Cloverfield Funds, LP - III

The absence of any prior EDGAR filings under this manager's name combined with the 06b exemption (pre-existing relationships only) indicates this is a continuation fund marketed exclusively to repeat LPs from Cloverfield I and II, with no new LP acquisition campaign—a common structure when the manager has achieved adequate scale with existing relationships and does not need public visibility.

Filing in May 2026 aligns with typical post-deployment cycles for a Fund II that likely closed 3–4 years prior; the manager is raising Fund III while still in active deployment or early-stage exits from the prior vintage, a timing pattern common when LPs have seen intermediate portfolio performance and want to maintain dry powder in a proven vehicle.

Before committing, verify whether this $2M represents the actual hard cap or a placeholder that will expand via side letters or continuation amendments—the low nominal size creates risk that the fund will operate materially differently than disclosed if the manager subsequently raises substantially more from existing LPs without amending the 06b filing.