SNR plus1 dBA, L.P.

The 06b exemption (no public solicitation) restricts this raise to pre-existing relationships only, a constraint that typically signals either a nascent manager building on angel/founder networks or one deliberately staying small and relationship-driven rather than scaling through broad LP outreach.

A mid-2026 filing for a $2M target in venture capital arrives after two years of macro uncertainty and into a period when smaller, emerging managers face compressed valuations and LP preferences for larger platform plays, making a debut sub-$2.5M raise a countercyclical choice that implies either conviction in a niche thesis or LPs committed to emerging-manager allocation.

Before committing, verify whether Mahaffey has regulatory history outside EDGAR (state filings, prior roles at other funds, or industry registrations) and confirm the fund's key-man definition and removal provisions—a first-time manager without visible track record creates concentration risk that must be offset by clear governance protections.