Research
Independent analysis of SEC filings, private funds, RIAs, websites and regulatory records.
Hidden Leaf LP SEC Review: $14.35M Raised as Hokage Capital Shifts the Hedge Fund to Rule 506(c)
Hidden Leaf LP has undergone several meaningful regulatory changes since its first SEC filing, making the filing chronology itself the strongest public research story. The initial June 3, 2024 Form D identified Hidden Leaf as a newly formed limited partnership organized in New Hampshire, operating from Derry, New Hampshire, with a fixed $25 million equity offering and $0 sold. Xiuxian Du and Matthew Owens were listed as executive officers. By the November 2024 amendment, the fund had been reorganized in Delaware, moved its disclosed address to 8 The Green, Suite B in Dover, and reported $2.6 million sold following a July 23, 2024 first sale. The October 2025 amendment increased cumulative sales to $5 million while retaining the $25 million total offering. The September 11, 2026 filing then changed the economics more substantially: the offering became indefinite, cumulative sales reached $14,352,808, the investor count reached 15 and the stated minimum outside investment was $500,000. This is therefore not a static launch filing but a hedge fund whose public fundraising structure has evolved materially over roughly two years. :contentReference[oaicite:1]{index=1}
Hidden Leaf LP · CIK 0002025397Read article →
Avellum Group SPV SEC Form D Review 2026: $6.3M Raised, 36 Investors and an Unresolved Management-Control Mismatch
Avellum Group SPV LLC is an unusually fast-moving new private equity vehicle. Florida records show that the company was formed on August 18, 2026, while its SEC Form D reports a first sale on September 12 and was filed on September 18. In roughly one month from legal formation, the vehicle reported $6.3 million sold toward a fixed $10 million offering to 36 investors, with a $50,000 minimum investment. The issuer selected Rule 506(b), Section 3(c)(1), equity and pooled investment fund interests, and classified itself specifically as a private equity fund. It reported no revenues, no sales commissions, no finder fees and no payments to related persons from proceeds. On the face of the federal filing, this is therefore an active private capital raise that had already reached 63% of its stated target only days after first sale.
Avellum Group SPV LLC · CIK 0002155735Read article →
Cabretta GA Tax Credit Fund VIII SEC Review 2026: New Georgia LIHTC Vehicle From a $700M+ Tax Credit Syndication Platform
Cabretta GA Tax Credit Fund VIII LLC is a newly formed Georgia tax-credit investment vehicle sponsored by Cabretta Capital Corporation, a Savannah specialty-finance firm focused on structured tax-credit equity. The September 3, 2026 Form D is a New Notice rather than an amendment and reports an indefinite Rule 506(b) offering with first sale yet to occur, $0 sold, zero investors and a $10,000 minimum investment. Cabretta Capital Corporation is directly identified as managing member of the issuer and Michael Brent Watts as President of the managing member, establishing the sponsor relationship from the filing itself. The vehicle therefore should not be presented as an already funded $10 million or $100 million affordable-housing fund simply because Cabretta has a large historical tax-credit platform; as of the SEC filing, Fund VIII had not yet reported its first investor subscription.
Cabretta GA Tax Credit Fund VIII, LLC · CIK 0002151497Read article →
Alpha Ventures Fund I SEC Review: $55.6M Raised Toward a $200M Venture Fund Under HMC Capital US
Alpha Ventures Fund I LP has one of the cleaner fundraising progressions in the current E-list. The Delaware limited partnership filed its initial Form D on February 13, 2024 with a fixed $200 million target, $0 sold and no first sale yet. Its February 13, 2025 amendment reported that the first sale had occurred on February 14, 2024 and that $25.3 million had been sold to 10 investors, leaving $174.7 million remaining. The September 11, 2026 amendment raised cumulative sales to $55.6 million and investor count to 24, leaving $144.4 million still available under the stated target. That means reported subscriptions increased by $30.3 million between the 2025 and 2026 amendments. The filing also states that the amount sold includes capital from the general partner, so the $55.6 million should not be treated as outside LP capital alone.
