01 · The claim
AgenticAUM buys operational control of physical-economy infrastructure at the moment a succession or interconnection constraint sets the price.
02 · Why we can
Eight years of owner-operator relationships in healthcare succession and a queue-position dataset on grid interconnection that no comparable fund maintains.
03 · What we refuse
Anything priced on a technology cycle, and concentration risk that cannot be structured away. Both are documented failure modes in our own record.
04 · How we size
Illiquid exposure paced across at least three vintages. Never one commitment. Vintage spread, not sizing, is our diversifier.
05 · Falsifiers
If permitting reform compresses queue advantage below 24 months, or if succession supply in our two target regions falls below 40 owner-operators a year, this thesis stops being investable.
06 · Milestones
18 months: two interconnection assets energised. 36 months: three succession platforms at operational control with EBITDA above plan.