Spice Opportunity - IDFI, LP

No prior EDGAR filings from this manager means this is either a first institutional fund or a newly registered entity; the use of Form D and the 06b exemption (no public solicitation) combined with a two-person GP roster suggests a pre-launch close focused on existing LP relationships rather than a broad roadshow, typical of emerging or founder-led vehicles entering their first institutional raise.

Filing in May 2026 during what will be a mid-year LP deployment cycle reflects timing when LPs are reviewing H1 performance and allocating to new vehicles; for an emerging manager, this window positions the fund to catch capital from allocators planning their next tranche before summer.

Verify whether Scott Nicholas or Spice Ventures I GP, LLC has underlying fund economics tied to parallel vehicles or co-investment structures, and confirm the actual target amount and timeline before the placeholder converts to a real offering—emerging managers sometimes file placeholders and adjust targets materially once initial commitments arrive.