Research
Independent analysis of SEC filings, private funds, RIAs, websites and regulatory records.
D. Boral Master SPV Series XII Atoms SEC Review: $3M SPV Inside the OpenAI, Anduril and Prometheus Deal Network
D. Boral Master SPV LLC, Series XII Atoms is a 2026 Delaware pooled investment vehicle with a deliberately narrow public identity but a much broader sponsor infrastructure behind it. The September 15, 2026 Form D reports a $3,000,000 offering under Rule 506(b), of which $2,352,941 had been sold, leaving $647,059 remaining after a first sale on August 31. The issuer selected Pooled Investment Fund and Other Investment Fund, and the filing identifies D. Boral Manager LLC, D. Boral IM LLC and David W. Boral among the related persons. D. Boral Capital LLC is separately listed as the associated broker-dealer/placement agent. This distinction is essential: D. Boral Manager sits at the SPV-management layer, D. Boral IM operates at the investment-adviser layer, and D. Boral Capital operates as a broker-dealer and placement agent. They share the same 590 Madison Avenue operating address and common control around David Boral, but they perform different legal functions and should not be collapsed into one entity. :contentReference[oaicite:1]{index=1}
D. Boral Master SPV LLC, Series XII Atoms · CIK 0002152919Read article →RESEARCHSEC Filings · Verification · Analysis
WM Capital Partners SEC Review 2026: $10.8M Fund 96, $5.025M Fund 97, $1B+ Deployment & Distressed Real Estate Credit Strategy
WM Capital Partners presents one of the clearer examples in this batch of a sponsor whose numbered Form D vehicles are better understood as transaction-specific investment entities than as sequential flagship blind-pool funds. On September 21, 2026, two new vehicles appeared together in Regulation D tracking: WM Capital Partners 96, LLC with approximately $10.8 million of reported capital and WM Capital Partners 97, LLC with approximately $5.025 million. Both are identified as Austin, Texas real-estate offerings relying on Rule 506(b). This naming pattern is consistent with WM Capital's much longer SEC history: public EDGAR records show dozens of individually numbered entities going back more than a decade, including WM Capital Partners XLVI, WM Capital Partners 58, WM Capital Partners 83, WM Capital Partners 93 and WM Capital Partners 95. Across those records, Scott Whitworth repeatedly appears as an executive or authorized signer, while WM Capital GP, LLC or WMCP GP, LLC appears as managing-member or promoter. The September 2026 filings therefore look less like the creation of a new investment manager and more like the continuation of WM Capital's established practice of creating separate LLCs for individual loans, real-estate transactions or other investment opportunities.
WM Capital PartnersRead article →RESEARCHSEC Filings · Verification · Analysis
Parthenon Nova SEC Review 2026: New Form D, $4.6B Fund VII Platform & KBRA Continuation-Fund Context
Parthenon Nova, L.P. is a newly filed Rule 506(b) private investment vehicle whose September 21, 2026 Form D currently shows no completed sales, but the surrounding sponsor evidence is materially deeper than the filing itself. Public Regulation D indexes identify Parthenon Nova as a California-based pooled investment fund and report $0 incremental capital at the new filing stage. That initial figure should be interpreted only as the state of the offering when filed, not as proof that the vehicle has no underlying transaction, no intended commitments or no connection to an existing Parthenon investment. The broader Parthenon Capital platform has operated for more than 25 years, currently invests from Fund VII, a roughly $4.6 billion pool of capital, and targets equity checks generally in the $100 million to $500 million range across financial services, healthcare solutions and business / technology services. Parthenon's own materials emphasize regulated, knowledge-intensive and technology-enabled businesses, making the newly filed Nova vehicle more plausibly part of an institutional transaction architecture than an isolated first-time fund. However, the public filing indexes reviewed do not yet establish the exact General Partner, portfolio asset or economic purpose of Parthenon Nova, so those points should remain separate from sponsor-level context until the primary Form D and governing documents establish the connection. :contentReference[oaicite:0]{index=0}
Parthenon Nova, L.P.Read article →
Tempus Excelsior Crossings SEC Review: $25.2M Commercial Real Estate Offering and the Tempus Deal Platform
Tempus Excelsior Crossings, LLC is a newly formed Arkansas commercial real estate issuer whose first Form D already shows substantial investor participation. The company was organized in 2026, reported its first sale on September 3 and filed on September 15. The offering is for $25,220,000 of equity securities under Rule 506(b), of which $22,384,000 had already been sold when the notice was filed, leaving $2,836,000 remaining. Ninety-three investors were reported and the minimum outside investment was only $1,000. No commissions or finder fees were disclosed, the offering was not expected to remain open longer than one year and the issuer declined to disclose revenue. In percentage terms, approximately 88.8% of the stated offering had already been sold within less than two weeks of the reported first sale. That makes this materially different from a newly filed real estate vehicle showing zero capital: the SEC record reflects an offering that was already close to its stated maximum when it became visible publicly.
