CONFIGURE PARTNERS FUND II SEC REVIEW 2026
INDEPENDENT VERDICT
Configure Partners Fund II LP is a relatively new Atlanta private investment vehicle whose public evidence is much stronger when the SEC filing is read together with Configure Capital's current investment strategy rather than Configure Partners' investment-banking business alone. The Delaware limited partnership, SEC CIK 0002075300, filed its latest Form D/A on September 18, 2026 and reports an indefinite Rule 506(b) offering with $12,670,000 cumulatively sold to 67 investors, a $500,000 minimum investment and a first sale on May 21, 2025. The fund is classified as a pooled investment fund and, more specifically, an "Other Investment Fund," rather than a hedge fund, private equity fund or venture capital fund, and relies on Section 3(c)(1) of the Investment Company Act. Configure Partners GP LLC is identified as General Partner, Configure Capital LLC as Manager, while James Hadfield, Jay Jacquin and Joseph Weissglass are all listed as Managing Directors. The 2026 amendment therefore provides a clear legal chain from fund to GP to manager to principals.
The fund's capital history is simple but useful. Its initial 2025 Form D reported $12.27 million sold to 58 investors; the September 2026 amendment increased that figure by only $400,000 to $12.67 million while the investor count increased to 67. This means the latest filing reflects a continuing fund rather than a second independent $12.67 million raise, and historical amendments should not be added together. The increase of nine investors against only $400,000 of additional cumulative sales also means the current investor count cannot be interpreted using a simple average subscription assumption. The $500,000 Form D minimum applies to outside investors, but some interests may involve different internal, affiliated or contractual arrangements that are not visible in Form D. The filing reports no sales commissions or finder's fees and explicitly states that the General Partner is entitled to carried interest under the offering documents, confirming that investor economics extend beyond the headline subscription amount.
The most important strategy evidence comes from Configure Capital, which describes itself as a private-credit investment platform affiliated with Configure Partners. Configure Capital says its strategy combines direct investments alongside leading middle-market private-credit managers with targeted allocations to private-credit secondaries. The firm emphasizes diversified portfolio construction across sectors, tranche sizes and originating credit managers and says its sourcing advantage comes partly from the relationships developed by Configure Partners' investment-banking activities. This matters because it gives the Fund II structure a plausible economic role: rather than simply holding securities of one operating company or acting as an employee-equity vehicle, it appears designed to invest across private-credit opportunities sourced through the broader Configure ecosystem. However, Configure Capital's public website does not currently publish a complete Fund II portfolio, current NAV, weighted-average yield, borrower list, manager allocation, seniority mix or realized return history, so those metrics should not be inferred.
The affiliated investment-banking platform provides additional context but must remain legally separate from the fund. Configure Partners markets itself as a private-capital advisory and investment-banking firm focused on middle-market capital solutions. In 2026 it formally launched a Private Capital Advisory team focused on continuation vehicles, fund tenders, strip sales, direct secondaries, LP portfolio sales and managed-fund solutions, stating that the team has more than $17 billion of transaction volume across more than 35 transactions. Jay Jacquin's public biography describes approximately two decades of investment-banking and restructuring experience, including Guggenheim Securities, Morgan Joseph TriArtisan, Alvarez & Marsal and Houlihan Lokey. FINRA records separately show that Configure Partners Securities LLC is under common control with Configure Capital-related entities and disclose that Configure Capital LLC is owned by Jay Jacquin, Joseph Weissglass and James Hadfield. These relationships materially strengthen manager verification, but the advisory firm's transaction volume should never be represented as Fund II AUM or portfolio size.
The main diligence question is therefore asset-level private-credit risk. The SEC record strongly verifies the existence of Fund II, its manager and its principals, while Configure Capital publicly verifies a private-credit strategy built around manager co-investments and secondaries. What remains opaque is what Fund II actually owns today. Investors should obtain the current portfolio schedule, identify each underlying lender or credit manager, determine whether Fund II invests directly in borrower loans or through other private-credit funds, quantify senior versus junior exposure, determine the percentage allocated to secondaries, review purchase discounts or premiums on secondary positions, and examine realized defaults, restructurings and recoveries. A private-credit fund can appear diversified at the manager level while still carrying concentration in the same borrowers, industries or covenant structures. For a fund with $12.67 million of cumulative Form D sales, portfolio transparency, leverage, liquidity and fee layering are more informative than the fundraising headline alone.
