INDEPENDENT VERDICT
Bridgeport Access Evergreen Series, LP - Advantage Income Fund is more interesting than its September 2026 Form D initially suggests. The new Delaware limited partnership reported an indefinite Rule 506(b) hedge-fund offering, with $6.475 million already sold to a single investor only about two weeks after its September 1 first sale. The Form D identifies BridgePort Management Services, LLC as general partner, Coury Capital Management, LLC as co-general partner and P.I. Gateway as investment/series manager, while David Stefanick, Christopher Nero and Marcus Steele appear as principals of the general partner. This creates an unusually visible three-part structure: BridgePort supplies private-investment fund infrastructure, the Coury ecosystem contributes investment-manager and family-office relationships, and P.I. Gateway operates a broader alternatives-access platform for RIAs and qualified clients. The fund is therefore better understood as an access and allocation vehicle embedded in a larger private-markets architecture rather than as an isolated hedge-fund entity.
THE UNIQUE STRUCTURE: BRIDGEPORT INFRASTRUCTURE MEETS P.I. GATEWAY
BridgePort's public business model helps explain why the issuer name contains "Access Evergreen Series." BridgePort Financial Technology describes itself as providing technology, infrastructure, access vehicles, syndication portals and operations services across private markets. Its SEC footprint supports that description: other BridgePort Access Series vehicles use the same 160 Chesterfield Drive address, the same telephone number and BridgePort Management Services entities while pairing the platform with outside investment managers. One 2026 Bridgeport Access Series filing, for example, identifies Optima Asset Management as series manager, while earlier vehicles have involved NewEdge Wealth and other managers. This pattern suggests that BridgePort is not simply operating a single house-branded hedge fund; its infrastructure is repeatedly used to create manager-specific or mandate-specific access structures.
The Advantage Income Fund adds another layer because its Form D does not merely reference BridgePort. Coury Capital Management is expressly named as co-general partner and P.I. Gateway as investment/series manager. P.I. Gateway's own website describes a platform seeded by the Coury family and multi-family office that gives financial advisers and qualified clients access to multi-manager private-market programs and direct investments. Its publicly described menu spans hedge funds, private credit, private equity, venture capital, real estate and direct investments. The platform also emphasizes consolidated administration, access to institutional managers, lower client minimums and simplified reporting. BridgePort has separately described its collaboration with P.I. Gateway and The Coury Firm as a way of extending family-office private-market access to RIAs. This makes the relationships disclosed in the Form D consistent with a broader operating model rather than merely overlapping names.
$6.475 MILLION, ONE INVESTOR AND AN INDEFINITE EVERGREEN OFFERING
The capital structure is unusually revealing. The issuer did not set a finite fundraising ceiling; Item 13 marks the total offering amount as indefinite and also leaves the remaining amount indefinite. By September 15 it had nevertheless sold $6.475 million of fund interests, with only one investor reported. The minimum outside investment is $100,000, but the initial investor clearly contributed materially more than that minimum. Because the fund elected Section 3(c)(7), its investor population is structurally different from a typical retail-oriented private fund: Section 3(c)(7) vehicles generally rely on investors meeting the applicable qualified-purchaser standard in addition to the offering's securities-law eligibility requirements. The filing does not identify the investor, and FilingDossier found no basis to infer that investor's identity from the Form D.
The "evergreen" naming and indefinite Form D amount also matter. Unlike a conventional closed-end private equity fund with a stated fundraising target and fixed investment period, an evergreen structure can be designed to accept capital over a longer period and maintain investment exposure without a single finite fundraising endpoint. The Form D expressly states that the offering is expected to last longer than one year, which is consistent with the issuer's name and indefinite offering amount. However, Form D alone does not reveal the actual subscription windows, redemption rights, lock-ups, gates, liquidity provisions, NAV process or whether investors can enter and exit periodically. Those terms must be verified from the Advantage Income Fund's governing and offering documents before treating "evergreen" as equivalent to liquid or redeemable.
