Nebex Multiball SPV, a series of Allocations 2026 Master, LLC

The absence of any prior EDGAR filings from these GPs signals this is either a first-time fund manager raising through the 06b exemption on relationship-only terms, or an established operator using a newly formed entity structure; the three-person GP count (Kozlov, Richard Thoms, and an LLC administration arm) suggests either a newly launched boutique or a founder-led continuation where capital administration is being professionalized.

A June 2026 filing for a $1M feeder targeting pre-existing relationships reflects typical mid-year LP dry-powder deployment and SPV formation cycles, when LPs are committing reserves to follow-on opportunities or co-invest vehicles rather than launching blind pools—consistent with a manager consolidating commitments already made rather than beginning a broad capital raise.

Before committing, verify the key-man provisions and clawback terms within the Master operating agreement (not visible in this filing), confirm whether Kozlov and Thoms have executed non-competes or side-letter arrangements with existing investors, and establish whether this master has already closed or is still accepting subscriptions into parallel feeders—a $1M SPV can signal either a closed deal-specific vehicle or a placeholder awaiting capital calls.