Participation
framework for Kai
A four-tier scoped equity ladder in Causara, the consolidated holding company for the institutional AI infrastructure financing platform. Tier valuations span USD 1.5M to 40M, with maximum cheques from USD 0.5M to 15M. Structured as a share sale with a deferred payment mechanism funded from forward distributions.
Four scope-calibrated positions at progressive valuations.
Each tier carries its own scope, valuation, maximum cheque, and deferred payment structure. Kai selects one tier; selection determines the level of exposure across the platform's economic streams. Tiers 1 and 2 sit below the GP-stake alignment floor; tiers 3 and 4 sit within the alignment-priced range.
Full transaction structureContracted near-term economics. Cash only, no deferred.
Full Series A scope. Most attractive risk-adjusted tier.
Adds the HUMAIN Series B programme. 5-year deferred window.
Adds Global Pipeline plus Intelligence and Advisory. Direct Causara equity.
How a cheque from Kai reaches GP economics.
Three analytical pillars, every assumption documented.
GP economics distribute across foundation items (60%, ownership-aligned) and five performance items (40%, allocated ex post by contribution). Symmetric across both economic layers.
Layer 1 and Layer 2 GP economics per programme are projected, realisation probability weights applied to each component, and the result discounted at a risk-appropriate rate.
Tested against observable transactions and pricing conventions used by Petershill, Blue Owl Capital, Blackstone Strategic Capital, and Bonaccord Capital Partners.
Three artifacts, in order.
The deck frames the opportunity, the memo defends the methodology, the model lets you stress every input. All three live in the data room; the model also runs live on this site.
Tier selection and deferred mechanic election within 30 days.
The accompanying data room contains the institutional deck, the sixteen-page decision memorandum, and the dynamic Excel model with 146 live formulas. The model also runs live on this site — every blue input cell is editable, and downstream outputs recompute in the browser.