SM-0504 Fund I, a series of Ventioneers Funds, LP

The absence of any prior EDGAR filings from this manager means this is their first registered fund raise, and the 06b exemption reliance on pre-existing relationships suggests a nascent GP operating within a closed network rather than building through broad LP outreach or established fundraising infrastructure.

Filing in June 2026 aligns with mid-year LP allocation cycles and portfolio reviews, when allocators typically reset deployment capital and consider new manager adds; the timing is orthodox for a first-time fund seeking to close commitments before year-end LP meetings.

Verify whether the two named GPs hold equal carry and management fee rights, and confirm key-man definitions and removal thresholds—first-time managers without track record often face stricter governance terms, and the absence of prior filings means no public documentation of how this team has managed capital or resolved governance disputes in prior vehicles.