OR-0520 Fund I, a series of Nebular Expansion II, LP

The single named GP (Finn Murphy) with no prior EDGAR filings indicates this manager is either new to SEC reporting requirements, operating below previous thresholds, or transitioning into a more formal fund structure; the 06b exemption and reliance on pre-existing relationships suggests a tight LP base built on direct relationships rather than broad institutional fundraising.

A mid-2026 filing for a $1M target in venture capital is most consistent with a placeholder or initial filing that will likely be amended upward, or a genuinely small fund designed to serve a specific LP group or strategy; the timing reflects post-2024 market stabilization but the miniature size warrants clarity on whether this closes as-is or scales.

Before committing, LPs must verify whether Vintage I has a disclosed performance history or audit trail on EDGAR—the absence of prior filings creates a blind spot on the manager's actual deployment, fund expenses, and any GP conflicts; additionally, confirm whether Finn Murphy is the sole decision-maker or whether the 'series' structure distributes control across multiple vintages.