Proteus Series Feeder Fund III, LLC - Cynosure Partners Access Vehicle

SEC Filing Record

Offering Amount

$57.5M

Strategy

Other

Exemption

06b

Date Filed

May 20, 2026

0001964672-26-000003

View on SEC EDGAR →

37A Read

This is a feeder structure pooling capital into a master fund, which allows Cynosure Partners to segregate LP capital by type or vintage while maintaining unified portfolio management; the 'Series III' designation signals this is the third iteration in an established fund series, meaning the manager has deployed at least two prior vehicles, though those earlier funds do not appear on EDGAR and may be sub-$100M or structured as private placements.

The five named GPs and reliance on the 06b exemption (pre-existing relationships only) indicate Cynosure operates as a tightly controlled partnership without broad market solicitation rights, suggesting the manager builds capital base through repeat LP networks rather than roadshow momentum, and the feeder-fund structure at Series III implies prior vintages built sufficient LP confidence to warrant continuation rather than a brand-new strategy vehicle.

Filing an amendment in May 2026 for a $57M raise reflects LP dry powder redeployment cycles and likely indicates either a Series II fund that was deployed or is approaching its commitment period close, creating urgency to secure Series III capital before year-end deployment windows tighten.

Before committing, verify whether the master fund has a key-person clause tied to any of these five GPs and confirm the fee waterfall between feeder and master fund—feeder structures often layer management fees at both levels, which can materially compress net returns if not explicitly detailed in the LPA.

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Principals

General Partners & Executives

Jason Brown Eric Knauss Ryan Laughon Molly Herendeen Anya Janeway