Trails Edge Capital Partners LP

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Trails Edge Capital Partners LP
CRD #335659
SEC #801-132963
CIK #0002077247
AUM 933.4 M (2026-04-14)
Employees 7 (71% Investors, 0% Brokers)
Fees
Minimum
Phone770-600-9010
Address3445 Peachtree Road NE
Atlanta, GA 30326
Source [IAPD] [EDGAR] [Website] [LinkedIn]
Total AUM ($M)
100080060040020002010201520212027
Fees and Compensation — Form ADV Part 2A (3/3/2026) [Brochure]
Item 5: Fees and Compensation

Management Fee

As an investment adviser to the Funds, as governed by the Offering Documents, Trails Edge receives a
Management Fee generally equal to an annual rate of 1.8% to 2.0% depending on the class interests of
the Feeder Funds (or the Master Fund).

The Master Fund will pay Trails Edge a Management Fee monthly in advance on the first day of each
month, equal to the applicable Management Fee percentage of the net asset value of each capital
account of each Investor as of such date.

Trails Edge will deduct Management Fees attributable to each Designated Investment from applicable
Investors who have designated to participate in Designated Investments. The amount of such
Management Fee will be calculated by considering the lower of the fair value or the cost basis of such
Designated Investment.

Management Fees are generally pro-rated for partial periods.

Trails Edge may reduce, waive or calculate differently the Management Fee for certain Investors in the
Feeder Funds. It is anticipated that no Management Fee will be paid with respect to interests held
(directly or indirectly) by or for the benefit of the Principal, employees of Trails Edge or its affiliates,
or immediate family members of such parties.

Other Fees and Expenses

Organizational and Offering Expenses of the Funds

The Funds will bear all of their Organizational and Offering Expenses on a pro rata basis and will
reimburse the Trails Edge, the General Partner, and/or the Principal, as applicable, to the extent that
any of them bears organizational or offering expenses on behalf of the Funds. Such organizational and
offering expenses will include, without limitation, all costs and expenses incurred in connection with
the Funds’ formations and the marketing, offering, and sale of the Interests, including, but not limited
to, legal and accounting fees and expenses, registration fees, filing fees, and all costs and expenses
incurred in connection with the preparation of offering and organizational documents, marketing and
similar materials, and drafting and negotiating contracts with service providers in connection with the

Trails Edge Capital Partners, LP                                              Form ADV Part 2A

launch of the Funds.

Operating Expenses

In general, the Funds will bear all of their operating expenses on a pro rata basis (collectively, the
“Fund Expenses”), which expenses will include, without limitation: (a) Organizational and Offering
Expenses; (b) expenses associated with all investments and transactions considered, evaluated, and/or
consummated by the Funds, as well as overall consideration and evaluation of the Funds’ portfolio,
including, without limitation, those expenses incurred before the initial closing of the Funds, including,
without limitation, expenses associated with sourcing, negotiating, investigating, researching, financing,
and structuring of investments and potential investments, whether or not consummated, analysis, third-
party research, data (including, without limitation, market data, risk data, factor data, big data, and
alternative data), analytics, modeling, risk, structuring, pricing, execution, and other third-party
information systems, including, without limitation, installation and maintenance, information
technology hardware, software, or other technology and service fees (including, without limitation,
the expenses with respect to data, data feeds, subscriptions, expert networks, political intelligence
providers, and reports); (c) the costs of research-related computer hardware and software, including,
without limitation, Bloomberg terminals and subscriptions and other market information systems, as
well as the costs of research management systems and corporate access tracking systems; (d) the costs
of Trails Edge’s portfolio management system and any other software used for accounting and/or
monitoring of the portfolio, including, without limitation, subscriptions relating to, among other things,
trading and order management systems and services; (e) expenses associated with holding, financing,
monitoring, hedging, maintaining, and disposing of all investments of the Funds and all transaction and
other costs associated therewith, including, without limitation, expenses associated with proxy
research and voting services; (f) travel and entertainment and related expenses for research and
investment purposes; (g) professional fees associated with investments and potential investments,
including, without limitation, consulting, due diligence, accounting, valuation, financial, legal, and other
advisory fees and expenses; (h) transaction fees, brokerage commissions, custodial fees, clearing and
settlement charges, bank service fees, and similar fees and expenses associated with the acquisition,
disposition, and settling of investments and potential investments, including, without limitation, in
connection with outsourced trading; (i) expenses associated with legal and regulatory filings of the Funds
in the United States, the Cayman Islands, or in any other jurisdiction (including, without limitation,
pursuant to Sections 13 and 16 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”); (j) administrative, custodial, appraisal, valuation, legal, regulatory, compliance, consulting,
advisory, and similar fees and expenses associated with the Funds’ operations, investments, and
transactions, including, without limitation, fees and expenses of the fund administrator, and fees of any
service provider engaged to verify the work of the fund administrator, which include, but are not
limited to, valuation agents, the costs of client relationship management systems, or regulatory matters
with respect to the Funds and any anti-money laundering officer fees with respect thereto; (k) costs
and expenses of leverage or any other borrowings, if used, of the Funds, including, without limitation,
...
Account Minimums and Types of Clients — Form ADV Part 2A (3/3/2026) [Brochure]
Item 7: Types of Clients

Currently, Trails Edge provides investment advice only to the Funds. Each of the Domestic Fund’s and
the Offshore Fund’s Offering Documents sets forth the eligibility criteria for Investors. Subject to the
discretion of Trails Edge to accept less, the minimum initial investment threshold for the Funds is
$5,000,000, depending on share class. Additional subscription minimums are disclosed in the Offering
Documents for each Fund.

