iCapital-Menlo Ventures Select I RCM Access Fund, L.P.

This is iCapital's first EDGAR filing on record, indicating the firm is either establishing a formal PE fund infrastructure for the first time or structuring this particular vehicle to operate outside their typical fund-of-funds model, suggesting a shift toward direct GP partnerships or custom mandates for select allocators.

Filing in mid-2026 aligns with LP rebalancing cycles and the post-2025 vintage year window when allocators typically deploy reserves and adjust PE allocations; the use of 06b exemption (no public solicitation) implies this raise targets existing relationships rather than broad market testing.

Verify whether Max Schwartz holds a key-man clause or consent rights—his individual naming as co-GP creates concentration risk if he carries deal sourcing or final decision authority, and confirm iCapital's commitment level and management fee structure, since this appears to be a custom vehicle rather than a standardized product with transparent historical performance.