Guides, definitions
and calculators for creator revenue.

Independent media businesses built by creators across video, newsletters, podcasts and other channels. The Fund focuses on acquiring contractual rights to eligible creator revenue.

Revenue earned by a creator channel, which may include advertising, subscriptions, sponsorships and other income. A participation covers only the revenue defined in its agreement.

Through direct platform API access — daily analytics, verified revenue, audience and engagement data — without reliance on self-reporting. Revenue is platform-reported and settles monthly.

To de-risk a concentrated personal balance sheet, fund team and content investment, or monetize perpetuity value today. The creator keeps 100% ownership of the channel and every creative decision.

Key-person risk, platform concentration, ad-cycle correlation, adverse selection, competition for entry pricing, and asset-class maturity. The Fund thesis addresses each with a stated mitigant; none is eliminated.

A non-dilutive contract entitling the holder to a fixed percentage of a creator's revenue, in perpetuity or over a capped term. It is not a loan and not equity: there is no fixed repayment, no collateral and no governance right.

A security representing a participation in a creator's channel revenue, issued under an SEC exemption and recorded and transferred on tokenized rails. Holders receive their share of channel revenue as it is distributed.

A perpetual participation pays for as long as the channel earns. A capped participation pays until a defined term or return cap is reached. The Fund holds a mix of both to manage duration.

Directly from issuers through private placements. The applicable exemption is established by each issuer’s offering documents; it is separate from the Fund’s own Rule 506(c) offering. Where an issuer runs a concurrent Regulation Crowdfunding offering of the same instrument, the Fund purchases alongside it — never through the funding portal.

The supplied Target model uses a 4.30× blended acquisition multiple. Gross entry yield is the inverse of the multiple; it is a position-level figure before fees, not an LP return.

Representing ownership of a security as a digital record on a distributed ledger, so issuance, transfer and distribution can be automated. It is a settlement and transfer technology; it does not change what the security is.

Off-chain assets — Treasuries, credit, real estate, royalties, and here creator revenue participations — represented as digital securities. The cash flows come from the underlying asset, not the token.

Tokenization describes how ownership is recorded and transferred. It does not itself establish investor rights, eligibility or liquidity; those depend on the instrument and applicable rules.

The legal treatment of each instrument and offering depends on its structure and applicable securities rules. Request the current offering documents for the Fund’s structure and restrictions.

The secondary-market infrastructure described in the Fund materials. Confirm the operating legal entity, registrations, eligible instruments and current trading access during diligence.

The supplied materials describe GigaStar as the Fund’s issuance, distribution and secondary infrastructure partner. Confirm the scope of the relationship and service arrangements during diligence.

An alternative trading system: an SEC-regulated venue that matches buyers and sellers of securities outside a national exchange. It operates under Regulation ATS and is run by a registered broker-dealer.

The Fund may seek to sell underlying positions on a secondary venue. This is separate from repurchasing LP interests. A buyer, sale price or active market is not guaranteed. After a 36-month lock-up, investors may request repurchase through quarterly tenders, subject to limits, an audit holdback and the offering documents. A request does not guarantee payment or timing.

No. There is no guarantee of an active or liquid secondary market. Sellers may not find a buyer, and the sale price could be much lower than the amount invested.

Rule 501 includes several individual and entity categories. Individual examples include income above $200,000 ($300,000 with a spouse or spousal equivalent) in each of the prior two years with the same reasonably expected this year, net worth over $1M excluding a primary residence, and certain professional credentials in good standing. Entity tests depend on the category and additional conditions. A form response alone does not establish eligibility.

Rule 506(c) permits general solicitation, provided all purchasers are accredited investors and the issuer takes reasonable steps to verify that status. The Fund is offered under Rule 506(c). An inquiry form or self-certification alone does not complete verification.

Regulation Crowdfunding lets issuers raise up to $5M a year from the public through a registered funding portal, with investment limits for non-accredited investors. Regulation D offerings are private placements, chiefly to accredited investors.

Annually. Positions are held by a registered administrator, and NAV is validated by audit and by arm's-length new-LP subscriptions.