Research
Independent analysis of SEC filings, private funds, RIAs, websites and regulatory records.
HE-0721 Fund I SEC Form D Review: Zero Prime Ventures Series Closed a $4.99999M Offering to Two Investors
HE-0721 Fund I is a newly formed Delaware limited partnership operating as a series of Zero Prime Ventures, LP, and its September 14, 2026 Form D provides a unusually compact fundraising snapshot: the issuer reported a $4,999,990 offering, the same $4,999,990 already sold, zero remaining, only two investors, and a September 10 first-sale date. In other words, the SEC filing indicates that the disclosed offering was fully subscribed within the four-day period between first sale and filing, although Form D does not disclose the identity of either investor or independently verify when cash actually settled. The filing classifies the vehicle as both a pooled investment fund and venture capital fund, relies on Rule 506(b), claims the Section 3(c)(1) private-fund exclusion, and lists a $10,000 minimum investment. Those facts make this more interesting than a generic newly filed venture vehicle: the central diligence question is not whether a Form D exists—it clearly does—but how this specific series fits into the broader Zero Prime Ventures platform and why an offering with only two reported investors uses a relatively low stated minimum.
HE-0721 Fund I, a series of Zero Prime Ventures, LP · CIK 0002148882Read article →
IVP XVIII-A SEC Form D Review 2026: $15M Fully Sold Beside IVP's $1.6B Fund XVIII
IVP XVIII-A, L.P. is a new Delaware venture capital vehicle created inside the long-established Institutional Venture Partners ecosystem, but its name requires careful interpretation. The September 18, 2026 Form D reports a September 8 first sale, a fixed $15 million offering, the entire $15 million sold, zero remaining and nine investors. It relies on Rule 506(b) and Investment Company Act Section 3(c)(7), is classified explicitly as a venture capital fund and reports no sales commissions or finder fees. IVP XVIII-A GP, LLC serves as general partner and Institutional Venture Management XVIII, LLC manages that GP, with all entities using IVP's 3000 Sand Hill Road address and 650-854-0132 telephone number. The filing also says the issuer must pay a management fee to its GP or an affiliate, although it does not disclose the percentage. The important distinction is that XVIII-A is not the same issuer as Institutional Venture Partners XVIII, L.P.; it is a newly formed companion vehicle attached to the same Fund XVIII generation.
IVP XVIII-A, L.P. · CIK 0002151160Read article →
Flipside 27 SEC Form D Review 2026: $7.34M Fully Sold, 92 Investors and the Roots Real Estate Sponsor Pipeline
Flipside 27 LLC is a fully subscribed 2026 Georgia real estate vehicle whose public SEC identity leads directly into the Roots Real Estate ecosystem. The September 18 Form D reports a July 6 first sale, a fixed $7,337,260 offering, the entire amount sold, zero remaining, 92 investors and a $10,000 minimum investment under Rule 506(b). The vehicle is classified as Other Real Estate rather than a pooled investment fund, and it offers equity rather than fund interests. Seed InvestCo LLC is identified as manager, while Larry Dorfman and Daniel Dorfman are listed as indirect managers. The issuer's 1344 La France Street Atlanta address is the same operating address used by Roots Real Estate Investment Community I and its sponsor/manager structure. On its own, that alignment proves a direct organizational relationship; the much more important context comes from Roots' own SEC filings, which repeatedly show numbered Flipside entities functioning as sponsor-side property aggregation vehicles before residential assets are transferred into the Roots REIT.
Flipside 27, LLC · CIK 0002155827Read article →
PLAS 0826 SEC Review: One Investor Fully Funded a $100K Multifaceted Capital Series SPV in Two Days
PLAS 0826 stands out because virtually the entire public story happened in a two-day window. The Delaware series was formed in 2026, reports a first sale on September 2, and filed Form D on September 4 with exactly $100,000 offered, exactly $100,000 sold, $0 remaining and only one investor. It relies on Rule 506(b) and Section 3(c)(1), is classified as a private equity fund, does not intend the offering to last more than one year and reports no sales commissions or finder fees. This is materially different from an open-ended fundraise or a rolling syndicate: the filing looks like a pre-sized transaction vehicle whose required capital was known in advance and filled immediately.
