and the possibility that those positions can be allocated to separate designated-investment accounts. This is a particularly important feature because investors can experience different economics depending on whether they participate in specific illiquid or special-situation investments.
FEE LAYERING AND DESIGNATED INVESTMENTS ARE MORE IMPORTANT THAN THE FORM D HEADLINE
The domestic Jefferson fund can invest in underlying private equity, real estate, venture capital and hedge funds that themselves charge management and performance fees. Silvercrest's own 0.75% Class A management fee therefore sits above potential underlying-manager economics. The ADV also explains that an underlying manager's performance-based fee may sometimes be charged at the overall underlying-fund level, even where only some Jefferson investors participate in a designated-investment account. Depending on the underlying structure, investors not participating directly in a designated investment may still indirectly bear part of a related performance fee.
This is much more important for diligence than simply asking whether $64.9 million or $11.1 million has been sold under Form D. Investors should understand total expense layering, how difficult-to-value positions are isolated, how designated-investment gains and losses are allocated, and whether domestic and offshore investors ultimately receive equivalent underlying exposure.
SILVERCREST'S PUBLIC COMPANY FILINGS CONFIRM THE STRUCTURE
Silvercrest Asset Management Group Inc.'s June 30, 2026 Form 10-Q independently confirms that the firm continues to provide services to Silvercrest Jefferson Fund, L.P. and Silvercrest Jefferson Fund, Ltd., and explicitly states that the latter invests in Silvercrest Jefferson Master Fund, L.P. The company's 2025 Form 10-K gives the same description and notes that Silvercrest took over investment management of the offshore Jefferson vehicle in 2014.
This public-company reporting is particularly valuable because it provides a second regulatory source outside the private fund's own Form D. It also helps distinguish the Jefferson family from other Silvercrest alternatives. Several other Silvercrest hedge and market-neutral funds are currently listed as in liquidation, while Jefferson remains among the active fund structures reported by the company.
PLATFORM SCALE IS LARGE BUT SHOULD NOT BE CONFUSED WITH JEFFERSON ASSETS
Silvercrest reported $37.0 billion of total assets under management as of June 30, 2026, including $24.7 billion of discretionary AUM and $12.3 billion of non-discretionary AUM. The firm describes itself as an independent wealth manager serving wealthy families, institutional investors, endowments and foundations. Its official website also reports a 98% client-retention rate and approximately 25 years of average team-member investment experience.
Those figures are useful sponsor context but are not assets of the Jefferson funds. The domestic fund's $64.9 million Form D amount sold and the offshore fund's $11.1 million amount sold are offering metrics, not the same measurement as current NAV. Likewise, Silvercrest's $37 billion total platform AUM should never be attached to Jefferson as though it were fund size.
FINAL ASSESSMENT
Silvercrest Jefferson has a stronger public verification trail than many private multi-manager funds because Form D, Form ADV, the sponsor's public-company 10-K and 10-Q, and historical issuer records all line up. The domestic L.P. is a diversified fund of funds with $64.9 million reported sold to 37 investors; the Cayman Fund Ltd. reports $11.1 million sold to seven investors and feeds into Silvercrest Jefferson Master Fund, L.P. The offshore vehicle also carries a documented pre-2014 Jefferson Global Growth lineage.
The central diligence questions are therefore structural rather than existential. Investors should determine how domestic and offshore exposures differ, how much capital actually sits at the master-fund level, how designated investments are allocated, how underlying private-equity and hedge-fund fees layer with Silvercrest's own management fee, and whether illiquid positions create different redemption or valuation outcomes among investors. Form D confirms the offerings, but only the ADV and fund documents explain the actual economics.
SEC SNAPSHOT — U.S. FUND
Legal Name: Silvercrest Jefferson Fund, L.P.
CIK: 0001617964
Jurisdiction: Delaware
Formation: 2014
Entity Type: Limited Partnership
Latest Reviewed Filing: Form D/A September 2026
Principal Address: c/o Silvercrest Asset Management Group LLC 9030 Stony Point Parkway Suite 570 Richmond, Virginia 23235
Phone: 212-649-0600
Industry: Pooled Investment Fund
Federal Exemption: Rule 506(b)
Investment Company Act Exclusion: Section 3(c)(1)
Offering Amount: Indefinite
Amount Sold: $64,898,507
Investors: 37
Sales Commissions: $0
Finders' Fees: $0
SEC SNAPSHOT — OFFSHORE FUND
Legal Name: Silvercrest Jefferson Fund, Ltd.
