How conviction moved, thesis by thesis

First synthesis identifies queue timing as a real edge, but with thin supporting data.

Infrastructure sleeve raised from 4% to 9% of fund NAV to capture early deal flow.

Two grid deals score 80+ in scoring; one funded (Kestrel Buyout VI adjacency).

Thesis v5 sets permitting reform as the explicit falsifier to monitor.

ERCOT queue data confirms the timing advantage sits at 5.8 years, ahead of expectations.