Lightspeed SPV-OB2, LLC

This filing represents the first EDGAR appearance for any entity tied to these GPs, meaning Lightspeed is either new to SEC reporting at scale or has operated entirely outside the reporting threshold until now—the 06b exemption (no public solicitation) paired with five named GPs signals a manager building out governance infrastructure for a multi-check deployment strategy, likely committing existing LP capital into reserves or opportunity pools across portfolio companies rather than raising externally.

A May 2026 filing with zero target declared is consistent with post-market-correction 2025–2026 positioning where venture managers are consolidating dry powder and engineering continuation vehicles before committing to headline fund rounds; Lightspeed is likely filing to secure the legal entity structure now while market conditions clarify or while it closes secondary transactions with existing LPs.

Before engaging, verify whether this SPV has a defined capital commitment from an anchor LP or prior Lightspeed fund, and confirm the degree of key-man risk concentrated in the five named individuals—specifically whether any departure clause, removal provision, or continuation trigger exists tied to these five GPs, since a five-person GP structure with no prior filing history creates execution and continuity dependencies that standard fund terms must address explicitly.