Banyan Ventures Fund II, L.P.

The absence of prior EDGAR filings from this manager combined with a $6M target in Fund II signals either a newly registered entity elevating from prior off-market fundraising or a manager previously operating below the $150M AUM threshold; the 06c exemption exempts them from full Form ADV registration, suggesting assets under management remain modest and this may be the manager's first SEC-reported vehicle.

A May 2026 filing for a $6M venture fund arrives during a period of compressed seed and early-stage rounds where smaller managers face LP preference for larger, established platforms; the timing suggests Banyan is either capitalizing on a specific LP's fresh allocation cycle or responding to a portfolio company's follow-on financing need rather than broad market tailwinds.

Before commitment, LPs must confirm whether Sam Awrabi carries key-man provisions tied to his involvement and obtain the fund's actual subscription agreement—the filing itself contains no detail on GP carry splits, management fee waterfall, or whether this is a true continuation of Fund I economics or a reset structure that changes terms for returning LPs.