HCM G IV, L.P.

Armaan Ali is the sole named GP with no prior EDGAR filings under this manager entity, which means either this is a newly registered vehicle for an existing operator or a first-time fund structure; the 06b exemption (pre-existing relationships only) confirms the raise will target existing LPs and their networks rather than broad market outreach.

A mid-2026 filing for a venture fund vintage IV aligns with a typical 3–4 year fund life cycle from the prior raise, placing this vehicle into market during a period when LP allocation cycles are active but venture market conditions remain mixed—the timing itself does not signal urgency or distress.

Before committing, verify whether Armaan Ali or related entities have prior fund history under different legal structures or manager names, confirm whether this placeholder filing will be updated with a hard target within 90 days, and review the side-letter and GP commitment structure—these details are absent from the filing and material to LP terms.