You publish the impact-carry formula. The mathematics is clean. The evidence chain beneath it scales non-linearly with each new portco — and SFDR 2.0 will force a replay.
48 portcos · 5 vintages · one evidence chain
The formula scales; the evidence beneath each Rx reading does not.
Public: the formulas above, Article 9 status, 48 investments across 5 funds and 15 vintages, €270M AUM, bespoke KPIs per portco.
Each Rx reading and Tx target gets set, revised, re-weighted, or re-benchmarked as portcos pivot and methodology evolves. The mathematical surface stays clean. The evidence cadence beneath drifts unmeasured.
Carry calculation, LP reporting, and SFDR audit defense rest on Rx readings whose provenance lives in spreadsheets, emails, and founder updates. SFDR 2.0 — no grandfathering — will surface this.
The mathematics is the public layer. The evidence chain is the load-bearing layer.
Forty-eight portcos. Bespoke KPIs. Five fund vintages. Six senior investors rotating responsibilities. Founders pivot. Methodology evolves. Each Rx reading you booked last year may need to be reread next year against a refined target. The formula stays clean; the readings beneath it accumulate quiet revisions.
- AUDIT CHAIN
- every Rx reading hash-chained, append-only, never-deletable, with evidence mode tagged at emission [verified] [inferred] [model-derived] [stale] [contradictory].
- SCHEMA MIGRATION REPLAY
- methodology version bumps replay-tested against historical decisions. The formula stays public. What changes is what stands behind each reading.
FIG. ── AUDIT CHAIN · HASH-LINKED · APPEND-ONLY · NEVER-DELETABLE
built for SFDR 2.0 replay · before the requalification window opens
Pick one portco. We rebuild its Rx evidence chain in synthetic. You see the carry cliff coming or you don't.
Phase 0 is not a pilot. It is a two-week structural diagnostic against one portco of your choice — synthetic data only, your environment or ours, no production access required. The question it answers is narrow and load-bearing: under SFDR 2.0 requalification, does this portco's Rx evidence regime survive replay across two methodology versions, or does it drift into the carry cliff? Three artifacts come out the other side. You keep all three whether you continue or not.
ONE PORTCO · TWO METHODOLOGY VERSIONS · SYNTHETIC R_x · CARRY CLIFF MADE VISIBLE BEFORE IT COSTS A BASIS POINT
THE DIAGNOSTIC · WHAT TWO WEEKS PRODUCES
- 01Methodology overlay v0.1
Your portco's R_x, T_x, and w_x encoded as L2 YAML — the evidence regime made inspectable. One portco. Versioned. Portable. Yours unconditionally — runs in your environment without us.
- 02Synthetic-data replay
The audit chain populated against synthetic Rₓ readings across two methodology versions of the same portco — the carry cliff simulated before it costs you a basis point. No real portfolio data. Replay test demonstrated end-to-end. The drift is visible or it isn't.
- 03Risk-surfaced business case
Cost model framed against SFDR 2.0 requalification timing, LP audit-defensibility, and carry-tier evidentiary defense — risks named, not minimized. What Phase 1 would cost. What it would not solve. Where this approach breaks.
Pressure-test the proposition. Ask where the audit chain breaks.
The substrate answers in its own voice — the same primitive we'd install on your methodology. Not a demo. The actual reasoning surface.
STREAMING · κ ≥ 0.85 · ANONYMITY HOLDS · CITATIONS BY DEFAULT
If the pattern reads true, the next step is to test whether one portco is the right Phase 0 target.
If relevant, I can send a short async questionnaire — no call needed — and build a no-charge synthetic-data Phase 0 PoC "Ananda AI OS". Within two weeks, replay one AI-native portco's evidence chain against Article 6(1) before the notified bodies start citing it.
Analytical reconstruction · Article 9 fund under impact-tied carry economics · methodology and audit-chain pattern. No live engagement. Design-partner slot open.
Article 9 consumer impact at £80M · per-portco evidence reconstructability under SFDR 2.0.
Multi-fund-family · cross-fund federation under one substrate · k ≥ 8 anonymity floor.