SEC Filing Record

Offering Amount

$53.8M

Strategy

Other

Exemption

06b

Date Filed

May 20, 2026

0000905148-26-002569

View on SEC EDGAR →

37A Read

The four-GP structure with no named institutional co-GP indicates a founder-led partnership model where McGaughy, Desai, and Bateman operate as equal or tiered principals; the absence of a larger anchor GP or fund administrator named in the filing suggests this is either a lean operation or one where operational functions are outsourced, which can reduce overhead but concentrates key-person risk across three individuals.

With no prior EDGAR filings from this manager, this is a first-time fund formation, meaning the LPs are evaluating three GPs with no track record in SEC-filed vehicles—they will need to assess prior experience through direct reference checks and ensure their due diligence accounts for the absence of audited historical performance or portfolio transparency.

An amendment filed in May 2026 to a fund targeting $54M under a pre-existing relationship exemption signals either a mid-raise pivot (expanding the initial target, adjusting terms, or extending the fundraise window) or a correction to prior filing language; the amendment timing suggests the GPs are addressing LP or counsel feedback rather than launching a new vehicle from scratch.

Before committing, verify whether a key-person clause names all three GPs or favors one as decision-maker, and confirm the amendment's specific changes—whether they reflect strategy adjustments, fee restructuring, or purely administrative corrections—since no prior EDGAR history means there is no public record of how this manager has handled governance or LP disputes in the past.

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Principals

General Partners & Executives

n/a CPMG, Inc. R. McGaughy Antal Desai John Bateman

Elepaio Partners, LP