[ The book in numbers ]
Epoch 02 · Weighted hold 3.4 years · Next window Epoch 03
Net PnL since genesis
+38.4%
Capital deployed
$1.94B
Realised gains
$412M
Active positions
24
Max drawdown
−7.2%
Sharpe ratio
2.1
Members
1.24K
[ The Protocol ]

A vault is a strategy with capital behind it: one mandate, one risk tier, its own positions. Reserve settles the epoch it is called. Genesis holds for eighty-four months. Members allocate across the ten and hold a claim on each.
01
Ten Mandates
One strategy each. Reserve holds cash and no company. Genesis holds six positions for 84 months.
02
Five Risk Tiers
R1 to R5. Every vault carries exactly one, and states it before a member allocates a dollar.
03
Named Positions
24 private technology companies, $1.81B held. Every entry, size and vault is published.
04
Published Marks
A position is carried at the round that priced it, never at a model. The book marks at 1.38× cost.
05
Epoch Windows
Allocation opens on the epoch boundary, never between. The next window is Epoch 03.
06
Realised Gains
$412M back from 4 exits. Principal returns to Reserve, the gain routes to Compound.
[ Architecture ]
Read top to bottom · Four layers · One book
L0
1.24K members. Each allocates by risk tier and holds a claim per vault.
L1
10 mandates, rated R1 to R5. $1.94B deployed, 77.3% of stated capacity.
L2
24 private companies, $1.81B held. The balance sits in Reserve as cash.
L3
Every entry, mark and exit is written to chain on the epoch it happens.

$412.6M deployed · R2 Senior

$338.0M deployed · R3 Balanced

$286.4M deployed · R4 Directional

$214.9M deployed · R3 Balanced

$167.2M deployed · R4 Directional
[ Integrated across the chain ]
Custody · Oracles · Market makers · Wallets · Audit · RWA
Ironvault Custody
Helix Oracle
Kestrel Markets
Quiver Wallet
Halden Audit
Fenmark RWA
Tollgate Bridge
Ironvault Custody
Helix Oracle
Kestrel Markets
Quiver Wallet
Halden Audit
Fenmark RWA
Tollgate Bridge
Northgate Trust
Truepoint Feeds
Broadleaf Capital
Fletch Wallet
Sable Assurance
Bellrock Issuance
Merrow Relay
Northgate Trust
Truepoint Feeds
Broadleaf Capital
Fletch Wallet
Sable Assurance
Bellrock Issuance
Merrow Relay