Two years. 24 positions. The method, in public.
Two years ago the fund began writing checks into Reg CF companies. This page shows what we own, how we decide what it is worth, and what the first two years taught us. The marks themselves are reported to investors quarterly.
The fund summary.
- First checks
- Late June 2024
- Positions
- 24 (23 operating companies + Y Combinator S25 Orange pooled fund vehicle)
- Newest position
- Canopii
- Diligence
- 400+ companies
- Marks
- Quarterly, to investors (see Investor login)
Every position, named.
We mark the book quarterly against filings, term sheets and closing documents, and we report those marks to our investors. We do not publish them here.
Portfolio loading
Every mark names its document. No document, held at cost.
Quarterly marks
We re-mark the book every quarter. Each mark cites the filing, term sheet or closing document behind it.
Hold at cost, don't guess
Most of what we own is a cap on a future round, not a fixed price. Where we can't compare a share price, we hold at cost instead of guessing.
Fees are not losses
Several positions sit slightly below break-even from platform fees alone. That's the fee, not a loss, and we show it rather than round it away.
Headline up does not mean price up.
When a company announces a new round at a higher headline valuation, we compare the per-share price paid by new investors to the price we paid. If it has not risen, the position does not move. This check runs on every position every quarter.
What two years taught us.
Read the clock before you read the number.
A two-month-old position at cost says nothing; a two-year-old one at cost says something.
A price nobody paid is not a price.
Companies set their own numbers. Only other people's money behind a price is evidence.
The terms matter as much as the pick.
Buying on a cap with a discount can make even a down round not-a-loss.
A valuation going up is not the same as your shares being worth more.
Compare per-share price, not headline company valuation.
Not every round goes up.
Some Fund I positions carry below cost, and we say so plainly.
Silence is a signal.
Watch what companies stop reporting.
Read the filing before the video.
Marketing is written to sell. Documents are written to be held to.