Universa Black Swan Protection Protocol CI L.P.

Spitznagel's presence as named GP points to a manager building a multi-vehicle platform around tail-risk or volatility-based strategies; the addition of Eric Spencer as a third named GP suggests either partnership expansion or intentional co-GP structuring to distribute decision-making authority, a configuration typical of managers scaling beyond founder-dependent operations or managing LP sensitivity around key-person concentration.

Filing in May 2026 during a period of elevated equity volatility and macro uncertainty makes a Black Swan Protection vehicle timely for LPs rebalancing their hedging ratios; however, the pre-existing-relationships-only exemption (06b) indicates either a closed network of repeat LPs or a strategy too specialized for broad marketing, which constrains scale but reduces regulatory friction.

Before engaging, verify whether Mark Spitznagel or the GP entities have prior fund vehicles, performance track records, or investor disclosures outside EDGAR (many hedge funds file Form PF but not D filings), and confirm the actual capital target and fee structure, since the placeholder filing will be updated once this vehicle reopens for amendment—delaying LP due diligence until that amendment is materially risky.