SEC Filing Record

Offering Amount

$2.2M

Strategy

Other

Exemption

06b

Date Filed

May 26, 2026

0002137013-26-000001

View on SEC EDGAR →

37A Read

The three-GP structure—anchored by Paul Graham Ventures LLC and a dedicated fund administrator—signals a co-management arrangement where administrative functions are separated from investment decision-making, a pattern common in smaller continuation vehicles or LP-directed allocation pools rather than primary funds.

This is the manager's first EDGAR filing, meaning neither Paul Graham Ventures nor Richard Thoms have prior disclosed fund vehicles on record; the use of an exemption 06b raise (pre-existing relationships only) indicates the manager is bootstrapping from a closed network rather than building on institutional LP relationships or a portfolio track record visible to the market.

A May 2026 filing for a $2M vehicle during a period of sustained LP dry powder and consolidation pressure suggests either a test-of-market raise to validate a new thesis before scaling, a continuation or restart after an earlier vintage, or a niche play dependent on specific LP relationships rather than broad market momentum.

Before committing, verify whether Paul Graham Ventures or Richard Thoms have prior fund management experience outside EDGAR filings (angel funds, SPVs, or offshore vehicles), and confirm the specific role and veto rights of the administrator—misaligned GP incentives in a three-party structure can create operational friction if the investment and admin entities diverge on decisions.

Full analysis (GP structure, exemption breakdown, and market context) is available to Pro members.

Unlock Pro · $29/month → Sign in

Principals

General Partners & Executives

LLC Paul Graham Ventures LLC Allocations Fund Administration, Richard Thoms

WAGMI 193 - WAGMI Master LLC