SEC Filing Record

Offering Amount

$6.7M

Strategy

PE

Exemption

06b

Date Filed

May 19, 2026

0002135592-26-000001

View on SEC EDGAR →

37A Read

This is the third vintage in a series, signaling Bluestem Capital has completed at least two prior PE funds and is now recycling capital and LP relationships into a successor vehicle; the $7M target is notably modest for a Series III, which either reflects a concentrated LP base, a shift toward smaller or add-on deals, or a bridge raise pending larger commitments.

The absence of any prior EDGAR filings from Bluestem Capital indicates this manager has operated entirely outside the SEC's fund reporting infrastructure until now, suggesting either a newly formed GP entity, a very small historical AUM, or a recent decision to formalize fund structure—each scenario carries different implications for LP diligence on prior performance and governance maturity.

A mid-2026 filing for a third vintage during a period of LP portfolio rebalancing and PE denominator risk correction signals Bluestem is capitalizing on LP dry powder commitments made in prior years or responding to existing fund investors' appetite to re-up, rather than launching into new market conditions.

Before committing, verify whether the five named individual GPs (Kirby, Stowater, Horst, Mulder) have formal key-person provisions tied to fund performance, whether they have competing fund management roles or portfolio company board seats that create time conflicts, and whether Bluestem Capital LLC is a new entity or a renamed predecessor entity that held prior fund vehicles.

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Principals

General Partners & Executives

Company, L.L.C. Bluestem Capital STEVE KIRBY TYLER STOWATER SANDY HORST NIKOLE MULDER

BLUESTEM VIC III, LLC