SCI s a Series of GatePass Ventures I LLC

With no prior EDGAR filings from this manager, this represents a debut institutional raise, and the two-GP structure combined with the 06b exemption (pre-existing relationships only) suggests Sagan is drawing from a defined network rather than conducting broad market outreach—typical of emerging managers who built conviction and LP relationships outside formal fund vehicles before institutionalizing.

A $3M target in mid-2026 aligns with the post-2024 repricing of early-stage fund minimums downward and a resurgence in sub-$5M micro-venture funds as LPs reallocate from bloated mega-rounds; this filing timing captures the window where smaller managers can close oversubscribed rounds if they have conviction investors willing to commit at reduced check sizes.

Verify whether Sydecar holds any GP economics, carry, or co-investment rights beyond administrative duties—if Sydecar takes meaningful carry or makes capital commitments, the fee drag and governance complexity shift materially, and confirm whether Sagan has any other concurrent fund vehicles or co-GP arrangements that might create LP conflict or dilute focus on this vehicle's portfolio.