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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.

Caerwyn · Capital map Consolidated · daily
Investable assets
$0
OE facility drawn
$0
Liquidity floor
$0
Unfunded
$0
→ Plan illustrative, to revisit upon deeper dive.
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
  Long/short B$75M4.4%ICONIQ
  Developed intl · USD-hedged$40M2.3%GS — EAFE direct-indexed
  Developed intl · unhedged$30M1.8%ICONIQ
  Emerging markets$20M1.2%ICONIQ
  Tactical discretionary$38M2.2%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. Treat it as upside, not a funding source.
→ Structured notes — 18-month maximum tenor, by policy. Short-dated only; we harvest the payoff without locking up capital. Never illiquid for long.
→ OE facility — $58M drawn against $185M committed. Serviced by credit cashflows + treasury. Coverage never drops below 3×.
→ All figures on this page are illustrative and will be re-underwritten against real positions, terms, and market conditions as they're finalized.
→ 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 into portfolio$10M
occasional OE distributions · asset sales · other
Annual outflow$25M
family office salaries & costs · debt service (facility + mortgages) · lifestyle · taxes
→ Illustrative compound model. Conservative 6% net · Moderate 9% · Aggressive 12%. Net annual cashflow = inflow − outflow, applied each year, identical for both lines — only the return assumption differs. Set "Current" to how the portfolio is allocated today and "Target" to the allocation under consideration, to see what the shift is worth.
Rate scenario
SOFR 4.30%
Click a facility for terms, deductibility & refi triggers · brass bars float with SOFR, olive bars are locked · illustrative

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.
Add a line
Illustrative · net position = starting cash + portfolio cash yield + inflows − outflows − facility service · the floor is $170M
→ The OE facility is load-bearing — it funds the operating entity's (OE) day-to-day operating activities, and servicing it sits ahead of family distributions in the waterfall. The CIO coordinates directly with the CFO on liquidity strategy, stress scenarios, and the long-arc capital structure plan behind it.
→ As the OE scales — through its Series A, eventual secondaries, and later liquidity events — deciding how those proceeds land (pay down the facility, recycle into new commitments, or bank as treasury) is a senior investment-side decision, not a bookkeeping one.
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
Long/short B$75M−0.3%+8.2%overlap flag ▲
Developed intl · EAFE hedged$40M+0.6%+9.1%GS · direct-indexed
Developed intl · EAFE unhedged$30M+0.9%+11.4%incl. FX tailwind
Emerging markets$20M+1.4%+13.7%highest-vol sleeve
Tactical discretionary$38M+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
L/S overlap · A×B
high
Stress · '22 redux
−11.2%
Stress · GFC redux
−15.7%
→ Both stress runs land inside −18% with the floor intact. Solved for, not lucky.
▲
Long/short B — name overlap with A crossed threshold. Review sizing this week.
●
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