SEC Filing Record

Offering Amount

$21.9M

Strategy

PE

Exemption

06b

Date Filed

Jun 08, 2026

0002081111-26-000134

View on SEC EDGAR →

37A Read

The dual GP structure—with Karmel Capital Management LLC alongside a dedicated fund LLC and two named individuals (Neuberger and Buckley)—signals a formalized operating partnership where the capital management entity likely handles portfolio operations while the fund-specific GP isolates this vehicle's economics and liability, a pattern typical of managers scaling from single-fund operations into a series.

The absence of prior EDGAR filings from this manager indicates this is either a first-time fund raise or a manager previously operating below the $110M threshold who is now crossing into reportable territory, and the four-GP structure suggests Karmel is establishing infrastructure for multiple vintages rather than running a one-off vehicle.

A June 2026 filing for a $22M mid-market PE fund lands during a period when smaller PE vehicles are reasserting LP demand after the 2023–2025 mega-fund glut; this size and timing indicate the manager is fishing for patient capital willing to operate outside the institutional LP primacy, likely in a market favorable to founder-backed and regionally-focused strategies.

Verify the key-man provisions tied to Neuberger and Buckley, specifically whether LP consent or fund dissolution is triggered by departure of either individual, and confirm the allocation of carry and management fees between the two named GPs to ensure no hidden conflicts exist in how profits flow post-exit.

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Principals

General Partners & Executives

Karmel FSTK 26 GP LLC Karmel Capital Management LLC Scott Neuberger Christian Buckley

Karmel FSTK 26 LP