Form D · Private Equity Fund

Headlands Capital Secondary Fund V, LP

New York, NY · CIK 0002078474

Offering snapshot reported Jan 13, 2026 · SEC filing

Reported sold: $151M
Investors reported: 90
Minimum accepted: $0
First sale: Aug 8, 2025

What changed?

Latest filing versus its linked predecessor, where available.

Reported investors0 → 90

Filing history

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Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Jan 13, 2026	Amendment	$151,260,000	No comparison	90	SEC filing
Aug 7, 2025	Initial	Yet to sell	No comparison	0	SEC filing

Offering details

Securities: Pooled investment fund
Exemptions: 06b, 3C, 3C.7
Duration over one year: Yes
Business combination: No

Sales commissions: $15K
Finders' fees: $0
Form D file number: 021-554032

Placement agent fees are to be paid on an established fee arrangement. Sales Commissions include retainer amounts paid for services for the Issuer and Headlands Capital Offshore V, LP.

Sales compensation recipients

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Recipient	CRD	Associated broker-dealer
Umergence LLC	284368	Umergence LLC · CRD 284368
Race Rock Capital LLC	153363	Race Rock Capital LLC · CRD 153363
Trust Capital Co., Ltd.	None

Source: Form D, filed Jan 13, 2026. Minimum accepted may differ from a standard advertised minimum.

Fund connections

The linked fund shows its most recently reported ADV details.

Matched by reported Form D file number

HEADLANDS CAPITAL SECONDARY FUND V, LP

Investment adviser: HCSF MANAGEMENT, LLC

Gross asset value: $142M
Beneficial owners: 74
ADV minimum commitment: $5M

Reported in Form ADV on Mar 31, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator STRATA FUND SOLUTIONS SALT LAKE CITY, Utah, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS LLP SAN FRANCISCO, California, United States

Custodian PERSHING LLC JERSEY CITY, New Jersey, United States Related to adviser: No

Custodian STIFEL, NICOLAUS & COMPANY, INCORPORATED ST. LOUIS, Missouri, United States Related to adviser: No

Marketer RACE ROCK CAPITAL LLC WINCHESTER, Massachusetts, United States Related to adviser: No

Marketer TRUST CAPITAL TOKYO, Japan Related to adviser: No

Prime broker PERSHING LLC JERSEY CITY, New Jersey, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

PERSHING LLC
SEC 8-17574

STIFEL, NICOLAUS & COMPANY, INCORPORATED
SEC 8-1447

RACE ROCK CAPITAL LLC
CRD 153363 · SEC 8-68528

PERSHING LLC
CRD 7560 · SEC 8-17574

Filing source

Form ADV 2068543 · Mar 31, 2026 · Schedule D 7.B.(1), fund 805-1731414958

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Related funds

Funds whose names form a numbered series with this one and that share its city or the name of a related person. Form D does not state how these funds are related.

Fund	Latest Form D	Reported sold	Investors
Headlands Capital Secondary Fund II, LP	Oct 5, 2016	$232,425,000	185
Headlands Capital Secondary Fund III, LP	Jul 23, 2021	$270,740,000	Not reported
Headlands Capital Secondary Fund IV, LP	Apr 12, 2023	$91,015,000	72
Headlands Capital Secondary Fund V, LP (this fund)	Jan 13, 2026	$151,260,000	90

People & organizations

Current and past Form D appearances. These existing records do not establish a person's current role or uniquely identify them across issuers.

People and organizations reported in Form D filings
Name	Reported role
N/A Headlands Capital, Llc	Promoter
N/A Headlands Capital Secondary Management V, Llc	Promoter
David Eugene Park, Iii	Executive

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

420 Lexington Ave Suite 2601
New York, NY, 10170