[sheet: Summary]
Item | Detail
Fund Name | Harrowgate Private Equity Fund V LP
Fund Counsel | Calderwood & Harkness LLP
Matter Number | 1003-00002
Responsible Partner | Graham Sutherland
Billing Partner | Pamela Cross
Lead Associate | Stephen Adler
Working Associate | Theresa Kim
Tax Specialist Partner | Sylvia Hartwell
General Partner | Harrowgate Fund V GP LLC (Delaware LLC)
Sponsor | Harrowgate Capital Partners LLC
General Counsel (Sponsor) | Catherine E. Loomis
CFO (Sponsor) | Jonathan P. Birch
Head of Investor Relations | Rachel M. Overton
Fund Hard Cap | $2,000,000,000
Minimum First Close Target | $750,000,000
Target First Close Date | August 15, 2025
Final Close Deadline | February 15, 2027 (18 months post-First Close)
Aggregate First Close Commitments (Pipeline) | $750,000,000
GP Commitment (at Hard Cap) | $50,000,000 (2.5% of aggregate commitments)
Offering Exemption | Regulation D, Rule 506(b)
Investor Qualification | Section 3(c)(7) — Qualified Purchasers
Governing Law | State of Delaware
Dispute Resolution | Exclusive jurisdiction: Delaware Court of Chancery
Fiscal Year | Calendar year (January 1 – December 31)
Fund Administrator | Pinnacle Fund Services LLC (David L. Prentiss)
Fund Auditor | Caldwell, Fitch & Hartley LLP (Robert A. Fonseca)
Custodian | Ridgeway Trust Company (Thomas B. Chandler)
Placement Agent | Osprey Capital Markets LLC (Sandra J. Whitmore)
Subscription Facility Lender | Ashford National Bank, N.A. (Lisa M. Osterberg)
Overall Checklist Status | In Progress
[sheet: Investor Summary]
LP Name | Entity Type | Jurisdiction | Key Contact | LP Counsel | LP Counsel Contact | Commitment Amount | Investment Vehicle | Management Fee Rate | Fee discount Basis | MFN Eligible | LPAC Seat | ERISA / Benefit Plan Status | Side Letter Status | Subscription Agreement Status | KYC/AML Status | Notes
Northmoor State Pension System | Government pension plan | Northmoor (U.S.) | Helen T. Barrows, Director of Private Markets | Aldworth & McBride LLP | Margaret S. Quinlan, Partner | $200,000,000 | Main Fund (HPE Fund V LP) | 1.60% | Early Close discount (10 bps) + Large LP discount (5 bps) | Yes (≥$50M) | Yes | Governmental plan — exempt from ERISA; included for VCOC analysis | Negotiated draft under review | Pending | In process — Pinnacle Fund Services LLC | Anchor LP; subject to final IC approval; FOIA/public records carve-out required; placement agent disclosure required for state pension
The Kingsbridge Endowment Fund | 501(c)(3) tax-exempt endowment | Massachusetts | Dr. Philip W. Sheng, CIO | Pelham Chambers LLP | Andrew K. Leverett, Partner | $100,000,000 | HGF V blocker Corp. or Parallel Fund | 1.65% | Early Close discount (10 bps) | Yes (≥$50M) | Yes | Tax-exempt; investing via blocker to mitigate UBTI | Negotiated draft under review | Pending | In process — Pinnacle Fund Services LLC | UBTI/Blocker provisions in side letter; excuse rights for UBTI-generating investments; ESG reporting
Edgecombe Insurance Group Ltd. | Insurance holding company | Bermuda | Alastair G. Dunmore, Head of Alternative Investments | N/A | N/A | $150,000,000 | Main Fund (HPE Fund V LP) | 1.60% | Early Close discount (10 bps) + Large LP discount (5 bps) | Yes (≥$50M) | Yes | N/A — not a benefit plan investor | Negotiated draft under review | Pending | In process — Pinnacle Fund Services LLC | Insurance regulatory reporting accommodations; NAIC-compliant valuation reporting; co-investment rights
Velthorn Family Office LLC | Single-family office (LLC) | Delaware | Victoria R. Velthorn, Principal | N/A | N/A | $50,000,000 | Main Fund (HPE Fund V LP) | 1.65% | Early Close discount (10 bps) | Yes (≥$50M) | No | N/A — not a benefit plan investor | Form side letter | Pending | In process — Pinnacle Fund Services LLC | Minimum commitment met ($50M = $10M minimum); MFN eligible
