PPVP Growth Fund IV a Series of Pari Passu Master II LLC

The presence of two named GPs (an LLC entity and an individual, Brett Sagan) with zero prior EDGAR filings signals either a first-time SEC filer launching a formalized venture program or a manager previously operating below the reporting threshold who has now crossed the $1M+ AUM trigger; either way, this is the manager's inaugural SEC disclosure, making LP due diligence on prior performance materially dependent on references and outside verification.

Filing in May 2026 into a $1M target aligns with end-of-Q2 capital planning cycles and positions the fund to deploy through 2026–2027, a window when early-stage venture allocators are rebalancing after 2025 dry powder deployments; the modest target also reduces friction for a manager making their first regulatory appearance.

Before committing, LPs must confirm whether Brett Sagan and LLC Sydecar are co-equal decision-makers or whether one party controls GP economics and ops; separately, verify whether this $1M filing is a placeholder intended for amendment upward or a genuinely capped raise, as the former would indicate a phased rollout while the latter signals a micro-focused strategy.