Gaingels Early Stage Fund II LLC

Paul Grossinger operates as sole GP with no co-GP structure and has filed under the 06b exemption, meaning the fund relies entirely on pre-existing LP relationships rather than broad market solicitation—a signal that either Fund I established a closed LP base the manager intends to return to, or this manager operates deliberately small with hand-curated capital.

A mid-2026 amendment filing for a $5M early-stage fund targeting completion mid-to-late 2026 reflects timing aligned with LP annual allocation cycles and reflects confidence in early-stage dealflow as macro conditions stabilized after 2023–2025 market tightening, though the 33% close rate suggests either a deliberately selective approach or ongoing fundraising headwinds in the sub-$5M category.

Verify whether Fund I has made any follow-on investments into Fund II participants, as this directly affects cross-fund conflicts and the actual dry powder available to Fund II LPs; also confirm the carry and fee structure given that sole-GP arrangements in small funds sometimes bundle compensation across vintages in ways that affect alignment.