Tidewater Sovereign Investment Authority | Sovereign wealth fund | Foreign sovereign | Farid H. Al-Rashidi, Director of Global Private Equity | Ramsden Clarke International LLP | Tariq N. Haddad, Partner | $175,000,000 | Offshore Feeder (Harrowgate Fund V Offshore SLP) | 1.60% | Early Close discount (10 bps) + Large LP discount (5 bps) | Yes (≥$50M) | Observer | N/A — sovereign investor; not a benefit plan investor | Negotiated draft under review | Pending | In process — Pinnacle Fund Services LLC | Sovereign immunity protections; Sharia compliance screening; ECI/FIRPTA withholding provisions; invests via Cayman feeder
Stonewall Partners Fund of Funds III LP | Fund of funds (LP) | Delaware | Bernard C. Molinaro, Managing Director | N/A | N/A | $75,000,000 | Main Fund (HPE Fund V LP) | 1.65% | Early Close discount (10 bps) | Yes (≥$50M) | No | Monitor — may include underlying benefit plan investors; count toward 25% threshold | Form side letter | Pending | In process — Pinnacle Fund Services LLC | MFN eligible; look-through for ERISA benefit plan investor calculation
TOTAL | $750,000,000 | Total ≥ Minimum First Close Target ($750,000,000) — CONFIRMED
[sheet: Formation Filings]
Item No. | Workstream | Task Description | Entity | Filing Jurisdiction | Responsible Party | Target Date | Status | Notes
1.01 | Formation Filings | File Certificate of Formation — Harrowgate Fund V GP LLC | Harrowgate Fund V GP LLC | Delaware Secretary of State | Stephen Adler / Calderwood & Harkness LLP | 2025-06-15 | Pending | Delaware LLC; sole member: Harrowgate Capital Partners LLC; registered agent: Calderwood & Harkness LLP, 400 South Ashbury Asset Advisors, Suite 3000, Wilmington, DE 19801
1.02 | Formation Filings | File Certificate of Limited Partnership — Harrowgate Private Equity Fund V LP | Harrowgate Private Equity Fund V LP | Delaware Secretary of State | Stephen Adler / Calderwood & Harkness LLP | 2025-06-15 | Pending | Delaware LP; GP: Harrowgate Fund V GP LLC; registered agent: Calderwood & Harkness LLP
1.03 | Formation Filings | File Certificate of Limited Partnership — Harrowgate Fund V Parallel LP | Harrowgate Fund V Parallel LP | Delaware Secretary of State | Stephen Adler / Calderwood & Harkness LLP | 2025-06-15 | Pending | Delaware LP; parallel vehicle for tax-exempt and non-U.S. LPs
1.04 | Formation Filings | File Certificate of Incorporation — HGF V blocker Corp. | HGF V blocker Corp. | Delaware Secretary of State | Stephen Adler / Calderwood & Harkness LLP | 2025-06-15 | Pending | Delaware C corporation; single-purpose blocker entity for tax-exempt investors; incorporator: Stephen Adler
1.05 | Formation Filings | Register Harrowgate Fund V Offshore SLP as exempted limited partnership | Harrowgate Fund V Offshore SLP | Cayman Islands Registrar of Exempted LPs | Stephen Adler / Calderwood & Harkness LLP (with Cayman local counsel) | 2025-07-15 | Pending | Cayman Islands exempted LP; offshore feeder for non-U.S. investors (e.g., Tidewater Sovereign Investment Authority)
1.06 | Formation Filings | Register Offshore Feeder as regulated mutual fund under Mutual Funds Act (CIMA) | Harrowgate Fund V Offshore SLP | Cayman Islands Monetary Authority (CIMA) | Stephen Adler / Calderwood & Harkness LLP (with Cayman local counsel) | 2025-07-31 | Pending | CIMA registration required for Cayman-domiciled fund vehicle
1.07 | Formation Filings | Obtain EIN for Harrowgate Fund V GP LLC | Harrowgate Fund V GP LLC | IRS | Jonathan P. Birch / Harrowgate Capital Partners LLC | 2025-06-30 | Pending | Required for tax filings (Form 1065, Schedule K-1s)
1.08 | Formation Filings | Obtain EIN for Harrowgate Private Equity Fund V LP | Harrowgate Private Equity Fund V LP | IRS | Jonathan P. Birch / Harrowgate Capital Partners LLC | 2025-06-30 | Pending | Partnership; calendar fiscal year
1.09 | Formation Filings | Obtain EIN for HGF V blocker Corp. | HGF V blocker Corp. | IRS | Jonathan P. Birch / Harrowgate Capital Partners LLC | 2025-06-30 | Pending | C corporation; calendar fiscal year
1.10 | Formation Filings | Obtain EIN for Harrowgate Fund V Parallel LP | Harrowgate Fund V Parallel LP | IRS | Jonathan P. Birch / Harrowgate Capital Partners LLC | 2025-06-30 | Pending | Partnership; calendar fiscal year
[sheet: Fund Agreements]
Item No. | Workstream | Document | Parties | Responsible Party | Target Date | Status | Notes
