LATEST RESEARCH

Research

Independent analysis of SEC filings, private funds, RIAs, websites and regulatory records.

INDEPENDENT RESEARCH2026-09-21

Is Hillwood US Industrial Club VII Legit? SEC Form D Review 2026: $836.7M Sold, $1.5B Hard Cap and Institutional Industrial Strategy

US Industrial Club VII, L.P., publicly identified by institutional investors as Hillwood US Industrial Club VII, is a verifiable 2024 Delaware real-estate fund sponsored by Hillwood. Its September 10, 2026 SEC Form D/A reports a $1.5 billion offering, $836,666,667 sold, $663,333,333 remaining and 11 investors, up materially from the $594.5 million reported in the September 2025 amendment. The fund uses Rule 506(b), offers equity and pooled investment fund interests, reported its first sale on June 25, 2024 and lists Jones Lang LaSalle Securities, LLC as placement agent for solicitation across all U.S. states and foreign jurisdictions. The latest filing estimates $6.4 million of sales commissions and $0 finder's fees. The SEC filing itself uses the legal name US Industrial Club VII, L.P.; the critical entity-penetration step is that New Jersey's Division of Investment independently identifies the same vehicle, address, strategy and personnel as Hillwood US Industrial Club VII, establishing the sponsor relationship much more strongly than name inference alone.

US Industrial Club VII, L.P. · CIK 0002028128Read article →

INDEPENDENT RESEARCH2026-09-21

Is Earthshot Ventures Fund II, LP Legit? SEC Form D Review 2026: $125M Climate-Tech Fund, Elemental Impact Link and AI-Energy-Critical Minerals Strategy

Earthshot Ventures Fund II, LP is a verifiable 2026 Delaware venture fund whose September 10, 2026 SEC Form D discloses a fixed $125,000,000 offering under Rule 506(b) and Section 3(c)(7). The issuer was formed in 2026, is based at 447 Sutter Street, Suite 405 #455, San Francisco, and names Earthshot Ventures GP II, LLC as General Partner with Michael Jackson as a related person and signer. At the filing date, the fund reported $0 sold and zero investors, so the SEC notice should be read as a launch-stage filing rather than evidence that the full $125 million had already closed. The filing also states that the General Partner or its designee is entitled to a management fee, while sales commissions and finder's fees were reported at $0. The strongest research story is not simply that Earthshot launched a second fund; it is that Earthshot now sits inside a much broader climate-commercialization architecture alongside Elemental Impact, where one platform uses philanthropic, government and private capital to help de-risk technologies before Earthshot invests for competitive venture returns. :contentReference[oaicite:0]{index=0}

Earthshot Ventures Fund II, LP | CIK: 0002150110 | SEC FILE NO.: 021-597060 | ENTITY: Delaware Limited Partnership | ORGANIZED: 2026 | FORM D FILED: September 10, 2026 | ADDRESS: 447 Sutter St., Ste. 405 #455, San Francisco, CA 94108 | PHONE: 650-960-1677. :contentReference[oaicite:5]{index=5} · CIK 0002150110Read article →

INDEPENDENT RESEARCH2026-09-21

Is Baceline Income & Growth Fund Legit? SEC Form D Review 2026: $159M Sold, 412 Investors and the Parallel USRE Fund Structure

Baceline Income & Growth Fund, LLC is a verifiable 2026 Delaware pooled investment vehicle managed by Baceline Investments, LLC, and its September 10, 2026 SEC Form D contains one of the more unusual capital-formation patterns in this group. The filing reports an indefinite Rule 506(b) offering with $158,995,142 already sold to 412 investors only fourteen days after the stated first sale on August 27, 2026. It offers both equity and pooled investment fund interests, lists a $0 technical minimum investment, reports no sales commissions or finder's fees, and states that Baceline Investments, LLC is the manager of the issuer. Most importantly, the form checks "Yes" for a business-combination transaction, meaning the offering is connected to a merger, acquisition, exchange offer or similar transaction rather than looking like a simple greenfield blind-pool launch. On the same day, Baceline filed a second new vehicle — Baceline USRE Income & Growth Fund, LLC — that reported another $234,957,900 sold. Those two filings therefore represent approximately $393.95 million of reported securities sales, but they are separate legal issuers and should not automatically be combined into current NAV or AUM. :contentReference[oaicite:0]{index=0}

