Proteus Series Feeder Fund I, LLC - Integrated Opportunities Fund I

The absence of prior EDGAR filings from this manager, combined with a five-person GP lineup and a Rule 506(b) exemption, signals a newly-formed or recently-registered management entity that has been operating either below the $150M AUM threshold or outside SEC jurisdiction until now; the feeder structure itself suggests the GPs may be consolidating an existing portfolio or LP base into a formal SEC-registered vehicle.

Filing this amendment in May 2026 during a period of renewed LP appetite for differentiated strategies and mid-market vehicles implies the GPs are either closing an initial tranche or adjusting terms after preliminary capital conversations; the amendment flag indicates material changes to terms, GP roles, or fee structure that warrant review against the original filing.

Before engaging, verify the key-man clause tied to Jason Brown or any single GP—feeder funds often concentrate operational control in a subset of partners, and loss of a named key person can trigger LP consent rights or forced redemption windows; also confirm whether the master fund has separate GP economics or if all fees flow through this feeder vehicle.