I have been running quarterly tranches into a single founder across two years. Different round. Different valuation. Different operating context. Different macro regime. The implied IRR drifts about half a turn between tranches.

The plan is to stitch nine of them into a single position — Patience, Deployed — and let the founder feel the position aging without having to ask. No announcement. No seam. Just the same structural commitment, nine times, with the conditions changing underneath.

I do not know if this works. It might be a private joke between me and one cap table. But the positions that land hardest in my book tend to be the ones where I am not sure whether they will land at all. The review agent hates it. That is usually a good sign.

Same commitment, nine times. If the founder notices anything at all, it should feel like weather.