Est. $0.0005 per file · $0.04 across 80 files · rules 57 · cheap 19 · strong 4 · illustrative prices on fictional files. Rules are free. A cheap model covers the vague names. A strong model is only the escalations.
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Already in the brain 24 fictional files from the book
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Google Drive 20 files · Halden / IC room
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OneDrive 18 files · Halden / Portfolio boards
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Dropbox 18 files · Halden / Fund II
Ingestion linked Dear_limited_partners_Q2.pdf linked to LP Reporting classified Dear_limited_partners_Q2.pdf classified as LP letter (90%, rules · filename rules) reading Reading Dear_limited_partners_Q2.pdf arrived Dear_limited_partners_Q2.pdf arrived from Dropbox linked Relayline_comp_note.pdf linked to Relayline classified Relayline_comp_note.pdf classified as Market research (84%, rules · filename rules) reading Reading Relayline_comp_note.pdf arrived Relayline_comp_note.pdf arrived from Dropbox Categories Meeting or call notes 10 10 IC memo 4 4 DD report 4 4 Other 9 9 Board pack 7 7 Portfolio KPI report 11 11 Fund docs 10 10 Market research 6 6 Pitch deck 4 4 Financial model 2 2 Term sheet 2 2 Cap table 1 1 SAFE / SHA 1 1 Legal 4 4 LP letter 3 3 Capital call 2 2
Files Review queue (6) All Meeting or call notes IC memo DD report Other Board pack Portfolio KPI report Fund docs Market research Pitch deck Financial model Term sheet Cap table SAFE / SHA Legal LP letter Capital call
IC agenda — 22 October Foundry Runtime · Diligence · Thursday’s investment committee is Foundry Runtime only. Reserves are not on the agenda yet. Meeting or call notes · rules · 84% Foundry Runtime IC memo Foundry Runtime · IC Prep · Invest, conditional. €8m into an €18m round at a €72m pre. Two logos are 38% of the €2.1m run-rate. IC memo · rules · 94% Foundry founder call — Elena Voss Foundry Runtime · Diligence · The founders will not name the two logos on a recording. They will put the contracts in the room. Meeting or call notes · rules · 90% Foundry customer concentration Foundry Runtime · Diligence · Two logos are 38% of the €2.1m run-rate. The export does not show either contracted past twelve months. DD report · rules · 92% Affinity — Foundry Runtime Foundry Runtime · Sourcing · Owner Elena Voss. Stage: IC. Sourced from the infra cluster on the map, not a banker. Other · cheap · 66% Lumenstack monitoring note Lumenstack · Diligence · Lumenstack is the reference customer shape for Foundry: a workflow team, not a lab. Meeting or call notes · cheap · 80% Portico September board Portico · Portfolio Ops · Management floated a reserve. Tomasz did not grant one. The company is slowing, not failing loudly. Board pack · rules · 90% Portico October pack Portico · Portfolio Ops · Runway 7.4 months. About €6.4m of cash against €860k of monthly net burn. Growth has flattened. Portfolio KPI report · rules · 95% Northwind CFO — runway Northwind · Portfolio Ops · 8.1 months of cash. ARR €2.93m and barely moving. The €1m reserve stays frozen until there is a burn path. Portfolio KPI report · rules · 90% Cinder Bio account list Cinder Bio · Sourcing · Cinder already sits with three of the Oxford groups on Sable’s list of nine labs. Other · cheap · 64% Sable Bio — overlap flag Sable Bio · Sourcing · Owner Amira Shah. Already at partner meeting. Do not move it to diligence until the Cinder list is on the table. Other · cheap · 67% Echo cohort file Echo · Diligence · Second-order rate collapses when the acquisition credit is removed. GMV is not revenue. DD report · cheap · 83% Echo pass memo Echo · IC Prep · Passed. Thesis score 28. The round would have funded the incentive that created the cohort. IC memo · rules · 88% Pollen pass memo Pollen · IC Prep · Passed. Lisbon consumer companion. No system of record, no renewal. IC memo · rules · 86% Kiln exit memo Kiln · LP Reporting · Sold to Helio Energy. Cost €14m, proceeds €48.4m, 3.46x. Almost all of Fund II DPI. Fund docs · rules · 84% Q3 capital account Unlinked · LP Reporting · Paid-in €156m. Distributions €48.4m, all Kiln. Uncalled €84m. Fees accrued €16.4m. Fund docs · rules · 90% Market map note — Q3 Unlinked · Market Intelligence · Capital is leaving foundation models and pooling in inference, evals, and vertical workflow. Market research · rules · 87% Screening scorecard Unlinked · LP Reporting · Team 30, market 25, traction 25, moat 20. A weak thesis score is a pass even when the round is hot. Fund docs · rules · 93% Latticeform inbound Latticeform · Sourcing · Inbound from a plant director in the Kiln network. Industrial scheduling. Filed, not yet a meeting. Other · cheap · 41% · review Brava monthly pack Brava · Portfolio Ops · Twelve months of cash. The issue is pipeline coverage, not the balance sheet. Portfolio KPI report · rules · 86% Marlowe — bank renewals Marlowe · Diligence · Two bank renewals are unsigned. Eleven months of cash. The €3m reserve stays uncalled. Meeting or call notes · cheap · 78% Reserve policy Unlinked · LP Reporting · A reserve inside nine months of cash is a new investment. It needs a memo and a slot, not a board aside. Fund docs · rules · 91% PitchBook tape — applied AI, Europe Unlinked · Market Intelligence · Series A prices in workflow software stepped up in Q4 2025 and have not come back. Market research · cheap · 80% Scan — untitled page Unlinked · Sourcing · A photographed page. The text layer is thin and no company is named. Other · cheap · 31% · review Foundry_Runtime_Pitch.pdf Foundry Runtime · Sourcing · Pitch deck. Sovereign inference for teams that already chose the weights. The ask is €8m into an €18m Series A at a €72m pre. Pitch deck · rules · 93% Foundry_Runtime_Model.xlsx Foundry Runtime · Screening · Financial model. ARR €2.1m, gross margin 71%, two logos at 38% of revenue. The case breaks if either contract ends inside twelve months. Financial model · rules · 91% Foundry_Term_Sheet.pdf Foundry Runtime · Screening · Term sheet. €72m pre, 1x non-participating preference, pro-rata for major investors. Nothing here is signed. Term sheet · rules · 92% Foundry_Cap_Table.csv Foundry Runtime · Screening · Cap table. Founders still control the vote. The option pool is refreshed pre-money. No side letters in this export. Cap table · rules · 90% Foundry_Runtime_DD.docx Foundry Runtime · Diligence · Diligence report. Customer concentration is 38%. Neither large contract, on the paper in the room, runs past twelve months. DD report · rules · 90% Foundry_Founder_Call.eml Foundry Runtime · Diligence · Founder call. Elena will put the contracts in the data room. A verbal assurance does not count for Thursday. Meeting or call notes · rules · 88% Foundry_IC_Memo.pdf Foundry Runtime · IC Prep · IC memo. Invest, conditional, capped at €8m, and only if the two large logos are contracted past twelve months. IC is Thursday 22 October. IC memo · rules · 95% Sable_Bio_Pitch.pdf Sable Bio · Sourcing · Pitch deck. A lab workflow beside a machine the scientist already trusts. Do not own this and Cinder Bio. Pitch deck · rules · 90% Sable_Bio_SAFE.pdf Sable Bio · Screening · SAFE. Post-money cap, standard pro-rata. Counsel has not marked it up. Overlap with Cinder is the issue, not the paper. SAFE / SHA · rules · 86% Pollen_Term_Sheet.pdf Pollen · Screening · Term sheet on a consumer companion. Passed. Outside the mandate. Kept so the pass has a file, not a vibe. Term sheet · rules · 84% Echo_Pitch.pdf Echo · Sourcing · Pitch deck. Take-rate did not survive the cohort cut. Passed. The deck stays so the reason is written down. Pitch deck · rules · 89% Echo_cohort_workbook.xlsx Echo · Diligence · Workbook of cohort retention. The filename did not say diligence. The cheap model read the tabs and called it a DD cut. Take-rate falls after month four. DD report · cheap · 74% Helion_partner_notes.pdf Helion · Market Intelligence · Partner notes. Helion is a foundation-model watch, the opposite of the Foundry bet. The cheap model separated the two. We do not lead this. Meeting or call notes · cheap · 71% Latticeform_inbound.eml Latticeform · Sourcing · Inbound email. One plant, a promise of a second site, no attachment. Not safe to route. Other · cheap · 44% · review Notes_v7.pdf Unlinked · Sourcing · A scanned note with no title the filename rules could use. The cheap pass said other at 0.33. The strong model still will not name a company. Other · strong · 41% · review Q3_Market_Map.pdf Unlinked · Market Intelligence · Market map for Q3. Clusters only: inference, evals, vertical agents, health workflow. No company on this page is outside the fictional book. Market research · rules · 87% Foundry_counsel_markup.pdf Foundry Runtime · IC Prep · Counsel markup. The cheap model called it legal rather than a term sheet, because the commercial terms are already in the sheet and this file is comments. Legal · cheap · 68% Nimbus_Books_Pitch.pdf Nimbus Books · Sourcing · Pitch deck. Accounting workflow under Halcyon. Screening likes the wedge. Depth, not the demo, is the question. Pitch deck · rules · 88% Meridian_Pay_Model.xlsx Meridian Pay · Diligence · Financial model. €3.4m ARR, six lenders live. Loss rates are the diligence. The filename was enough. Financial model · rules · 90% Quorum_partner_meeting.eml Quorum · Screening · Partner meeting note. Bank support, narrow intents. Read Northwind's retention before anyone is charmed. Meeting or call notes · rules · 85% Portico_October_KPI.csv Portico · Portfolio Ops · October KPI report. Runway 7.4 months. ARR €6.03m. Net burn €860k. The 13-week cash view is still missing. Portfolio KPI report · rules · 95% Portico_September_Board.pptx Portico · Portfolio Ops · September board pack. Cash lasts 7.4 months. Tomasz did not grant a reserve. A cheque now is a new investment and needs its own memo. Board pack · rules · 91% Northwind_October_KPI.csv Northwind · Portfolio Ops · October KPI report. Runway 8.1 months. ARR €2.93m. Retention broke. Burn is still rising. Portfolio KPI report · rules · 90% Northwind_Board_Pack.pptx Northwind · Portfolio Ops · Board pack. The agent is not sitting in a system of record. That is the retention story, not a product slide. Board pack · rules · 88% Lumenstack_KPI.xlsx Lumenstack · Portfolio Ops · KPI workbook. Retrieval with residency. The reserve is the live question, not a new round story. Portfolio KPI report · rules · 92% Lumenstack_October_slides.pptx Lumenstack · Portfolio Ops · Slides without the words board pack. The cheap model read the agenda and the cash bridge and called it a board pack. Board pack · cheap · 73% Lumenstack_founder_note.eml Lumenstack · Portfolio Ops · Founder note. Pipeline coverage holds. Q4 bookings are the number, not the demo count. Meeting or call notes · rules · 84% Halcyon_KPI.csv Halcyon · Portfolio Ops · KPI export. FP&A workflow. UK logos are arriving ahead of the plan in the book. Portfolio KPI report · rules · 89% Kinship_Board_Pack.pptx Kinship Health · Portfolio Ops · Board pack. Clinical notes. One trust slipped a quarter. The rest of the book is on plan. Board pack · rules · 87% Marlowe_KPI.csv Marlowe · Portfolio Ops · KPI export. Bank evals. Growth has faded. The reserve stays frozen. Portfolio KPI report · rules · 86% Arcline_KPI.csv Arcline · Portfolio Ops · KPI export. Best retention in the book. The Series A dry-run can start. This is not a memo yet. Portfolio KPI report · rules · 90% Brava_Board_Pack.pptx Brava · Portfolio Ops · Board pack. Twelve months of cash. Good product, thin Series A story. Do not invent a round. Board pack · rules · 85% Cinder_monthly_export.xlsx Cinder Bio · Portfolio Ops · Monthly export with no KPI in the name. The cheap model matched burn, runway, and the portfolio folder and filed it as a KPI report. Portfolio KPI report · cheap · 70% Ione_Board_Pack.pptx Ione · Portfolio Ops · First board since the September close. Mark at cost. Too new to praise. The memo of record is the investment memo. Board pack · rules · 84% Thursday_cash_call.docx Portico · Portfolio Ops · The filename was only a weekday. The cheap model guessed meeting notes at 0.48. The strong model read the cash balance and linked it to Portico. Meeting