INDEPENDENT VERDICT
SRS Long Opportunities, LP is a mature hedge-fund vehicle rather than a new 2026 launch. Its September 18, 2026 Form D/A reports $1,279,498,056 sold to 105 investors under an indefinite Rule 506(b) offering and Section 3(c)(7), with a first sale dating to October 1, 2015. SRS Investment Management, LLC is expressly named as Investment Manager, SRS Long Opportunities GP, LLC is the General Partner, and Karthik R. Sarma is identified as Managing Member of the GP. The most important structural fact is that the Delaware LP does not sit alone: a Cayman companion vehicle, SRS Long Opportunities, Ltd, filed the same day with $579,511,318 sold to 40 investors and the same investment manager. Those two Form D figures are meaningful issuer-level capital-formation records, but they are not automatically equal to one consolidated strategy NAV because subscriptions, redemptions, performance, offshore share classes and portfolio accounting are not visible in Form D.
THE FUND'S MOST DISTINCTIVE STORY IS THE GAP BETWEEN FORM D CAPITAL, ADVISER AUM AND THE PUBLIC 13F EQUITY BOOK
SRS Investment Management is an SEC-registered adviser under CRD 157630 and SEC file 801-74148. Its June 30, 2026 Form ADV reports approximately $13.9 billion of regulatory assets under management across seven client accounts. Separately, SRS's June 30, 2026 Form 13F reports a $10.81 billion U.S.-listed long-equity portfolio across 33 securities. Those are three different measurements: the $1.279 billion Form D figure belongs to the Delaware Long Opportunities vehicle; the $13.9 billion ADV figure covers the adviser's broader client and private-fund platform; and the $10.81 billion 13F figure reflects only reportable long U.S. securities and excludes shorts, cash, many derivatives, foreign securities and other non-13F assets. Treating the 13F portfolio as "fund AUM" or adding domestic and offshore Form D sales to the adviser's RAUM would double-count or misclassify the capital base.
THE 13F PORTFOLIO SHOWS A HIGH-CONVICTION STYLE THAT IS FAR MORE INFORMATIVE THAN A GENERIC "LONG/SHORT HEDGE FUND" LABEL
As of June 30, 2026, SRS's largest public long position was Avis Budget Group, with approximately 17.43 million shares valued around $2.58 billion, representing roughly 23.8% of the disclosed 13F portfolio. Netflix was the second-largest position at about $1.08 billion, followed by Roblox at roughly $710 million, Credo Technology at about $700 million and Tapestry at approximately $595 million. The five largest disclosed positions together represented a substantial portion of the public book, and the top ten accounted for roughly three-quarters. Quarter-to-quarter activity also showed active concentration management: SRS materially increased Roblox and Credo exposure while reducing Netflix and Tapestry, and added positions including Coherent and Fermi. These disclosures do not show short positions or the complete Long Opportunities portfolio, but they strongly support a concentrated, research-intensive equity strategy rather than a highly diversified index-like mandate.
THE 2026 ACTIVE EXTENSION LAUNCH SHOWS SRS IS BUILDING NEW STRATEGY SLEEVES BESIDE THE LONG-RUNNING LONG OPPORTUNITIES FUND
SRS Active Extension, LP filed a new Form D in March 2026 after previously using the name SRS Alpha Extension, LP. The fund reported $15 million sold to a single investor following a February 27 first sale, with SRS Investment Management again named as Investment Manager, SRS Active Extension GP, LLC as General Partner and Karthik Sarma as Managing Member. The coexistence of Long Opportunities, Active Extension, SRS Partners Master Fund, SRS Special Opportunities Master II and other private-fund entities in the adviser's current regulatory footprint suggests that SRS manages multiple strategy and investor structures rather than one monolithic portfolio. The new Active Extension fund is particularly important because it signals expansion beyond the long-running Long Opportunities architecture, but the Form D does not define how "Active Extension" differs from the flagship strategy in gross exposure, shorting, derivatives or factor constraints.
THE MANAGER'S HISTORY IS ALSO STRONGER THAN THE FORM D ALONE WOULD SHOW
Karthik Ramakrishna Sarma has been the central investment figure behind SRS for many years, while David B. Zales serves as General Counsel and Chief Compliance Officer and signs current regulatory filings. SRS's adviser registration has been effective since March 30, 2012, and its public filings show a long history of concentrated positions in listed companies. The firm's 2026 13F portfolio includes large exposures across consumer, internet, technology and communications businesses rather than one narrow sector. Avis Budget alone represents a very large disclosed commitment, illustrating the level of single-name conviction SRS can take. That concentration can create significant upside when the investment thesis works, but it also means investors should pay close attention to position-level liquidity, borrow availability for hedges, corporate-event risk and the distinction between gross and net exposure.
