Research
Independent analysis of SEC filings, private funds, RIAs, websites and regulatory records.
Sea Cliff Partners SEC Review: $267.6M Fund and Concentrated Equity Strategy
Sea Cliff Partners has a comparatively strong public verification trail because its private-fund structure, registered investment manager, official website and public-equity holdings can be connected across multiple independent regulatory records. Sea Cliff Partners, LP reports an indefinite Rule 506(b) hedge-fund offering that began on November 1, 2021 and had reached $267,589,040 of cumulative securities sold to 57 investors by its September 16, 2026 Form D amendment. The filing sets a $1 million minimum investment, identifies SC GP, LLC as general partner and John Hockin as manager of that GP, and relies on Investment Company Act Section 3(c)(7). Separately, Sea Cliff Partners Management, LP appears as an SEC-registered investment adviser under CRD 316909 and SEC number 801-130786, while its Form 13F filings provide a recurring public window into a concentrated U.S.-listed equity portfolio. The principal analytical distinction is therefore not whether the Sea Cliff entities can be verified, but how the private-fund capital, adviser AUM and visible 13F securities should be interpreted without treating them as interchangeable measurements.
· CIK 0002011655Read article →
Cerenome SEC Review: $20M Rule 506(b) Financing After the Plus Therapeutics Rebrand
Cerenome presents a substantially different verification case from a newly created private issuer. It is the renamed continuation of Nasdaq-listed Plus Therapeutics, Inc., not an unrelated startup and not a pooled investment fund. The SEC CIK 0001095981, Houston address, Delaware incorporation, public-company reporting history and management continuity all carry through the August 2026 name change. Its September 18, 2026 Form D therefore should be read alongside Cerenome's Forms 8-K and 10-Q rather than in isolation. The filing reports a $20 million Rule 506(b) offering, $3 million already sold to one investor and $17 million remaining. More importantly, Cerenome explained that the financing involves senior secured convertible notes with aggregate original principal of as much as $21,276,596 and a 6% original issue discount. That distinction explains why the contractual note principal is larger than the $20 million cash-financing figure shown on Form D; the two numbers are different measurements of the same financing structure rather than an obvious inconsistency.
Cerenome, Inc. · CIK 0001095981Read article →
GV Black Capital SEC Review: $1.7M Hedge Fund and Manager Status
GV Black Capital Fund, LP has a verifiable SEC filing history extending across several years, but the scale and regulatory structure are materially different from those of a large registered hedge-fund manager. The Delaware partnership was formed in 2021, identifies itself as a hedge fund, began selling interests on February 24, 2022 and filed its latest Form D amendment in September 2026. That filing reports an indefinite offering with $1,700,531 sold to only three investors and a $250,000 minimum investment. Ryan McMahan remains the named executive officer and signs the filing as manager; GV Black Capital Partner, LLC is identified as general partner and GV Black Capital Management, LLC as investment manager. Those relationships have remained consistent across the fund's filing history. The important regulatory distinction is that the official Investment Adviser Public Disclosure record for GV Black Capital Management, LLC, CRD 315456, shows the firm as "Not Currently Registered" while separately showing an active exempt reporting adviser status in Michigan. An ERA filing is a genuine regulatory record, but it is not the same thing as registration as an SEC investment adviser.
· CIK 0001877231Read article →
Is ShawSpring Partners Legit? SEC Review of the $1.605B QP Fund, $438.7M RIA AUM and Concentrated Public-Equity Portfolio
ShawSpring Partners presents a substantially different verification profile from a newly created private fund whose existence depends almost entirely on one Form D. The investment manager, ShawSpring Partners LLC, is an SEC-registered investment adviser with CRD 172766 and SEC file number 801-117000, while the QP Fund has been filing as a private pooled investment vehicle since its first reported sale on April 1, 2021. Its September 16, 2026 Form D amendment reports an indefinite offering and $1,605,355,029 of securities sold to 192 investors, with a $100,000 minimum investment. The same filing identifies ShawSpring Partners LLC as investment manager, ShawSpring Partners GP, LP as general partner and ShawSpring Partners GP, LLC as another related management entity. These relationships can therefore be followed across multiple SEC systems rather than inferred from branding alone. The central analytical issue is not whether ShawSpring has a real regulatory footprint—it clearly has one—but how investors interpret three very different numbers attached to the business: roughly $1.605 billion of cumulative Form D sales, approximately $438.7 million of regulatory AUM reported by the adviser in 2026, and approximately $232.1 million of securities appearing in its June 2026 Form 13F. None of those figures is interchangeable with the others.
