R5
Frontier
Deep Tech
Frontier
Mandate
Frontier holds $118.5M across six companies building physical things: reactors, autonomous systems, humanoids and the data centres that power them. It is the second-highest tier in the House and it is marked at 1.96×, the strongest mark outside Genesis.
These companies fail on physics and on permits, not on product-market fit, so the vault underwrites differently. Diligence is technical and slow, cheques are large relative to the vault, and the first revenue is usually four years out. Frontier has passed on nineteen deep tech rounds since Epoch 02 and taken six.
Carrying Mark
1.96× on cost
Capital Deployed
$118.5M in this vault
Risk Tier
R5 · Frontier
Capacity
71.8% of $165.0M
Members
78 allocating
Lead Exposure
Frontier at 63%
Lock-up
60 months
Capital deployed
$118.5M
Capacity
$165.0M
Carrying mark
1.96×
Members
78
Risk
Deep tech does not fail gently. A reactor that does not reach net power is worth its scrap and its patents; a robotics programme that misses a customer milestone reprices 60% in a single round. Frontier sizes for that: no position exceeds 24% of the vault and the whole vault is 6.1% of capital deployed.
The lock-up is 60 months and it is real — there is no secondary market of any depth for most of this book, so a member who needs the money before the term is not going to get it. Every position publishes its next technical milestone and the date it is due, and a missed milestone marks the position down automatically until the next round prices it.