Baleen Capital Fund LP

The absence of prior EDGAR filings from this manager combined with a Rule 06b exemption signals Baleen is Fang Li's first registered vehicle and operates exclusively within a closed network of pre-existing relationships rather than conducting broad LP outreach, consistent with a bootstrapped or rolled-up fund that scaled past the registration threshold.

Filing an amendment to a hedge fund raise in June 2026 during a period of rising institutional liquidity and post-rate-stability allocation rotation suggests the manager is either resizing the cap following early commitments or adjusting terms to compete for LPs re-entering alternatives after a period of caution.

Before committing, verify whether Fang Li has key-man insurance or explicit removal terms tied to performance events—the absence of prior fund history and three-GP structure elevates operational risk if the fund depends on a single decision-maker without contractual accountability mechanisms or a clear succession plan.