Ferghana Fund I LP

This is the first EDGAR filing from Hadley Ma or the Ferghana vehicle, signaling a new manager entering the private markets ecosystem with no prior fund vintage history; the 'Other Investment Fund' classification leaves strategy ambiguous—absence of VC, PE, or hedge fund designation implies either a concentrated strategy, a hybrid approach, or a fund-of-funds structure that will become clearer once a target is disclosed.

A May 2026 filing for a fund with no disclosed target and pre-existing-relationships-only access suggests the manager is moving ahead of public capital allocation cycles, positioning to close early commitments from known LPs before broader 2026–2027 fundraising acceleration; this timing is consistent with a manager either launching from an established platform or building conviction among a tight circle before scaling.

Before committing capital, verify whether Hadley Ma has prior fund experience or LP relationships through non-EDGAR channels (prior fund employment, co-investments, advisory roles), as EDGAR silence does not confirm first-time management; also flag this filing for re-check once the actual target is declared, as placeholder filings sometimes pivot significantly in strategy or GP roles between initial submission and final Form D.