Alpha Ventures Fund I LP · CIK 0002011133Read article →
Siguler Guff Global Emerging Markets Growth Opportunities Fund II SEC Review 2026: $185.4M Reg D Capital, $500M Final Close and India Mid-Market Growth
Siguler Guff Global Emerging Markets Growth Opportunities Fund II is a second-generation growth-equity strategy inside one of the larger independent U.S. alternative-investment platforms. The September 3, 2026 Form D/A reports a combined $185.365 million offering across the Delaware A vehicle and Cayman B vehicle, with the full amount sold to 35 investors and no remaining securities to be sold. The structure relies on Rule 506(b) and Section 3(c)(7), with Siguler Guff GEMGO II GP LLC as general partner and Siguler Guff acting as investment manager. That $185.365 million figure is only the U.S. Regulation D amount. IFC separately disclosed that Fund II was seeking $250 million in aggregate capital commitments and approved up to $20 million of direct fund investment plus an additional $20 million co-investment envelope. Siguler Guff later announced a $500 million final close when related co-investment vehicles and separately managed accounts were included. Those three numbers describe different layers of capital and should not be merged into one simplistic AUM figure.
Siguler Guff Global Emerging Markets Growth Opportunities Fund II · CIK 0001971302Read article →
KRIV Holdings SEC Form D Review: $133.67M Raised Behind Kohlberg's Riveron Advisory Platform
KRIV Holdings, L.P. is best understood as the ownership vehicle behind Riveron rather than as a standalone operating company. The Delaware limited partnership was formed in 2023, uses Kohlberg & Company's Mount Kisco headquarters and first sold securities on July 6, 2023, immediately aligning its formation with Kohlberg's acquisition of Riveron. The latest September 11, 2026 Form D/A reports an indefinite Rule 506(b) offering with $133,670,882 sold to 195 investors, no minimum investment, no sales commissions or finder fees and no reported payments of offering proceeds to the listed related persons. Ahmed Wahla, Benjamin Yu and Daniel Gewanter appear as executive officers in the filing, while Wahla signs as president. Importantly, the issuer is classified as Business Services rather than a pooled investment fund, so KRIV should not be described as a private equity fund simply because Kohlberg is the sponsor.
KRIV Holdings, L.P. · CIK 0001985309Read article →
Marblegate Partners Fund III SEC Review 2026: $214.5M Onshore Fund Inside a $2.9B Distressed and Special Situations Platform
Marblegate Partners Onshore Fund III LP is the newest major U.S. investor vehicle inside Marblegate Asset Management's distressed-credit and special-situations platform. The September 3, 2026 Form D/A reports $214.45 million cumulatively sold to 32 investors, up $33.5 million from the $180.95 million reported one year earlier, with an indefinite Rule 506(b) offering and Section 3(c)(7) status. The related Cayman offshore vehicle reports only $1.5 million sold to one investor, so the onshore LP clearly represents the dominant disclosed U.S. capital channel at present. Marblegate Asset Management is directly named as promoter and investment manager, Andrew Milgram signs the filing as Managing Partner and related GP entities connect the vehicle back to Marblegate's broader special-opportunities architecture. Latest 2026 adviser data show approximately $2.924 billion of discretionary regulatory assets across roughly 31 clients and more than three dozen private funds, so the $214.45 million Form D amount should be understood as one fund-level capital measure rather than the size of the sponsor as a whole.
Marblegate Partners Fund III · CIK 0002009061Read article →
Splendid China Fund SEC Review: $573.24M Across Two Feeders as Bright Valley's 13F Book Jumps Above $600M
Splendid China Fund is best understood through its structure rather than by treating either feeder as a standalone portfolio. Bright Valley Capital Limited's Form ADV identifies Splendid China Master Fund as the Cayman master vehicle and lists Splendid China Offshore Feeder Fund and Splendid China US Feeder Fund as feeders into it. Cayman Islands Monetary Authority records independently show the master fund and both feeder vehicles entering the Cayman regulatory register in 2021. The U.S. securities filings tell the fundraising side of the same story: both feeders report a first sale on May 10, 2021, operate as indefinite Rule 506(b) hedge-fund offerings under Section 3(c)(1), require a $150,000 minimum investment and have continued filing amendments as subscriptions accumulate. The latest September 2026 disclosures show $491,042,798 sold to 59 investors in the offshore feeder and $82,200,000 sold to 11 investors in the U.S. feeder, producing approximately $573.24 million of combined cumulative Form D sales. That figure should not be labeled current AUM or master-fund NAV because subscriptions, redemptions, market performance, leverage and feeder-to-master accounting can all materially change the fund's actual net assets.
