Pari Passu XV a Series of Pari Passu Master II LLC

The absence of prior EDGAR filings despite a Series II designation suggests either a newly EDGAR-filer manager transitioning from sub-$100M exempt offerings or a fund that previously operated under different exemption categories; the dual GP structure (Sydecar LLC and Brett Sagan as individuals) signals potential co-management or advisor roles rather than a single decision-maker, which allocators should clarify regarding authority and continuity.

Mid-2026 filing for a venture fund without disclosed prior EDGAR activity aligns with a manager either formalizing a previously informal structure or raising after a liquidity event or interim fund close; the $0M placeholder target is a standard EDGAR convention and should be confirmed via side letter or subscription documents to establish actual hard cap.

Verify whether Brett Sagan carries a key-person provision tied to fund performance cliffs or GP commitment levels, and confirm Sydecar LLC's role and ownership stake—particularly whether it is a third-party service provider (fund administrator, counsel) or a co-GP with meaningful capital deployment authority, as this distinction materially affects governance and conflict-of-interest protocols.