Folsom Capital Atum Works Series A a Series of CGF2021 LLC

The absence of prior EDGAR filings from this manager signals either a newly formed GP entity or one that has operated below the $25M AUM threshold until now; the 06b exemption tied to pre-existing relationships only confirms this is a founder- or seed-stage raise targeting known LPs rather than a broad institutional roadshow.

Filing in mid-2026 aligns with LP deployment cycles from 2024-2025 vintage commitments and positions the fund to deploy into a post-rate-cut environment where early-stage valuations have stabilized; a $3M target also reflects the practical minimum for a managed fund vehicle post-SEC compliance costs, suggesting the GP prioritizes operational efficiency over capital scale.

Verify whether Brett Sagan has any key-man protections tied to fund performance or carry, and confirm Sydecar's exact role (administration vs. co-management vs. carried interest holder), as platform-dependent GPs can create successor-risk exposure if the relationship dissolves or if carry splits are not clearly documented in the LPA.