World Models Fund I a Series of FOG Ventures Fund III LLC

Seed Labs LLC and Shriank Kanaparti as co-GPs with no prior EDGAR filings indicates this is either a first institutional capital raise for the partnership or a new vehicle spun from a pre-existing operating entity; the two-GP structure and exemption 06b reliance on pre-existing relationships suggests the team is bootstrapping early-stage deployment capital from existing network rather than running a broad institutional road show, consistent with seed-stage venture positioning.

A $1M target filing in May 2026 is consistent with a rolling seed commitment vehicle designed to deploy over 12–18 months as opportunities flow; this timing aligns with continuous fundraising cycles in seed venture rather than discrete fund closes, allowing the GPs to commit capital as world models startups emerge from accelerators and post-SAFT rounds.

Verify whether Seed Labs LLC and Shriank Kanaparti have disclosed key-man language or GP removal terms specific to this series, as the absence of prior manager filings on EDGAR makes it critical to confirm whether either GP is bound to the fund via clawback or acceleration penalties if they exit—and confirm whether FOG Ventures Fund III itself has a defined term or LP consent rights over World Models Fund I sub-series economics.