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Caerwyn
Outlast & Outperform
notcaerwynscioyet.com

www.notcaerwynscioyet.com

Year one.

  • OE facility mapped & stress-tested — the loan against the OE stake sized, resize triggers tied to each funding round
  • Concentration risk quantified — exactly how much of the $1.71B rides on OE, and the staged path to diversify off it without a forced sale
  • Liquidity engineered around OE's calls — buffer sized so OE's cash needs never force selling a good position at a bad time
  • IPS diagnostic — financial + psychological, so the policy survives a drawdown & outlasts through many generations
  • Balance-sheet forensics & fee audit — every entity, every sub-account, every leak
  • Defensive perimeter — estate, QSBS, umbrella, security & privacy
  • Reporting platform picked/built
  • Moonshot sleeve chartered — the ≤2% asymmetric-bet allocation, funded only from realized gains
  • Friends of Caerwyn launches — scout network, co-invest access, and a warm-intro map
  • The Circuit begins — Milken · iConnections · GS/JPM summits · F1 — presence where co-invests actually trade hands
  • Dealflow CRM with a memory — every pass keeps its reasoning
  • Interim → strategic allocation — staged, with private-asset pacing
  • Tactical overlay live — put-writing, TLH, buffered notes
  • First direct closes — proprietary deals sourced through the network, not intermediated fund fees
  • Consolidated reporting live — daily recon, net of every fee, one screen every morning
  • Head of Private Markets search
  • IPS v2 & year-one review — re-underwritten against a year of real positions
The perimeter

Family office services.

The Capital.

Investable assets
$0
OE facility drawn
$0
Liquidity floor
$0
Unfunded
$0
Asset classValue% of AUMWhere held
Public equities$578M33.8%GS + ICONIQ
  S&P 500 core · TLH$245M14.3%GS only — wash-sale control
  Long/short A$130M7.6%GS
  Developed intl · USD-hedged$40M2.3%GS — EAFE direct-indexed
  Developed intl · unhedged + TLH$106M6.2%ICONIQ — distinct universe
  Emerging markets$20M1.2%ICONIQ
  Tactical discretionary$37M2.2%ICONIQ — opportunistic
Structured notes & overlay$170M9.9%GS + ICONIQ
  GS notes · buffered + autocall$112M6.5%GS
  Principal-protected · 18mo$58M3.4%ICONIQ
Put writing SMAunfunded—GS · overlay · ~$65M notional
Private credit$68M4.0%ICONIQ + Arch · 4% policy cap
  Direct lending$26M1.5%ICONIQ
  NAV lending$42M2.5%Arch
Municipal bonds$161M9.4%GS + ICONIQ
  CA/NY GO ladder$70M4.1%GS
  ICONIQ muni ladder$91M5.3%ICONIQ
PE funds & secondaries$257M15.0%Arch / iCapital + ICONIQ
Direct co-invest$75M4.4%Arch / iCapital
Real assets$85M5.0%Direct
Treasury & liquidity$316M18.5%GS + ICONIQ + treasury pool
  Gov MMFs$112M6.6%Treasury pool
  UST bill ladder · 4/8/13wk$64M3.7%Treasury pool
  Platform MMFs$120M7.0%GS $50M + ICONIQ $70M
  OE operating cash$20M1.2%OE draw account
→ Put writing SMA — unfunded overlay at GS, sized at ~10% of GS managed portfolio (~$65M notional). Systematic covered/uncovered puts on concentrated equity + index. Premium income, no capital deployed.
→ Premium is intentionally excluded above — the overlay generates real yield (~$3.8M/yr target), but it's left out of the cash-yield figures on this page to keep the base case conservative.
→ Structured notes — 18-month maximum tenor, by policy. Short-dated only; we harvest the payoff without locking up capital.
→ OE facility — $58M drawn against $185M committed. Serviced by credit cashflows + treasury. Coverage never drops below 3×.
→ Private-asset commitment planner. Pace commitments so the book self-funds — distributions fund new calls — and the steady-state allocation holds without over- or under-committing.
Portfolio J-curve · net cashflow by program year
Private book by sub-asset class · commitment vs. target
Fund-by-fund · pacing, structure & fees
→ Self-funded target: once distributions ≥ capital calls (est. year 6–7), the private book compounds without fresh cash from the balance sheet. Until then, the treasury sleeve pre-funds the net call.
Return basis
Illiquid privates
Period
Returns & risk · vs policy benchmark
Investment results · year to date
Deposits & withdrawals · year to date
→ External cash into and out of the portfolio — separate from investment gain. This is what the office actually costs and what funds it.
Current allocation
Target allocation
Annual inflow$10M
occasional OE distributions · asset sales · other
Annual outflow$40M
family office salaries & costs · debt service (facility + mortgages) · lifestyle · taxes
Risk profiles
→ Illustrative compound model. Low-vol 4% net · Conservative 6% · Moderate 9% · Aggressive 12% · Ultra-risky 15%. Net annual cashflow = inflow − outflow, applied each year, identical for both lines — only the return assumption differs.
Rate scenario
SOFR 4.30%
Click a facility for terms, deductibility & refi triggers · brass bars float with SOFR, olive bars are locked · illustrative
→ Plan illustrative, to revisit upon deeper dive.

