MXI2 RANGER PUBLIC MASTER FUND LP

The absence of prior EDGAR filings from this manager signals either a first institutional raise or a transition from operating below the $100M AUM threshold that triggers reporting—the 06b exemption choice and $6M target suggest Telles is building initial LP relationships through a private placement rather than launching a known strategy into its next fund cycle.

A May 2026 filing for a hedge fund in the sub-$10M range reflects either a manager building a proof-of-concept vehicle ahead of a larger raise once market volatility settles, or entry into an environment where smaller, specialized hedge funds can access LP capital without competing directly with mega-funds during a tightening allocation cycle.

Before committing, verify whether Telles has managed capital under a prior entity name, partnership structure, or unregistered vehicle not captured on EDGAR, as the absence of filing history does not confirm he is new to managing third-party capital—check background databases and request audited track record documentation.