FINAL ASSESSMENT
SRS Long Opportunities has at least seven case-specific facts that make this article fundamentally different from a generic hedge-fund profile: the Delaware vehicle has reported $1.279 billion sold since 2015; its Cayman counterpart separately reports $579.5 million; SRS Investment Management reports approximately $13.9 billion of regulatory AUM; its latest 13F public long book is approximately $10.81 billion; Avis Budget alone represents roughly 23.8% of that disclosed portfolio; SRS launched a new $15 million Active Extension vehicle in 2026; and Karthik Sarma sits directly in the GP control chain. The critical diligence question is therefore exposure mapping. Investors need to know which assets and hedges sit in Long Opportunities versus other SRS vehicles, whether domestic and offshore investors participate pari passu, how concentrated positions are risk-managed, what net and gross exposures look like, and how much of the $13.9 billion adviser platform is attributable to this specific strategy.
SEC SNAPSHOT
Issuer: SRS Long Opportunities, LP CIK: 0001654155 SEC Form: Form D/A Accession No.: 0000902664-26-003874 File No.: 021-248417 Film No.: 261389141 Filing Date: September 18, 2026 Jurisdiction: Delaware Entity Type: Limited Partnership Principal Address: One Bryant Park, 39th Floor, New York, NY 10036 Telephone: 212-520-7900 Industry: Pooled Investment Fund Fund Classification: Hedge Fund Investment Company Registered: No Investment Company Act Exclusion: Section 3(c)(7) Offering Exemption: Rule 506(b) Security Type: Pooled Investment Fund Interests Offering Amount: Indefinite Amount Sold: $1,279,498,056 Remaining To Be Sold: Indefinite Investors: 105 Minimum Investment: $0 First Sale: October 1, 2015 Offering Duration Over One Year: Yes Sales Commissions: $0 Finder's Fees: $0 Investment Manager: SRS Investment Management, LLC General Partner: SRS Long Opportunities GP, LLC Managing Member of GP: Karthik R. Sarma Signer: David B. Zales Signer Role: General Counsel & CCO of Investment Manager
DOMESTIC / OFFSHORE STRUCTURE
Domestic Vehicle: SRS Long Opportunities, LP Domestic CIK: 0001654155 Domestic Amount Sold: $1,279,498,056 Domestic Investors: 105 Domestic Jurisdiction: Delaware
Offshore Vehicle: SRS Long Opportunities, Ltd Offshore CIK: 0001654164 Offshore Jurisdiction: Cayman Islands Offshore Amount Sold: $579,511,318 Offshore Investors: 40 Offshore Investment Manager: SRS Investment Management, LLC
Domestic + Offshore Simple Form D Total: Approximately $1.859 billion That Figure Proven to Equal Current Strategy NAV: NO That Figure Proven to Equal Current Gross Assets: NO Domestic and Offshore Proven Economically Pari Passu: NOT FROM FORM D Current Redemptions Reflected in Cumulative Form D Sales: NO
MANAGER / ADVISER PENETRATION
Investment Adviser: SRS Investment Management, LLC CRD: 157630 SEC File No.: 801-74148 SEC Registration Effective: March 30, 2012 Principal Office: One Bryant Park, 39th Floor, New York, NY 10036 Official Website: srsfund.com Latest Reviewed ADV Date: June 30, 2026 Regulatory AUM: Approximately $13.9 billion Client Accounts: 7 Employees Reported in ADV-Derived Data: 32
Reported Private Funds Include: SRS Partners Master Fund LP SRS Long Opportunities Master Fund, LP SRS Special Opportunities Master II, LP SRS Active Extension Master, LP
Long Opportunities Form D Amount Equal to Adviser RAUM: NO
PUBLIC EQUITY / 13F PENETRATION
13F Reporting Date: June 30, 2026 13F Filing Date: August 14, 2026 Reported 13F Portfolio Value: Approximately $10.81 billion Reported Positions: 33
Largest Disclosed Holdings: Avis Budget Group: Approximately $2.577 billion Netflix: Approximately $1.084 billion Roblox: Approximately $710.4 million Credo Technology Group: Approximately $699.9 million Tapestry: Approximately $594.7 million
Avis Budget Weight: Approximately 23.8% Netflix Weight: Approximately 10.0% Roblox Weight: Approximately 6.6% Credo Weight: Approximately 6.5% Tapestry Weight: Approximately 5.5%
Top 10 Concentration: Approximately 73%-74%
Q2 2026 Public Portfolio Activity Included: Large addition to Roblox Large addition to Credo Addition to AMD New Coherent position New Fermi position Reduction in Netflix Reduction in Tapestry Exit from Delta Air Lines
13F Includes Shorts: NO 13F Includes All Derivatives: NO 13F Equals Hedge-Fund NAV: NO 13F Equals Long Opportunities LP Portfolio: NOT NECESSARILY
NEW 2026 STRATEGY PENETRATION