· CIK 0002151223Read article →
Taylor Frigon Growth Partners SEC Form D Review 2026: $60.9M Raised, 36 Investors and the Private-to-Public Growth Strategy
Taylor Frigon Growth Partners LP is a 2024 Delaware private fund whose SEC fundraising record now shows meaningful expansion rather than a launch-stage placeholder. The fund filed its first Form D after a July 24, 2024 first sale and now reports $60,906,081 sold to 36 investors in its September 18, 2026 amendment. The offering remains indefinite, uses Rule 506(b) and Section 3(c)(1), and consists of pooled investment fund interests and limited-partnership interests. Taylor Frigon Capital Management LLC is explicitly identified as investment manager, Taylor Frigon Capital Advisors LLC appears in the fund's control structure, and Gerard J. Frigon signs the filing as managing member of Taylor Frigon Capital Advisors. The SEC filing also states that Taylor Frigon Capital Advisors and related persons may receive management fees based on asset values and performance-based fees based on profits, although no percentages are disclosed. The headline $60.91 million therefore represents cumulative securities sold into the offering, not current NAV, realized gains or total firm assets.
Taylor Frigon Growth Partners LP · CIK 0002030932Read article →
Indus Japan Fund SEC Review 2026: $651M Long/Short Japan Fund, Howard Smith and a 26-Year Asia Equity Platform
Indus Japan Fund LP is one of the oldest and most established Japan-focused hedge funds in this batch. Its first sale dates to December 1, 2000, and the September 3, 2026 Form D/A reports $651,140,380 cumulatively sold to 217 investors under Rule 506(b) and Section 3(c)(7). That is only about $1.156 million above the 2025 figure of $649.984 million, suggesting a mature capital base rather than rapid new fundraising. Indus Partners LLC is general partner and Indus Capital Partners LLC is directly identified as investment manager. The fund's investment identity is unusually clear from the sponsor's own materials: it is a concentrated, fundamental long/short Japanese equity strategy built around company-level research, management interaction, valuation discipline and the identification of mispriced businesses where a credible path exists for value to be realized.
Indus Japan Fund, L.P. · CIK 0001171503Read article →
Raynor Fund II SEC Review: Why $127.61M Has Stayed Fully Sold Since Day One While Current Fund Assets Look Smaller
Raynor Fund II LP entered the SEC record in a way that is unusually different from a conventional fundraising sequence. The Delaware limited partnership was formed in 2024 and filed its first Form D on September 23 of that year, only four days after its stated first sale on September 19. Yet the filing did not show a small first close or an open-ended fundraising target: it reported a very precise $127,610,549 total offering, exactly $127,610,549 sold, $0 remaining and 33 investors. The October 7, 2025 amendment repeated those figures, and the September 11, 2026 amendment again reported the same $127,610,549 sold to the same 33 investors with nothing left to sell. Raynor therefore appears to have reached its entire disclosed Form D amount essentially at launch and has since used annual amendments to maintain or update regulatory information rather than to report additional fundraising. That static history is the central fact investors should understand before describing the 2026 filing as a new $127.6 million raise.
Raynor Fund II, LP · CIK 0002038256Read article →
Permanent Partners Collective Fund I SEC Form D Review 2026: $0 Launch, Three-Layer GP Structure and the Ayesha Arora Identity Question
Permanent Partners Collective Fund I LP is a genuine new SEC-filed pooled investment vehicle, but almost all of the economically important questions remain unanswered because the fund was still at the pre-first-sale stage when its Form D was filed on September 18, 2026. The Delaware limited partnership was formed in 2026, uses 765 Market Street in San Francisco as its principal business address and relies on Regulation D Rule 506(b) together with Investment Company Act Section 3(c)(7). The offering amount is indefinite, the minimum investment field is reported as $0, first sale had not yet occurred, the amount sold was $0 and investor count was zero. No broker commissions or finder fees were reported. Those facts make this a launch-stage filing rather than evidence of completed fundraising, and the indefinite offering should not be translated into a specific fund-size claim until future amendments report actual subscriptions.
