ST-0504 Fund I, a series of The Fund Series, LP

The absence of any prior EDGAR filings from this manager indicates this is their first registered venture capital vehicle, suggesting either a newly formed team, a group previously operating below the $1M reporting threshold, or GPs migrating from another fund structure; the two-GP configuration points to a partnership model rather than a solo founder setup, which typically implies prior collaboration or a deliberate co-leadership arrangement.

Filing in June 2026 during a period of renewed venture-stage fundraising activity—after 2024–2025 market consolidation—positions this manager to capture LP capital being redeployed into early-stage vehicles as exit velocity accelerates; however, a $1M target is unusually small for a formal VC fund filing, raising the question of whether this is a true minimum viable raise or a placeholder ahead of a larger follow-on.

Before committing, LPs should confirm whether the $1M figure represents a true hard cap or a seed close pending a larger draw; additionally, verify the GP identities (not listed in the filing) and their prior venture experience, as a first-time manager without visible track record typically carries higher operational and selection risk than the filing structure alone reveals.