INDEPENDENT VERDICT
GV Black Capital Fund, LP has a verifiable SEC filing history extending across several years, but the scale and regulatory structure are materially different from those of a large registered hedge-fund manager. The Delaware partnership was formed in 2021, identifies itself as a hedge fund, began selling interests on February 24, 2022 and filed its latest Form D amendment in September 2026. That filing reports an indefinite offering with $1,700,531 sold to only three investors and a $250,000 minimum investment. Ryan McMahan remains the named executive officer and signs the filing as manager; GV Black Capital Partner, LLC is identified as general partner and GV Black Capital Management, LLC as investment manager. Those relationships have remained consistent across the fund's filing history. The important regulatory distinction is that the official Investment Adviser Public Disclosure record for GV Black Capital Management, LLC, CRD 315456, shows the firm as "Not Currently Registered" while separately showing an active exempt reporting adviser status in Michigan. An ERA filing is a genuine regulatory record, but it is not the same thing as registration as an SEC investment adviser.
A SMALL FUND WITH AN UNUSUALLY STABLE THREE-INVESTOR BASE
The most revealing evidence is not simply the latest $1.70 million figure but the progression across the amendments. GV Black Capital reported approximately $946,970 sold in September 2022, $1,376,350 in September 2023, $1,496,350 in September 2024, $1,625,531 in September 2025 and $1,700,531 in the latest 2026 amendment. The latest increase was therefore only $75,000 over the previously reported cumulative amount. Despite those additions, the September 2026 filing continues to report just three investors. This creates a distinctive profile: GV Black Capital is not presenting an expanding institutional fundraising story with dozens or hundreds of limited partners, but rather a comparatively small, concentrated private fund with a long-running indefinite offering. The Form D also reports no sales commissions, no finder's fees and no payments from offering proceeds to the persons required to be identified in Item 3. These facts do not disclose performance, withdrawals or current NAV, so the $1.70 million cumulative amount sold should not be described automatically as current assets under management.
MANAGER STATUS REQUIRES PRECISE LANGUAGE
GV Black Capital Management's IAPD record is particularly important because third-party descriptions can easily blur the distinction between an adviser that appears in the Form ADV system and an adviser that is actually registered. The official record identifies CRD 315456 and states that the firm files reports as an exempt reporting adviser, while the registration-status field says "Not Currently Registered." It lists Michigan ERA status as active with an effective date of September 30, 2021. Exempt reporting advisers file portions of Form ADV because they rely on an exemption from full investment-adviser registration; therefore, the existence of a CRD number or an IAPD profile should not be converted into a claim that GV Black Capital Management is an SEC-registered investment adviser. At the fund level, the SEC Form D separately states that GV Black Capital Fund relies on Rule 506(b) and Investment Company Act Section 3(c)(1), which likewise represents an exemption structure rather than SEC approval of the hedge fund.
PUBLIC FOOTPRINT AND STRATEGY EVIDENCE ARE MUCH THINNER
The regulatory entity chain is comparatively easy to verify, but the public operating footprint is thinner. All recent Form D filings use 400 West Main Street, Suite 106, Gaylord, Michigan, and consistently identify Ryan McMahan, GV Black Capital Partner and GV Black Capital Management at that location. Public corporate-record aggregations also connect GV Black Capital-related Michigan entities and Ryan McMahan to the same address. Institutional fund databases categorize the organization as a Michigan hedge-fund manager, and one describes its investment focus as global macroeconomic volatility arbitrage; however, FilingDossier did not identify a sufficiently authoritative public manager website that independently publishes a current strategy description, investment team, audited performance, administrator, auditor, prime broker or custodian. A domain or email that appears in an employee database is not sufficient by itself to designate a website as the official fund domain. For that reason, strategy claims beyond the SEC's broad "Hedge Fund" classification should be treated as secondary evidence unless confirmed through current fund documents or manager-controlled materials.
