Varda-s a Series of GatePass Ventures I LLC

No prior EDGAR filings from this manager exist, meaning this is either a first-time fund vehicle or the manager operated outside SEC filing requirements until now; the 06b exemption coupled with a two-GP structure signals the manager is building a pre-existing-relationship-only network rather than conducting broad market solicitation, consistent with an operator moving into formal venture capital from angels, syndicates, or direct co-investment activity.

A mid-2026 filing occurs as downstream venture capital faces compressed deployment windows and LP capital still seeks access to early-stage opportunities; registering now positions the fund to close before year-end when many LPs finalize allocation decisions and before any potential tightening in formation activity in 2027.

Before committing, verify whether Brett Sagan and LLC Sydecar operate as co-equal GPs or in a subordinate/advisory capacity, as this affects governance, carry splits, and dispute resolution; additionally confirm whether the $0M target is genuinely a placeholder versus a fund that will operate on a deal-by-deal commitment model without a fixed aggregate cap.