Altera Secondary Fund, LLC

The absence of prior EDGAR filings from this manager suggests either a first institutional fund raise or a manager operating sub-$100M until now, meaning this secondary vehicle represents either a debut or a material step-up in asset base; the 06b exemption and three-person GP count align with a newly professionalized structure seeking to formalize LPs who have already committed or expressed intent.

Filing an amendment in May 2026 while sitting at 85% committed capital signals the manager either hit a near-final close target and is documenting the cap or is actively managing final commitments; in secondaries, mid-2026 fundraising reflects LP appetite for dry-powder redeployment post-2024 distributions and positioning ahead of expected portfolio exits in 2026–2027.

Before engaging, verify whether David Fershteyn has key-person provisions tied to specific deal sourcing or portfolio company relationships—secondaries managers without public track record live or die by their sourcing networks, and confirmation of how his relationships map to the fund's deal pipeline and carry allocation is critical to LP risk assessment.