Fund Phi a Series of Legion VC Collective LLC

With no prior EDGAR filings from this manager, this is a de novo fund entry, indicating either a first-time manager raising independently or an existing operator moving onto the SEC filing radar for the first time; the $5M target and use of 506(b) exemption (pre-existing relationships only) signals a capital-efficient launch strategy designed to validate investment thesis before scaling.

A mid-2026 filing in a venture market characterized by LP reallocation away from mega-funds and toward emerging fund GPs positions this raise during a window when smaller, founder-led vehicles can access allocators; however, the $5M size also suggests this may be a proof-of-concept raise timed to establish track record before pursuing a larger second fund.

Before committing, verify whether Brett Sagan has prior investment or fund management history outside of EDGAR filings (angel investing, operating experience, prior fund roles) and confirm the exact operational split between Sydecar and Sagan—specifically who owns the fund economics and manages GP-level decisions—as the relationship between a platform service provider and a lead GP can blur accountability in fund governance.