WEV NC SPV, LP

Absence of prior EDGAR filings means this is either Woodward and Miller's first institutional raise or they have operated exclusively through direct deal-by-deal structures until now; the 06b exemption (pre-existing relationships only) indicates they are not building a scalable fundraising operation but rather consolidating a known investor base around a specific opportunity.

A mid-2026 filing in an SPV structure typically reflects either LP capital that became available on a specific cycle or a deal that closed terms recently enough to warrant a formal vehicle; the tight size and pre-existing-relationship exemption suggest this is opportunistic deployment rather than a planned fundraising window.

Verify whether there is a key-man clause tied to either Woodward or Miller and confirm the decision-making split between the two GPs—a $5M SPV with co-equal GPs can create decision gridlock if governance is not explicitly tiered, and this detail will not appear in the SEC filing itself.