Tempus Excelsior Crossings, LLC · CIK 0002151922Read article →
Millhouse Flats LLC SEC Review: $15M Multifamily Offering Tied to Bader and Ebert Real Estate Operators
Millhouse Flats LLC is a newly formed Delaware real-estate issuer whose September 15, 2026 Form D provides only a thin description of the property itself but an unusually useful list of people behind the vehicle. The filing establishes a $15,000,000 equity offering under Rule 506(b), a $250,000 minimum investment, $0 sold, zero investors and no first sale as of the filing date. The issuer selected "Other Real Estate," stated that the offering was not expected to continue for more than one year and reported no sales commissions or finder fees. Millhouse Flats was formed in 2026, uses 3020 France Avenue South in Minneapolis as its operating address and is registered under CIK 0002151092 and SEC file 021-597554. A separate Legal Entity Identifier record corroborates the entity name, Delaware jurisdiction and Minneapolis headquarters and shows that the LEI was issued on August 25, 2026, only weeks before the Form D. The filing therefore verifies a real newly organized investment vehicle, but it does not yet establish that any outside capital has actually been accepted. :contentReference[oaicite:0]{index=0}
Millhouse Flats LLC · CIK 0002151092Read article →
Revival Healthcare Capital Fund II Sidecar SEC Review 2026: New Form D, $500M Fund II, Olympus Robotics JV & MedTech Build-to-Buy Strategy
REVIVAL HEALTHCARE CAPITAL FUND II SIDECAR SEC REVIEW 2026
Revival Healthcare Capital Fund II (Sidecar), LP · CIK 0002041293Read article →
Twin Lions Partnership SEC Review 2026: $132.2M Raised, Tim Abbott and a Concentrated 9-Stock Value Portfolio
Twin Lions Partnership LP is a long-running concentrated public-equity hedge fund whose investment activity is considerably more transparent than the average private partnership visible through Form D. The September 11, 2026 amendment reports an indefinite Rule 506(b) offering with $132,195,711 sold to 58 investors since a July 1, 2018 first sale. Four investors are reported as non-accredited, which Rule 506(b) can permit subject to applicable sophistication and disclosure requirements. Twin Lions GP LLC is the general partner, Twin Lions Management LLC is the investment manager, and Timothy Abbott signed the filing as Managing Member of the General Partner. Unlike many private funds where investors can verify the manager but not the portfolio, Twin Lions also files institutional holdings reports: its Q2 2026 Form 13F disclosed approximately $127.5 million across only nine reportable U.S. equity positions. That overlap between the fund's stated concentrated strategy and its actual regulatory holdings is one of the strongest verification features of the vehicle.
Twin Lions Partnership LP · CIK 0001745898Read article →
Alpha Prosperity US Fund SEC Review 2026: $2.5M Series B, Cayman-Geneva-Tel Aviv Structure and Alon Tal
Alpha Prosperity US Fund, LLC - Series B is not a conventional U.S.-domiciled investment manager simply because "US Fund" appears in its legal name. The vehicle is a Delaware series LLC formed in 2021, but its principal place of business is c/o Mourant Governance Services Cayman Ltd. in Grand Cayman, while the Form D identifies Geneva-based Alternative Investment Solutions SA as Investment Manager and Tel Aviv-based Tal Alpha Yizum Vekidum Asakim (2003) LTD as an investment adviser/promoter. Alon Tal signs the filings as Authorized Person. Series B first appeared in SEC records in September 2024 and reported $2.5 million sold under an indefinite Rule 506(b) offering; annual amendments followed in September 2025 and again on September 11, 2026. This makes the fund's most useful research story its international legal and management architecture rather than a single headline fundraising event.
