Home/Fund Intelligence/Hedge fund: multi-strategy / multi-manager/Walleye Horizon IDF
Walleye
Platform series

Walleye Horizon IDF

A series of SALI Multi-Series Fund V, LP, an insurance-dedicated platform, managed by Walleye Capital LLC, following a hedge fund: multi-strategy / multi-manager strategy. This file sets out what the fund and its adviser have filed with the SEC.

AdviserWalleye Capital LLC
StrategyHedge fund: multi-strategy / multi-manager
StructureDelaware limited partnership, 2026
Gross assetsUSD 32.0 million
AuditorErnst & Young
Adviser's record1 matter reported
Ask about this fundManager fileAll funds
PPLI.com
Fund Rating
Rating in preparation
Editorial assessment on UHNW criteria
Reviewed 4 November 2026 · Q4 2026 edition
Updated every quarter
Research byPPLI.com Fund IntelligenceResearch desk
About the rating
In brief

Walleye Horizon IDF at a glance

The fund relies on Section 3(c)(7) of the Investment Company Act and Rule 506(b), so its interests go only to qualified purchasers in a private offering. The adviser reports about 3 beneficial owners, 3% of them outside the United States. As an insurance-dedicated fund it is held through insurance company separate accounts, alongside the few other holders the Treasury rules allow, and a family reaches it through a policy whose insurer offers it.

It is a series of SALI Multi-Series Fund V, LP, a platform run by SALI Fund Management, LLC (SALI Fund Services), whose Form ADV of 25 August 2026 reports the series' controls; Walleye Capital LLC manages the investments.

One point to note: the adviser reports that the auditor's report for the last fiscal year has not yet been received. The fund is shown as in preparation until the filing changes.

Walleye Capital LLC reports 1 regulatory action in Item 11 of its Form ADV in 2021, all concerning the adviser itself, with reported sanctions of about USD 550,000. The full record is set out below.

The rating

The rating of Walleye Horizon IDF

The rating looks only at the areas below, which matter to a family holding the fund through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

Fund scale and investor base

The fund's gross assets, the number of its owners and how long it has been offered.

Reporting and filings

Whether the fund and its adviser keep their SEC filings current and consistent with each other.

Fit for a life insurance policy

Whether the fund is insurance-dedicated, so that a policy can hold it, and the minimum it asks. Liquidity terms join this element as they are documented.

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

The fund at a glance

Identity, offering and service providers

Identity

Legal nameWalleye Horizon IDF Series of the SALI Multi-Series Fund V, L.P.
OrganisedDelaware limited partnership, 2026
SEC CIK0002128409  EDGAR
Private fund ID805-1491806293  ADV
Investment managerWalleye Capital LLC  IAPD
PlatformSALI Multi-Series Fund V, LP  IAPD

Offering, as filed on Form D

ExemptionsRule 506(b); Investment Company Act s. 3(c)(7)
First sale3 April 2026
Minimum investmentUSD 250,000
Amount soldUSD 32.7 million to date
Investors in the offering6
Sales commissionsNone reported
Latest filingForm D/A, 15 September 2026  Source

Size and ownership, as filed on Form ADV

Gross asset valueUSD 32,033,600 (ADV filed 25 August 2026)
Beneficial ownersAbout 3
Owned by non-US persons3%

Service providers

AuditorErnst & Young
CustodianWells Fargo Bank, N.A.
AdministratorThe Northern Trust International Banking Corp.
Prime brokerBofA Securities, Inc.
Valued by a person not related to the adviser100% of assets, last fiscal year

Figures are shown as filed, with their dates. Form D counts investors in the offering and Form ADV counts beneficial owners, so the two numbers need not match. Gross asset value counts total assets without deducting borrowings or other liabilities, so it is not a net asset value. The minimum on Form D can be nominal; the amount a family actually needs is set by the insurer and the policy.

Inside a policy

What to check before this fund goes into a policy

Why the wrapper matters here

An actively traded fund produces short-term gains and ordinary income that a direct holder pays tax on every year at the top rates. Inside a policy that meets the tax rules the trading is not a taxable event for the policyholder, which is why hedge fund strategies were among the first to be offered in insurance-dedicated form.

