Eclipse SPV XXXII, L.P.

The absence of prior EDGAR filings from this manager means this is either a debut institutional fund or a first-time formalization of previously informal venture investing, making LP due diligence on Susan's deal sourcing, follow-on capacity, and exit execution entirely reliant on references and direct track record verification outside SEC records.

A $51M target filed in May 2026 arrives as venture allocators are recalibrating dry powder deployment post-2024 market correction, when smaller, focused funds with defined theses gained traction against mega-funds; this size and timing align with GPs carving out niche conviction plays rather than broad generalist rounds.

Before committing, LPs must confirm whether a key-man clause on Susan exists and its trigger terms, verify the fund's actual deployment pace and follow-on reserve structure (since first-time managers often underestimate capital calls), and confirm the exemption type—Regulation D 506(b) with no-solicitation rules means the LP base is locked to pre-existing relationships, limiting secondary liquidity if the fund needs to be exited early.