Manager —
Non-custodial: the manager can trade this capital but can never withdraw your principal. Their only payout is a metered performance fee, minted as share dilution on realised gains only.
Withdrawal paths
Three independent ways your capital comes back. None require the manager’s consent.
- 1 · Cooldown redemption
Request a redemption any time; it’s claimable after the cooldown.
- 2 · Investor-majority revocationNot voted
If the vault’s election records an investor-majority revoke, redemptions become immediate and the manager loses trading authority. Latching it is permissionless.
- 3 · Term expiry
At the end of the manager’s term, trading authority auto-revokes and redemptions become immediate.
Performance fees
Fees are charged on realised profit only: when the manager recalls capital from the venue, any gain above the realised high-water mark mints fee shares to the manager and treasury. Unrealised mark gains pay nothing; a realised loss is never re-charged on recovery.