Permanent Partners Collective Fund I LP · CIK 0002155632Read article →
Carriage House Fund SEC Review 2026: $20M Hedge Fund, One Investor and a Concentrated Long-Term Strategy
Carriage House Fund LP is a small, concentrated hedge-fund vehicle managed by Carriage House Capital Management LP rather than a broadly distributed institutional fund. The September 3, 2026 Form D/A reports $20 million cumulatively sold, one investor, a $0 minimum investment, an indefinite Rule 506(b) offering and reliance on Section 3(c)(7). Carriage House Capital Management is identified directly as Investment Manager, Carriage House GP LLC as General Partner and William Cleary as Managing Member of the GP. The most important feature of the filing is not the headline $20 million but the investor concentration: the entire reported Form D capital comes from one investor, and that amount has remained unchanged since the September 2023 amendment. That structure can be perfectly legitimate, including family, anchor, institutional or strategic capital, but it creates a very different risk and governance profile from a fund with dozens of independent LPs.
Carriage House Fund, LP · CIK 0001947164Read article →
Banyan Alpha Fund SEC Review 2026: $0 Form D Sales Inside a $752M Quantitative Investment Adviser
Banyan Alpha Fund LP is a Delaware hedge-fund vehicle tied directly to SEC-registered quantitative manager Banyan Alpha Investment LP, but the current Form D does not show an active U.S. capital raise. The September 3, 2026 amendment reports an indefinite Rule 506(b) offering, Section 3(c)(1) status, first sale yet to occur, $0 sold, zero investors and a $0 minimum investment. Banyan Alpha GP LLC is the general partner and Banyan Alpha Investment LP is explicitly identified as investment manager, while Yuying Gao signs the filing as an authorized person. The manager's latest regulatory filing, however, reports approximately $752 million of discretionary regulatory assets across six accounts. Those facts are not contradictory: adviser RAUM can include other pooled vehicles, offshore capital, institutional accounts or structures that are not measured by this specific Form D. The central diligence issue is therefore the unusually large gap between a substantial quantitative investment platform and two newly filed public vehicles that still report no Regulation D sales.
Banyan Alpha Fund, L.P. · CIK 0002033995Read article →
Frontier Tech-03 SEC Form D Review 2026: $10M Fully Sold, 34 Investors and the Hiive Private-Market Series Connection
Frontier Tech-03, a Series of Frontier Technologies Fund I LLC, is a newly created Delaware pooled investment vehicle that reported an unusually rapid full subscription. The SEC Form D was filed on September 18, 2026 and gives that same date as the first sale. It reports a fixed $10 million offering, the entire $10 million already sold, zero remaining, 34 investors and a $50,000 minimum investment. The issuer relies on Rule 506(b) and Investment Company Act Section 3(c)(7), is classified as an Other Investment Fund rather than a conventional venture capital or private equity fund, and offers pooled investment fund interests. Christopher DeLap is the only related individual named in the filing and signs as Fund Services Director. The most important limitation is that the SEC notice does not name the portfolio company, security or transaction behind the label "Frontier Tech-03."
Frontier Tech-03, a Series of Frontier Technologies Fund I LLC · CIK 0002156125Read article →
Vegas Valley Plaza SEC Review 2026: $3.77M Raised for a Las Vegas Real Estate Vehicle Led by Cameron Pimm and Nicholas Lamatrice
Vegas Valley Plaza LLC is a newly formed Nevada real estate investment vehicle that had already raised $3,772,100 of a $4.5 million equity offering from 15 investors by the time of its September 3, 2026 Form D filing. The offering began on August 25, uses Rule 506(b), is not intended to continue for more than one year and reports $727,900 still available. Vegas Valley Plaza GP LLC is the managing member, while Cameron Pimm and Nicholas Lamatrice are each identified directly by the SEC as managers of the managing member. That legal structure is more informative than the issuer name alone because it shows that the vehicle is jointly managed rather than being a passive shell. The filing reports no commissions, no finder fees and no related-person use of proceeds, but it does not identify the underlying property, acquisition price, mortgage debt, projected cash flow, sponsor equity, preferred return or investor waterfall.
Vegas Valley Plaza LLC · CIK 0002152401Read article →