SEC SNAPSHOT
SEC FILE NUMBER: 021-557869 LATEST FORM D/A: September 18, 2026 YEAR FORMED: 2024 FUND CLASSIFICATION: Other Investment Fund SECURITY TYPE: Pooled Investment Fund Interests FEDERAL EXEMPTION: Rule 506(b) OFFERING DURATION: Current amendment states offering is not intended to last more than one year LATEST CUMULATIVE AMOUNT SOLD: $12,670,000 LATEST REPORTED INVESTORS: 67 SALES COMMISSIONS: $0 FINDERS' FEES: $0 RELATED-PERSON USE OF PROCEEDS: $0 CURRENT NAV: Declined to disclose CARRIED INTEREST: General Partner entitled to carried interest under offering documents FORM D SIGNER: Jay Jacquin SIGNER TITLE: Managing Director
2025 ORIGINAL FORM D
FORM D DATE: September 17, 2025 RULE: 506(b) SECTION 3(c)(1): Claimed SECURITY: Pooled Investment Fund Interests MANAGER: Configure Capital LLC SIGNER: James Hadfield SIGNER TITLE: Managing Director
2026 CHANGE ANALYSIS
2025 SOLD: $12,270,000 2026 SOLD: $12,670,000 INCREMENTAL FORM D SALES: $400,000 2025 INVESTORS: 58 2026 INVESTORS: 67 INCREASE IN INVESTOR COUNT: 9 IMPORTANT: The $12.67M is cumulative, not an additional $12.67M raise IMPORTANT: Historical amendments should not be added together IMPORTANT: Investor-count growth cannot be reconciled with a simple equal-subscription calculation
MANAGEMENT STRUCTURE
MANAGER: Configure Capital LLC MANAGING DIRECTOR: James Hadfield MANAGING DIRECTOR: Jay Jacquin MANAGING DIRECTOR: Joseph Weissglass COMMON ADDRESS: 3344 Peachtree Road NE, Suite 1500, Atlanta, GA 30326 FUND / GP / MANAGER ADDRESS MATCH: CONFIRMED MANAGEMENT CONTINUITY FROM 2025 TO 2026: CONFIRMED
CONFIGURE CAPITAL
ENTITY: Configure Capital LLC ROLE IN FUND II: Manager CORE STRATEGY: Private Credit PRIMARY APPROACH 1: Direct investments alongside leading middle-market private-credit managers PRIMARY APPROACH 2: Private-credit secondary investments PORTFOLIO CONSTRUCTION: Diversification across sectors, tranche sizes and originating managers DEAL SOURCING: Leverages Configure Partners relationships CURRENT FUND II PORTFOLIO: NOT PUBLICLY DISCLOSED CURRENT FUND II AUM: NOT PUBLICLY DISCLOSED CURRENT WEIGHTED-AVERAGE YIELD: NOT PUBLICLY DISCLOSED CURRENT PORTFOLIO DEFAULT RATE: NOT PUBLICLY DISCLOSED CURRENT LOSS RATE: NOT PUBLICLY DISCLOSED
CONFIGURE PARTNERS AFFILIATE CONTEXT
BUSINESS: Private capital investment banking / advisory CORE CLIENTS: Middle-market companies; private equity sponsors; private credit managers; institutional investors PRIVATE CAPITAL ADVISORY LAUNCHED: 2026 SECONDARIES TRANSACTION EXPERIENCE: More than $17B across 35+ transactions according to Configure Partners PRIVATE CAPITAL ADVISORY SERVICES: Continuation vehicles; fund tenders; strip sales; direct secondaries; LP portfolio sales; managed fund solutions IMPORTANT: Configure Partners transaction volume is advisory volume, not Fund II assets
PRIVATE CREDIT STRATEGY
DIRECT CO-INVESTMENTS: Confirmed as Configure Capital strategy PRIVATE CREDIT SECONDARIES: Confirmed MIDDLE-MARKET FOCUS: Confirmed MULTI-MANAGER EXPOSURE: Strategy indicates multiple private-credit managers may be used SECTOR DIVERSIFICATION: Manager objective TRANCHE DIVERSIFICATION: Manager objective ORIGINATOR DIVERSIFICATION: Manager objective SENIOR LOANS: Possible but exact Fund II exposure not publicly disclosed UNITRANCHE: Possible but exact Fund II exposure not publicly disclosed SECOND-LIEN: Possible but exact Fund II exposure not publicly disclosed MEZZANINE: Not specifically confirmed for Fund II BDC EXPOSURE: Configure's advisory team discusses BDC secondaries, but Fund II exposure is not publicly established IMPORTANT: Strategy descriptions should not be converted into exact portfolio weights without current investor reports
PRIVATE CREDIT SECONDARIES ANALYSIS
POTENTIAL INVESTMENT TYPE: LP interests in private-credit funds POTENTIAL INVESTMENT TYPE: Fund portfolios POTENTIAL INVESTMENT TYPE: Credit continuation vehicles POTENTIAL INVESTMENT TYPE: Secondary positions in existing loans EXACT FUND II SECONDARY FORMAT: NOT PUBLICLY DISCLOSED PURCHASE DISCOUNT / PREMIUM: NOT PUBLICLY DISCLOSED UNDERLYING MANAGER COUNT: NOT PUBLICLY DISCLOSED UNDERLYING BORROWER COUNT: NOT PUBLICLY DISCLOSED LOOK-THROUGH INDUSTRY EXPOSURE: NOT PUBLICLY DISCLOSED LOOK-THROUGH LEVERAGE: NOT PUBLICLY DISCLOSED
