iCapital-CD&R XIII (International) Access Fund, L.P.

No prior EDGAR filings from this manager indicate either a first-time raise or that iCapital's PE activity has historically been warehoused off-register; the 06b exemption (pre-existing relationships only) confirms this is not a broad market raise, meaning the target LP base is already committed or in advanced discussions, and the co-GP naming of both an entity and an individual suggests Max Schwartz may be the operating partner driving deal sourcing or portfolio management for the international book.

Filing in June 2026 aligns with LP allocation cycles in the first half of the year and the post-election stabilization of cross-border capital flows; for an international-focused PE vehicle, this timing captures appetite from LPs rebalancing allocations into non-U.S. markets after 2025 valuations reset.

Verify whether Max Schwartz holds a key-man clause and confirm the actual target size once disclosed, as the placeholder status means terms are still being finalized; also confirm whether this vehicle is a continuation or successor to prior iCapital PE activity—if it is, obtain documentation showing how commitments from prior funds roll into this structure, since that detail is not visible in the filing itself.