Q1 2026
Quarterly letter
Q1 2026: opening Fund I
Fund I opened to outside investors this quarter. What we built, the limits we set and who sets them.
Fund I opened to outside investors this quarter, with founders terms for the first $50M of commitments.
The fund runs on four hard limits that sit outside the software. The agents work inside them and cannot change them. Only the risk committee can.
Every position comes with the sentence that started it. Investors can read all of it in the portal.