ONYX CATASTROPHE FUND LTD

With four named GPs and no prior EDGAR history, this manager is either new to the SEC filing process or has operated below the threshold requiring registration until now; the 06b exemption (pre-existing relationships only) indicates a closed network raise, suggesting the GPs are leveraging existing LP relationships rather than building from institutional brand recognition.

A May 2026 amendment filing in a catastrophe fund context aligns with post-hurricane reinsurance market repricing and elevated catastrophe bond spreads; this timing suggests the GPs identified LP appetite for tail-risk strategies following recent loss events and are either adjusting terms to capitalize on that window or closing a vintage that began earlier.

Before committing, verify whether this $1M target is a placeholder with a hard close or a genuine final target, and confirm the amendment reflects only administrative changes versus material shifts in fee structure, GP commitment, or loss-of-key-person triggers—catastrophe funds often depend heavily on specific underwriting talent, making GP continuity clauses critical.