Smart Fund XII a series of Smart Investment Master Fund I LLC

The absence of prior EDGAR filings from LLC Smart Management indicates this is either a new manager entering the registered fund space or an existing operator previously operating below the $150M AUM threshold; the three-GP structure with named individual Richard Thoms suggests a tightly held shop where key-person dependencies are likely material to fund governance.

A June 2026 filing for a $2M target in an other investment fund exempt from public solicitation does not align with typical institutional LP allocation cycles and may indicate either a continuation or bridge vehicle designed to accommodate existing commitments while the manager scales, or a test raise before launching a larger flagship.

Before committing, verify whether Richard Thoms carries key-man provisions that would restrict fund operations or trigger LP redemptions, confirm the $2M target is not a placeholder (common in master-feeder structures that later amend upward), and request the master fund's formation documents to understand fee layering and control rights between the series and master entity.