DIRECT CO-INVESTMENT ANALYSIS
CO-INVESTMENT PARTNERS: Leading middle-market private-credit managers according to Configure Capital BORROWER SENIORITY: Transaction-specific LOAN MATURITY: Transaction-specific COUPON: Transaction-specific COVENANTS: Transaction-specific SPONSOR-BACKED BORROWERS: Likely within middle-market ecosystem but exact percentage not disclosed NON-SPONSOR BORROWERS: Not publicly quantified CURRENT DIRECT INVESTMENT COUNT: NOT PUBLICLY DISCLOSED CURRENT REALIZED DIRECT INVESTMENTS: NOT PUBLICLY DISCLOSED
JAY JACQUIN BACKGROUND
CURRENT ROLE: Managing Director CONFIGURE CAPITAL OWNERSHIP: FINRA records identify him among Configure Capital owners PRIOR FIRM: Guggenheim Securities PRIOR ROLE: Established Middle Market Special Situations practice PRIOR FIRM: Morgan Joseph TriArtisan PRIOR AREA: Recapitalization & Restructuring PRIOR FIRM: Alvarez & Marsal Corporate Finance PRIOR FIRM: Houlihan Lokey EXPERIENCE: Approximately 20 years according to current Configure biography RELEVANCE: Credit, restructuring and capital-solutions experience IMPORTANT: Principal biography is manager-quality context, not fund performance
COMMON CONTROL EVIDENCE
BROKER-DEALER: Configure Partners Securities LLC FINRA CRD: 165594 AFFILIATE: Configure Capital LLC AFFILIATE: Configure Capital Fund I LP AFFILIATE: Configure Partners GP LLC AFFILIATE: Configure Partners Fund II LP COMMON OWNERSHIP DISCLOSED BY FINRA: Jay Jacquin; Joseph Weissglass; James Hadfield SIGNIFICANCE: Independently corroborates common control across banking and investment entities IMPORTANT: Broker-dealer registration does not make Fund II a registered security or SEC-approved product
RELATED CONFIGURE ENTITIES
CONFIGURE CAPITAL FUND I LP: Separate earlier investment fund CONFIGURE PARTNERS FUND II LP: Current reviewed issuer CONFIGURE CAPITAL SPV I LLC: Separate related vehicle CONFIGURE CAPITAL SPV II LLC: Separate related vehicle CONFIGURE CREDIT FUND I LP: Separate related credit vehicle CONFIGURE EQUITY FUND I LP: Separate related investment vehicle CONFIGURE EQUITY FUND II LP: Separate related investment vehicle CONFIGURE EQUITY SPV I LLC: Separate related vehicle IMPORTANT: These related entities should not be aggregated as one fund IMPORTANT: Capital from one Configure vehicle should not be attributed to Fund II without governing-document evidence
FUND I CONTEXT
RELATED VEHICLE: Configure Capital Fund I LP COMMON CONTROL: Confirmed in FINRA materials MANAGER: Configure Capital-related structure CURRENT FUND I NAV: NOT PUBLICLY DISCLOSED CURRENT FUND I PERFORMANCE: NOT PUBLICLY DISCLOSED RELATIONSHIP TO FUND II PORTFOLIO: NOT PUBLICLY DISCLOSED CROSS-FUND ALLOCATION POLICY: REQUIRES FUND DOCUMENTS
WEBSITE / ENTITY PENETRATION
Configure Partners Fund II SEC issuer — CONFIRMED CIK 0002075300 — CONFIRMED September 18, 2026 Form D/A — CONFIRMED 2024 formation — CONFIRMED May 21, 2025 first sale — CONFIRMED Rule 506(b) — CONFIRMED Section 3(c)(1) — CONFIRMED Other Investment Fund classification — CONFIRMED $12.67M cumulative sold — CONFIRMED 67 investors — CONFIRMED $500K minimum — CONFIRMED Configure Partners GP role — CONFIRMED Configure Capital Manager role — CONFIRMED James Hadfield role — CONFIRMED Jay Jacquin role — CONFIRMED Joseph Weissglass role — CONFIRMED Common-control relationship — FINRA CORROBORATED Private-credit strategy — CONFIGURE CAPITAL CONFIRMED Direct co-investment strategy — CONFIRMED Private-credit secondaries strategy — CONFIRMED Current Fund II portfolio — NOT PUBLICLY DISCLOSED Current Fund II NAV — NOT PUBLICLY DISCLOSED Current Fund II yield — NOT PUBLICLY DISCLOSED Current portfolio leverage — NOT PUBLICLY DISCLOSED Current default rate — NOT PUBLICLY DISCLOSED Current recovery rate — NOT PUBLICLY DISCLOSED Current management fee — REQUIRES PPM Current carried-interest rate — REQUIRES PPM Current liquidity terms — REQUIRES PPM Current auditor — NOT PUBLICLY DISCLOSED Current administrator — NOT PUBLICLY DISCLOSED Current custodian — NOT PUBLICLY DISCLOSED
