Other · May 18, 2026 · 06b

Proteus Real Assets Non-Core Fund II, LLC

Offering

$0.2M

Analysis

This is a second-vintage continuation vehicle in an established series, filed as an amendment rather than an initial filing, indicating the fund closed or is being restructured after an initial offering period rather than launching its first raise.

The five-GP structure and reliance on 06b exemption (pre-existing relationships only) signal a manager operating without public-facing infrastructure or prior SEC filings, meaning LPs are evaluating based on direct relationships and reference checks rather than a documented track record with this entity or prior vintages.

A mid-2026 filing for a non-core real assets fund reflects LP appetite for illiquid alternative exposure during a period of elevated interest rates and portfolio rebalancing, when non-core or secondary real estate and infrastructure assets typically trade at depressed valuations attractive to opportunistic capital.

Verify the existence and scope of a key-man clause tied to any of the five GPs, and confirm whether this amendment reflects a true second closing or a material restructuring of Fund I's terms—either scenario materially affects the manager's demonstrated ability to deploy and exit capital.

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Eric Knauss · Jason Brown · Ryan Laughon · Molly Herendeen · Anya Janeway

SEC EDGAR →

0002029047-26-000003