Baceline Income & Growth Fund, LLC | CIK: 0002149447 | ENTITY: Delaware LLC | ORGANIZED: 2026 | FORM D FILED: September 10, 2026 | ADDRESS: 511 Broadway, Denver, CO 80203 | PHONE: 303-615-9544. :contentReference[oaicite:4]{index=4} · CIK 0002149447Read article →

INDEPENDENT RESEARCH2026-09-21

Brown Angel Group 061 SEC Form D Review 2026: $50K SPV, 4 Investors and the Shift to Numbered Alumni Deals

Brown Angel Group 061 a Series of CGF2021 LLC is a real, fully subscribed 2026 private-equity SPV tied to Brown Angel Group's alumni-investing network, but the filing is more interesting for what it does not reveal than for the $50,000 headline number. The August 28 Form D reports a fixed $50,000 offering, the full $50

Brown Angel Group 061 a Series of CGF2021 LLC · CIK 0002151057Read article →

INDEPENDENT RESEARCH2026-09-21

Is Apollo Credit Strategies Absolute Return Co-Investors (A), L.P. Legit? SEC Form D Review 2026: Co-Invest Growth, Apollo Credit Scale and Absolute Return Structure

Apollo Credit Strategies Absolute Return Co-Investors (A), L.P. is a verifiable Delaware pooled investment vehicle connected to Apollo Capital Management, L.P. and Apollo's broader Credit Strategies Absolute Return platform. The issuer first filed Form D on May 13, 2025 and amended it on May 13, 2026. Public Form D tracking shows $16.993 million of incremental capital associated with the 2025 filing and another $22.485 million of incremental capital in the 2026 amendment, indicating continued capital formation through the co-invest structure rather than a one-time launch. The fund relies on Section 3(c)(7), operates from Apollo's 9 West 57th Street New York platform, and its related-person roster includes senior Apollo executives such as Scott Kleinman, James Zelter, Katherine Newman, Brian Carney, Whitney Chatterjee and others. The most important research point is that this entity should not be interpreted as a standalone "Apollo fund" with a simple headline AUM figure: its legal name explicitly identifies it as a co-investors vehicle tied to the Credit Strategies Absolute Return ecosystem, while Apollo's own SEC disclosures separately identify Absolute Return management entities, advisors, aggregators and related credit funds. The correct diligence question is therefore how this co-invest sleeve sits inside Apollo's much larger absolute-return credit architecture and which exposures it actually receives. :contentReference[oaicite:0]{index=0}

Apollo Credit Strategies Absolute Return Co-Investors (A), L.P. | CIK: 0002055539 | SEC FILE NO.: 021-545850 | ENTITY: Delaware Limited Partnership | PRINCIPAL ADDRESS: 9 West 57th Street, 41st Floor, New York, NY 10019 | PHONE: 212-515-3200. :contentReference[oaicite:4]{index=4} · CIK 0002055539Read article →

INDEPENDENT RESEARCH2026-09-21

Scale Social AI-2 SEC Form D Review 2026: Jason's Syndicate Follow-On SPV After the $1.3M Pre-Seed

Scale Social AI-2, a series of Jason's Syndicate, LLC is a real and fully subscribed 2026 pooled investment vehicle, but it should not be mistaken for Scale Social AI, Inc. raising another $491,528 directly. The August 31 Form D identifies a Delaware series issuer based at 50 W Broadway in Salt Lake City, classifies it

Scale Social AI-2, a series of Jason's Syndicate, LLC · CIK 0002151611Read article →

INDEPENDENT RESEARCH2026-09-21

TeraStor Energy SPV SEC Form D Review 2026: $445K Sold to 21 Investors Through a Sydecar Series

TeraStor Energy Apr 2026 a Series of CGF2021 LLC is a real and fully subscribed 2026 venture investment vehicle, but it should not be confused with TeraStor Energy, Inc., the battery-storage operating company whose name appears in the Series. The SEC filing identifies a Delaware series issuer administered by Sydecar LL

