Executive summary
The participation framework offered to Kai Golden, covering GP economics across CEI, Hydra, and Kardeshev, and a four-tier scope ladder in Causara.
This memorandum sets out the participation framework offered to Kai Golden for an equity stake in the Causara platform. It covers two workstreams: General Partner economics within Hydra Compute Capital across the three founding parties (CEI, Hydra, and Kardeshev), and a four-tier scoped equity position in Causara at progressive valuations and commitment sizes.
Causara is the consolidated holding company for the institutional AI infrastructure financing platform. It contains three sub-entities: Intelligence (the proprietary causal AI platform), Advisory (research and consulting services), and HoldCo, which holds one third of Claymont Equivator Infrastructure. CEI is in turn the 30 per cent co-General Partner of Hydra Compute Capital. The four-tier participation ladder offers Kai a position in HoldCo for Tiers 1 to 3 and in Causara directly for Tier 4.
The participation is structured as a share sale at the valuation per tier. Existing equity transfers from current holders to Kai; cash flows to the seller; the entity cap structure is unchanged. Larger tiers carry a deferred payment mechanism funded from Kai's share of forward distributions, with cash exposure bounded by tier.
The framework rests on three analytical pillars. A contribution matrix distributes GP economics across foundation and performance items. A probability-weighted discounted cash flow valuation methodology calibrates tier prices against risk-adjusted Net Present Value. The tier valuations are tested against industry benchmarks for GP stake pricing, drawing on observable transactions and pricing conventions used by Petershill, Blue Owl Capital, and Bonaccord Capital Partners.