2.01 | Fund Agreements | Limited Partnership Agreement — HPE Fund V LP (execution version) | Harrowgate Fund V GP LLC and LPs | Graham Sutherland / Stephen Adler | 2025-08-15 | Draft — initial draft circulated May 9, 2025; redline under review | Key terms: 1.75% mgmt fee (inv. period) / 1.50% (post-inv. period); 20% carry above 8% preferred return (compounded annually); European-style whole-fund waterfall; 80/20 GP catch-up; 5-year investment period from Final Close; 10-year fund term + extensions; concentration limit 20%; org expenses cap $3,500,000; Key Persons: Marcus J. Harrowgate and Diana R. Castellano; no-fault removal 75%; for-cause removal majority; LPAC 5 members; 100% transaction fee offset; Delaware governing law
2.02 | Fund Agreements | LLC Agreement — Harrowgate Fund V GP LLC | Harrowgate Capital Partners LLC (sole member) | Stephen Adler | 2025-07-15 | Draft | GP commitment: $50,000,000 (2.5% of $2.0B); carried interest allocation and distribution mechanics; clawback obligations of principals (Marcus J. Harrowgate, Diana R. Castellano, Jonathan P. Birch) on several (not joint) basis
2.03 | Fund Agreements | Limited Partnership Agreement — Harrowgate Fund V Parallel LP | Harrowgate Fund V GP LLC and Parallel LPs | Stephen Adler / Theresa Kim | 2025-07-31 | Draft | Parallel vehicle; pro rata investment alongside Main Fund; cross-references Main Fund LPA for economic terms and governance
2.04 | Fund Agreements | Exempted Limited Partnership Agreement — Harrowgate Fund V Offshore SLP | Harrowgate Fund V GP LLC and Offshore LPs | Stephen Adler / Theresa Kim | 2025-07-31 | Draft | Cayman Islands exempted LP; offshore feeder for non-U.S. investors; governed by Cayman Islands law; cross-references Main Fund LPA
2.05 | Fund Agreements | Bylaws — HGF V blocker Corp. | HGF V blocker Corp. | Theresa Kim | 2025-07-15 | Draft | Single-purpose blocker; calendar fiscal year; board composition and governance provisions
2.06 | Fund Agreements | Confidential Private Placement Memorandum — HPE Fund V LP (final version) | N/A — disclosure document | Graham Sutherland / Stephen Adler / Theresa Kim | 2025-06-02 (distribution target) | Draft — initial draft circulated May 1, 2025; redline under review | Investment strategy: NA mid-market/upper-mid-market buyouts; industrials, business services, healthcare services, tech-enabled services; $75M–$250M equity checks; predecessor fund track record through 12/31/2024; Osprey placement agent disclosure; Section 3(c)(7) / Reg D 506(b); HCP SEC File No. 801-79223
2.07 | Fund Agreements | Fund Administration Agreement — Pinnacle Fund Services LLC | HPE Fund V LP and Pinnacle Fund Services LLC | Theresa Kim | 2025-07-31 | Under review (C&H markup) | NAV calculation, investor reporting, capital call/distribution processing, AML/KYC; annual fee $350,000 (first close) scaling to $425,000 above $1.5B commitments; key contact: David L. Prentiss
[sheet: Subscription & KYC]
Item No. | LP Name | Subscription Agreement Form | Sub Agreement Sent | Sub Agreement Received | Sub Agreement Reviewed By | Sub Agreement Status | Investor Questionnaire Received | Qualified Purchaser Confirmed | Accredited Investor Confirmed | ERISA / Benefit Plan Representations | OFAC / Sanctions Screening | KYC/AML Verification Agent | KYC/AML Clearance Date | KYC/AML Status | Commitment Amount | Wire Instructions Provided | Notes
3.01 | Northmoor State Pension System | Subscription Agreement — Main Fund | Theresa Kim | Pending | No | Governmental plan — ERISA exempt; VCOC monitoring | Pending | Pinnacle Fund Services LLC | In process | $200,000,000 | No | Anchor LP; Helen T. Barrows; placement agent disclosure required (state pension); $10M minimum met
3.02 | The Kingsbridge Endowment Fund | Subscription Agreement — Parallel Fund or blocker | Theresa Kim | Pending | No | Tax-exempt 501(c)(3); investing via blocker to avoid UBTI | Pending | Pinnacle Fund Services LLC | In process | $100,000,000 | No | Dr. Philip W. Sheng; will invest through HGF V blocker Corp. or Parallel Fund
