HOH® is a private investment protocol on Robinhood Chain. It holds positions in late-stage private technology companies and gives members on-chain exposure to them.

Capital is organised into 10 vaults. A vault is one strategy — its own mandate, its own risk budget, its own portfolio. A member allocates to the vaults whose risk they actually want and holds a claim against each one that settles on chain. There is no single blended pool and no single blended risk: there are 10 separate risk budgets, and choosing among them is the member's decision rather than a manager's.

The House is the book all 10 vaults sit inside. It carries $1.94B of deployed capital across 24 active positions worth $1.81B, plus a cash sleeve of $132.7M held in Reserve. 4 positions have been realised, returning $412M.

Private technology companies stay private longer than they used to and do most of their compounding before a listing. Reaching that period has historically required an institutional allocation: a fund commitment measured in years, a capital call schedule, a minimum most people cannot write, and a quarterly document as the only reporting.

Three things about that shape are different here.

• The unit is a vault, not a fund. Risk is chosen at the moment of allocation rather than delegated to a manager who blends it. A member who wants cash-equivalent exposure and a member who wants seed-stage variance hold different instruments, not different amounts of the same one.
• The position is a claim on chain. Not an LP interest recorded in a partnership agreement. Composition, marks and exits are written to chain on the epoch they happen, and a member reads them without asking.
• Reporting is continuous. Every position publishes the round, the date and the price that set its carrying value, so a member can see whether a mark is a fresh primary or a two-year-old secondary before reading anything else.

Four layers sit between a member and a private company. Read top to bottom.

A member never holds a company directly. They hold a claim on a vault, the vault holds positions, and the attestation layer is what makes both statements checkable rather than asserted. Each of the four is covered in its own document: vaults in Vaults, positions and how they are valued in Marks & reporting, and the attestation layer in Custody & attestation.

$1.94B sits against 77.3% of stated capacity, so the book is not full. Capacity is a per-vault parameter rather than a House total, which means a vault can close to new capital while others stay open — and one usually is closed.

The book is weighted to the middle of the risk scale. Distribution of deployed capital by tier:

Just over 60% of deployed capital sits in R2 and R3. The two frontier vaults together hold 8.4% of the book — deliberately, because a strategy whose base case includes total losses has to be small enough that those losses are survivable. What each tier commits a member to is in Risk tiers.

• Not a token with a price. A member holds a claim on a vault. The claim's value is the marked value of that vault's positions, published on the epoch boundary. It does not trade and it has no ticker.
• Not a liquidity venue. There is no order book and no continuous secondary market for a vault claim. Reserve settles in the same epoch it is called; every other vault has a stated lock-up and honours it.
• Not a fund of funds. Every position is held by a vault directly. There is no intermediate manager and no second fee layer.
• Not leveraged at the House level. No vault borrows against another vault's book, and no member position is margined. Shield sells a public index against its own holdings and Momentum runs a fast turnover; both are stated in their tier rather than hidden in a footnote.
• Not a bank, a lender or a yield product. Reserve holds cash and tokenised bills and is marked at 1.02×. It will never be marked higher. It exists to fund redemptions and follow-ons, not to earn.

The remaining documents answer one question each.

Vaults

What a vault is, the full table of the 10, how they differ and how capacity works. Read →

Risk tiers

What R1 through R5 commit a member to, how a tier is assigned, and what a write-down inside one vault can reach. Read →

Allocation

Epoch windows, what happens inside one, and what a member ends up holding. Read →

Marks & reporting

How a position is valued, what is published against it and when. Read →

Exits & liquidity

How a position leaves the book, where the money goes, and what the lock-ups mean in practice. Read →

Custody & attestation

What is on chain, what is not, and what a member can verify without asking anyone. Read →

FAQ

Access, fees, failure, early exit, selection. Read →