Domestic Fund

Each Investor generally must be (i) an “accredited investor”, as defined in Regulation D under the U.S.
Securities Act of 1933 (the “Securities Act”), and (ii) either a “qualified purchaser”, as defined in the
U.S. Investment Company Act of 1940 (the “Company Act”), or a “knowledgeable employee”, as

Trails Edge Capital Partners, LP                                               Form ADV Part 2A

defined under Rule 3c-5 of the Company Act and must meet other suitability requirements. Interests
may not be purchased by non-resident aliens, foreign corporations, foreign partnerships, foreign trusts
or foreign estates, all as defined in the Internal Revenue Code. The Subscription Agreement contains
representations and questionnaires relating to these qualifications.

Offshore Fund

Each Investor generally must be either (i) a non-U.S. Person or (ii) a Permitted U.S. Person that qualifies
as an “accredited investor,” as defined in Regulation D under the Securities Act, and either a “qualified
purchaser,” as defined in the Company Act, or a “knowledgeable employee,” as defined under Rule
3c-5 of the Company Act, and must meet other suitability requirements. The Subscription Agreement
contains representations and questionnaires relating to these qualifications.
Sector Form 13F Holdings Value ($M)
Vaxcyte Inc 38.5
Xenon Pharmaceuticals Inc 37.2
MIND Medicine Mindmed Inc 32.9
LB Pharmaceuticals Inc 32.5
Mirum Pharmaceuticals Inc 30.8
Nurix Therapeutics Inc 27.0
Revolution Medicines Inc 23.8
Arcus Biosciences Inc 22.6
Immunocore Holdings PLC 20.6
Cytokinetics Inc 19.8
View All
Holdings by Sector ($M)
4503602701809002025202520262027
Type Form D Funds Date Sold AUM
HF Trails Edge Biotechnology Master Fund LP [2025-10-06] 933.4 M
Filed 2025-06-25 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
AUM Breakdown Accounts AUM ($M)
By Client Type
(a) Individuals (other than high net worth individuals) 0 0.0
(b) Individuals (high net worth individuals) 0 0.0
(c) Banking or thrift institutions 0 0.0
(d) Investment companies 0 0.0
(e) Business development companies 0 0.0
(f) Pooled investment vehicles 3 933.4
(g) Pension and profit sharing plans 0 0.0
(h) Charitable organizations 0 0.0
(i) State or municipal government entities 0 0.0
(j) Other investment advisers 0 0.0
(k) Insurance companies 0 0.0
(l) Sovereign wealth funds and foreign official institutions 0 0.0
(m) Corporations or other businesses not listed above 0 0.0
(n) Other 0 0.0
Total 3 933.4
By Discretionary
Discretionary 3 933.4
Non-Discretionary 0 0.0
Total 3 933.4
By Non-United States Persons
Non-United States Persons 385.3
United States Persons 548.1
Total 3 933.4
Form D Directors Role # Filings # Firms 2011 - 2026
Trails Edge Capital Partners LP Executive Officer 2 2
Trails Edge Biotechnology Fund GP LP Executive Officer 2 2
Ortav Yehudai Executive Officer 2 2
Matthew Diaz Executive Officer 2 2
EDGAR Form CIK 2011 - 2026
13F-HR [0002077247]
SC 13G [0002077247]
Form 13D/13G Filer Form 13D/13G Subject Filed
Trails Edge Capital Partners LP Research Alliance Corp III [2026-05-29]
Trails Edge Capital Partners LP Imagenebio Inc [2026-04-21]
Trails Edge Capital Partners LP Onkure Therapeutics Inc [2026-04-07]
Trails Edge Capital Partners LP Sensei Biotherapeutics Inc [2026-02-25]
Trails Edge Capital Partners LP Immunic Inc [2026-02-24]
Trails Edge Capital Partners LP Promis Neurosciences Inc [2026-02-10]
Trails Edge Capital Partners LP LB Pharmaceuticals Inc [2025-12-31]
Trails Edge Capital Partners LP Inhibikase Therapeutics Inc [2025-12-31]
Trails Edge Capital Partners LP Neurogene Inc [2025-12-15]
Trails Edge Capital Partners LP X4 Pharmaceuticals Inc [2025-08-18]
View All
Firm Profile (Form ADV)
ServesInstitutional
Fund TypesHedge Fund
LEI254900THPMNNJBX0SX49
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