Project Teton, LP

The absence of prior EDGAR filings under this manager means this is either Hill's first regulated fund formation or prior vehicles operated below the $25M threshold; the 06b exemption restriction to pre-existing relationships implies a closed network of LPs who already know the manager personally or professionally, a common pattern for emerging GPs or specialists building initial proof-of-concept with existing supporters.

Filing in May 2026 during a period of LP reallocation away from mega-funds and toward emerging managers with defined niches aligns with the rise of micro-fund and specialist vehicles; the $1M size suggests Hill may be capitalizing on LP appetite for direct manager relationships and lower fees rather than waiting for a traditional $50M+ institutional round.

Verify whether Hill has signed key-man language that requires his personal involvement in deal sourcing, underwriting, or exits, as the single-GP model creates concentration risk if a key-man clause is triggered; additionally, confirm whether this $1M filing is a permanent vehicle or a placeholder that will be amended upward once pre-existing relationships are secured, a common practice in 06b exemption raises.