# Causara Decision Data Room **For Kai Golden** *Participation Framework Materials* May 2026 · Confidential · Not for external distribution ----- ## What this is This data room contains everything needed to evaluate the four-tier participation framework for an equity stake in the Causara platform. It is structured for independent review: every assumption is documented, every calculation traces to a source, and every input can be adjusted to test alternative scenarios. The materials cover two workstreams. First, the General Partner economics within Hydra Compute Capital across the three founding parties (CEI, Hydra, Kardeshev). Second, the four-tier ladder of scoped equity positions in Causara at progressive valuations and commitment sizes. ----- ## Recommended reading order **Step 1 — The deck.** *Causara_Participation_Proposal.pptx* The institutional presentation. Six slides covering the framing, the contribution matrix, the tier ladder, the deferred payment mechanic, and the capital flow architecture. Designed to be read in fifteen minutes. **Step 2 — The report.** *Causara_Participation_Report.docx* The full decision memorandum. Sixteen pages covering strategic context, the contribution matrix methodology, the valuation framework, tier-by-tier rationale, the deferred mechanic, capital flow architecture, risk assessment, implementation roadmap, and appendices including sources, sensitivity tables, and a glossary. Designed to support independent committee review. **Step 3 — The model.** *Causara_Decision_Model.xlsx* The dynamic financial model. Six sheets with 146 live formulas. Every assumption is exposed as a blue input cell; downstream calculations update automatically. Use this to test alternative scenarios. ----- ## Tier ladder at a glance |Tier |Scope |Valuation|Max cheque|Base IRR|Prob-weighted IRR| |----------|--------------------|---------|----------|--------|-----------------| |**Tier 1**|3 Hydra Compute SPVs|USD 1.5M |USD 0.5M |**56%** |**52%** | |**Tier 2**|7 Hydra Compute SPVs|USD 3.0M |USD 1.0M |**85%** |**77%** | |**Tier 3**|7 Hydra + HUMAIN |USD 15M |USD 5M |**103%**|**67%** | |**Tier 4**|Full platform |USD 40M |USD 15M |**71%** |**45%** | *Returns calculated at maximum cheque. Base case assumes 1.5x net MOIC. Probability-weighted IRR applies realisation probabilities of 90% (3 first Hydra), 75% (4 additional Hydra), 34% (HUMAIN post-MoM), 25% (Global Pipeline), 70% (Intelligence and Advisory).* ----- ## Mechanic in four points **1. Share sale, not capital raise.** Existing equity transfers from current holders to Kai. Cash flows to the seller; the entity cap structure is unchanged. No new shares are issued. **2. Deferred payment funded from distributions.** Tiers 2 to 4 use a deferred mechanism. Up to two thirds of the cheque is funded from Kai’s share of forward distributions over a defined window (3 / 5 / 7 years for Tiers 2 / 3 / 4 respectively). **3. No interest, principal only.** The deferred balance accrues no interest. Distributions are intercepted at the entity level to settle the deferred balance before any cash flows personally to Kai. **4. Window-end election made at signing.** Any residual at window end is either paid in cash or converted to stake reduction at the original entry valuation. Election is made at signing. ----- ## Methodology summary **Contribution matrix.** GP economics distribute across six rows: Foundation (60% weight, ownership-aligned) and five performance items (40% in aggregate, allocated ex post by contribution). Per-programme results: CEI captures ~33% on Hydra Series A, ~43% on HUMAIN, and Causara captures ~36% on Global Pipeline. **Valuation methodology.** Three industry-standard methods: probability-weighted discounted cash flow (primary), GP stake market comparables (cross-check), and probability-weighted scenario tree (for unsigned components). **Probability assumptions.** Calibrated against current commercial status: 3 first Hydra at 90% (contracted), 4 additional at 75% (pipeline identified), HUMAIN at 34% (post 21 May 2026 introductory meeting, decomposed across engagement / POC / scale-up steps), Global Pipeline at 25% (expected but not signed), Intelligence and Advisory at 70% (operating today). **Discount rates.** Hydra Series A 15% (AI infrastructure equity), HUMAIN 18% (sovereign-backed with GCC execution premium), Global Pipeline 25% (emerging manager / unsigned pipeline), Intelligence and Advisory 20% (growth tech). **Industry benchmarks.** Established GP stakes typically trade at 60-80% of NPV (Petershill / Blackstone Strategic Capital). Emerging managers at 40-60%. Alignment-priced positions at 20-40%. Current tier pricing: 17% / 16% / 35% / 37% of risk-adjusted NPV. Tiers 1 and 2 sit deliberately below the alignment floor. ----- ## Evidence base All material claims trace to these sources: - **Co-GP Hydra Compute Capital Signed Document, 4 April 2026.** Fund terms, programme structure, party ownership splits, and governance framework. - **Hydra Capital Strategy Deck, 2026.** Utilisation data (>90% across 60,000+ GPUs on Brokkr), pipeline data (USD 2.9 billion in qualified pipeline lost to supply constraints in 2025), IRR sensitivity tables. - **Minutes of Meeting MCIT × HUMAIN × HKCE, 21 May 2026.** HUMAIN engagement status, sequential commitment structure, follow-up commitments. - **CoreWeave Delayed Draw Term Loan, 31 March 2026.** USD 8.5 billion at A3 / A(low). AI infrastructure debt pricing benchmark used to calibrate equity discount rates. - **Industry comparables.** Petershill (Goldman Sachs), Blue Owl Capital (formerly Dyal), Blackstone Strategic Capital, Bonaccord Capital Partners. GP stake pricing conventions and NPV-discount benchmarks. ----- ## Files in this data room |File |Format |Purpose | |-----------------------------------|----------|-------------------------------------| |Causara_Participation_Proposal.pptx|PowerPoint|Six-slide institutional deck | |Causara_Participation_Report.docx |Word |Sixteen-page decision memorandum | |Causara_Decision_Model.xlsx |Excel |Dynamic financial model, 146 formulas| |README.md |Markdown |This document | ----- ## Next steps Selection of one of the four tiers, agreement to the deferred payment mechanism for Tiers 2 through 4, and confirmation of the maximum cheque within the tier. Signing follows confirmation of GP economics terms among CEI, Hydra, and Kardeshev. For questions on the methodology or the underlying assumptions, contact the Causara strategy team directly. ----- *Causara · Participation Framework · Confidential · CSR-001*