R1
Sovereign
Capital Preservation
Reserve
Holdings · 00
No company positions. Reserve is cash and bills, and it settles the same epoch it is called.
Every position →Mandate
Reserve holds $132.7M and owns no private company. That is the whole point. It is 82% cash and 18% tokenised bills, and it exists so that the other nine vaults never have to sell a position to fund a redemption or a follow-on.
Every allocation window draws from here first. When Keystone doubles into a marked-up round, the cash comes out of Reserve and the claim goes back in. When a member exits, Reserve settles it in the same epoch, at par, with no queue and no gate. The mandate is dull on purpose: a fund that cannot pay is a fund that cannot buy.
Carrying Mark
1.02× on cost
Capital Deployed
$132.7M in this vault
Risk Tier
R1 · Sovereign
Capacity
73.7% of $180.0M
Members
96 allocating
Lead Exposure
Cash at 82%
Lock-up
None. Same-epoch exit
Capital deployed
$132.7M
Capacity
$180.0M
Carrying mark
1.02×
Members
96
Risk
Reserve is marked at 1.02× and it will never be marked at more. The only return here is the bill yield, and the only exposure is the issuer of the bill. Composition, claims outstanding and the share redeemable inside one epoch are attested on chain every block.
No gate has ever been applied to this vault and none can be applied without a governance vote published a full epoch in advance. In the March drawdown the House drew $41.0M out of Reserve in four days and every call settled at par. 96 members hold it as the floor of their allocation, which is exactly what it is.