Circadian Ventures Fund II, LP

No prior EDGAR filings from this manager create a critical gap: this is either a first-time SEC filer moving into larger institutional raises, or a manager whose Fund I remained sub-$25M and below SEC thresholds—the 06b exemption tied to pre-existing relationships is consistent with both a bootstrapped launch and a controlled Series A expansion.

A $16M target in May 2026 positions this fund in a venture market where micro-cap and seed strategies are repricing after 2023–2024 capital concentration; the amendment status suggests a revised or extended close, not an initial filing, indicating LP commitments exist but final terms or investor mix required adjustment.

Before committing, verify whether Fund I has a disclosed 10-year life or early termination clause that would affect GP bandwidth and J-curve timing for Fund II; also confirm whether the two named GPs have non-compete or key-person restrictions that could affect operational continuity if either transitions roles.