At a glance
- The Belay filing is the largest offering and the largest amount reported sold among the Oct. 9 filings in our records.
- The filing lists Belay Capital IV, LLC, Eliza Bailey and Amy Ko as related persons.
- Avatar Capital II LP and Avatar Capital II (CO-INVEST GCM) L.P. filed the same day as private equity funds, and both report the entire offering sold.
Belay Real Estate Ventures Fund IV, LLC filed a Form D on Oct. 9 reporting $340 million sold against a $750 million offering, with a first sale dated Sept. 30.
The Belay filing is the largest offering and the largest amount reported sold among the Oct. 9 filings in our records. The next-closest vehicle reporting sales that day put up $35 million.
The filing lists Belay Capital IV, LLC, Eliza Bailey and Amy Ko as related persons. It classifies the vehicle as an "Other Investment Fund," not a real estate category; the property reference appears in the issuer's name. The $340 million reported sold equals 45% of the amount offered.
Main fund and co-invest vehicle both fully sold
Avatar Capital II LP and Avatar Capital II (CO-INVEST GCM) L.P. filed the same day as private equity funds, and both report the entire offering sold. The amounts are $35 million and $15 million, with first sales on Oct. 7.
The two name the same related persons: Avatar Real Estate Capital Partners II Limited and Avatar Capital Management Pte. Ltd.
Eleven small vehicles, closed to the dollar
Of the 14 Oct. 9 filings in our records that report any sales, 11 are series vehicles that filled to the dollar. They run from $1.0 million, for AAC2, a series of What If Ventures Master LLC, down to $34,000, for Brian-HA-0510 Fund I, a series of Platform Funds 2026, LP.
Five of the 11 list the same related persons — a fund GP entity and Belltower Fund Group, Ltd. Three more, all series of CGF2021 LLC, name LLC Carolina Angel Network.
| Issuer | Fund type | Offered | Sold | First sale |
|---|---|---|---|---|
| Belay Real Estate Ventures Fund IV, LLC | Other Investment Fund | $750.0M | $340.0M | Sept. 30 |
| Avatar Capital II LP | Private Equity Fund | $35.0M | $35.0M | Oct. 7 |
| Avatar Capital II (CO-INVEST GCM) L.P. | Private Equity Fund | $15.0M | $15.0M | Oct. 7 |
| AAC2, a series of What If Ventures Master LLC | Venture Capital Fund | $1.0M | $1.0M | Oct. 6 |
| Bluewatch HTAC, a series of CGF2026 LLC | Private Equity Fund | $985K | $985K | Oct. 6 |
| CH-0901 Fund I, a series of Comma Capital Funds, LP | Venture Capital Fund | $572K | $572K | Oct. 5 |
| AN-0603 Fund III, a series of Roll Up Vehicles, LP | Venture Capital Fund | $500K | $500K | Oct. 5 |
| CAN NBIO Series B 2026, a series of CGF2021 LLC | Venture Capital Fund | $280K | $280K | Oct. 7 |
| AA-0915 Fund I, a series of Karman Ventures, LP | Venture Capital Fund | $231K | $231K | Oct. 8 |
| CAN TLP 2026 CN, a series of CGF2021 LLC | Venture Capital Fund | $202K | $202K | Oct. 5 |
| AT-0903 Fund II, a series of MV Funds, LP | Venture Capital Fund | $175K | $175K | Oct. 5 |
| AE-0808 Fund I, a series of Roll Up Vehicles, LP | Venture Capital Fund | $140K | $140K | Oct. 7 |
| CAN BPharma 2026 SAFE, a series of CGF2021 LLC | Venture Capital Fund | $92K | $92K | Oct. 5 |
| Brian-HA-0510 Fund I, a series of Platform Funds 2026, LP | Venture Capital Fund | $34K | $34K | Oct. 6 |
Reported by the Deals & PE desk from SEC EDGAR Form D, SEC EDGAR Form D, SEC EDGAR Form D and SEC EDGAR Form D. Published . Updated Oct 28, 2026 · 2:57 p.m. ET. Corrections