Lavaca Capital Convexity Fund III, LP

The absence of any prior EDGAR filings from Lavaca Capital indicates either a newly formed management company, a pre-2026 launch that operated outside SEC filing requirements, or a transition/rebrand—the fact that Convexity Fund III is already in market means Funds I and II operated without EDGAR visibility, raising questions about whether this manager has been managing capital in private funds below the 15-LP threshold or through an unregistered adviser structure.

A May 2026 amendment filing for a $11M hedge fund target during a period of narrowing allocations to mid-sized alternative managers suggests either a continuation raise from existing LPs responding to demonstrated performance, a market correction response where smaller funds are regrouping after 2024-2025 redemption pressure, or a strategic shift to qualify for specific LP mandates that require SEC-registered vehicles.

Before committing, verify whether Scott Phillips is a key-man constraint on the fund (check the PPM for key-man redemption triggers tied to his departure) and confirm what happened with Convexity Funds I and II—specifically their vintage years, final AUM, and whether they are still active or in wind-down, as this directly affects continuity risk and fee drain on the successor vehicle.