Capital moves on epoch boundaries and never between them. An epoch is the protocol's unit of time: parameters change on a boundary, marks are republished on a boundary, and allocation windows open and close on a boundary. Nothing about a vault moves by surprise in the middle of one.

The protocol is live in Epoch 02. The next allocation window is Epoch 03, in Q4 2026, and Compound opens to allocation for the first time in it.

Windows exist rather than a continuous book for one reason: a vault that takes capital continuously has to mark continuously, and a private book cannot be marked continuously without modelling it. Allocating on a boundary means every member entering a vault enters at the same published mark, computed from the same set of priced rounds. Nobody gets a better entry for being early in the week.

Six things happen, in order.

1. Marks are republished

   Every position's carrying value is restated against the round that priced it, with that round's date and price. A vault's mark is the weighted result across its positions.

2. Capacity is confirmed

   A vault at its stated capacity does not open. Capacity is a per-vault parameter, so some vaults open and others do not.

3. Allocations are taken

   A member states an amount per vault. Risk is chosen here, vault by vault, and it is not delegated to anyone afterwards.

4. Reserve funds the draw

   Every window draws from Reserve first — that is what the $132.7M cash sleeve is for. Cash goes out to the vault, the claim goes back in.

5. Positions are written

   Entries, sizes and the vault they belong to are written to chain on the epoch they happen. Nothing is recorded retroactively.

6. The window closes

   No allocation, no exit and no parameter change moves until the next boundary.

Step four is the part that is easy to miss and matters most. Reserve holds cash so that the other nine vaults never have to sell a position to fund a follow-on or a redemption. When Keystone doubles into a marked-up round, the cash comes out of Reserve and the claim goes back in. A book that has to sell to buy is a book that sells at the wrong time.

A member holds a claim per vault, not a share of the House. Allocating to three vaults produces three claims with three risk tiers and three lock-ups. A member holding Reserve and Genesis holds two separate instruments, and the second one cannot draw on the first.

The claim's value is the marked value of that vault's positions, restated on the epoch boundary. It does not trade, it has no ticker and it is not a token with a market price. The mark is published; a price is not discovered. How that mark is set is in Marks & reporting.

A member never holds a company. Ownership of the underlying position sits with the vault. What a member owns is the claim against the vault, and what makes that claim meaningful rather than asserted is the attestation layer — see Custody & attestation.

A claim carries the terms it was written on. Those terms do not change afterwards — a governance vote that alters a vault parameter applies from the epoch it takes effect, not retroactively to claims already written.

claim
  member      the allocating address
  vault       one of the ten mandates
  tier        R1–R5, the vault's tier at the moment of entry
  epoch       the boundary the allocation settled on
  principal   the amount allocated
  mark        the vault mark that priced the entry
  lockup      the term, in months, running from the entry epoch

Three events are written to chain against a vault, each on the epoch it happens:

Entry

A position opened, its size, and the vault it belongs to. Written on the epoch it is taken.

Mark

A position's carrying value and the round that set it — the round's date and price, not a modelled figure. Republished every epoch whether it moved or not.

Exit

A position realised, the proceeds, and where they routed. See Exits & liquidity.

Capacity is stated per vault and sums to $2510.0M across the 10. The book runs at $1.94B, or 77.3% of that, so it is not full — but a specific vault may be. The per-vault utilisation table is in Vaults.

Minimums are a vault parameter, published with the vault's terms at the window and moved only by governance. They are not uniform: a vault whose positions run to nine figures cannot usefully take a four-figure allocation, and a vault built for same-epoch exit can.

Two vaults have hard structural limits that no allocation changes. Compound takes no new capital at all — it is funded only by realised proceeds, at a maximum of $20.0M per name. Keystone holds exactly ten positions, so new capital into it increases position sizes rather than position count; to add an eleventh company the committee has to sell one of the ten first, and say which, in public, on the boundary.

The next window is Epoch 03, Q4 2026. Compound is seeded and opens to allocation in it. Everything else that opens will be published with its capacity and its terms on the boundary, ahead of the window rather than during it.

Three things are worth doing before a window.

• Read the tier before the mandate. The tier is what a member is committing to; the mandate is how the vault intends to use it. Risk tiers covers what each one means when it goes wrong.
• Read the vault's own risk statement. Every vault publishes one on its page at /vaults/<name>, and it states the specific way that vault loses money rather than a general warning.
• Check the lock-up against your own horizon. Outside Reserve there is no early exit. A 60-month term is 60 months. Exits & liquidity is explicit about this.