ShawSpring Partners · CIK 0001856181Read article →
Is Arana Fund I Legit? SEC Form D Review of Arana Ventures, $1.81M Raised and a Small-Cap Crypto Strategy
Arana Fund I, LP is a newly disclosed private fund, but the organization behind the name has a public footprint that predates the September 21, 2026 filing. The new Form D reports approximately $1.81 million of securities sold under Rule 506(b) and identifies Michigan as the fund's principal place of business. The more
Arana Fund I, LP · CIK 0002142525Read article →
Is Groundfloor Legit? SEC Regulation A Review, $2B+ Lending History, 2026 Going-Concern Risk and Private Credit Expansion
Groundfloor is materially different from a newly formed private fund supported only by a Form D. Groundfloor Finance Inc. has been filing publicly with the SEC for years, operates a live consumer-facing investment and lending platform, issues securities through Regulation A offering statements, publishes annual reports
Groundfloor Finance Inc. · CIK 0001588504Read article →
Is Avenue Strategic Opportunities Fund Legit? SEC Form D Review of $167.72M Raised and Avenue Capital Management
Avenue Strategic Opportunities Fund, L.P. has a substantially deeper public verification trail than a private investment vehicle supported only by a recent Form D. SEC records trace the fund back to 2016, while its September 21, 2026 Form D amendment reports $167.72 million of securities sold to 17 investors, a $10,000
Avenue Strategic Opportunities Fund, L.P. · CIK 0001688173Read article →
Brown Advisory Venture Capital Partners 6 SEC Review 2026: $15.6M Raise, 25 Investors & BAISG Venture Strategy
BROWN ADVISORY VENTURE CAPITAL PARTNERS 6 SEC REVIEW 2026
Brown Advisory Venture Capital Partners 6, LLLP · CIK 0002148098Read article →
Grant Park Ventures SEC Review 2026: Series 15 $249,991 Filing, Chris Hanson & Multi-Series VC Structure
Grant Park Ventures has a much deeper regulatory footprint than the small headline amount in its newest SEC filing initially suggests. The latest vehicle located is Grant Park Ventures Funds LLC - Series 15, a Delaware limited liability company under SEC CIK 0002146492 that filed Form D on September 10, 2026. The filing reports a $249,991 pooled-investment-fund offering under Rule 506(b), with the entire $249,991 already sold and no amount remaining. Christopher Hanson is identified as a director, and the issuer uses 8 The Green, Suite 13283, Dover, Delaware with telephone 408-206-6612. The relatively small $249,991 amount should therefore not be interpreted as Grant Park Ventures' total assets, total venture-capital activity or platform size. It represents one specific series. Public SEC records show numerous other Grant Park Ventures Funds LLC series formed around the same platform, while older records trace Chris Hanson-linked Grant Park vehicles back years before the current numbered-series structure.
Grant Park Ventures Funds LLC - Series 15 · CIK 0002146492Read article →
Is Prysm Capital Fund II Legit? SEC Form D Review of Its $98M Raise, $200M Fund II-C Parallel Vehicle and $6.86B Growth Platform 2026
Prysm Capital Fund II is best understood as one sleeve inside a much larger growth-investment platform rather than as a standalone $98 million private-equity fund. Its September 10, 2026 Form D amendment reports $98.025 million sold to 27 investors after an August 11, 2025 first sale, while a separate 2024-vintage vehi
Prysm Capital Fund II · CIK 0002028969Read article →
UG Necessity Retail Fund III SEC Review 2026: $17.64M Raise, United Growth, Trader Joe's & Value-Add Retail Strategy
UG Necessity Retail Fund III LP has a verifiable SEC, sponsor and property-level operating trail that is considerably stronger than a real-estate offering supported only by marketing material. The Delaware limited partnership, SEC CIK 0002074920, filed a new Form D on September 10, 2026 reporting a completed $17.64 million Rule 506(c) offering, with the entire $17.64 million shown as sold, $0 remaining, 55 investors and a $35,000 minimum outside investment. The filing gives a first-sale date of November 15, 2023 and identifies Brad LaRue, Christopher Kostanecki and Ezra Ripple as related persons. Brad LaRue signed as CEO of the issuer's general partner. The San Rafael address in the filing—1000 Fourth Street, Suite 290—matches United Growth's public corporate address, while United Growth identifies LaRue as CEO and states that he oversees investment management, capital formation and the firm's Investment Committee. This combination creates a strong legal-to-operating-company bridge rather than relying on name similarity alone.
UG Necessity Retail Fund III LP · CIK 0002074920Read article →
KKR CPS Insurance Dedicated Fund SEC Review 2026: $858M SALI Series, $351M Fund II & $275M Fund III
KKR CPS INSURANCE DEDICATED FUND SEC REVIEW 2026
KKR CPS Insurance Dedicated Fund II Series Interests of the SALI Multi-Series Fund, L.P. · CIK 0002047940Read article →