SM MERGER/ARBITRAGE, L.P.

The absence of prior EDGAR filings from S. Muoio & Co. means this is the manager's first registered vehicle, making this a debut raise rather than a continuation or parallel tranche—a meaningful signal that LP due diligence will rely on resume, references, and pre-existing relationships rather than audited track record or prior fund performance.

The May 2026 amendment filing on a $35M merger-arbitrage fund aligns with post-election political stability and potential M&A pipeline normalization after 2024–25 rate volatility, suggesting the manager is timing a first institutional raise to capture renewed deal flow rather than launching opportunistically.

Before committing, LPs should confirm whether the exemption under Reg 06b is truly limited to pre-existing relationships or whether the manager intends to broaden to a broader raise later, and verify the identity and prior experience of S. Muoio individually, since no prior fund filings exist to establish track record or operational precedent.