Connelly Capital QP Fund LLC - Series 4

The absence of prior EDGAR filings from this manager signals either a first-time fund raise or a newly-formed entity, making this Series 4 designation puzzling unless the prior three series were raised under different legal structures or entities not yet visible in SEC records—a gap worth clarifying before commitment.

A May 2026 filing during a period of compressed multiples and selective PE deployment suggests the managers may be capitalizing on renewed LP appetite after market stabilization, or alternatively, they are working through a pre-committed LP process that required formal filing after verbal or LOI commitments were made.

Verify whether a key-man provision exists protecting the fund if either Ayala or Uriarte becomes unavailable, and confirm the prior Series 1–3 fund documentation to establish whether those vehicles are fully deployed or still in J-curve phase, as this affects how capital from this series will be managed relative to legacy portfolio companies.