R4
Directional
Secondaries
Momentum
Mandate
Momentum runs the shortest book in the House. $167.2M across seven companies, every position bought in the secondary market inside ninety days of a confirmed up round, and every one of them sized to be sold into the next one.
The signal is price, not narrative. A company enters when it prices a primary at least 60% above its last, and the vault buys employee stock at a discount to that new mark. Median holding period is 14 months against 3.4 years for the House. It realised ElevenLabs in Epoch 02 for $54M of gains.
Carrying Mark
1.51× on cost
Capital Deployed
$167.2M in this vault
Risk Tier
R4 · Directional
Capacity
76.0% of $220.0M
Members
109 allocating
Lead Exposure
Applied AI at 47%
Lock-up
12 months
Capital deployed
$167.2M
Capacity
$220.0M
Carrying mark
1.51×
Members
109
Risk
A momentum book turns over, so it pays fees and it takes the wrong side sometimes. Momentum is marked at 1.51× and has taken two down rounds since Epoch 02, the worse of them 22% on a single position. Both are still held.
The risk is that the signal inverts. When primaries stop repricing upward, this vault has no entry and its existing positions mark down to the next round rather than the last. Max drawdown to date is 9.4% of vault equity, recovered inside two epochs. The 12-month lock-up is the shortest of any equity strategy in the House, because a strategy this fast should not trap capital.