Springdale Ventures III, LP

The 06b exemption and reliance on pre-existing relationships signal a manager operating in closed-deal flow mode rather than pursuing broad LP distribution; with only two named GPs listed and no parallel or continuation structures visible in this filing, this vehicle appears designed as a single-strategy fund focused on a concentrated investor base that already understands the team's approach.

Filing in June 2026 during a period of elevated late-stage valuations and continued VC fund closures reflects timing when established managers with proven deployment can still access committed capital; however, the 17% closure rate after filing suggests either a deliberately narrow target, a long fundraising cycle with concentrated commitments, or early-stage capital formation before a sprint to final close.

Before committing, verify whether a key-man clause protecting Graham or Gilbreath exists and what happens to fund governance if either departs; also confirm that Springdale I and II were fully deployed and exited sufficiently to justify a third fund rather than a continuation vehicle, since the absence of prior EDGAR history means those funds may have been structured as SPVs or registered under different entities.