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Apogem
Platform series

GoldPoint Core Opportunities Fund, L.P.

A series of SALI Multi-Series Fund, L.P., an insurance-dedicated platform, managed by Apogem Capital LLC, following a private equity / private markets strategy. This file sets out what the fund and its adviser have filed with the SEC.

AdviserApogem Capital LLC
StrategyPrivate equity / private markets
StructureDelaware limited partnership
Gross assetsUSD 72.2 million
AuditorPricewaterhouseCoopers LLP
Adviser's record7 matters 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

GoldPoint Core Opportunities Fund, L.P. 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 2 beneficial owners and none 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, L.P., a platform run by SALI Fund Management, LLC (SALI Fund Services), whose Form ADV of 25 August 2026 reports the series' controls; Apogem Capital LLC manages the investments.

One point to raise with the insurer: the filing reports that 0% of the fund's assets were valued in the last fiscal year by a person that is not related to the adviser. Essential Fund Services LLC is the administrator. The figure does not show how prices were set or checked, which is a question for the insurer.

Apogem Capital LLC reports 7 regulatory actions in Item 11 of its Form ADV between 2016 and 2026, 1 concerning the adviser itself and the rest other companies in its group, with reported sanctions of about USD 1.9 million. The full record is set out below.

The rating

The rating of GoldPoint Core Opportunities Fund, L.P.

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 nameGoldPoint Core Opportunities Fund, L.P. Series Interests of the SALI Multi-Series Fund, L.P.
OrganisedDelaware limited partnership
SEC CIK0002073757  EDGAR
Private fund ID805-9292652169  ADV
Investment managerApogem Capital LLC  IAPD
PlatformSALI Multi-Series Fund, L.P.  IAPD

Offering, as filed on Form D

ExemptionsRule 506(b); Investment Company Act s. 3(c)(7)
First sale1 November 2019
Minimum investmentUSD 5,000,000
Amount soldUSD 61.7 million to date
Investors in the offering2
Sales commissionsNone reported
Latest filingForm D/A, 9 September 2026  Source

Size and ownership, as filed on Form ADV

Gross asset valueUSD 72,170,693 (ADV filed 25 August 2026)
Beneficial ownersAbout 2
Owned by non-US persons0%

Service providers

AuditorPricewaterhouseCoopers LLP
CustodianBank of New York Mellon; Blackrock Financial Management, Inc.
AdministratorEssential Fund Services LLC
Prime brokerThe Bank of New York Mellon
Valued by a person not related to the adviser0% 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

Private equity returns arrive as gains when companies are sold, often years apart, and as distributions along the way. Inside a policy that meets the tax rules neither is taxed as it arrives, and the policy's death benefit passes to the beneficiaries free of income tax under section 101(a), subject to the policy's terms.

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 none of the fund's assets were valued last year by a person outside its group. Ask the insurer how it checks the price at which the account buys, sells and reports this fund.

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 Apogem 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.

202625 February 2026

Regulatory action by US Securities and Exchange 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.

The SEC found that between March 2020 and May 2020, when the coronavirus pandemic disrupted the U.S. Financial Markets, Madison Capital funding LLC ("Madison Capital"), a predecessor firm to Apogem Capital, did not price principal trades made with Funds it advised at fair Market value, contrary to its representations to investors. Without admitting or denying the SEC'S findings, Madison Capital agreed to pay a civil money penalty in the amount of $900,000 and consented to a cease and desist order that included a censure.

US Securities and Exchange Commission · Order 25 February 2026 · USD 900,000 · Concerns the adviser itself · Form ADV, Item 11 disclosure
20257 August 2025

Regulatory action by State of Connecticut insurance Department: civil penalty

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

New York life insurance Company ("NYLIC") paid a $2,000 fine for failing to pay claims and interest on claims in a timely manner, in violation of Connecticut statutory requirements. New York life insurance and annuity Corporation ("NYLIAC") paid a $12,000 fine for permitting eight (8) producers to Act as agents in Connecticut without the required appointment. Both matters were resolved via stipulation and consent orders dated August 7, 2025, and no formal hearings were held.

State of Connecticut insurance Department · Stipulation and Consent 7 August 2025 · USD 14,000 · Concerns another company in the group · Form ADV, Item 11 disclosure
202316 December 2023

Regulatory action by Louisiana Department of insurance: civil penalty

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

NYLIC failed to use policy forms that were reviewed and approved by the State. In addition, certain forms did not comply with State regulations.

Louisiana Department of insurance · Order 16 December 2023 · USD 100,000 · Concerns another company in the group · Form ADV, Item 11 disclosure
20214 October 2021

Regulatory action by Kentucky Department of insurance: civil penalty

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

On October 4, 2021 new York life insurance Company ("NYLIC") received an order of civil penalty and adoption of a corrective action plan from the Kentucky Department of insurance alleging that NYLIC incorrectly implemented premium rate increases on 112 individual long term care contracts in violation of Kentucky insurance Law.

Kentucky Department of insurance · Order 20 October 2021 · USD 112,000 · Concerns another company in the group · Form ADV, Item 11 disclosure
202123 March 2021

Regulatory action by Office of the Montana State auditor, Commission of Securities and Finance: civil penalty

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

The Office of the Montana State auditor, Commission of Securities and insurance ("CSI") found that since 2015 new York life insurance Company and new York life insurance and annuity Corporation (collectively, "NYL") used Group life insurance and Group annuity forms that had not been approved by the csi, provided coverage under such forms to Montana residents and did not submit the forms for approval as required under Montana Law.

Office of the Montana State auditor, Commission of Securities and Finance · Stipulation and Consent 23 March 2021 · USD 10,000 · Concerns another company in the group · Form ADV, Item 11 disclosure
201824 January 2018

Regulatory action by State of Connecticut insurance Department: civil penalty

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

During the course of a routine Market Conduct exam, the State of Connecticut insurance Department (the State) found new York life insurance Company did not timely pay long term care claims in four instances.

State of Connecticut insurance Department · Consent 24 January 2018 · USD 1,000 · Concerns another company in the group · Form ADV, Item 11 disclosure
201631 October 2016

Regulatory action by State of new York Department of Financial Services: civil penalty

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

As the result of a routine Market Conduct examination of the affairs of new York life insurance Company for the period from January 1, 2005 through December 3, 2009, the new York State Department of Financial Services found that NYLIC violated Sections 53-3.5(a), 53- 3.2(a)2 and 53-3.6(b) of the Department Regulation no. 74 as well as new York insurance Law Section 3201(b)(1)

State of new York Department of Financial Services · Consent 31 October 2016 · USD 732,067 · Concerns another company in the group · Form ADV, Item 11 disclosure

These are the matters Apogem Capital LLC reports in Item 11 of its Form ADV, filed 16 October 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

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Sources

  1. Form D/A of GoldPoint Core Opportunities Fund, L.P., filed 9 September 2026: sec.gov EDGAR, CIK 0002073757
  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 Apogem Capital LLC, Item 11 and disclosure pages: reports.adviserinfo.sec.gov, CRD 309234; adviser summary: adviserinfo.sec.gov/firm/summary/309234

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 GoldPoint Core Opportunities Fund, L.P.Checked 4 November 2026Published 4 November 2026
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