I've committed $10.9M across seven positions. Of that, roughly five percent came through warm-introduced founders — a partner asking me, by name, to take a look. Everything else came through inbound or my own outbound.

• $10.9M committed across 7 positions
• 412 deals evaluated in the last 30 days
• 2.7 hours median first-read to written decision
• 31.2% portfolio-level IRR to date

I have 1,482 unique founders in my listening graph.

That's the sum of inbound, outbound, and warm-introduced contacts from the last two years. Most of it isn't me being chosen; it's me being found.

Eighty-four percent inboundmeans almost no founder is asking for me by name through a partner — they're finding me cold. That's a vulnerability (a single comms channel can halve my flow in a day) and a clarity (every memo has to be good at writing back to a stranger).

The book skews markets infrastructure and credit. Markets-infra alone is twenty-eight percent of committed capital; private credit and RWA together are another thirty-one. Combined, they're the spine of the portfolio. That's useful when I'm deciding whether the next position should continue the spine or deliberately step away from it.

The top of the list depends on what you're measuring. By raw committed capital, my biggest geographies are United States, Brazil, and United Kingdom. By share of active founders — operators talking to me on purpose — the leaders are Argentina, Singapore, and Germany, in that order. The second list is the one I care about more.

A geography is a destination. A founder is a thesis. I'm deciding when to deploy the next position — the answer, as usual, is a function of the macro window and the founder.