Vehicle: SRS Active Extension, LP CIK: 0002113990 Previous Name: SRS Alpha Extension, LP Formation Year: 2025 First Sale: February 27, 2026 Form D Filing Date: March 9, 2026 Offering Amount: Indefinite Amount Sold: $15,000,000 Investors: 1 Fund Classification: Hedge Fund Offering Exemption: Rule 506(b) Investment Company Act Exclusion: Section 3(c)(7) Investment Manager: SRS Investment Management, LLC General Partner: SRS Active Extension GP, LLC Managing Member: Karthik R. Sarma Management Fee Exists: YES Exact Strategy Difference vs Long Opportunities Publicly Defined in Form D: NO
WEBSITE / ENTITY PENETRATION
Official SRS Website Confirmed: YES SRS SEC Adviser Registration Confirmed: YES CRD 157630 Confirmed: YES SEC 801-74148 Confirmed: YES Long Opportunities LP SEC Filing Confirmed: YES Long Opportunities Ltd SEC Filing Confirmed: YES Karthik Sarma GP Control Role Confirmed: YES David Zales General Counsel / CCO Role Confirmed: YES One Bryant Park Address Continuity Confirmed: YES Active Extension New Strategy Confirmed: YES Complete Current Long Opportunities Portfolio Publicly Disclosed: NO Complete Short Book Publicly Disclosed: NO Gross Exposure Publicly Disclosed: NO Net Exposure Publicly Disclosed: NO Current Fund-Level Auditor Independently Confirmed: NO Current Administrator Independently Confirmed: NO Current Prime Brokers Publicly Confirmed From Reviewed Sources: NO
CAPITAL METRIC SEPARATION
Long Opportunities LP Form D Sold: $1.279B Long Opportunities Ltd Form D Sold: $579.5M SRS Adviser Regulatory AUM: Approximately $13.9B SRS 13F Long-Equity Portfolio: Approximately $10.81B
These Four Figures Measure the Same Thing: NO
Form D: Cumulative securities sold by issuer
ADV RAUM: Regulatory assets managed across adviser clients / funds
13F: Reportable long U.S. securities only
Simple Addition Appropriate: NO
CORE INVESTOR QUESTIONS
What is the current NAV of SRS Long Opportunities LP What is the current NAV of SRS Long Opportunities Ltd Do domestic and offshore investors participate in the same master portfolio Which SRS master fund receives their capital How much of the $13.9 billion adviser RAUM belongs to Long Opportunities How much belongs to SRS Partners, Active Extension and Special Opportunities What is current gross long exposure What is current gross short exposure What is current net equity exposure How are large single-name positions such as Avis Budget risk-limited What maximum position size is permitted How liquid is the portfolio under stressed redemption conditions What percentage of NAV can be invested in less-liquid securities What leverage and derivatives policies apply How are opportunities allocated between Long Opportunities and Active Extension Does Active Extension use the same long book with incremental shorts or derivatives Are domestic and offshore fee terms identical What management fee applies What incentive allocation applies Is there a hurdle or high-water mark Who serves as current fund administrator Who serves as auditor Which prime brokers and custodians are used What redemption notice, gate and suspension provisions apply
PRIMARY EVIDENCE REVIEWED
SEC Form D/A for SRS Long Opportunities, LP filed September 18, 2026. SEC Form D/A for SRS Long Opportunities, Ltd filed September 18, 2026. SEC Form D for SRS Active Extension, LP filed March 9, 2026. SEC Investment Adviser Public Disclosure record for SRS Investment Management, LLC. SRS Investment Management June 30, 2026 Form ADV-derived adviser data. SEC Form 13F-HR for SRS Investment Management for the quarter ended June 30, 2026. SEC Form 13F-HR for the quarter ended March 31, 2026 used for quarter-over-quarter comparison. Historical Form D records for SRS Long Opportunities dating back to 2015. Historical SRS Partners filings used only to establish the manager's long-running private-fund architecture.
IMPORTANT FORM D NOTICE
SRS Long Opportunities, LP's $1,279,498,056 and SRS Long Opportunities, Ltd's $579,511,318 are cumulative issuer-level Form D securities-sale figures. They should not automatically be added and described as current strategy NAV because Form D does not reconcile redemptions, investment gains or losses, inter-vehicle structures or current master-fund assets. SRS Investment Management's approximately $13.9 billion regulatory AUM is a broader adviser-level figure, while the approximately $10.81 billion Form 13F portfolio reports only certain long U.S. securities. SEC adviser registration, 13F reporting and Form D filings are regulatory disclosures and do not constitute SEC approval or endorsement of SRS, Karthik Sarma or any investment strategy.