CAPITAL INTERPRETATION
$12.67M: Latest cumulative Form D securities sold $12.27M: 2025 cumulative Form D securities sold $400K: Increase in cumulative sales from 2025 to 2026 67: Current reported investors $500K: Current Form D minimum outside investment $17B+: Private Capital Advisory transaction-volume history $17B+ IS NOT: Fund II AUM $17B+ IS NOT: Configure Capital AUM $12.67M IS NOT: Current NAV $12.67M IS NOT: Gross portfolio exposure $12.67M IS NOT: Current fair value after investment gains or losses
FEE LAYERING QUESTION
FUND MANAGEMENT FEE: REQUIRES PPM GENERAL PARTNER CARRIED INTEREST: CONFIRMED, RATE NOT PUBLIC UNDERLYING PRIVATE CREDIT MANAGER FEES: Potential additional layer UNDERLYING FUND CARRIED INTEREST: Potential in fund-secondary positions DIRECT CO-INVESTMENT FEES: Transaction-specific SECONDARY TRANSACTION COSTS: Transaction-specific AFFILIATE FEES: Require offering-document review IMPORTANT: Multi-manager private-credit strategies can contain multiple fee layers even where Form D reports $0 sales commissions
CONFLICT ANALYSIS
CONFIGURE PARTNERS: Sources and advises private-capital transactions CONFIGURE CAPITAL: Invests in private-credit opportunities CONFIGURE PARTNERS SECURITIES: Registered broker-dealer affiliate FUND II: Investment vehicle managed by Configure Capital POTENTIAL CONFLICT: Opportunities may arise from investment-banking relationships POTENTIAL CONFLICT: Multiple Configure funds may compete for allocations POTENTIAL CONFLICT: Advisory clients may also become investment counterparties POTENTIAL CONFLICT: Affiliate economics may arise across a transaction CURRENT CONFLICT POLICY: REQUIRES PPM / COMPLIANCE DOCUMENTS IMPORTANT: Affiliate relationships are not themselves evidence of misconduct; allocation and fee policies should be reviewed
CORE INVESTOR QUESTIONS
What is current Fund II NAV How much capital has been called How much remains unfunded Why did cumulative Form D sales increase only $400,000 while investor count rose from 58 to 67 How many investors are affiliated principals or employees What is the current management fee What carried-interest rate applies Is there a preferred return Is there a hurdle Does a high-water mark apply What is the fund term What is the investment period What extension rights exist What percentage of Fund II is direct private-credit co-investments What percentage is private-credit secondaries How many underlying private-credit managers are represented How many borrowers are represented on a look-through basis What is the largest manager exposure What is the largest borrower exposure What is the largest industry exposure What percentage of loans are senior secured What percentage are first lien What percentage are unitranche What percentage are second lien What percentage are subordinated What is weighted-average spread What is weighted-average all-in yield What percentage of loans are floating rate What weighted-average SOFR floor applies What weighted-average loan maturity applies What weighted-average leverage exists at borrower level What weighted-average interest coverage exists What percentage is sponsor-backed What percentage is covenant-lite How many loans are currently on non-accrual How many borrowers have been restructured What is realized default rate What is realized recovery rate What is current unrealized loss ratio What is current cash yield What is gross IRR What is net IRR What is DPI What is TVPI At what discount are secondary positions generally purchased How is NAV of secondary fund interests verified How stale are underlying manager marks Can Fund II use subscription-line leverage Can Fund II borrow against portfolio assets What is maximum fund-level leverage How does Configure allocate deals among Fund I, Fund II, Configure Credit funds and SPVs Can Configure Partners advisory clients become Fund II portfolio exposures Are transaction fees received by affiliates offset against the fund management fee Does Configure Partners Securities receive any economics from Fund II transactions What related-party approvals apply Is there an LP advisory committee Who is the auditor Who is the administrator Who is the custodian What quarterly reporting is provided What redemption or transfer rights exist Can LP interests be transferred without GP consent