MANAGER, FEES AND RELATED-PARTY ECONOMICS
The filing provides more expense information than many Form D notices. It reports no sales commissions and no finder's fees, but estimates that $50,000 of gross proceeds will be used for payments associated with persons disclosed in Item 3. The explanation states that organizational expenses will be reimbursed to the general partner and/or third parties and that a management fee will be paid according to the issuer's offering documents. This distinction is important: zero sales commissions does not mean the fund is cost-free. The actual management fee, incentive allocation, underlying manager expenses, administrative costs, platform expenses and any layered fees are not quantified in the Form D.
The potential for multiple fee layers is particularly relevant because P.I. Gateway publicly describes multi-manager programs that aggregate access to institutional-quality private investments. Its platform materials explain that underlying institutional funds may ordinarily require minimum commitments of $1 million to $10 million, while P.I. Gateway can provide qualifying advisory clients access at lower program-level minimums. That model can create meaningful access and administrative benefits, but a fund investor should determine whether the Advantage Income Fund invests directly in securities, allocates to underlying funds, combines several managers, or uses another structure. If underlying managers charge their own management and performance fees while the access vehicle also imposes expenses or advisory fees, the total economic burden may be materially different from the top-level Form D disclosure.
PLATFORM HISTORY, REGULATORY EVIDENCE AND FINAL ASSESSMENT
The people and address behind the filing have a substantial cross-filing footprint. Christopher Nero is publicly identified by BridgePort as founder and CEO and previously led Deutsche Bank's alternative fund services business after founding HedgeWorks. BridgePort has publicly announced relationships with NewEdge Wealth, Infinity Capital Partners, P.I. Gateway, The Coury Firm and other private-market participants. SEC filings for numerous BridgePort-administered or managed vehicles repeatedly use 160 Chesterfield Drive, Suite 101 in Cardiff and the same 858-205-1343 telephone number. BridgePort Management Services has also appeared in investment-adviser filings as an exempt reporting adviser structure, reinforcing that the operating entities are not limited to one newly created fund.
The main diligence question is therefore not whether a BridgePort/P.I. Gateway infrastructure exists; public and regulatory evidence strongly supports that relationship. The harder questions are what the Advantage Income Fund actually owns and how its economics operate. The Form D does not identify the underlying managers, portfolio holdings, target yield, leverage, duration, redemption policy, valuation methodology, administrator, auditor, custodian or precise fee schedule. Investors should therefore obtain the private placement memorandum, limited partnership agreement, subscription agreement and current portfolio schedule before evaluating the investment. The $6.475 million first close and one-investor disclosure demonstrate that real capital had already entered the vehicle, but neither the size of that commitment nor the presence of experienced private-market platforms establishes investment quality, liquidity or future returns.
KEY FINDINGS Bridgeport Access Evergreen Series, LP - Advantage Income Fund filed its first Form D in September 2026. The issuer reported $6.475 million sold approximately two weeks after the September 1 first sale. Only one investor was reported at the time of filing. The offering amount is indefinite rather than capped at a fixed fundraising target. The issuer expects the offering to continue for more than one year. The fund identifies itself as a hedge fund and relies on Investment Company Act Section 3(c)(7). BridgePort Management Services, LLC is disclosed as general partner. Coury Capital Management, LLC is disclosed as co-general partner. P.I. Gateway is disclosed as investment/series manager. David Stefanick, Christopher Nero and Marcus Steele are identified as principals of the general partner. Minimum investment is $100,000. Sales commissions and finder's fees are reported as zero. Approximately $50,000 of organizational expenses are estimated to be reimbursed to the GP and/or third parties. A separate management fee will apply under the offering documents. The filing does not disclose underlying investments, performance targets, redemption mechanics or the full fee stack.
