JPAS - Semi Liquid Assets LLC - Emerging Markets Series is a hedge fund based in San Francisco, California. According to its most recent Form D, filed Apr 14, 2026, the fund has sold $804,483,000 of interests to 203 investors since its first sale in Mar 2020. The minimum investment it accepts from an outside investor is $10,000. It relies on the Section 3(c)(7) exclusion, so investors generally must be qualified purchasers. The offering uses Rule 506(c), which permits general advertising to investors verified as accredited. Related persons named in the filing include Erika O'Connor; Scott Kislin; Frank Ghali.
Performance
No verified returns have been reported for this fund. Hedge fund returns are not part of SEC filings; managers report them to HedgeMountain directly.
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- Total raised
- $804,483,000Cumulative sales reported on Form D
- Investors
- 203
- First sale
- Mar 31, 2020
- Minimum investment
- $10,000
- Who can invest
- Qualified purchasersSection 3(c)(7): generally $5M+ in investments
- Offering exemption
- Rule 506(c)May advertise; investors must be verified as accredited
- Key people and entities
- Erika O'Connor; Scott Kislin; Frank Ghali
- Latest Form D
- Apr 14, 2026
From SEC filings, not verified. This page republishes the fund's Form D as filed. It is not an offer, solicitation or recommendation, and HedgeMountain has not reviewed the fund. “Raised” is cumulative sales, not current assets or performance. Private funds are speculative, illiquid and generally limited to accredited investors or qualified purchasers. Full disclosures
Size compared with every hedge fund
Raised more than 90% of the 1,051 hedge funds based in California, and more than 87% of all 10,157 that report sales.