R2
Senior
Late Stage
Anchor
Mandate
Anchor is the largest strategy in the House: $412.6M, 21.3% of capital deployed, held across six companies that are past product risk and inside two years of a plausible listing. 284 members hold it, more than any other vault.
Entry rules are the tightest in the book. A company must be posting more than $200M of annualised revenue, growing above 40%, and audited by a firm the House will name. Anchor has realised two positions already — Rippling and Databricks — and returned $280M of the House's $412M of realised gains from this vault alone.
Carrying Mark
1.14× on cost
Capital Deployed
$412.6M in this vault
Risk Tier
R2 · Senior
Capacity
82.5% of $500.0M
Members
284 allocating
Lead Exposure
Frontier at 28%
Lock-up
24 months
Capital deployed
$412.6M
Capacity
$500.0M
Carrying mark
1.14×
Members
284
Risk
The mark is 1.14×, the second lowest in the House, and that is a feature. Anchor buys close to the last primary and does not carry a position above the price a real buyer paid. It has never written a position up on a modelled comparable.
The exposure is timing. These companies will list, and the vault's return depends on the window they list into rather than on whether they survive. A closed market pushes the whole book out four to six quarters, and the 24-month lock-up exists so that a member cannot force a sale into that window. Two positions carry secondary bids at par today; the vault has not taken them.