AdaptML (0.6× MOIC) has 4 months cash remaining at current $1.2M/mo burn. ARR declining -12% YoY. Options: (1) Emergency $3M bridge from existing investors (2) Acqui-hire — 2 strategic parties have expressed inbound interest (3) Wind-down planning. Board call must be scheduled within 5 days.

Nexus AI ($38M ARR, +142% YoY) has filed a confidential S-1. Target IPO Q4 2026. Current FMV $112M at 15.6× ARR. At 12× ARR IPO price, would add $56M+ above current mark. Engage Goldman Sachs and Morgan Stanley as bookrunners. This is the fund's marquee exit.

Fund III at 85% soft-circled ($340M of $400M target). Two institutional LPs (University Endowment C and Corporate VC D) are in active discussions representing $60M combined. Foundation EduTrust is below their 2.0× TVPI hurdle — recommend scheduling a 1:1 GP meeting before the Q2 2026 first close.

CloudStack has 3 active M&A strategic bidders with LOIs submitted ($90M–$105M range). Lead bidder (enterprise software) has exclusivity request pending. Engaging sell-side advisor recommended to maximize competitive tension. At $98M current FMV, a $105M exit would represent 4.2× MOIC ($25M invested).