SM-0507 Fund I, a series of Exitfund Venture, LP

This is Exitfund Venture's first EDGAR filing, meaning the manager is either newly formed, has previously operated outside SEC filing requirements, or is making its first institutional raise—the two-GP structure and 506(b) exemption signal a lean management team operating through pre-existing LP networks rather than a broad institutional distribution effort.

A mid-2026 filing for a pre-existing-relationships-only venture fund reflects the post-2024 pullback in early-stage capital; managers without established track records on EDGAR are using 506(b) to avoid public-facing disclosure while testing LP appetite in a tighter market.

Verify whether the named GPs hold key-man provisions tied to both individuals or just one, and confirm Exitfund Venture's prior operating history outside EDGAR (fund vehicles, exits, management experience)—the absence of prior filings combined with a series structure creates execution and continuity risk that terms should account for.