Liquidity

The fund's redemption terms are not in its public filings. Read them in the offering documents and set them against the way the policy will need cash: loans, withdrawals and the insurer's own rules for moving between funds.

Who chooses the investments

The policyholder can choose this fund from the insurer's menu but cannot direct what the fund buys. That line comes from the investor control rules, and it is the reason the fund exists in a separate insurance-only form.

Diversification

A policy's separate account must meet the diversification test of section 817(h). Because the fund is reached only through insurance policies, the test can look through to its assets if the fund meets the conditions of the Treasury rules; whether a given account passes is a question for the insurer, not something these filings show.

Valuation

SALI reports that all of the fund's assets were valued last year by a person not related to it, the strongest answer the form allows. Still ask who values the positions and how often.

Fees

Management and performance fees are set in the offering documents and are not shown in these filings. They come on top of the policy's own charges.

This is research, not an offer of the fund or advice to buy it. Interests in the fund are available only through an insurance company, and only to investors who qualify.

The adviser's record

Regulatory and legal record of Walleye Capital LLC

The full list for the firm is in the manager file.

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

20217 September 2021

Regulatory action by Commodity Futures Trading Commission: civil penalty

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

During December 2018 and May 2019, a trader who was at the time employed by Walleye Capital entered orders in certain soybean complex Futures contracts with the intent to cancel those orders before their execution-specifically, soybean Futures, soybean meal Futures, and soybean oil Futures contracts traded on the Chicago Board of Trade. The trader's Conduct violated Section 4c(a)(5)(c) of the Commodity Exchange Act.

Commodity Futures Trading Commission · Settled 12 December 2022 · USD 550,000 · Concerns the adviser itself · Form ADV, Item 11 disclosure

These are the matters Walleye Capital LLC reports in Item 11 of its Form ADV, filed 28 September 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com about this fund. None of them concerns the fund's investments.

The series runs on the SALI platform. SALI Fund Management's own Form ADV reports no disciplinary matters in Item 11, and the platform's record carries a 30% share of the conduct element for every series it runs.

Reader rating

How would you rate Walleye Horizon IDF?

Tap a star to give your own rating, from one to five, then add your name and email and, if you wish, a comment. Reader ratings are shown separately and never change the PPLI.com Fund Rating, which rests only on what the filings report.

Loading reader ratings.

Your name and email are used only if the research desk needs to reply, and are never published. Comments go to the desk, which checks any factual point against the filings.

Sources

  1. Form D/A of Walleye Horizon IDF, filed 15 September 2026: sec.gov EDGAR, CIK 0002128409
  2. All Form D filings of the fund: sec.gov EDGAR filing index
  3. Form ADV of SALI Fund Management, LLC (SALI Fund Services), filed 25 August 2026, Schedule D Section 7.B.(1): adviserinfo.sec.gov
  4. Form ADV of Walleye Capital LLC, Item 11 and disclosure pages: reports.adviserinfo.sec.gov, CRD 161413; adviser summary: adviserinfo.sec.gov/firm/summary/161413

About this file

Prepared by PPLI.com Fund Intelligence from the public filings listed, checked on 4 November 2026. The rating makes no judgment of the fund's returns. Facts and ratings are updated every quarter, or sooner when a new filing appears.

For the manager

If a fact here is wrong or out of date, write to [email protected] with the filing that shows it. We correct what we can verify and record the date of the change.

Important. Educational research only. Nothing here is an offer, a solicitation or a recommendation to invest in any fund or to buy any policy. Interests in insurance-dedicated funds are available to the public only through insurance policies. Tax results depend on a policy meeting the tax rules and on each family's circumstances; take advice in the countries concerned.

File Walleye Horizon IDFChecked 4 November 2026Published 4 November 2026
Private consultation →
Step 1 of 2

Tell us about yourself

Read our Privacy Policy before submitting. Share only the information needed to describe your question; do not include medical records or account credentials.

Continue →
✦Research assistant
✦PPLI.comResearch assistant
Explore PPLI questions and suitability factors
Ask a general question about PPLI, or explore the factors that affect suitability. Treat the answer as a starting point and check the linked sources.
Use the research with your own tax, legal and insurance advisers.
Preparing an answer
AI assistant. Educational information only. It does not determine eligibility or provide personal tax, legal, investment or insurance advice.