APD FUND LLC

With zero prior filings on record, this manager is entering the market as a new entrant, and the choice of 06c exemption signals they are targeting a smaller, accredited LP base rather than building toward a large institutional raise—typical of emerging managers bootstrapping their first capital pool.

Filing an amendment in May 2026 after an initial filing suggests the GPs either adjusted terms, expanded the LP roster, or extended the fundraising window in response to slower early traction (only $4M of $100M closed); mid-year timing in a higher-rate environment may explain cautious LP appetite for an unproven manager.

Before committing, verify whether the amendment changed the management fee, carry, or investment period terms relative to the original filing, and confirm whether Palmer or Backing have executed investments or held operating roles at other firms—first-time managers without demonstrated deal sourcing or exits carry execution risk that a fund document alone will not reveal.