Fund II is thirty-two days old. Six portcos signed, twenty-four to go. The first-cohort impact-evidence regime sets the precedent for everything after. This case is about that regime.
article 9 · consumer impact · life × health × sustainability · sfdr 2.0 + uk sdr running in parallel
Three pillars. One social-objectives clause in every deal. Three different units of impact — and they have to compose twice.
- Life · access and affordability of life-essential products and services
- Health · the shift from reactive to preventative care
- Sustainability · resource efficiency and decarbonisation in large consumer industries
"founders creating positive system change."
Sourcing is solved — 47% of Fund I deals surfaced from 10,000 screened, top 5% global returns. The wedge sits one layer below: the impact-evidence layer.
Decarbonisation (tCO2e, LCA), preventative care (outcome cohorts, NHS adoption), access (equity metrics, cost delta) — three non-transferable regimes the Article 9 disclosure has to compose across.
SFDR 2.0 (COM(2025) 841 · 20 Nov 2025) replaces Article 9 with three categories for 2028 entry — inside Fund II's deployment cycle. UK SDR runs in parallel.
273 of 1,138 self-classified Article 9 funds were downgraded to Article 8 between Aug 2022 – Jan 2023. Consumer-impact carries the heaviest greenwashing-scrutiny burden in the remap. Fund II Day 32 is the moment the first-cohort regime gets designed.
Each row carries a different impact unit, baseline, verification regime, and remap path.
The Article 9 disclosure composes across rows; the regime per row is set per portco at term-sheet.
FIG. ── PER-PORTCO EVIDENCE REGIME · 4 ARCHETYPES × IMPACT UNIT · BASELINE · VERIFICATION · SFDR 2.0 REMAP
anchor portcos shown per row · regime set per portco at term-sheet · uk sdr label carried in parallel
Queryable Fund reads two primitives into the Eka stack — audit chain and methodology overlay. The regime stops being a memo.
Every impact-evidence event — LCA delivered, clinical study published, NHS partnership signed, fairness audit dated, tCO2e telemetry batch, social-objectives clause amendment — appends to a hash-chained log, mode-tagged with an SFDR 2.0 remap target. Append-only. Never-deletable. Auditor-ready without partners reconstructing from memos.
Per-portco regime spec as inspectable YAML — pillar, impact unit, baseline, verification, social-objectives clause, SFDR 2.0 remap target, UK SDR label. Dolan and Coker's term-sheet judgments encoded once; the sourcing layer, the Substack rhythm, and the LP report all compose from it.
FIG. ── AUDIT CHAIN · MODE-TAGGED · HASH-LINKED · APPEND-ONLY · NEVER-DELETABLE
The regulatory remap lands mid-cycle. Two regimes, one fund.
Day 32 of Fund II. Pressure-test the regime before portco seven.
The substrate answers in its own voice — the same primitive we'd install on one archetype row of one Eka portco. Not a demo. The actual reasoning surface.
STREAMING · κ ≥ 0.85 · ANONYMITY HOLDS · CITATIONS BY DEFAULT
A Phase 0 PoC scoped to one archetype row from §02 — one Eka portco's actual impact-evidence regime.
Delivered as an audit-chain stub plus one methodology-overlay YAML the GPs can mark up. This case is operator-anonymous. Open-ended timing; the page stays live.
If relevant, I can send a short async questionnaire — no call needed — and build a no-charge synthetic-data Phase 0 PoC "Eka AI OS". Within two weeks, replay one consumer-impact portco's evidence chain against the SFDR 2.0 + UK SDR remap before the first-cohort regime starts setting the precedent for portcos seven through thirty.
Published impact-carry formula meets non-linear evidence-chain growth — and an SFDR 2.0 replay.
Analytical reconstruction · Article 9 fund under impact-tied carry economics · methodology and audit-chain pattern. No live engagement. Design-partner slot open.
Multi-fund-family · cross-fund federation under one substrate · k ≥ 8 anonymity floor.