GSBackers Corgi Fund III a Series of CGF2021 LLC

The dual GP structure with Brett Sagan and LLC Sydecar, combined with no prior EDGAR filings from this manager, suggests either a first-time SEC filing (prior funds may have been sub-$25M and exempt) or a manager operating below regulatory visibility until now; the 506(b) exemption and reliance on pre-existing relationships indicates a concentrated LP base rather than broad market access.

A $4M target in mid-2026 reflects either a down-round or reset from prior fund sizes, which aligns with venture capital's contraction cycle post-2022 and signals either natural attrition in LP commitments or a strategic pivot to a smaller, more focused portfolio; the timing also positions the fund ahead of potential 2027 tax year planning for existing LPs.

Verify whether prior Corgi Fund I and II are documented outside EDGAR (perhaps filed under a different entity or below the $25M threshold), as the absence of filing history creates uncertainty around historical performance, GP compensation, and whether Series III terms represent continuity with or material changes from earlier vehicles.