SE-0501 Fund I, a series of N49P, LP

This is the manager's first filing on EDGAR, meaning either this is a newly formed GP entity or the manager has operated entirely outside SEC disclosure until now; the two named GPs and reliance on 06b (pre-existing relationships only) signal a small, relationship-driven operation without infrastructure for broad institutional marketing, typical of emerging or specialist managers bootstrapping their first vehicle.

Filing in mid-2026 during a period of LP redeployment and venture recalibration after market volatility suggests the manager is moving to lock capital while LPs remain selective; the timing and use of pre-existing-relationships exemption indicate this is a quiet, targeted raise rather than a market-wide sprint, consistent with managers avoiding the competitive noise of broader 2026 vintages.

Verify the identity and track record of the two named GPs before committing—EDGAR shows no prior filings from this manager, so cross-check whether these GPs have history in venture, whether they are key-man restricted, and whether the master partnership structure (N49P, LP) is a single-vehicle fund or part of a larger GP relationship you need to map for fee and governance alignment.