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

The absence of prior EDGAR filings under this manager means this is a debut vehicle with no track record of prior raises or fund vintages to reference; the 06b exemption choice and minimal GP disclosure suggest the manager is working exclusively with existing relationships rather than building a broad LP base, a common signal for emerging managers or those transitioning from operations or another platform.

A May 2026 filing for a $1M target in venture capital, executed under a no-solicitation exemption, is consistent with a rolling close or continuation of a small founding-stage round rather than a market-timed capital raise, implying the manager may have already secured commitments and is formalizing the vehicle after investor commitments are in hand.

Before committing, verify whether the two named GPs include a key-man provision tied to either individual, and confirm whether this $1M target is final or a placeholder that will be amended upward—early-stage manager filings sometimes list nominal amounts and re-file after lead commitments are secured.