A&Q Select (US) LLC - HK Hedge Program

No prior filings from this manager means allocators cannot evaluate fund series progression or strategy consistency; the 06b exemption (pre-existing relationships only) combined with the UBS co-sponsorship signals this is a closed raise targeting existing UBS client relationships rather than a broad market pitch, which constrains LP optionality but may indicate institutional co-investment or seed capital already committed.

A May 2026 amendment filing in a hedge fund context typically reflects either post-launch adjustments to terms, LP rollins after an initial close, or regulatory updates following first deployment; this timing is neutral to slightly weak if the market is mid-cycle in hedge allocations but could indicate the fund missed an earlier window and is recalibrating its raise timeline.

Before committing, verify (1) whether the three named individuals have executed key-man waivers or if fund performance is wholly dependent on their presence, (2) the specific role and capital commitment of UBS Asset Management—whether it is co-GP with veto rights or purely administrative sponsor, and (3) whether this $49M target is a hard close or a rolling commitment structure that affects when your capital deploys.