Next Generation SPV 1 LLC

Murphy's sole GP role with no prior EDGAR filings indicates this is either his first institutional capital raise or his earlier activity operated below the SEC filing threshold; the 06b exemption reliance on pre-existing relationships suggests he is bootstrapping LP networks rather than running an established firm with broad distribution capacity.

Filing in June 2026 during a period when LPs are rotating allocations toward smaller, specialized vehicles and away from mega-funds creates tailwinds for a founder building a differentiated practice; the amendment flag suggests either a refinement to terms mid-raise or a response to early LP feedback on structure or terms.

Before committing, verify whether Murphy has key-man insurance or if the vehicle has a key-man clause tied to him personally—a critical detail for an SPV where GP depth is minimal—and cross-check whether this $6M raise feeds into a larger fund that may have separate fees or governance terms not disclosed in this filing.