Late-stage US tech. Before the IPO.
Single-company SPVs and managed funds in Defense, Energy, AI, Robotics and Materials. For accredited investors and qualified purchasers.
Past performance is not indicative of future results. All figures shown reflect Fund I (2020 vintage, series LLC), unaudited, as of March 31, 2026.
Fee structure. Fund I is structured as a series LLC. All placement, administrative and management fees are embedded in the per-share purchase price paid by limited partners; the funded amount recorded on each investment already reflects the deduction of these fees. Carried interest is crystallized at realization. As of March 31, 2026, carry has been crystallized on realized distributions (Net DPI of 0.08x). No carry has yet crystallized on unrealized marks (RVPI of 2.49x); additional carry will crystallize at future exits.
Three performance bases. To provide a complete view of Fund I economics, performance is presented on three bases:
| Basis | TVPI | DPI | RVPI | XIRR |
|---|---|---|---|---|
| Gross (pre-carry) | 2.58x | 0.09x | 2.49x | 44.27% |
| Net actuals (SEC basis) | 2.57x | 0.08x | 2.49x | 44.18% |
| Illustrative net (post-liquidation) | 2.27x | 0.08x | 2.19x | 38.37% |
Gross (pre-carry) reflects performance before the application of any carried interest. Net actuals (SEC basis) reflects performance after all crystallized carry and fees actually taken as of the report date; this is the realized economic experience of limited partners to date. Illustrative net (post-liquidation) reflects illustrative performance assuming all remaining positions were liquidated at March 31, 2026 carrying values and full carried interest were crystallized across the portfolio. This is an illustrative scenario based on current unrealized marks, not a projection; actual exit values, timing, and resulting net performance may differ materially.
Individual position returns shown above represent extracted performance from Fund I and are displayed on a gross (pre-carry) basis. Annualized IRR per position is calculated from entry to the applicable exit event; best series shown per company where multiple series exist.
Investments in private securities are speculative, illiquid, and involve a high risk of loss, including the potential loss of all invested capital. Not all private companies will experience an IPO or other liquidity event. This communication is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any security. Any offer of securities will be made only through definitive offering documents. Available only to accredited investors as defined in Rule 501 of Regulation D and, where applicable, qualified purchasers as defined in Section 2(a)(51) of the Investment Company Act of 1940. See full disclosures for additional information.
A 5-year window into the companies critical to America's resilience.
A short-duration fund investing in late-stage US defense, energy resilience, and AI infrastructure. Secondary-focused for later-stage entry, with a 2030 maturity aligned to exit timing.
Selected Works
Featured Technologies Shaping the Future of Intelligence and Infrastructure
News and Articles
The article summarizes each company’s jurisdiction, reactor technology, fuel type, development stage, and most recently disclosed valuation, based on publicly available information and industry disclosures as of 2024–2026.