Eagle - Inclusive Capital Partners Spring II (Offshore & Onshore) Access Funds
Executive summary
Inclusive Capital Partners’ Spring II funds appear in public filings and BVI regulator lists but have limited public commerce coverage; EDGAR links for the Spring Master Fund II exist via an aggregation site [1] and the British Virgin Islands Financial Services Commission lists both the Spring International Fund II and Spring Master Fund II as regulated entities [2] [3]. Third-party news aggregators (CapEdge) track Spring Fund II and Spring International Fund II but provide only headline-level alerts, not detailed performance data [4] [5].
1. What the filings and registries actually show
Available evidence shows Inclusive Capital Partners’ Spring Master Fund II has public filings collected on an EDGAR-aggregator page, indicating it files information with U.S. regulators or relies on filings that are publicly accessible through EDGAR links [1]. Separately, the British Virgin Islands Financial Services Commission (BVI FSC) maintains records for an “Inclusive Capital Partners Spring International Fund II, L.P.” and an “Inclusive Capital Partners Spring Master Fund II, L.P.,” which signals formal registration or regulation in the BVI jurisdiction [2] [3]. These two data points together establish that the Spring II vehicles exist in both filing/aggregation feeds and offshore regulatory registries.
2. What the public sources do not provide
The available sources do not provide fund performance, investor lists, offering terms, fees, or a clear description of the onshore/offshore structuring between an “Access Fund” and the Spring Master/International vehicles; CapEdge entries are alert and meta-data pages without substantive prospectus content, and the BVI pages are registry entries rather than investor-facing files with economic detail [4] [5] [2] [3]. In short: detailed investor-facing documents and audited performance data are not found in the current reporting.
3. How to interpret “offshore & onshore” in this context
The presence of a “Master Fund II” and a separate “International Fund II” registered in the BVI fits a common private fund structure where an offshore master or feeder caters to non-U.S. or tax-advantaged investors while related onshore feeders serve U.S. taxable investors; the sources show naming consistent with that pattern but do not explicitly describe the feeder/master operational mechanics or which investors use which vehicle [1] [2] [3]. Be cautious: naming conventions alone do not prove identical economic terms across vehicles, and the sources do not confirm any “Access Fund” product tied to Eagle or another distributor.
4. Where Eagle fits into the search results and potential confusion
The search results contain multiple unrelated “Eagle” entities — Eagle Merchant Partners, Eagle Capital Management, Eagle Private Capital, etc. — each with distinct business models and public announcements (fund closes, strategy pages) but none of these sources link Eagle to Inclusive Capital Partners’ Spring II funds [6] [7] [8] [9] [10]. For example, Eagle Merchant Partners announced a $415 million Fund II close in May 2025 [6] [7], but the reporting does not tie Eagle Merchant Partners to the Inclusive Capital Partners Spring vehicles; available sources do not mention a relationship between Eagle and Inclusive Capital Partners.
5. Red flags and verification steps for an investor
Registry presence plus EDGAR-accessible filings is necessary but not sufficient for investment diligence. Confirm whether the EDGAR links referenced by the aggregator [1] include final private placement memoranda, subscription agreements, audited financials, or adviser registration. Obtain subscription documents and audited statements directly from the fund or your placement agent and verify any BVI-registered fund managers against the BVI FSC records [2] [3]. The CapEdge pages track news and filings but are not substitutes for fund documents or regulatory comfort letters [4] [5].
6. Competing perspectives and transparency issues
One perspective: registry listings and EDGAR references indicate legitimate, regulated fund vehicles structured to serve international investors [1] [2] [3]. The countervailing view: public registries and aggregator pages do not guarantee transparency around fees, conflicts, or performance; without posted prospectuses or audited returns the investor remains in the dark [4] [5]. Both perspectives are supported by the same set of limited public records.
7. Bottom line and recommended next moves
The documents show Inclusive Capital Partners’ Spring II vehicles are real in the sense of being registrable and having aggregation/filing links and BVI registry entries [1] [2] [3]. They do not disclose fund economics, performance, or any link to “Eagle” entities in the available sources [4] [5] [6]. If you are assessing access to an “Inclusive Capital Partners Spring II (Offshore & Onshore) Access Funds” product, demand the fund’s PPM, audited financials, identity of the adviser, a copy of subscription documents, and confirmation of which feeder/master you would be placed into; verify all names against BVI FSC records and EDGAR filings before committing capital [1] [2] [3].