CityVest Capital SEC Order, October 2, 2026: $425,000 Borrowed From Three Access Funds

What this page is, and the rule it follows

The order is a settlement. The three respondents made offers of settlement, the Commission accepted them, and the findings are made “pursuant to Respondents' Offers of Settlement and are not binding on any other person or entity in this or any other proceeding.” They consented to the order without admitting the findings, except as to the SEC's jurisdiction. Nothing here is a court judgment, and no investor loss is found. We name companies, the agency and the release only, not the individual respondent.

The SEC's announcement is four sentences long, and the order is seven pages. What neither contains is the other side of the record: the funds themselves. CityVest's access funds are small private LLCs that each filed a Form D with the SEC, and those notices are public. We read the order in full, then pulled every Form D we could find for funds that name CV Manager LLC as their manager, and put the two side by side. These notices and this order are the public record we found.

What the order finds and what it orders

The individual respondent also held securities-industry registrations (Series 14, 24, 63, 79 and 99) that he terminated in November 2022, according to paragraph 6 of the order. The order does not say which registration exemption, if any, CityVest relied on while advising the funds, and it does not charge a registration violation.

The loans, one by one

The order anonymizes the funds: “Fund names are anonymized for purposes of this Order.” It calls them Access Fund 1, 2 and 3 and the lenders “the Three Access Funds.”

Reading it together (our arithmetic). The itemized amounts above add to $425,000 only when the $75,000 check is included: $100,000 + $150,000 + $40,000 + $30,000 + $30,000 = $350,000, and $350,000 + $75,000 = $425,000. The order's summary calls all $425,000 borrowed, so a reader should know that one of the six components was never papered as a loan. Seen by fund, that is $100,000 from Fund 1, $265,000 from Fund 2 and $60,000 from Fund 3.

The interest figures are small. CityVest paid $789.04 on the Fund 1 loan on July 2, 2025, six years after the loan, and $4,305 on the Fund 3 loans between October 2024 and July 2025. The interest on Fund 2's loans was netted against fund expenses at the fund's wind-down at the end of 2023, and the order gives no amount. The order states no rate, but $789.04 equals 4.0% simple annual interest on $100,000 for 72 days (our arithmetic: $100,000 × 0.04 × 72 / 365).

Two ratios show how tight cash was. The Fund 1 loan took 14.3% of the $700,000 waiting to be invested ($100,000 / $700,000), and the first Fund 3 loan was 29.1% of the distribution that arrived five days earlier ($30,000 / $103,000), both our arithmetic. The order explains the pattern: the funds relied on distributions from the third-party funds to pay fees owed to CityVest. In its words, “Depending on the timing of the distributions, CityVest at times experienced cash shortages.”

What the funds told investors

The order quotes the operating agreements. Each said the manager was responsible for its own overhead and personnel-related expenses, and gave the manager powers that included deciding “the borrowing of money and the granting of security interests in the Fund's assets (including loans from Members).” The order's finding is that the documents given to investors “did not disclose that the access funds could make loans to CityVest.”

The funds' Form D notices fit that picture of small, thin disclosure. Seven of the 14 report a payment to related persons of $10,000 each, described as “a one-time cost to cover fund organizational and operating expenses,” which totals $70,000 (our arithmetic). The other seven report $0, and six of those add “Admin fees and expense reimbursements are not determinable at this time.” The notices do not mention loans.

The 14 CV Manager funds on EDGAR

We searched Form D filings for the manager name and for CityVest's New York address (110 East 59th Street) and found 14 funds. All 14 name CV Manager LLC as manager. Amounts are as reported on each fund's single Form D.

What the 14 notices add up to (our arithmetic).

Four things stand out. First, the notices do not reconcile exactly to the order. The order says about $47 million across about 15 funds from December 2018 to December 2022. The 14 notices total $43,356,500, and the earliest first-sale date among them is March 6, 2020, whereas the order dates the first access fund's fundraising to December 2018 and January 2019, when it had raised about $1.4 million. Adding that fund gives 15 funds and $44,756,500 (our arithmetic), $2,243,500 short of $47 million. The gap may be sales after a fund's Form D was filed: four funds report an offering amount of “Indefinite,” and no notice was amended. Whatever the reason, the order does not say which Form D belongs to Fund 1, 2 or 3, so we match none of them.