SPLENDID CHINA US FEEDER FUND · CIK 0001954502Read article →
Outliers Scientific Fund SEC Form D Review 2026: $300M Space-Tech Target, $500K First Sale and a BVI-Regulated Manager
Outliers Scientific Fund L.P. is a newly launched space- and frontier-science venture fund with a considerably older organizational shell and manager history behind it. The Cayman exempted limited partnership was legally formed in 2022, but Outliers Fund's own timeline describes 2026 as the year it launched both Outliers Scientific Fund and Outliers Intelligence Fund. Its September 17, 2026 SEC Form D reports an August 1 first sale, a $300 million total offering, only $500,000 sold, $299.5 million remaining, one investor and a $1 million minimum. The vehicle relies on Rule 506(b) and Investment Company Act Section 3(c)(1), not 3(c)(7), and is classified explicitly as a venture capital fund. Outliers Scientific Fund G.P. is identified as general partner, Outliers Investment Advisory Limited as investment adviser, and Poseidon Hai-Chi Ho as founder and CEO of that adviser. The most important numerical distinction is therefore straightforward: $300 million is the stated fundraising target, while the SEC filing documents only $500,000 of securities sold as of September 17.
Outliers Scientific Fund L.P. · CIK 0002156016Read article →
Kimmeridge Carbon Solutions II SEC Review 2026: $46.7M Raised for Carbon Removal, Solar, Storage and Energy Transition Assets
Kimmeridge Carbon Solutions II LP is the second-generation energy-transition private fund of Kimmeridge Energy Management Company, not an independent climate startup fund. The September 3, 2026 Form D/A reports $46.7 million sold to 16 investors under Rule 506(c) and Section 3(c)(7), with an indefinite offering, a reported $0 minimum and zero sales commissions or finder fees. The same CIK reported no capital sold in both its 2024 New Notice and September 2025 amendment, and the latest filing now identifies December 1, 2025 as the first-sale date, which makes the 2026 filing the first public evidence of meaningful Fund II capital formation. KCS II GP LP is the general partner, KCS II GP LLC is general partner of the GP, and Benjamin Dell, Neil McMahon and Henry Makansi are each named as principals of the partnership. Kimmeridge Energy Management Company is also identified as promoter, tying Fund II directly to the sponsor rather than relying on brand inference.
Kimmeridge Carbon Solutions II, LP · CIK 0002035811Read article →
FIM EM Frontier Fund SEC Form D Review 2026: $61.2M Sold, 4 Investors and a 13-Year Emerging-Markets Track Record
FIM EM Frontier Fund Ltd is not a new 2026 private fund. It is a Cayman Islands hedge fund whose underlying strategy dates to January 2013 and whose U.S. private-offering history has remained visible in SEC records since 2016. The September 18, 2026 Form D/A reports an indefinite Rule 506(b) offering, Section 3(c)(7) exclusion, $61.2 million sold, only four investors and a $100,000 stated minimum investment. The filing identifies FIM Partners as investment manager and lists Mark Heaney, Ahmed Nashaat and Alan Kelly as directors. The fund's first U.S. sale is reported as February 1, 2016, meaning the current notice is part of a decade-long amendment sequence rather than a new launch. This matters because the $61.2 million headline should be interpreted as cumulative securities sold under the U.S. offering, not as present net asset value or total global strategy assets.
FIM EM Frontier Fund Ltd · CIK 0001665897Read article →
Redwheel Emerging Markets Equity Fund SEC Review 2026: $1.1B Cayman Vehicle, $156.6M U.S. LP and John Malloy's Global EM Strategy
Redwheel Emerging Markets Equity Fund is a mature institutional emerging-markets equity strategy rather than a newly launched hedge fund. The structure includes a Cayman exempted company and a Delaware limited partnership that previously used the RWC name before the Redwheel branding transition. The Cayman vehicle's August 14, 2026 Form D/A reports $1,106,094,782 cumulatively sold to 114 investors with a $100,000 minimum, while the Delaware LP's September 3 amendment reports $156,633,576 sold to 25 investors and a Form D minimum of $0. Both rely on Rule 506(b), Section 3(c)(7) and indefinite offerings, and both identify Redwheel Asset Advisors (US) LLC as investment manager or promoter. The two figures should not be simply added and presented as total strategy AUM because they represent different legal investor channels inside one broader Redwheel emerging-markets architecture and may ultimately be economically linked to overlapping portfolios or master arrangements.
Redwheel Emerging Markets Equity Fund · CIK 0001646690Read article →