Lighthouse Diversified Fund QP II, L.P.

The four named GPs and reliance on Rule 06b (pre-existing relationships only) signal a manager operating without broad institutional distribution infrastructure—this fund will depend on existing LPs rolling forward or bringing referrals, which constrains the capital base and implies either a boutique operation or one building out LP networks incrementally.

A May 2026 amendment filing for a diversified hedge fund targeting just under $1B occurs in a period when hedge fund capital is rotating toward operational value-add and away from pure macro/systematic strategies, making a diversified mandate plausible for a manager attempting to bridge multiple LP mandates in a single vehicle.

Verify whether there is a key-man clause tied to any of the three named individuals (McGould, Browning, or Swan) and confirm the allocation breakdown between diversified hedge strategies within this fund—a diversified vehicle can mask concentration risk if a single sub-strategy or GP dominates decision-making.