TH-05121 Fund I, a series of Wave Function Ventures Funds, LP

With only two named GPs and no prior filing history, this manager is operating as a nascent venture team without an established track record on public record; the 06b exemption choice (pre-existing relationships only) signals they are bootstrapping their LP base through personal networks rather than broad marketing, typical of founder-led or operator-transition venture funds.

A May 2026 filing for a $1M target in venture capital reflects either a proof-of-concept close or a placeholder filing ahead of a full-scale raise, as institutional venture funds typically target 10x this minimum; the timing aligns with the spring LP allocation cycle but the micro-size suggests either a GP earning-in period or a testing phase before broader fundraising.

An LP should immediately request: (1) confirmation that the two named GPs are disclosed in full and that no key-man provisions are buried in side letters, (2) verification of whether this $1M filing is the actual hard cap or a minimum-to-close ahead of an amended offering, and (3) clarification of what existing relationships constitute the pre-solicitation exemption base, since a brand-new manager with zero prior deals carries execution risk that governance documents alone cannot mitigate.