Deck · Ledger
The full ledger
19 entries. Immutable — every conclusion keeps the inputs it was made with.
| Source | Subject / conclusion | Status | |||
|---|---|---|---|---|---|
| L-486 | Conclave | 2026-08-12 | Allocation #148 — Kestrel Buyout VI Allocation approved 24–6 in favour, $14M commitment | 82% (High) | neutral |
| L-485 | Pulse | 2026-08-12 | ERCOT queue reform Queue reform draft is a live falsifier for the grid-infrastructure thesis | 76% (High) | warn |
| L-481 | EZVC | 2026-08-11 | Hedgerow Logistics Tranche the investment on a milestone rather than lead the round outright | 64% (Medium) | neutral |
| L-472 | Northstar | 2026-08-06 | Grid infrastructure thesis Thesis v6 published: constraint-priced infrastructure is underwritten by queue timing, not subsidy | 79% (High) | good |
| L-402 | Conclave | 2026-07-04 | Private credit sleeve Private credit at 12% is safe given the Fed's hold; no trim required | 68% (High) | risk |
| L-448 | EZVC | 2026-06-19 | Fennec Compute Pass — entry price implies a 3.4x markup with no defensible moat | 58% (Medium) | good |
| L-433 | Conclave | 2026-05-28 | Private credit sleeve Trim direct-lending sleeve from 12% to 8% of NAV ahead of rate-cut cycle | 71% (High) | risk |
| L-377 | EZVC | 2026-02-12 | Loadstar Hold the original pass; re-underwriting not warranted | 39% (Low) | risk |
| L-368 | Drill | 2026-01-22 | Mistfall Robotics Customer references confirm renewal intent at 9 of 10 accounts | 88% (High) | good |
| L-355 | Northstar | 2025-12-03 | Fintech infrastructure thesis Fintech infrastructure is worth a second look given embedded-finance tailwinds | 54% (Medium) | warn |
| L-341 | Conclave | 2025-10-14 | Manager concentration cap 10% single-GP concentration cap is sufficient given current pipeline diversity | 61% (Medium) | warn |
| L-329 | EZVC | 2025-09-02 | Bramblewood Foods Strong interest — recommend lead on Series A at $9M pre | 74% (High) | good |
| L-311 | Pulse | 2025-07-19 | ERCOT queue timing Interconnection queue data confirms a 5.8-year timing advantage for early movers | 81% (High) | risk |
| L-298 | EZVC | 2025-06-11 | Real estate sleeve — proptech adjacency Real estate sleeve at 8% is defensible without proptech exposure | 57% (Medium) | warn |
| L-276 | Conclave | 2025-04-02 | Hedge sleeve convexity Hedge sleeve does not need explicit convexity given current macro regime | 49% (Low) | warn |
| L-260 | Drill | 2025-02-20 | Hedgerow Logistics financials Financials verified clean; no material discrepancies against data room | 84% (High) | good |
| L-241 | Northstar | 2025-01-08 | Grid infrastructure thesis Thesis v5: permitting reform is the key falsifier to monitor | 66% (Medium) | good |
| L-198 | EZVC | 2024-11-05 | Kestrel Buyout VI co-invest Co-invest scored 7.9/10 — recommend participation up to $6M | 70% (Medium) | good |
| L-175 | Conclave | 2024-09-01 | Infrastructure sleeve raise Raise infrastructure sleeve target from 4% to 9% of fund NAV | 73% (High) | good |
An overturned entry is never deleted. It links forward to the entry that replaced it.