Cash is King.

Caerwyn · Liquidity forecastAuto-synced to portfolio yield
→ Dividends & muni coupons reinvest inside the sleeves; cash yield (MMF + T-bills + credit distributions) is swept to fund OE, the facility, and family costs. Reinvest toggle below.
→ Put writing SMA premium is not included here — the overlay generates real income (~$3.8M/yr target) but it's left out of this cash-yield figure on purpose, to keep the liquidity forecast conservative. Treat it as upside, not a relied-upon source.
Illustrative · net position = starting cash + portfolio cash yield + inflows − outflows − facility service · the floor is $170M
FEE DIAGNOSIS
All-in fees / yr
$18.6M
visible + hidden
As % of investable assets
1.09%
on $1.71B
Negotiable — realistic
≈$3.3M/yr
six lines with real leverage
All-in after the push
≈0.90%
$32M+ over 10 yrs at compounding
Fee lineBaseRate$ / yrRoom to push
GS PWM advisory$647M~55 bps blended$3.6M≈$1.0M/yr · 40 bps is market at this size
ICONIQ advisory$476M~60 bps blended$2.9M≈$0.7M/yr · consolidation leverage, 45 bps target
Long/short sleeve A$130M1.25% + 15% perf$3.2M≈$0.5M/yr · T-bill hurdle + 3-yr crystallization
PE / VC fund management fees$280M committed~1.7% avg on commitments$4.8MLPA-locked; grow fee-free co-invest instead
Arch / iCapital platform access$306M~30 bps$0.9M≈$0.3M/yr · convert to flat fee
Structured notes — hidden spread~$170M rolled / yr~120 bps per print$2.0M≈$0.6M/yr · auction every print across 3+ issuers
Muni SMAs (GS + ICONIQ)$161M~15 bps$0.2MAt market
Put-writing SMA overlay~$65M notional~25 bps on notional$0.2MAt market
Custody, admin, reporting, tax prepbundledflat$0.4MRe-tender every 3 yrs
OE facility — commitment fee on undrawn$127M undrawn~35 bps$0.4M≈$0.2M/yr · right-size the committed line
Total≈1.09% all-in$18.6M≈$3.3M/yr realistic
→ The two advisory lines are the whole game — $6.5M of the $18.6M sits in GS + ICONIQ blended fees, and both are priced off stale tiers from when the book was half this size. One coordinated re-price conversation, run with the (real) alternative of moving the marginal dollar to the other custodian, is worth ≈$1.7M/yr on its own.
→ Hidden costs count too — the note program's issuer spread never shows up on a statement, but at ~$170M of annual rolls it's the third-largest fee in the structure. Competitive auction per print is standard practice at this size; issuers expect it.
Infrastructure

One screen, every entity, every morning.

As of 47 days ago · page 3 of 61
Caerwyn · ConsolidatedDaily reconciliation · 06:00 PT
Investable assets
$0.00B
+0.4% MTD · +7.8% YTD net
Facility coverage
0.0×
treasury / drawn
Unfunded commitments
$0M
12m calls: $54M
Cash & dry powder
$0M
$126M above floor
T+0 – T+7 · MMFs & bills
18%
T+30 · index equities & tactical
23%
T+90 · munis & notes roll-off
19%
1yr+ notice · L/S & private credit
16%
Illiquid / committed
24%
→ The facility never forces a sale. Dislocations = entry points.
Sleeve / managerAllocMTDYTDNote
S&P 500 core · direct-indexed$245M+1.1%+12.3%$9.4M losses banked YTD
Long/short A$130M+0.8%+10.6%concentrated · 18 names
Developed intl · EAFE hedged$40M+0.6%+9.1%GS · direct-indexed
Developed intl · EAFE unhedged$106M+0.9%+11.4%direct-indexed + TLH · FX tailwind
Emerging markets$20M+1.4%+13.7%highest-vol sleeve
Tactical discretionary$37M+0.5%+9.1%ICONIQ · opportunistic
Private credit$68M+0.7%+8.9%4% policy cap
Muni ladder$161M+0.3%+3.8%tax-equiv ≈ 6.4%
Liquid alts overlay$170M+0.4%+6.2%premium harvesting
Direct book · 16 pos.$417Mn/a1.15× TVPIquarterly marks
Equity beta
0.31
Credit spread
0.22
Rates duration
1.8y
FX · unhedged intl + EM
$126M
Stress · '22 redux
−11.2%
Stress · GFC redux
−15.7%
→ Both stress runs land inside −18% with the floor intact. Solved for, not lucky.
●
Intl TLH sweep — EAFE loss lots flagged at ICONIQ · distinct name universe, wash-sale clean vs the GS core.
●
Harvest window open — 14 lots in the S&P core · est. $2.1M banked by close · wash-sale clean.
●
Capital call $6.2M — T+9 · pre-funded from the T-bill ladder.
●
Buffered note rolls T+21 — three term sheets already priced.
Illustrative · Addepar / Allvue-class · multi-entity · attribution net of every fee · built once, compounds for a hundred years
Dealflow

A deal book with a memory.

Beyond the mandate

Upwards.

Maurice P. Adaime