Alpha Prosperity US Fund, LLC - Series B · CIK 0001863632Read article →
VitalStage Ventures AU-0806 Fund I SEC Review: $1M Closed SPV and the Structure Behind Its AI Venture Platform
AU-0806 Fund I, a series of Vitalstage Ventures, LP is a compact 2026 venture vehicle whose SEC filing is unusually revealing because the entire stated offering had already been sold when the notice became effective. The Delaware limited partnership reported a September 11, 2026 first sale and a September 15 Form D filing covering exactly $1,000,000 offered, $1,000,000 sold and $0 remaining. Twenty-two investors participated and the minimum investment reported for an outside investor was $1,000. The issuer selected both Pooled Investment Fund and Venture Capital Fund, offered pooled investment fund interests, relied on Rule 506(b), claimed the Section 3(c)(1) exclusion and stated that the offering was not expected to continue beyond one year. No commissions or finder fees were reported. Those facts make AU-0806 materially different from an open-ended flagship fund: the public record shows a finite, fully subscribed capital pool with a relatively broad investor count for a $1 million vehicle rather than an indefinite fundraising program.
AU-0806 Fund I, a series of Vitalstage Ventures, LP · CIK 0002150410Read article →RESEARCHSEC Filings · Verification · Analysis
Accretion Capital Partners SEC Review 2026: $75M Offering, $3.78M Raised & Miami Family Office Investment Platform
Accretion Capital Partners LP is a newly disclosed Regulation D investment vehicle, but the legal entity is not disconnected from the public Accretion Capital brand. A September 21, 2026 Form D filing identifies Accretion Capital Partners LP as a Florida-based Rule 506(b) offering with a stated $75 million offering size, while current filing indexes report approximately $3.775 million sold at the initial filing stage. More importantly, Accretion Capital's own January 2026 privacy policy expressly states that the website is operated for "Accretion Capital Partners LP and its affiliates," creating a direct legal-name bridge between the SEC issuer and accretion.capital rather than relying only on similar branding. The website describes Accretion as a privately operated family office and an operator-led investment platform, while Eduardo Burillo is identified publicly as General Partner. That combination—Form D, matching legal name in website legal documents, founder identification and an established Miami operating footprint—provides a substantially stronger identity chain than a newly created fund whose only trace is an SEC notice.
Accretion Capital Partners LPRead article →
Ligature Rolling Fund SEC Review: Design-Led VC, Rolling Series and Operator LP Network
Ligature Rolling Fund is structurally different from a conventional venture fund because the SEC record shows a sequence of separately named rolling-fund series rather than one single flagship partnership with one CIK and one long-lived Form D. The April 1, 2026 filing covers Ligature Rolling Fund, LP - E4 and a parallel Ligature Rolling Fund QP, LP - E4 vehicle, each formed in 2026 and both using the same Lynnwood, Washington administrative address. The non-QP E4 vehicle reported a $100,000 offering, $65,000 sold to 15 investors, $35,000 remaining and a $2,500 minimum investment. The filing relies on Rule 506(b), identifies the vehicle as a venture capital fund and names Fund GP, LLC as general partner, while Belltower Fund Group Ltd. is described as agent of the GP. That series architecture is the most important regulatory fact: an individual E4 filing is not the size of Ligature as an investment platform, and capital reported in one series should not be aggregated casually with earlier C4, D3, E2 or E3 issuers without understanding the subscription periods and parallel QP structure. :contentReference[oaicite:0]{index=0}
Ligature Rolling Fund, LP - E4 · CIK 0002120616Read article →
Clean Energy Fund SEC Review 2026: $449.7M Reported, Lansdowne Origins and Clean Energy Transition's $3.4B Platform
Clean Energy Fund, L.P. is not a newly launched 2026 clean-energy vehicle. It is a long-running private fund whose first sale dates to October 2, 2017 and whose regulatory history reaches back to its former identity as Lansdowne Clean Energy Fund, L.P. The September 11, 2026 Form D/A reports an indefinite Rule 506(b) offering with $449,666,440 sold to 37 investors under Investment Company Act Section 3(c)(7). Clean Energy Transition GP I Limited is the general partner, while Clean Energy Transition LLP appears in the fund's regulatory history as promoter and is the investment platform now publicly associated with the strategy. The important research story is therefore continuity and manager transition: the fund began inside Lansdowne Partners, then moved with Per Lekander's Global Energy Team when that group spun out in December 2021 to form Clean Energy Transition LLP. The fund today sits alongside Energy Dynamics and Focus Fund inside a manager that publicly reports approximately $3.4 billion of AUM.
CLEAN ENERGY FUND, L.P. · CIK 0001714896Read article →