Sweater: Platform Profile

Overview

Sweater's core investment product is now legally named Cashmere Fund, formerly Sweater Cashmere Fund.

The fund is a registered closed-end interval fund that invests primarily in private venture-backed companies and, to a lesser extent, private venture funds.

The current structure gives ordinary investors venture exposure without an accredited-investor requirement.

Current headline terms:

• $500 initial minimum;
• $50 subsequent minimum;
• 2.5% contractual management fee;
• current operating-expense cap of 4.85% through December 11, 2026;
• semiannual 5% repurchase offers;
• tiered early-repurchase fees through day 545.

May fit better for

• non-accredited investors seeking venture exposure;
• investors starting with $500;
• investors who prefer a diversified managed fund;
• users who do not want to select individual startups;
• investors who can tolerate interval-fund liquidity;
• investors seeking private-company exposure through a regulated fund wrapper.

May fit less well for

• investors requiring daily redemption;
• users sensitive to relatively high fund expenses;
• investors who want direct control of startup selection;
• investors expecting guaranteed venture valuations;
• investors who assume a registered fund means low risk;
• investors who may need to exit inside 18 months.

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Current fund name

Current 2026 SEC reports identify:

• Current name: Cashmere Fund
• Former name: Sweater Cashmere Fund

Keep ROIStreet's canonical platform review under:

• Name: Sweater

but make the legal fund name current throughout the article.

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Registered interval-fund structure

Current SEC filing:

• Investment company file number: 811-23712
• Closed end management investment company: Yes
• Interval fund: Yes
• Non diversified under 1940 Act: Yes

"Non-diversified" is a legal Investment Company Act classification.

The portfolio can still hold many companies.

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Adviser and subadviser

Current 2026 annual report:

• Investment adviser: Sweater Industries LLC
• Subadviser: Forma Cashmere LLC dba Cashmere LLC

The Board oversees both relationships.

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Current minimum

Current prospectus:

• Initial minimum: $500
• Subsequent minimum: $50

The fund can waive or change minimums.

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Management fee

Current 2026 annual report:

• Contractual management fee: 2.50%
• Incentive fee: $0

The fund's management fee is above many public-fund fee levels.

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Current expense cap

The February 2026 Board materials in the current annual report state:

• Current operating expense cap: 4.85%
• Cap through: 2026-12-11

Certain excluded expenses can fall outside the cap.

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$10,000 management-fee illustration

At a constant $10,000 NAV subject to a 2.5% contractual management fee:

$10,000 × 2.5% = $250

simple annual management-fee reference.

Actual fund operating expenses and NAV vary.

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Semiannual repurchase program

Current 2026 SEC report:

• Repurchase frequency: semiannual
• Scheduled repurchase offer size: 5% of outstanding shares
• Daily redemption: No
• Guaranteed full redemption: No

Both 2025-2026 repurchase offers reached the 5% level.

Requests can be prorated when tenders exceed the offered amount.

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Early-repurchase fee

Current fee schedule:

• Days 0 to 185: 2.00%
• Days 186 to 365: 1.50%
• Days 366 to 545: 0.50%
• Days 546 plus: $0

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Repurchase example

A $10,000 repurchase within the first 185 days:

$10,000 × 2% = $200

fee reference.

The same repurchase after day 545:

$0

early-repurchase fee under the current schedule.

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Private valuation risk

The fund holds restricted private securities.

Current SEC filings state restricted securities are valued at fair value under Board-approved procedures.

NAV is not the same as a continuously executable public-market price.

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Accreditation

Current Sweater/Cashmere investor materials:

• Accredited investor required: No

The investor owns fund shares, not direct startup shares.

Assessment

Sweater is the most accessible venture product in this batch by minimum investment.

The tradeoff is the interval-fund cost and liquidity structure.

A $500 entry point does not make venture capital liquid.

The current fund only offers scheduled semiannual repurchase windows for 5% of shares, and early repurchases can carry fees.

The most important stale-data correction is:

the fund is now Cashmere Fund, not Sweater Cashmere Fund, and the current expense cap is 4.85% through December 11, 2026.