Second, filing timing. Rule 503(a)(1) requires a Form D “no later than 15 calendar days after the first sale of securities in the offering.” Twelve of the 14 were filed within 15 days of the date of first sale they report. Apex and JKV were filed 27 days after (our arithmetic), even allowing for the 15th day falling on a Saturday in both cases, which moves the deadline to the next business day. That is our reading of the dates the notices report.

Third, the exemption claims changed. The seven funds first selling between March 2020 and March 2021 claim Rule 506(b) with the Investment Company Act section 3(c)(1) exclusion. The next six, from June 2021 to January 2023, claim Rule 506(c) with section 3(c) and 3(c)(1). The last, Medical Income Access Fund in August 2023, lists 506(b) only. Our guide to reading a Form D explains the codes, and our 506(b) versus 506(c) census shows how common each is.

Fourth, outside administrators. The seven earliest notices also name Assure Fund Management II, LLC of Salt Lake City, as a “special administrator” or “administrative manager.” The other seven notices name only CV Manager LLC.

A note on names: DLP Access Fund 2 LLC here is a private LLC with its own CIK, 1789079. It is a different registrant from the DLP Access Fund interval fund in our page on DLPAX. Nothing in the order or the notices links the two, and we make no link.

Timeline

What is not known

• Which funds were the three. The order anonymizes them, so no investor can tell from the public record whether a given fund is among the three. The manager can.
• Whether investors in the three funds were told afterwards. The order records no notice to investors and orders none.
• Whether the penalties were paid. The order set a deadline of 30 days from entry; nothing we read reports payment.
• The current state of the funds. No Form D was amended after the first filing, and these funds file nothing else with the SEC. Fund 2 wound down in 2023 per the order; the others' status is not in any public document we found.
• Why CityVest was unregistered. The order says it never registered and does not say whether an exemption applied.

What a reader can do with this

1. Match your fund to the list. If you hold an interest in an access fund from this manager, check the name against the 14 above and the accession number in our CSV. If it is not on the list, the Form D search for the manager name is how we built it, so ask the manager for the fund's formation documents.
2. Ask for the loan paper. Investors in a private fund can ask the manager in writing for the operating agreement, any loan agreements or promissory notes with the manager or CityVest, the interest paid, and the fund's financial statements. The order shows such documents existed for the three funds.
3. Read your own K-1 and statements for related-party items. Our guide to K-1 boxes for real estate funds shows where fees and related-party payments appear.
4. Know what the order does and does not give you. It makes no finding that investors lost money and orders no payment to them. It records that investors may bring their own actions and that findings are not binding on anyone else; whether that matters for a given holder is a question for a securities lawyer.
5. Compare with an adviser's duty. Section 206(2) is part of the Advisers Act duty described in our page on what a fiduciary financial advisor owes you. For another sponsor case that began with a registered-adviser order, see our page on the SQN Capital Management receivership.

FAQ

All figures are from primary documents read on November 4, 2026: the SEC's Order Instituting Administrative and Cease-and-Desist Proceedings, Advisers Act Release No. 7021, File No. 3-22769 (October 2, 2026), and the SEC's announcement of that date (last reviewed October 8, 2026), both on sec.gov; 17 CFR 230.503 (Form D filing deadline); and 14 Form D notices on EDGAR for DLP Access Fund 2 LLC (accession 0001791537-20-000004), Medical Properties Access Fund LLC (0001806300-20-000005), Apex Access Fund LLC (0001805472-20-000001), JKV Access Fund LLC (0001823611-20-000001), Trion Access Fund LLC (0001834544-20-000001), Clairmont Access Fund LLC (0001832754-21-000001), McFarlin Access Fund LLC (0001838820-21-000001), Catalyst Access Fund LLC (0001868982-21-000001), CalNeva Access Fund LLC (0001893301-21-000001), KCAP Access Fund LLC (0001904466-22-000001), AmRoc Access Fund LLC (0001922305-22-000001), Catalyst Access Fund 2 LLC (0001929451-22-000002), Croatan Access Fund LLC (0001962308-23-000001) and Medical Income Access Fund LLC (0001989903-23-000001). This is analysis of public documents, not investment, legal or tax advice.