HCM S15Aii LP

No prior EDGAR filings from this manager indicate this is either a first fund or a manager operating below the $100M threshold previously, making the 06b exemption (pre-existing relationships only) consistent with either an emerging manager raising from a closed LP base or a previously unregistered operator now formalizing a structure.

Filing an amendment in mid-2026 when traditional PE fundraising typically accelerates in Q2–Q3 signals either a recently finalized GP commitment or LP anchor, or alternatively a delayed registration for a fund that began informal discussions earlier and is now moving toward a formal capital raise.

Verify whether Armaan Ali has key-person language tied to him individually and whether this fund has a designated co-GP or investment committee, since a solo GP name with no prior institutional track record on EDGAR requires confirmation that continuity and decision-making authority are clearly defined in the LPA.