SEC Filing Record

Offering Amount

$15.0M

Strategy

PE

Exemption

06b

Date Filed

Jun 01, 2026

0002137451-26-000001

View on SEC EDGAR →

37A Read

The vintage IV designation indicates this is the fourth close in a series, signaling NRC has completed at least three prior fundraises; the three-GP structure with Michael Phipps named alongside two entities suggests a potential key-person dependency or co-investment arrangement that warrants review of how decision rights and economics are split between the individuals and the entities.

The absence of prior EDGAR filings for NRC despite launching a fourth fund vintage means this manager either operated below the $25M threshold historically, has filed under different names, or is new to the EDGAR system—any of which should trigger verification of the actual fund history and LP base before assuming continuity with predecessors.

A June 2026 filing for a $15M target during a period of tightening private credit markets and rising rates suggests NRC is either moving to smaller tickets or repositioning after a difficult deployment window; the 06b exemption (pre-existing relationships only) confirms this is not a broad market pitch and implies limited new LP acquisition capacity.

Verify whether Michael Phipps or the named entities have key-person provisions, clawback mechanics, or GP commitment percentages disclosed in the PPM—the naming of an individual alongside corporate entities creates ambiguity about succession risk and control that directly affects LP downside protection and fund continuity.

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Principals

General Partners & Executives

NRC Private Equity IV GP, L.L.C. Michael Phipps New Republic Capital, LLC

NRC Private Credit Opportunities IV, L.P.