WHAT AN INVESTOR STILL CANNOT LEARN FROM FORM D
The filings establish the fund's legal identity, exemption, related management entities, minimum investment, reported investor count and cumulative capital sold, but they leave most economic underwriting questions unanswered. Form D does not state current NAV, annual returns, volatility, maximum drawdown, leverage, short exposure, derivatives usage, redemption frequency, lock-up terms, gates, side pockets, management fees or incentive allocation. It also does not identify an auditor, administrator, prime broker or custodian. With only three investors disclosed, concentration of the LP base is itself relevant: the loss or redemption of one investor could potentially have a larger effect than at a broadly diversified institutional fund, although the filing does not disclose individual commitments and therefore does not establish how capital is distributed among those investors. The persistent $250,000 minimum and modest incremental fundraising also distinguish this vehicle from funds that use Form D amendments primarily to document rapid institutional asset growth.
FINAL ASSESSMENT
GV Black Capital Fund is supported by a consistent regulatory trail rather than by extensive public marketing. SEC records show the same fund CIK, address, manager, general partner and Ryan McMahan relationship across successive amendments, while the latest filing reports $1,700,531 sold to three investors under an indefinite Rule 506(b) offering. The manager also has an identifiable CRD record, but the precise regulatory description matters: GV Black Capital Management is shown by IAPD as not currently registered and as an active exempt reporting adviser in Michigan, not simply as a fully SEC-registered RIA. The principal remaining weakness from a public-diligence perspective is transparency outside the filings. No authoritative public website, audited performance record or independently confirmed service-provider stack was identified during this review. That does not negate the regulatory filings, but it makes primary fund documents substantially more important for evaluating strategy, custody, valuation, performance and operational controls.
SEC SNAPSHOT GV Black Capital Fund, LP | CIK 0001877231 | File No. 021-414806 | Delaware LP | Formed 2021 | Gaylord, Michigan | Hedge Fund | Rule 506(b) | Section 3(c)(1) | First Sale February 24, 2022 | Latest Form D/A September 16, 2026 | Indefinite Offering | $1,700,531 Sold | 3 Investors | $250,000 Minimum | GP: GV Black Capital Partner, LLC | Investment Manager: GV Black Capital Management, LLC | Ryan McMahan
FILING CHRONOLOGY 2021 — Initial Form D filed; first sale had not yet occurred 2022 — $946,970 cumulative amount sold 2023 — $1,376,350 cumulative amount sold 2024 — $1,496,350 cumulative amount sold 2025 — $1,625,531 cumulative amount sold 2026 — $1,700,531 cumulative amount sold 2026 increase from prior amendment — $75,000 Latest investor count — 3
WEBSITE / ENTITY PENETRATION Official website independently verified: No Fund CIK verified: 0001877231 Manager CRD verified: 315456 Investment manager match: GV Black Capital Management, LLC General partner match: GV Black Capital Partner, LLC Executive / signer match: Ryan McMahan Fund / manager address consistency: Confirmed through regulatory filings Manager shown as currently registered adviser: No Exempt Reporting Adviser status: Michigan ERA active Public audited performance identified: No Public administrator identified: No Public auditor identified: No Public custodian / prime broker identified: No
CORE INVESTOR QUESTIONS What is the fund's current NAV compared with the $1.70 million cumulative Form D sales figure How are the three reported investor commitments distributed What investment strategy is currently implemented and how much leverage or derivatives exposure is permitted What have annual and since-inception net returns been after all fees Who independently calculates NAV and administers the partnership Who audits the financial statements Which institutions custody assets and provide prime-brokerage services What redemption, lock-up, gate and suspension provisions apply Why has cumulative fundraising increased relatively slowly since the initial 2022 capital raise
PRIMARY EVIDENCE REVIEWED SEC Form D/A — GV Black Capital Fund, LP — September 16, 2026 SEC Form D/A — GV Black Capital Fund, LP — September 19, 2025 SEC Form D/A — GV Black Capital Fund, LP — September 20, 2024 Historical SEC Form D filings dating to 2021 Investment Adviser Public Disclosure — GV Black Capital Management, LLC — CRD 315456 Public corporate and institutional fund-manager records used only as secondary evidence where identified
IMPORTANT FORM D NOTICE Form D is a notice filing for an exempt securities offering. It does not mean that the SEC has approved GV Black Capital Fund, verified its performance, audited its assets or determined that an investment is suitable. Likewise, exempt reporting adviser status should not be described as equivalent to full SEC investment-adviser registration.