Previous Name: Jefferson Global Growth Fund, Ltd.
CIK: 0001618065
SEC File No.: 021-224138
Jurisdiction: Cayman Islands
Entity Type: Cayman Islands Exempt Company
Latest Reviewed Filing: Form D/A September 14, 2026
Principal Address: c/o Silvercrest Asset Management Group LLC 9030 Stony Point Parkway Suite 570 Richmond, Virginia 23235
Phone: 212-649-0600
Industry: Pooled Investment Fund
Federal Exemption: Rule 506(b)
Investment Company Act Exclusion: Section 3(c)(1)
Offering Amount: Indefinite
Amount Sold: $11,115,963
Investors: 7
Sales Commissions: $0
Finders' Fees: $0
MASTER-FEEDER STRUCTURE
Offshore Feeder: Silvercrest Jefferson Fund, Ltd.
Master Fund: Silvercrest Jefferson Master Fund, L.P.
Master Fund Jurisdiction: Cayman Islands
Master Fund Formation: July 1, 2014
Master Fund General Partner: Silvercrest Investors III LLC
Offshore Feeder Investment: All or substantially all assets invested in Master Fund
Effective Master-Fund Transition: August 1, 2014
Pre-2014 Underlying Vehicle: Jefferson Global Growth Fund, L.P.
Research Significance: The offshore fund changed both branding and underlying fund architecture when Silvercrest assumed investment management.
DOMESTIC FUND STRATEGY
Structure: Fund of funds
Underlying Investment Types: Mutual funds ETFs Separately managed accounts Hedge funds Private equity funds Real estate funds Venture capital funds
Primary Risk Layer: Multi-manager allocation and underlying-fund exposure
Direct Single-Strategy Hedge Fund: No
CLASS A MANAGEMENT FEE
Vehicle: Silvercrest Jefferson Fund, L.P.
Class: Class A Limited Partnership Units
Annual Management Fee: 0.75%
Payment Frequency: Quarterly in advance
Fee Base: Net worth of each Class A Limited Partner capital account
Important Qualification: Underlying investment managers may charge additional management and performance fees.
DESIGNATED INVESTMENTS
Definition: Underlying positions Silvercrest considers difficult to value, illiquid or appropriate to hold until a special event or circumstance is resolved
Possible Structures: Designated Investment Accounts Follow-Up Investments
Potential Investor Effect: Different investors may participate in different designated investments.
Potential Fee Effect: Certain underlying manager performance fees can be allocated in ways that do not perfectly align with individual designated-investment participation.
Research Significance: Creates more complex economics than a simple pro rata fund-of-funds structure.
SILVERCREST PLATFORM
Official Domain: silvercrestgroup.com
Founded: 2002
Firm Description: Independent investment adviser and wealth manager
June 30, 2026 Total AUM: $37.0 billion
Discretionary AUM: $24.7 billion
Non-Discretionary AUM: $12.3 billion
Official Client Retention: 98%
Primary Client Groups: High-net-worth families Institutional investors Endowments Foundations
Important Distinction: Firmwide AUM is not Jefferson fund NAV.
PUBLIC-COMPANY REGULATORY CROSS-CHECK
Reporting Company: Silvercrest Asset Management Group Inc.
Ticker: SAMG
2026 10-Q: Confirms ongoing management of Silvercrest Jefferson Fund, L.P.
2026 10-Q: Confirms Silvercrest Jefferson Fund, Ltd. invests into Silvercrest Jefferson Master Fund, L.P.
