New Territory Global Equity Fund LP

With no prior EDGAR filings from this manager, this is a de novo fund entry into the hedge fund market; the 06b exemption (pre-existing relationships only) indicates the manager is bootstrapping from a closed network rather than building from an existing LP base or prior fund, which means limited ability to syndicate or cross-sell to new allocators during this raise.

A May 2026 filing for a $2M hedge fund target occurs as rates remain elevated and LP dry powder is increasingly allocated to existing fund follow-ons and continuation vehicles; a new, small hedge fund raise outside that mainstream capital cycle requires either a highly specialized strategy, an existing relationship with committed capital, or both to close within a reasonable timeframe.

Verify whether Aaron Stephens carries any key-man or removal clause restrictions, and confirm the operational separation between New Territory Fund GenPar LP and New Territory Advisors LLC—specifically which entity holds day-to-day portfolio decisions and which handles compliance, as misalignment between these roles creates operational friction and potential liability disputes if the manager scales or faces personnel turnover.