PA-1004 Fund I, a series of Chaos Ventures Syndicate, LP

With no prior EDGAR filings and only two named GPs listed, this is Chaos Ventures' first registered raise, signaling either a newly formalized venture operation moving from angel/SPV-stage deployment into formal fund management or an existing operator registering for the first time after building a deal portfolio off-platform.

A mid-2026 filing during a period of constrained early-stage capital availability and LP rotation into emerging manager platforms suggests Chaos Ventures is capitalizing on demand for newer, smaller venture vehicles with potentially lower fee drag—though the 506(b) exemption limits their LP universe to prior relationships, constraining growth velocity.

Verify whether the two named GPs carry personal guarantees on management fees, whether there is a key-person clause tied to either GP, and clarify the actual capital commitment amount behind the $0M placeholder—these terms will materially affect both carry alignment and fund continuity risk for a manager with zero track record visible to LPs.