R3
Balanced
Evergreen Core
Perpetual
Mandate
Perpetual is the core book and the largest strategy after Anchor: $338.0M across six companies the House intends to own after they are public. It compounds rather than exits. A position is trimmed when it passes 30% of the vault and topped up when it falls under 8%, and that is the only trading the vault does.
Selection is narrow by design. A company enters Perpetual when it has priced three consecutive up rounds, holds gross margin above 60%, and sells to a market that is still growing faster than it is. Twenty-two names have been reviewed for this vault. Six are in it.
Carrying Mark
1.39× on cost
Capital Deployed
$338.0M in this vault
Risk Tier
R3 · Balanced
Capacity
80.5% of $420.0M
Members
231 allocating
Lead Exposure
Frontier at 26%
Lock-up
Evergreen
Capital deployed
$338.0M
Capacity
$420.0M
Carrying mark
1.39×
Members
231
Risk
The mark is 1.39× and it moves slowly, which is the point of an evergreen book. Perpetual publishes the round, the date and the price that set every position's carrying value, so a member can see whether a mark is a fresh primary or a two-year-old secondary before reading anything else.
The risk here is duration, not direction. Capital in Perpetual is committed for as long as the company stays private, and the weighted holding period across the vault is 4.1 years. There is no scheduled liquidity. Members who need a date should be in Anchor or Reserve, and the vault says so on the way in.