KO-0417 Fund I, a series of CCL Funds, LP

With two named GPs and no prior EDGAR history, this manager is either making its debut in regulated venture fundraising or operating under a holding company that has not previously disclosed to the SEC; the 06b exemption choice—pre-existing relationships only—indicates the GPs intend to work from an existing LP network rather than conduct open-market roadshows, a pattern typical of emerging or operator-led VC shops bootstrapping their first institutional fund.

Filing in May 2026 during what will likely be a crowded Q2 venture capital cycle suggests the managers are working to beat the mid-year allocation surge when LPs finalize commitments; alternatively, they may be reactive to a specific LP request or insider opportunity that triggered the formalization of a fund vehicle earlier than planned.

Before allocation, verify whether a lead LP or cornerstone commitment is already in place, since the $0 target and no-solicitation exemption together imply the GPs may be waiting on one anchor check before opening the round—confirm the timeline for an amendment filing and whether any co-investment or parallel fund structure exists that could affect fee allocation and decision-making authority.