MXI2 RANGER PRIVATE FUND LP

The absence of any prior EDGAR filings under this manager's name indicates this is either a debut institutional vehicle or Telles previously operated below the $110M AUM threshold that triggers SEC registration; the 06b exemption choice confirms he is relying entirely on pre-existing relationships rather than building a broad LP base through marketing.

A May 2026 filing for a $1M hedge fund target in a period of elevated rate expectations and compressed alpha environments suggests Telles is either formalizing a small-scale strategy with existing capital commitments or testing the institutional market before expanding, rather than capitalizing on broad LP appetite for new hedge fund launches.

Before committing, LPs should confirm whether this $1M represents the actual hard cap or a placeholder floor ahead of a higher final close, verify whether Telles has key-man language tied to his sole GP role, and clarify his operational history and any AUM he may have managed in non-registered capacity prior to this filing.