SEC Filing Record

Offering Amount

Indefinite

Strategy

Other

Exemption

06b

Date Filed

May 21, 2026

0000950103-26-007592

View on SEC EDGAR →

37A Read

The parallel structure signals a dedicated LP vehicle created to serve a distinct investor class—likely LPs with different fee or carry preferences, tax domiciles, or minimum check sizes—operating alongside a main fund; the $0 placeholder offering means the actual target remains undisclosed, typical of early-stage filings before final capitalization is locked.

This is the manager's first EDGAR filing, indicating either a newly formed GP entity or an established operator making their first formal SEC filing; the dual GP naming (Ferghana Fund I GP LP and Hadley Ma as individual) suggests a structurally simple management arrangement, and the 06b exemption (pre-existing relationships only) confirms this is a closed raise relying on an existing LP network rather than broad market outreach.

A mid-2026 filing in a late-cycle macro environment, when many LPs are completing vintage-year commitments and managers are locking in capital before interest rate volatility or recession concerns shift allocator appetite, aligns with standard fundraising timelines but also signals potential urgency to close before LP deployment calendars reset.

Verify whether this parallel vehicle has a separate side letter waterfall (carried interest split, fee offsets, or clawback mechanics) that differs from the main fund, and confirm the actual target size and deployment timeline, since placeholder filings sometimes mask extended fundraising windows or strategic pivots that emerge only in later amendments.

Full analysis (GP structure, exemption breakdown, and market context) is available to Pro members.

Unlock Pro · $29/month → Sign in

Principals

General Partners & Executives

Ferghana Fund I GP LP Hadley Ma

Ferghana Fund I (Parallel) LP