Cassava Puerto Rico Fund I LLC - Series 1

With no prior EDGAR filings, this is Lugo's first registered private equity vehicle, indicating he is either transitioning from operating roles or earlier-stage fund experience not captured in SEC filings and will be managing LP capital without a documented fund management history in the public record.

A $1M target filing in May 2026 aligns with post-election portfolio repositioning and renewed interest in Puerto Act 20/60 tax incentives, suggesting Lugo is capitalizing on renewed LP appetite for Puerto Rico-domiciled vehicles during a period of potential regulatory clarity or LP appetite recovery.

Before committing, verify whether Lugo has key-man language requiring his full-time involvement and what happens to fund operations if he departs, since the one-GP structure with no documented manager history creates execution risk that should be explicitly addressed in the fund documents and LP agreements.