Lavaca Capital Convexity Fund, LP

The absence of prior EDGAR filings means this is Lavaca Capital's debut institutional raise, making this convexity-focused hedge fund either a first-time manager vehicle or a freshly registered entity that has been operating under informal LP arrangements; the 06b exemption (pre-existing relationships only) indicates the manager is bootstrapping through their existing network rather than pursuing broad LP acquisition.

Filing an amendment to a hedge fund offering in May 2026 typically reflects either a target adjustment mid-fundraise, a correction to terms, or a response to LP feedback during the 2026 allocation cycle when institutional capital reassesses volatility hedging and tail-risk mandates; the amendment status suggests this raise has been in motion for several months.

Before committing, allocators should obtain the full LPA and verify: (1) whether Scott Phillips has a contractual key-man clause and what happens to GP economics if he departs, (2) the specific convexity strategy—whether options-focused, volatility-weighted, or systematic—since this materially affects fee justification and manager differentiation, and (3) whether this amendment reflects a material change to fee structure, capacity, or co-investment terms that might signal LP pushback.