Foundation Infrastructure Debt Fund II (Offshore) LP

The absence of any prior EDGAR filings from Hector Negroni despite launching a successor fund signals either a newly formed GP entity, a manager operating primarily outside US LP reporting infrastructure, or a transition where the fund sponsor recently incorporated in a jurisdiction that now requires SEC registration.

A May 2026 filing for an infrastructure debt fund aligns with institutional LP re-allocation cycles following Q1 portfolio reviews and reflects the infrastructure asset class's current appeal for debt capital seeking inflation-hedged, contracted cash flows—though the offshore structure and 06b exemption indicate this raise targets a tight existing relationship base rather than broad market demand.

Verify whether Vintage I has a defined fund life and whether this Vintage II filing contains a key-man clause tied to Hector Negroni individually; the single-GP structure and offshore domicile create concentration risk if succession planning is undefined, and confirm whether the $28M target reflects a hard cap or a placeholder being amended as subscriptions materialize.