AP Granite Co-Invest, L.P.

Absence of any prior EDGAR filings from these GPs signals either first-time fund managers entering the PE market or established operators previously managing capital outside SEC filing requirements (e.g., through direct co-invest structures or as sub-advisors); the 06b exemption—limiting investors to pre-existing relationships—is consistent with bootstrapping from a known LP base rather than building a broad institutional LP roster.

A May 2026 filing for a co-invest vehicle, when broader equity markets are in rebalancing mode and LPs are stress-testing allocation commitments, indicates this manager is likely capitalizing on LP dry powder from recent exits or is moving to securitize existing relationships before competitive inflows shift risk pricing.

Before engagement, verify whether the five named GPs have executed key-man agreements and confirm what percentage of their historic AUM (if any) sits with co-invest vehicles versus primary funds—this structure is often used to retain carry on LPs' follow-on tickets without broad fundraising, which materially affects economic alignment and incentive structures.