2025 10-K: Confirms Silvercrest took over management of the offshore fund in 2014
Related Fund Status: Several older Silvercrest hedge / market-neutral vehicles are currently in liquidation
Jefferson Status: Continues to be reported as an active managed fund structure
WEBSITE / ENTITY PENETRATION
Silvercrest Asset Management Group LLC: Confirmed investment manager
Richmond Address: Confirmed through Form D
New York Corporate Headquarters: 1330 Avenue of the Americas 38th Floor New York, New York 10019
Corporate Phone: 212-649-0600
Silvercrest Jefferson Fund, L.P.: Confirmed in Form ADV and public-company filings
Silvercrest Jefferson Fund, Ltd.: Confirmed in Form ADV and public-company filings
Silvercrest Jefferson Master Fund, L.P.: Confirmed
Historic Jefferson Global Growth Name: Confirmed
Strategy: Confirmed through Form ADV
Class A Fee: Confirmed through Form ADV
FIVE FACTS UNIQUE TO THIS CASE
- Silvercrest Jefferson Fund, Ltd. was formerly Jefferson Global Growth Fund, Ltd.
- The offshore fund changed its underlying structure in 2014 from Jefferson Global Growth Fund, L.P. to Silvercrest Jefferson Master Fund, L.P.
- The 2026 domestic Form D reports $64.9 million sold to 37 investors, while the offshore vehicle reports approximately $11.1 million sold to seven investors.
- The domestic Jefferson fund invests across mutual funds, ETFs, SMAs, hedge funds, private equity, real estate and venture capital rather than following one direct investment strategy.
- Silvercrest's ADV allows for Designated Investment Accounts that can create different participation and fee outcomes among investors.
CORE INVESTOR QUESTIONS
- What is the current NAV of Silvercrest Jefferson Fund, L.P.
- What is the current NAV of Silvercrest Jefferson Master Fund, L.P.
- How much of the offshore feeder's capital is currently invested in the Master Fund
- Are domestic and offshore portfolios economically identical
- Do both vehicles invest in the same underlying managers
- What percentage of assets is currently in hedge funds
- What percentage is in private equity
- What percentage is in real estate and venture capital
- How much of the portfolio is held in Designated Investments
- What liquidity restrictions apply to those positions
- How are valuations determined for illiquid underlying funds
- What underlying-management and performance fees are currently being paid
- How are those fees layered with Silvercrest's 0.75% Class A fee
- How are performance fees allocated when only some investors participate in a Designated Investment Account
- What redemption frequency and notice period apply
- Are there gates or suspension rights
- Who audits and administers the Jefferson funds
- Why does the domestic fund remain separate rather than feed into the Cayman master structure
ENTITY-SPECIFIC RISKS
A fund-of-funds structure creates multiple layers of management and performance fees. Underlying private equity, real estate and venture funds can create long-duration illiquidity. Designated Investment Accounts can result in different investor exposures. Underlying manager valuations may be delayed or difficult to verify. Domestic and offshore Jefferson vehicles are separate legal products and should not be treated as interchangeable. The offshore fund's historical Jefferson Global Growth structure changed materially in 2014. Form D amount sold is not current NAV. The $64.9 million and $11.1 million issuer totals should not automatically be combined into one fund size. Silvercrest's $37 billion platform AUM is unrelated to the specific Jefferson fund balance. Fund-of-funds diversification reduces single-manager concentration but introduces manager-selection, liquidity and fee-layering risks.
PRIMARY EVIDENCE REVIEWED
September 2026 Form D/A for Silvercrest Jefferson Fund, L.P. September 14, 2026 Form D/A for Silvercrest Jefferson Fund, Ltd. Historical SEC Form D records for Silvercrest Jefferson Fund, Ltd. / Jefferson Global Growth Fund, Ltd. Silvercrest 2026 Form ADV Part 2A brochure. Silvercrest Asset Management Group Inc. 2025 Form 10-K. Silvercrest Asset Management Group Inc. June 30, 2026 Form 10-Q. Silvercrest official Q2 2026 financial results. Silvercrest official corporate website and current AUM disclosures.
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering and does not represent SEC approval, endorsement or verification of Silvercrest, Silvercrest Jefferson Fund, Silvercrest Jefferson Master Fund or any underlying investment manager. The domestic fund's $64.9 million amount sold, the offshore fund's $11.1 million amount sold and Silvercrest's $37 billion firmwide AUM are separate measurements. FilingDossier also distinguishes the offshore feeder from the Cayman master fund and does not combine their values without current fund-level financial statements.