TeraStor Energy Apr 2026 a Series of CGF2021 LLC · CIK 0002129255Read article →

INDEPENDENT RESEARCH2026-09-21

Is MEP Evergreen Fund, L.P. Legit? SEC Form D Review 2026: $71.8M Sold, Media Credit Strategy and Evergreen Liquidity Structure

MEP Evergreen Fund, L.P. is a verifiable Delaware private fund formed in 2024 and operated from MEP Capital's New York platform. Its latest SEC Form D/A, filed September 10, 2026, reports an indefinite offering with $71,800,000 sold to 19 investors, up from $29,550,000 reported in April 2025. That means the filing history shows an additional $42.25 million of cumulative securities sales between the original 2025 disclosure and the latest amendment. The vehicle relies on Rule 506(b) and Section 3(c)(7), has a $50,000 minimum investment, reports a January 1, 2025 first sale, and offers equity and pooled investment fund interests. Andrew Kotliar, Matt Cohen, Elizabeth Zavoyskiy and Ari Kleinman are listed as executive officers, while Castle Hill Capital Partners, Inc., CRD 44131, is identified in the sales-compensation section for solicitation in Texas; the filing reports $0 sales commissions and $0 finder's fees. The strongest research angle is not simply that MEP raised $71.8 million, but that independent SEC-filed institutional fund disclosures reveal a surprisingly detailed evergreen credit strategy behind the Form D: financing middle-market media assets across film, music, television, eBooks, video gaming and online video, with a disclosed 1.50% management fee, 15% incentive allocation and a liquidity mechanism that places redeeming investors into a run-off account rather than promising immediate cash liquidity. :contentReference[oaicite:0]{index=0}

INDEPENDENT RESEARCH2026-09-21

NH Elm Coulee Investments SEC Form D Review 2026: North Hudson's Elm Coulee Follow-On After the $475M TXO Deal

NH Elm Coulee Investments LP is a verifiable 2026 Delaware private investment vehicle tied strongly to North Hudson Resource Partners, but its real significance emerges only after reconstructing North Hudson's prior activity in the Elm Coulee oil field. The August 28 Form D uses North Hudson's Houston headquarters at 1

NH Elm Coulee Investments LP · CIK 0002146617Read article →

INDEPENDENT RESEARCH2026-09-21

Alumni Ventures Group SEC Form D Review 2026: $27.36M Debt Sold to 540 Investors Outside Its Venture Funds

Alumni Ventures Group LLC filed one of the more easily misread Form D notices in this recent batch because the issuer is best known as a venture capital platform, yet the August 28, 2026 filing is not for one of its venture funds. The SEC classifies Alumni Ventures Group LLC under Investing rather than Pooled Investmen

Alumni Ventures Group LLC · CIK 0001581765Read article →

INDEPENDENT RESEARCH2026-09-21

NGP Segue III Co-Invest Review 2026: How a $230M Renewable Development Platform Sits Inside NGP's SRA II Strategy

NGP's Sustainable Real Assets strategy represents a broader evolution inside a firm historically associated with traditional energy. NGP says it was founded in 1988 and has accumulated more than $23 billion of equity commitments across natural resources and energy transition strategies. Its first SRA vehicle was formed to take the firm's development-platform model from conventional energy and apply it to clean power, carbon, transportation and critical-mineral infrastructure. :contentReference[oaicite:9]{index=9}

INDEPENDENT RESEARCH2026-09-21

PBN III Equity Holdings Review 2026: Inside Coller Capital's New Private Equity-Backed Notes Structure

The governance names also need to be interpreted correctly. Jeremy Coller's presence helps verify the connection to the Coller platform, while the Guernsey and Cayman directors provide legal governance of the relevant entities. Their appearance in Item 3 does not mean every listed director personally selects individual underlying loans or portfolio companies. The filing directly identifies Coller Credit Secondaries Investment Management Limited within the corporate-director chain of PBN III Equity Holdings, which is more informative for understanding the investment platform than treating all listed fiduciary directors as portfolio managers. :contentReference[oaicite:9]{index=9}