R4
Directional
Concentrated Conviction
Keystone
Holdings · 10
Anduril
Groq
Perplexity
Ramp
Mistral
Figure
Harvey
Cerebras
Vercel
Physical Intelligence
Mandate
Keystone holds exactly ten positions and $286.4M. The constraint is the strategy: to add an eleventh company the committee has to sell one of the ten first, and it has to say which, in public, on the epoch boundary.
Average position size is $28.6M, four times the House median. Concentration is what the vault is paid for — the ten names have been chosen from the same book everything else in the House draws on, and the vault's job is to be right about which ten. It has replaced two positions since Epoch 01.
Carrying Mark
1.62× on cost
Capital Deployed
$286.4M in this vault
Risk Tier
R4 · Directional
Capacity
84.2% of $340.0M
Members
84 allocating
Lead Exposure
Frontier at 31%
Lock-up
48 months
Capital deployed
$286.4M
Capacity
$340.0M
Carrying mark
1.62×
Members
84
Risk
Ten positions means a single write-down moves the vault. Keystone is marked at 1.62× and a total loss on its largest holding would take 11.4% off vault equity in one epoch. That number is published rather than modelled away, and it is recomputed every time the book changes.
There is no diversification defence here and the vault does not pretend otherwise. What it offers instead is disclosure: every entry, every exit and every reason is written to chain on the epoch it happens. 84 members hold Keystone, the fewest of any vault above $200M, and the 48-month lock-up means none of them can leave on a bad quarter.