A&Q Select (US) LLC - ePlanet Hedge Fund Solution

Absence of prior EDGAR history for this manager means this is a first-time institutional fundraise rather than a continuation of a prior series, suggesting either a team spin-out from another platform or new entry into regulated hedge fund management; the 06b exemption tied to pre-existing relationships indicates the raise depends entirely on established LP networks rather than broad marketing.

Filing an amendment to a $121M hedge fund target in May 2026 during a period of elevated rates and selective allocations to alternatives implies either a down-round adjustment from an initial target, new LP commitments requiring amended terms, or regulatory compliance corrections—the amendment itself warrants investigation into what changed and when.

Verify whether the named GPs (Powell, Dickie, Nicholas) have key-man provisions that tie fund operations or GP fees to their continued involvement, and confirm UBS's specific role and fee structure—whether it operates as limited partner, service provider, or GP with separate economics—as this materially affects LP downside protection and operational risk.