Apogem Private Equity Fund XI (Cayman), LP

The absence of any prior EDGAR filings from this manager indicates this is either a first-time fund raise or a manager operating previously outside SEC filing requirements, making the 06b exemption (pre-existing relationships only) the operative constraint rather than a strategic choice to avoid public solicitation.

A May 2026 filing for a $75M target in the mid-market PE space aligns with LP deployment cycles that typically reset in Q2, though the specific timing also signals the managers likely secured verbal commitments or LOIs from existing relationships before filing, consistent with the no-public-solicitation exemption.

Verify whether any of the six named GPs have been listed as key-man beneficiaries in other funds, whether GP commitment amounts are equal or tiered across the group, and confirm whether this vehicle is explicitly restricted to pre-existing LP relationships or if a 506(c) amendment is contemplated after the initial close.