Required of the Partner and CIO: relative-value experience in a listed commodity complex, energy or metals preferred; direct experience with average-priced or index-settled contracts; and registerability with the CFTC and eligibility for NFA membership with a clean disciplinary record. A large prior book is explicitly not required. The bar is judgment across a full cycle, at single-digit millions.
| Provider | Scope |
|---|---|
| Futures commission merchant | Listed compute clearing, and per-contract economics |
| Clearing | CME Clearing, through the appointed futures commission merchant |
| Fund administrator | Independent net asset value and reporting |
| Auditor | Annual audit from the first fiscal year |
| Legal, formation | Delaware structure and offering documentation |
| Legal, CFTC and NFA | Registration or exemption, and the disclosure document |
| Tax | Partnership returns and investor reporting |
| Compliance | Fractional chief compliance officer, restricted list and surveillance |
| Insurance | Directors and officers, errors and omissions, and cyber |
| Execution technology | In-house systematic order management |
Campus development, power procurement and mobile generation.
Clients for structuring and physical basis research.
Pricing and interconnection insight where supply forms.
How these assets are underwritten and financed.
Methodology, panel composition, governance and cessation.
GPU-backed and data center lenders: the natural hedging clients.
| Segment | Their Exposure | What The Firm Provides |
|---|---|---|
| Neoclouds and GPU lessors | Long compute against dated debt | Sell-side hedging, liquidity facility sizing, basis mapping to the settlement index |
| GPU-backed lenders | Long residual value, with renewal risk past the contract | Covenant design, risk transfer, and independent marks |
| Developers and IPPs | The energy-to-compute spread on 2028 to 2029 projects | The development overlay: time-to-power, hedge program, cascade and two vehicles |
| AI labs and enterprise buyers | Short the front, and long unused capacity at the back | Nearby purchases, and deferred sales against spare committed capacity |
| Compute financing platforms and SPVs | Residual value and renewal risk across AI factory financing | Independent marks, portfolio hedge programs and covenant design |
| Managed account clients | A need for low-correlation exposure to a new complex | Relative-value accounts under the published capacity formula |
Every client conversation opens with liquidity facility sizing, ahead of the hedge ratio. A hedge is margined and the underlying asset is not, so the facility comes first or the hedge fails in exactly the scenario it was bought for.
Rulebook and index methodology diligence. Counsel clearance on conflicts. Futures commission merchant, administrator and auditor appointed. A simulated book and the daily process running on natural gas.
The listing month and the first settlement cycles recorded by an instrumented process: the only dataset on how this contract prices at birth.
The Partner and CIO joins as garden leave ends. The book trades at small size, resting orders only, alongside the first structuring and overlay mandates. The deliverable is a nine to twelve month administered record.
New client accounts open on the administered record. The pooled vehicle opens on the first GPU-backed credit agreement carrying a compute hedging covenant, sustained listed volume, and an audited record.
| Activity | How It Runs Without Listed Volume | Status In A Delay |
|---|---|---|
| OTC compute swaps and forwards | Bilateral trades under ISDA terms | Continues: already trading today |
| Residual value marks and advisory | Independent marks for lenders, lessors and guarantors | Unaffected |
| Natural gas and power calendars and basis | Liquid listed markets that carry the process and the early book | Unaffected, and absorbs early capacity |
| Hedging structuring and development overlay | Mandates priced on OTC cover and physical offtake | Unaffected: the largest revenue lines |
| Listed compute futures | H100 and B200 contracts on NYMEX | Resumes on listing |
Compute derivatives already trade bilaterally, and the largest revenue lines price on OTC cover and physical offtake. A slow or paused listing delays the pooled vehicle, not the business.
Process documentation, the provider stack, the conflicts architecture and the model are available to qualified counterparties under a confidentiality agreement.
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