Lion/Griffon Investors, L.P.

With no prior EDGAR filings attributable to this manager, this is a first-time fund raise, meaning Barton and Nicolle are either operating independently for the first time, spinning out from a larger firm, or returning to market after a period outside the public filings record; the 06b exemption (pre-existing relationships only) confirms they are leaning on existing LP networks rather than broad outreach.

A May 2026 filing for a first-time PE fund reflects timing when the LP calendar is active post-Q1 reviews and when GPs typically move forward on raises once investment theses are locked; this vintage enters a market where mid-market PE and lower-middle-market deals remain competed but where new managers with differentiated sourcing can still raise capital.

Before committing, verify whether either GP has material investment track record at a prior firm (résumé and prior fund documents), confirm the target fund size once disclosed, and clarify the key-man language—a first-time manager without public track record will face higher LP scrutiny on continuity and capital call timing.