WEBSITE / ENTITY PENETRATION Issuer-specific website: Not independently identified BridgePort platform: Confirmed BridgePort official domain: bridgeportft.com P.I. Gateway: Confirmed P.I. Gateway official domain: pigatewayco.com BridgePort address match: Confirmed BridgePort phone match: Confirmed Christopher Nero platform relationship: Confirmed David Stefanick BridgePort relationship: Confirmed through SEC filing history Marcus Steele BridgePort relationship: Confirmed through SEC filing history Coury / P.I. Gateway relationship: Confirmed through public platform materials BridgePort / P.I. Gateway collaboration: Confirmed BridgePort role in other manager-specific access vehicles: Confirmed through SEC filings Underlying Advantage Income Fund portfolio: Not publicly established by Form D Underlying fund managers: Not disclosed in Form D Administrator: Not confirmed Auditor: Not confirmed Custodian: Not confirmed
CORE INVESTOR QUESTIONS What assets or underlying funds currently make up the Advantage Income Fund Is this a single-manager strategy or a multi-manager portfolio What does "Advantage Income" mean in terms of private credit, hedge-fund income or other exposures What is the management fee charged at the access-vehicle level Is there any incentive allocation or carried interest What fees are charged by underlying managers What expenses are paid to BridgePort, Coury entities or P.I. Gateway What are the redemption windows and required notice periods Are withdrawals subject to gates, lock-ups or suspension rights How is NAV determined for illiquid positions Does the vehicle use leverage Who is the administrator, auditor and custodian Why did the first investor commit $6.475 million, and is that investor affiliated with the sponsor Will future investors enter on equivalent economic terms Does the evergreen structure permit regular subscriptions but limited liquidity
CORE RISKS Underlying-manager opacity Potential layered fee structure Evergreen liquidity restrictions Possible valuation subjectivity for private assets Concentration risk during the fund's early stage Dependence on access-platform and series-manager relationships Limited public disclosure of portfolio holdings Indefinite fundraising period Potential leverage or underlying-fund leverage not disclosed on Form D Single-investor concentration at the initial filing date
SEC SNAPSHOT Issuer: BRIDGEPORT ACCESS EVERGREEN SERIES, LP - ADVANTAGE INCOME FUND CIK: 0002153234 SEC File No.: 021-597600 Form D filed: September 16, 2026 Signed: September 15, 2026 First sale: September 1, 2026 Formation: Delaware, 2026 Principal office: Cardiff, California Industry: Pooled Investment Fund / Hedge Fund Security: Pooled Investment Fund Interests Regulation D exemption: Rule 506(b) Investment Company Act exclusion: Section 3(c)(7) Offering amount: Indefinite Amount sold: $6,475,000 Remaining: Indefinite Investors: 1 Minimum investment: $100,000 Sales commissions: $0 Finder's fees: $0 Estimated organizational / related payments: $50,000 General partner: BridgePort Management Services, LLC Co-general partner: Coury Capital Management, LLC Investment / series manager: P.I. Gateway Principals: David Stefanick; Christopher Nero; Marcus Steele
PRIMARY EVIDENCE REVIEWED SEC EDGAR — Bridgeport Access Evergreen Series, LP - Advantage Income Fund Form D SEC EDGAR — Bridgeport Access Series historical and manager-specific Form D filings BridgePort Financial Technology — official platform and corporate materials BridgePort — P.I. Gateway / Coury collaboration materials P.I. Gateway — official platform, investment-program and structure materials Investment-adviser regulatory records associated with BridgePort Management Services
IMPORTANT FORM D NOTICE Form D is a notice of an exempt securities offering. Filing with the SEC does not mean the SEC has approved, endorsed or verified Bridgeport Access Evergreen Series, the Advantage Income Fund, BridgePort Management Services, Coury Capital Management, P.I. Gateway, any underlying manager, any portfolio asset or any expected investment return. Investors should review the complete offering and governing documents before making an investment decision.