TWO BEAR CAPITAL FUND II, LP

The absence of prior EDGAR filings from this manager means Fund I either stayed below $150M AUM (exempt reporting threshold), closed before SEC filing became standard for this vintage, or operated through a different entity structure—making this the first public record of the series and leaving LP track record verification dependent on references rather than SEC document history.

A May 2026 amendment filing for a $123M VC fund suggests either a reset after market volatility in late 2025 or a transition to a new fundraising cycle as macro conditions stabilized; VC secondaries and fund continuation activity typically accelerate in spring months, making this timing consistent with LPs deploying capital into successor vehicles after observing Fund I deployment patterns.

Before commitment, allocators should confirm whether Michael Goguen has key-man provisions tied to portfolio decisions or management—and separately verify Fund I's LP roster and deployment track record through reference calls, since no EDGAR history exists to cross-reference GP experience, fee schedules, or historical fund documents.