SEC Filing Record

Offering Amount

$392.0M

Strategy

Hedge

Exemption

06b

Date Filed

Jun 12, 2026

0002024908-26-000010

View on SEC EDGAR →

37A Read

The amendment filing signals a revision to terms, structure, or LP commitments mid-raise, which typically occurs when managers encounter capacity constraints, LP concentration risk, or need to adjust fee/carry splits to close the target—verify what changed from the original filing to understand whether hard closes or LP substitutions drove the amendment.

The three named GPs with zero prior EDGAR history indicates this is either a first-time fund from an established operating team spinning out from another platform, or a continuation vehicle being registered for the first time; the 06b exemption requirement signals reliance on pre-existing relationships rather than broad institutional distribution, a material constraint on who can deploy capital.

Mid-2026 filing aligns with LP portfolio rebalancing cycles and hedge fund allocators' H2 commitments, but the amendment in June suggests initial reception fell short of target or the manager is opportunistically capitalizing on current market conditions to tighten terms before final close.

Before committing, verify whether any of the three GPs have disclosed their departure from prior employers or existing fund roles, whether there are key-man provisions tied to all three versus one, and whether this $392M target reflects a hard cap or an aspirational ceiling—amendments often mask recruitment gaps or LP concentration that affects fund stability.

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Principals

General Partners & Executives

SIMON COX JOSEPHINE ORGILL XUAN LIU

KEYSTONE FUND