Form D · Hedge Fund

IPPE Liquid (US), L.P.

New York, NY · CIK 0001949904

Offering snapshot reported Feb 27, 2026 · SEC filing

Reported sold: $176M
Investors reported: 78
Minimum accepted: $0
First sale: Mar 1, 2023

Fundraising history

Reported sold

Dates are filing dates, not cash receipt dates. Decreases are reported revisions, not evidence of withdrawals. Separate offering histories are not added together.

What changed?

Latest filing versus its linked predecessor, where available.

Reported sold$104,389,454 → $175,571,942
Reported investors59 → 78

Filing history

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Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Feb 27, 2026	Amendment	$175,571,942	$71,182,488vs Feb 27, 2025	78	SEC filing
Feb 27, 2025	Amendment	$104,389,454	$59,247,558vs Feb 27, 2024	59	SEC filing
Feb 27, 2024	Amendment	$45,141,896	No comparison	28	SEC filing
Feb 27, 2023	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: $0
Finders' fees: $0
Form D file number: 021-474298

Source: Form D, filed Feb 27, 2026. Minimum accepted may differ from a standard advertised minimum.

Fund connections

Each card uses that adviser's latest imported filing. Filing dates can differ; these disclosures do not confirm a current relationship.

Matched by reported Form D file number

IPPE LIQUID MASTER FUND, L.P.

Investment adviser: INSIGHT VENTURE MANAGEMENT, LLC

Gross asset value: $343M
Beneficial owners: 77
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 MORGAN STANLEY FUND SERVICES USA LLC PURCHASE, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No Other funds reporting this name →

Auditor KPMG LLP NEW YORK, New York, United States Other funds reporting this name →

Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No Other funds reporting this name →

Custodian THE NORTHERN TRUST INTERNATIONAL BANKING CORPORATION JERSEY CITY, New Jersey, United States Related to adviser: No Other funds reporting this name →

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Other funds reporting this name →

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

KPMG LLP
PCAOB 185

MORGAN STANLEY & CO. LLC
SEC 8-15869

THE NORTHERN TRUST INTERNATIONAL BANKING CORPORATION
LEI 54930042DBMRRWU1QM80

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund asset history · 4 annual observations

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Fiscal year	Gross assets	Beneficial owners	ADV filed
2022	$0	0	Mar 31, 2023
2023	$110,101,869	22	Mar 28, 2024
2024	$190,664,620	62	Mar 31, 2025
2025	$342,649,985	77	Mar 31, 2026

Filing source

Form ADV 2060660 · Mar 31, 2026 · Schedule D 7.B.(1), fund 805-7507221287

Reported by INSIGHT VENTURE MANAGEMENT, LLC (CRD 142994).

Annual Updating Amendment for Registered Adviser · fiscal year 2025.

Official IAPD profile (latest public filing). Historical values on this page come from the SEC/IAPD filing archive; the public profile may show a newer filing.

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
Insight Venture Management, Llc	Promoter
Ippe Liquid Gp, Llc	Executive

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

1114 Avenue Of The Americas 36 Th Floor
New York, NY, 10036
Phone: 646-289-6572