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.