CORE RISKS
Private-credit default risk; borrower leverage; floating-rate stress; refinancing risk; covenant erosion; sponsor risk; middle-market concentration; recession risk; sector concentration; lender-manager concentration; secondaries valuation risk; stale underlying NAV marks; purchase-price risk; liquidity risk; long holding periods; restructuring risk; recovery uncertainty; fund-level leverage risk; underlying manager leverage; multi-layer fee drag; carried-interest drag; affiliate conflict risk; cross-fund allocation risk; broker-dealer / investment-manager affiliate complexity; limited public portfolio transparency; $12.67M cumulative sales do not equal current NAV; $17B+ advisory transaction volume does not equal fund assets.
PRIMARY EVIDENCE REVIEWED
U.S. SECURITIES AND EXCHANGE COMMISSION Configure Partners Fund II LP CIK 0002075300 Form D/A September 18, 2026
U.S. SECURITIES AND EXCHANGE COMMISSION Configure Partners Fund II LP Original Form D September 17, 2025
CONFIGURE CAPITAL Official website Private credit strategy Direct co-investment approach Private credit secondaries Portfolio diversification framework
CONFIGURE PARTNERS Official website Private Capital Solutions Private Capital Advisory Continuation vehicles Fund tenders Direct secondaries LP portfolio sales 2026 advisory-team launch
FINRA BROKERCHECK Configure Partners Securities LLC CRD 165594 Common-control relationships Configure Capital Configure Capital Fund I Configure-related entities
CONFIGURE PARTNERS TEAM MATERIALS Jay Jacquin James Hadfield Joseph Weissglass Used for principal and professional-background verification
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering.
It does not mean that the SEC has approved Configure Partners Fund II, Configure Capital, Configure Partners, Jay Jacquin, James Hadfield, Joseph Weissglass or any underlying private-credit investment.
The September 18, 2026 amendment reports $12,670,000 cumulatively sold to 67 investors.
That number measures securities sold.
It is not current NAV.
It is not gross loan exposure.
And it should not be combined with Configure Partners' advisory transaction volume.
INDEPENDENT ASSESSMENT
Configure Partners Fund II has a relatively strong entity-verification profile for a newer private-credit vehicle.
The SEC filing directly identifies the fund, General Partner, Manager and three Managing Directors.
FINRA records independently corroborate common control across Configure Capital and the affiliated broker-dealer structure.
Configure Capital then provides a coherent public investment thesis centered on direct middle-market private-credit co-investments and private-credit secondaries.
That is substantially more informative than relying on the Form D classification alone.
The most important distinction is between the investment manager and the investment bank.
Configure Partners' advisory platform has significant transaction experience and in 2026 expanded its private-capital secondaries advisory business.
That transaction history can support sourcing relationships and manager knowledge.
It is not Fund II performance and should never be presented as Fund II AUM.
For Fund II itself, the latest SEC data shows only modest capital growth—from $12.27 million in 2025 to $12.67 million in 2026—while investor count increased from 58 to 67.
The real investment analysis therefore starts after the Form D.
Investors need to know which credit managers and borrowers sit underneath the fund, whether positions were originated directly or purchased secondarily, what discounts were paid, how much leverage exists and how many loans have already required restructuring.
The SEC verifies the offering.
Configure Capital verifies the strategy.
The current portfolio and returns still require primary investor documents.