R3
Balanced
Structured Exposure
Structure
Mandate
Structure buys the paper rather than the share. $214.9M across five companies, held as convertible notes, capped SAFEs and discounted secondaries — instruments that price the same asset with a preference in front of it. The average entry discount to the last primary is 17.4%.
The mandate is to be paid for patience and complexity. Every position here has either a valuation cap, a liquidation preference or a discount to the next round, and most have two. The vault will pass on a clean primary at the same price every time; if there is no structure, there is no trade.
Carrying Mark
1.24× on cost
Capital Deployed
$214.9M in this vault
Risk Tier
R3 · Balanced
Capacity
78.1% of $275.0M
Members
142 allocating
Lead Exposure
Compute at 38%
Lock-up
36 months
Capital deployed
$214.9M
Capacity
$275.0M
Carrying mark
1.24×
Members
142
Risk
A preference is only worth what the estate can pay. Structure publishes the full stack it sits inside for every position: how much capital ranks ahead of it, on what terms, and what the note converts into at each of three exit prices. That table is on chain, not in a data room.
The mark is 1.24×, deliberately conservative against a book whose instruments are hard to price. Two positions have been carried flat since entry because no round has repriced them, and the vault would rather show a flat mark than a modelled one. Lock-up is 36 months, which is the shortest term any of the notes runs.