The record
Measured from the public book's first trading day — 24 May 2019 — so both books share one clock, time-weighted, against the S&P 500 with dividends reinvested. Winners and zeros alike — the pencil stays sharp either way.
| Book | Total return | Annualized | S&P 500 * | Spread |
|---|---|---|---|---|
Private book
Sixteen deals, carried at marks · daily NAV |
+520.5% | +29.3%/yr | +16.4%/yr | +12.9 |
Public book
Whole securities book, dividends and options included |
+216.2% | +17.6%/yr | +16.4%/yr | +1.2 |
Overall
Both books, transfers netted · $100 became $407,
versus $294 in the index |
+306.6% | +21.8%/yr | +16.4%/yr | +5.4 |
Everything we have done since 2016, grouped the way we think about it — each sleeve on its own clock, at deal economics.
| Sleeve | Total return | Multiple | Annualized | Since |
|---|---|---|---|---|
| Private holdings | ||||
Founders
AB Yard RE |
−20.0% | 0.8× | −22.9%/yr | 2016 |
Private real estate
Durbin Creek · Clover Basin · Val Fund Storage II · Northfield |
+93.0% | 1.9× | +25.3%/yr | 2016 |
Early-stage venture
Smartemis · SmartemisCP · Photon Vault |
+243.9% | 3.4× | +39.9%/yr | 2020 |
Mid-stage venture
NextAlim · Assembly Authority · Lung Therapeutics · Bloom Intelligence · ScreenMeet |
−26.0% | 0.7× | −5.3%/yr | 2018 |
Private credit
Weber Financing · Linden Terrace · Assembly Authority note |
−25.7% | 0.7× | −46.0%/yr | 2022 |
Private subtotal *
$5.51m invested · $4.04m returned · $6.45m held at
current marks · 1.9× on cash (+19.6%/yr money-weighted since 2016) |
+520.5% | +29.3%/yr | 2019 | |
| Public markets | ||||
US stocks
S&P 500 same window: +16.4%/yr |
+212.5% | +17.4%/yr | 2019 | |
European stocks
S&P 500 same window: +23.6%/yr |
+381.2% | +78.9%/yr | 2023 | |
Asian stocks
S&P 500 same window: +18.5%/yr |
+135.6% | +46.2%/yr | 2024 | |
Public debt |
+1.4% | +0.8%/yr † | 2019 | |
Public options
$25.0k premium income on written contracts, less $34.2k paid for purchased contracts (mostly index hedges) |
−$9.3k ‡ | — | 2019 | |
Public subtotal
Whole securities book, dividends and options included · $1.24m at market |
+216.2% | +17.6%/yr | 2019 | |
* The headline table measures both books over their common window — 24 May 2019, the public book's first trading day, through the as-of date — as chained daily time-weighted returns, the same method fund managers use, so the figures are directly comparable to an index. The private book enters at its then-carrying value ($0.82m); transfers between the books are netted as internal. The index column is the S&P 500 via SPY with dividends reinvested, over the identical dates; spread is percentage points per year. Over the full history (since April 2016) the overall book is +312.6% total, +14.8%/yr time-weighted and +17.5%/yr money-weighted — the early years carry the entry haircuts of a small, all-private base.
Private sleeves are computed from actual deal cash flows: total return is (cash returned + remaining value) ÷ invested, annualized is the IRR of those dated flows with current marks as terminal value. The private subtotal is the same computation across all sixteen deals.
Public sleeves are time-weighted daily returns of the securities book, dividends included; the public subtotal is the whole-book series — the same one charted in the quarterly reports. † Public debt is annualized over the periods it was actually deployed — Treasury bills held opportunistically, not a standing allocation.
‡ Options are realized profit and loss from the contract book: premium on a written contract is earned in full when it expires; a purchased contract expiring worthless costs its premium. There is no capital base to divide by, so no percentage is shown.
The private book's daily NAV follows the full mark history — dated marks migrated from the ASSET workbook's expected-return factors together with the quarterly-report re-marks, owner-reviewed and re-baselined in August 2026 (the house convention marks each new deal at 0.75× cost on entry, steps it up as it matures, and zeroes it at exit). In the sleeve table, individual sleeves are shown on their own clock at deal economics — money-weighted, since first dollar in — while the two subtotal rows are the common-window time-weighted series, so they match the headline table above. Net gain across everything, in dollars: +$6.50m over cash deployed.