Contribution matrix
How GP economics distribute across the three programmes and the two economic layers.
The contribution matrix distributes GP economics across foundation items (fixed by ownership) and performance items (allocated ex post based on actual contribution). Foundation items reflect ownership: if a party holds 30 per cent of the GP entity, it captures 30 per cent of foundation economics. Performance items are allocated by who performs the function; capital origination flows to whoever raises the capital, sovereign relationships flow to whoever holds the relationship.
| Item | Weight | CEI share | Hydra + K | Logic |
|---|---|---|---|---|
| Foundation (ownership-aligned) | 60% | 20pp | 40pp | Ownership baseline |
| Capital origination | 15% | ex post | ex post | By raiser. CEI raises ~50% via Lux and SG feeders |
| Offtake or guarantee origination | 10% | ex post | ex post | Series A 20/80, HUMAIN 80/20, Global Pipeline 50/50 |
| Sovereign or deal relationship | 5% | ex post | ex post | HUMAIN 100% CEI; Series A and Global 20% each |
| Vehicle structuring | 5% | 40% | 60% | Shared legal, tax, and domicile work |
| Asset operations | 5% | 0% | 100% | Hydra operating platform (Brokkr) |
Applying the matrix splits to each programme yields the following CEI shares of total GP economics. For Hydra Compute Series A, CEI captures approximately 33 per cent: 20 percentage points from foundation, 7.5 from capital origination, 2 from offtake, 1 from sovereign relationship, 2 from vehicle structuring, and zero from asset operations. For HUMAIN, CEI captures approximately 43 per cent: 20 percentage points from foundation, 7.5 from capital origination, 8 from offtake, 5 from sovereign relationship, 2 from vehicle structuring. For the Global Pipeline, Causara captures approximately 36 per cent through a similar matrix applied to a separate GP entity outside the HCC framework.
Both Layer 1 (transactional fees) and Layer 2 (recurring GP economics) are distributed through the matrix, symmetric across both economic layers. The party that does the work captures the corresponding share regardless of which layer the economics arise in.