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EDGAR Verified
Primary Source · SEC.gov

Hiive PAI Series II a Series of Hiive Perplexity LLC

CIK 0002059704Single-Deal SPV2025 vintage506(b), 3(c)(1)
HiiveFull Review

Raised

$6M

Investors

52

Min Invest

$0

AltStreet Analysis

·

Generated from EDGAR primary sources

Hiive PAI Series II, a Delaware series LLC, filed Form D on March 11, 2025, disclosing $5.5M raised from 52 investors under Rule 506(b) and Section 3(c)(1). The offering has no stated minimum investment and is managed by LLC Sydecar with Brett Sagan as executive officer. This is part of the Hiive platform, which manages 69 EDGAR-registered entities focused on single-company private equity SPVs.

This pooled investment fund operates under the standard 506(b)/3(c)(1) exemption structure typical of private equity vehicles limited to accredited investors. The $0 minimum investment combined with a $5.5M raise across 52 investors (average ~$106K per investor) suggests a relatively accessible SPV structure, consistent with the Hiive platform's model of democratizing access to single-company secondary investments.

Data Flags

minimum_investment$0 stated minimum on a $5.5M raise suggests intentionally broad distribution strategy, unusual for traditional private equity but consistent with platform SPV model
investor_count52 investors contributing average of ~$106K each indicates highly fragmented cap table, typical of crowdfunded SPV structures rather than institutional funds
entity_nameEntity name references 'PAI' (likely Perplexity AI given the parent entity name), suggesting this is a single-company SPV for a specific AI company rather than a diversified fund

EDGAR Filing Data

Form D — Primary Source

View on SEC.gov
CIK Number0002059704
Entity NameHiive PAI Series II a Series of Hiive Perplexity LLC
Exemption506(b), 3(c)(1)
First Sale Date—
Filing DateMarch 11, 2025
Accession Number0002059704-25-000001
Total Amount Sold$6M
Total Investors52
Minimum Investment$0 (no stated minimum)
Securities TypePooled Investment Fund
State of IncorporationNot specified
Amendment CountOriginal filing only

Related Persons (Form D)

Executive officers, directors, and promoters listed on the SEC Form D filing. Source: SEC.gov.

Sydecar LLC

Director · Claymont, DE

Brett Sagan

Executive Officer · Claymont, DE

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Data Methodology

Capital raise figures, investor counts, and filing dates are sourced directly from SEC EDGAR Form D primary documents via the SEC EDGAR submissions API and full-text search index. AltStreet analysis (summaries, flags, category context) is generated by Claude from this primary source data and reviewed for accuracy. Platform-provided information (if present) is clearly labeled and does not affect EDGAR data or AltStreet editorial coverage. EDGAR data is verified read-only — platforms may request factual corrections for demonstrable inaccuracies by contacting research@altstreet.investments. This page does not constitute investment advice.