3.03 | Edgecombe Insurance Group Ltd. | Subscription Agreement — Main Fund | Theresa Kim | Pending | No | N/A — not benefit plan | Pending | Pinnacle Fund Services LLC | In process | $150,000,000 | No | Bermuda-domiciled; Alastair G. Dunmore; non-U.S. investor considerations
3.04 | Velthorn Family Office LLC | Subscription Agreement — Main Fund | Theresa Kim | Pending | No | N/A — not benefit plan | Pending | Pinnacle Fund Services LLC | In process | $50,000,000 | No | Victoria R. Velthorn; single-family office
3.05 | Tidewater Sovereign Investment Authority | Subscription Agreement — Offshore Feeder | Theresa Kim | Pending | No | N/A — sovereign fund | Pending | Pinnacle Fund Services LLC | In process | $175,000,000 | No | Farid H. Al-Rashidi; invests via Harrowgate Fund V Offshore SLP (Cayman); sovereign immunity; Sharia screening
3.06 | Stonewall Partners Fund of Funds III LP | Subscription Agreement — Main Fund | Theresa Kim | Pending | No | Look-through analysis required — may include underlying benefit plan investors | Pending | Pinnacle Fund Services LLC | In process | $75,000,000 | No | Bernard C. Molinaro; fund of funds; ERISA look-through for 25% threshold monitoring
TOTAL | $750,000,000 | Total First Close Commitments = $750,000,000 ≥ Minimum First Close Target ($750,000,000) — CONFIRMED
[sheet: Side Letters]
Item No. | LP Name | Side Letter Type | LP Counsel | Key Provisions | Management Fee Rate | Draft Sent | Comments Received | Revised Draft Sent | Execution Status | Responsible Party | Target Execution Date | Notes
4.01 | Northmoor State Pension System | Negotiated side letter | Aldworth & McBride LLP (Margaret S. Quinlan) | LPAC seat (Helen T. Barrows); co-investment (pro rata on deals >$150M equity); FOIA/public records carve-out; excuse rights (restricted jurisdictions); annual in-person meeting; GP removal/Key Person notification; Early Close + Large LP discounts | 1.60% | 2025-05-15 | 2025-05-18 | 2025-05-20 | Under negotiation | Graham Sutherland / Stephen Adler | 2025-08-01 | $200M commitment; anchor LP; placement agent disclosure for governmental plan
4.02 | The Kingsbridge Endowment Fund | Negotiated side letter | Pelham Chambers LLP (Andrew K. Leverett) | UBTI/Blocker provisions (HGF V blocker Corp. or Parallel Fund); excuse rights for UBTI-generating investments; LPAC seat; Early Close discount; enhanced ESG reporting; tax-exempt representations; MFN rights | 1.65% | Drafting | Stephen Adler / Theresa Kim | 2025-08-01 | $100M commitment; 501(c)(3)
4.03 | Edgecombe Insurance Group Ltd. | Negotiated side letter | N/A | Large LP + Early Close discounts; LPAC seat; insurance regulatory reporting (quarterly look-through for BMA); NAIC-compliant valuation reporting; co-investment rights; excuse rights for insurance concentration limits | 1.60% | Drafting | Stephen Adler | 2025-08-01 | $150M commitment; Bermuda insurance company
4.04 | Velthorn Family Office LLC | Form side letter | N/A | MFN election rights (≥$50M); standard provisions (reporting, co-invest, transfer, ERISA, tax) | 1.65% | Pending | Theresa Kim | 2025-08-01 | $50M commitment; standard form
4.05 | Tidewater Sovereign Investment Authority | Negotiated side letter | Ramsden Clarke International LLP (Tariq N. Haddad) | Sovereign immunity protections; Sharia compliance screening/excuse rights; FOIA/transparency carve-outs; Large LP + Early Close discounts; co-investment rights; LPAC observer rights; ECI/FIRPTA withholding provisions; USD reporting | 1.60% | Drafting | Graham Sutherland / Stephen Adler | 2025-08-01 | $175M commitment; invests via Offshore Feeder; sovereign investor
4.06 | Stonewall Partners Fund of Funds III LP | Form side letter | N/A | MFN election rights (≥$50M); standard provisions | 1.65% | Pending | Theresa Kim | 2025-08-01 | $75M commitment; fund of funds
4.07 | MFN Election Notice — preparation and circulation | MFN process | N/A | All LPs committing $50M+ eligible; 30-day election period after Final Close; disclosure of available side letter provisions | N/A | Pending — prepare form | Stephen Adler | Post-Final Close (Feb 2027) | MFN election notice form to be finalized pre-First Close