or call notes · strong · 81% Brava_side_letter.pdf Brava · IC Prep · Side letter. Information rights and a pro-rata. No new economics. Filed as legal from the filename. Legal · rules · 83% Cinder_photo_of_whiteboard.jpg Cinder Bio · Portfolio Ops · Whiteboard photo from a lab visit. No text layer worth routing. A person can title it or drop it. Other · cheap · 52% · review Kiln_exit_schedule.xlsx Kiln Systems · LP Reporting · Exit schedule. Realised position. Proceeds €48.4m. This is history for the letter, not a live company update. Portfolio KPI report · rules · 86% Halden_LP_Letter_Q3.pdf Unlinked · LP Reporting · Quarterly letter. Fund II, fictional. Gross TVPI about 2.01x, net about 1.80x, DPI 0.31x. No limited partner on this page is a real institution. LP letter · rules · 93% Halden_Capital_Call.txt Unlinked · LP Reporting · Capital call notice. Please wire is in the text, which is why the filename rules beat the word call. Amounts match the fund file, not a bank. Capital call · rules · 94% Fund_II_LPA_excerpt.pdf Unlinked · LP Reporting · LPA excerpt. European waterfall, 8% pref, full catch-up, 20% carry. Illustrative. Not an executed partnership agreement. Fund docs · rules · 91% Q3_capital_account.pdf Unlinked · LP Reporting · Capital account statement for a fictional LP slot. Contributions, distributions, and residual value tie to the fund page. Fund docs · rules · 90% Kiln_distribution_notice.pdf Kiln Systems · LP Reporting · Distribution notice for the Kiln realisation. The pattern, not a live position. Fund docs · rules · 88% Sector_note_inference.pdf Unlinked · Market Intelligence · Sector note. Inference operations versus foundation models. Foundry is the first. Helion is the second. They are not the same bet. Market research · rules · 86% Reserve_policy.pdf Unlinked · IC Prep · Reserve policy. Inside nine months of cash, a reserve is a new investment and needs its own memo. Portico is the worked example. Fund docs · rules · 92% Screening_scorecard.pdf Unlinked · Screening · Scorecard. Team 30, market 25, traction 25, moat 20. The same weights as the deal pages. Fund docs · rules · 93% Draft_for_the_partners.docx Unlinked · LP Reporting · A draft with a vague name. The cheap model read the salutation and the TVPI line and filed it as an LP letter, not a memo. LP letter · cheap · 77% Side_letter_template.pdf Unlinked · LP Reporting · Blank side-letter template. No investor name. Legal, from the filename. Nothing here is countersigned. Legal · rules · 85% Wire_instructions_October.pdf Unlinked · LP Reporting · The cheap model called this other. The strong model saw the drawdown amount and the fund account label and filed it as a capital call. Illustrative account, not a real bank. Capital call · strong · 83% Madrid_legal_cluster.pdf Clausehall · Market Intelligence · Cluster note. Brava is in the book. Vellum is sourced. Clausehall is a watch. The cheap model marked it research rather than a deal file. Market research · cheap · 69% IC_agenda_22_October.eml Unlinked · IC Prep · IC agenda. Thursday 22 October, 09:30. Foundry Runtime only. Portico and Northwind are not papers unless a reserve memo exists. Meeting or call notes · rules · 90% Scan_untitled_page.pdf Unlinked · LP Reporting · Untitled scan. Filename rules missed. Cheap model said other. Strong model agreed and refused to invent a company. Other · strong · 36% · review PPM_excerpt.pdf Unlinked · LP Reporting · Private placement memorandum excerpt. Fund II target €240m. Fictional offering. Not a solicitation. Fund docs · rules · 89% Ione_closing_binder.pdf Ione · IC Prep · Closing binder. The cheap model split legal from fund docs because the dates are a September close, not a partnership agreement. Legal · cheap · 66% Relayline_comp_note.pdf Relayline · Market Intelligence · Comp note. Dublin GPU orchestration. Useful on contract length for Foundry. Not a meeting. Market research · rules · 84% Dear_limited_partners_Q2.pdf Unlinked · LP Reporting · Prior letter, kept so a skill can see what changed. Same fictional fund, one quarter earlier. LP letter · rules · 90%