Modular Devices Holdings, LLC

With zero prior EDGAR filings under these GPs' names, this is a first fund from what appears to be a newly formed manager entity; the 06b exemption and small $2M target signal a tightly held raise among existing relationships rather than an institutional roadshow, suggesting this team is either transitioning from employment at another firm or launching a carve-out from an existing partnership.

A May 2026 filing in a rising-rate environment when LP dry powder remains selective makes sense only if this team has already pre-committed capital or identified specific acquisition targets; otherwise, a $2M raise timing could reflect LP allocation cycles in Q2 or a seasonal close window rather than opportunistic market positioning.

Verify whether any of the four named GPs maintain filings or fund affiliations under prior operating entities, AUM vehicles, or fund-of-funds structures on EDGAR or state regulators' databases—the clean history could reflect a true startup, a legal entity restructuring, or incomplete registration elsewhere that affects incentive alignment and actual assets under management.