Schedule 13G: 800,000 shares, 6.2% stake in Cartesian Growth II

Rhea-AI Filing Summary

MMCAP International Inc. SPC and MM Asset Management Inc. filed a Schedule 13G reporting passive beneficial ownership of 800,000 Class A Ordinary Shares of Cartesian Growth Corporation II, representing 6.2% of the class.

The reporting persons have shared voting and dispositive power over 800,000 shares and no sole voting or dispositive power. The stated percentage is based on 12,999,710 shares outstanding as of August 6, 2025. The date of event requiring this filing is November 4, 2025. They certified the holdings were not acquired to change or influence control of the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Cartesian Growth Corporation II

(Name of Issuer)

Class A Ordinary Shares, $0.0001 par value

(Title of Class of Securities)

G19305112

(CUSIP Number)

11/04/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G19305112

1

Names of Reporting Persons

MMCAP International Inc. SPC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 800,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 800,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

800,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. G19305112

1

Names of Reporting Persons

MM Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 800,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 800,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

800,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.2 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The Reporting Person's 6.2% ownership interest is based on 12,999,710 outstanding shares of the Issuer as of August 6, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Cartesian Growth Corporation II
(b)	Address of issuer's principal executive offices: 505 Fifth Avenue, 15th Floor, New York, NY 10017
Item 2.
(a)	Name of person filing: i) MMCAP International Inc. SPC ii) MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: i) c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P. O. Box 1348, Grand Cayman KY1-1108, Cayman Islands ii) 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1 Canada
(c)	Citizenship: i) Cayman Islands ii) Ontario, Canada
(d)	Title of class of securities: Class A Ordinary Shares, $0.0001 par value
(e)	CUSIP No.: G19305112
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 800,000
(b)	Percent of class: 6.2%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 800,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 800,000
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MMCAP International Inc. SPC

Signature:	/s/ Ulla Vestergaard
Name/Title:	Director
Date:	11/06/2025

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	11/06/2025

Exhibit Information

Exhibit 1.01 JOINT FILING AGREEMENT

FAQ

What stake did MMCAP and MM Asset Management report in REEUF?

They reported 800,000 Class A Ordinary Shares, representing 6.2% of the class.

What voting and dispositive power do the filers have?

They report shared voting power: 800,000 and shared dispositive power: 800,000, with 0 sole power for each.

What share count was used to calculate the 6.2% for REEUF?

The percentage is based on 12,999,710 shares outstanding as of August 6, 2025.

Is this a passive or active ownership filing for REEUF?

It is a Schedule 13G filing with a certification that the securities were not acquired to change or influence control.

What is the relevant event date for this ownership report?

The date of event is November 4, 2025.

What class and CUSIP does the filing cover?

It covers Class A Ordinary Shares (par $0.0001), CUSIP G19305112.