Deepwater SPV II LP

The presence of five named GPs including two individuals (Clinton and Munster) suggests this is not a traditional institutional fund but rather a structured investment vehicle built around specific decision-makers, which means LP governance and continuity risk depend directly on whether those individuals have key-man protections and whether they're applying consistent investment criteria across the series.

Filing in June 2026 as an amendment—not a fresh raise—signals this manager is operating in a lower-visibility mode, likely raising from existing relationships rather than broad-market LP outreach, which aligns with the 06b exemption but also implies a tight, pre-committed LP base and a manager focused on executing against existing commitments rather than market-wide fundraising.

Verify whether this $21M target is binding or a placeholder by checking if the amendment changed the offering size from a prior filing; also confirm whether Doug Clinton and Gene Munster carry key-man provisions and what their decision-making split is, since a five-GP structure with named individuals can create operational friction if exit or continuation scenarios arise.