A&Q Select (US) LLC - Premier Access

SEC Filing Record

Offering Amount

$124.5M

Strategy

Hedge

Exemption

06b

Date Filed

May 20, 2026

0000905148-26-002565

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37A Read

The amendment filing in May 2026 signals a material change to terms or LP commitment structure mid-raise rather than a clean initial offering, which typically indicates either a revised fee schedule, extended commitment period, or modification to GP co-investment that required formal amendment rather than simple subscription updates.

UBS Asset Management (Americas) serves as the sole institutional GP alongside three named individuals (Powell, Dickie, Nicholas), a structure that positions this as a UBS-sponsored vehicle where the three individuals likely function as portfolio managers or investment committee members rather than independent GPs—suggesting this raise supports a dedicated strategy within UBS's hedge fund platform rather than a breakaway team.

A May 2026 filing into a hedge fund target in a period of elevated rate expectations and volatility-dampened equity markets aligns with LP rebalancing cycles and mid-year allocation reviews, when hedge fund allocators typically revisit tactical hedging mandates and relative-value strategies that underperformed in low-volatility windows.

Verify whether the three named individuals are key-person protected—that is, whether fund performance or GP continuity hinges on Powell, Dickie, or Nicholas remaining actively involved—since UBS's institutional backing may obscure concentration risk if the strategy depends on specific portfolio managers rather than an established UBS platform team.

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Principals

General Partners & Executives

n/a UBS Asset Management (Americas) LLC Cassandra Powell Philip Dickie James Nicholas

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