VC · May 15, 2026 · 06b

AM-0304 Fund II, a series of Delk-SPV, LP

Offering

$0.6M

Manager

Fund GP, LLC

Analysis

This is the second fund in the Delk-SPV series, signaling a continuation strategy rather than a pivot; the $1M target is unusually small for a VC vehicle, which either indicates a niche co-investment or sidecar structure (similar to the WPI Emporia coinvestment fund filed in June 2025) or represents a placeholder filing that will expand post-close.

The manager is actively layering multiple fund vehicles across credit, early-stage tech, and structured coinvestment simultaneously—five separate filings in the past eight months—which suggests either a multi-strategy platform consolidating under one GP or a fragmented approach to LP access and capital deployment that allocators should map before committing.

The May 2026 filing timing aligns with H1 capital deployment cycles and follows the manager's November 2025 cluster of larger vehicles; this follow-up raise may be targeting remaining allocation from existing LPs or capturing a new LP cohort after initial fund performance visibility.

Verify whether the two unnamed GPs retain the same principals across all five concurrent fund filings and confirm whether this Fund II shares carry-back or fee waterfall terms with Fund I (filed July 2025)—structural alignment across the series directly impacts net returns and LP parity.

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