NonPublic Physical AI Fund X, a Series of NonPublic Master, LP

No prior EDGAR filings from this manager indicate either a newly registered entity, a manager operating below the filing threshold until now, or a rebranding—each scenario carries different implications for LP due diligence, so the allocator needs to confirm whether this team has managed capital before and under what entity names or fund vehicles.

A mid-2026 filing for a PE fund with no disclosed target size and a placeholder structure typical of managers prefunding documentation before LP commitments suggests either a pre-marketing phase ahead of a 2026–2027 close window, or an opportunistic re-up if the manager achieved exits or realized carry from the prior vintage and is moving quickly into deployment.

Before engaging, verify whether this 06b exemption is truly limited to pre-existing relationships or whether the manager intends to broaden to a registered offering—placeholder filings sometimes transition to full amendments—and confirm the GP composition, particularly whether Bryan Casey holds material operational or key-person role, as this affects fund continuity risk if GP transitions occur.