Sporysh Capital
Investment
Patient minority positions, funded only out of surplus the house has actually earned.
Horizon
Years 7–15
IV · Patient positions and working capital
Capital
Capital is allocated only after it has been earned, with the time horizon and institutional void made explicit.
3 · Undertakings
Sporysh Trade Finance
Working capital
Letters of credit for counterparties no bank will look at. The institutional void, priced.
Horizon
Years 10–18
Sporysh Insurance
Underwriting
Crop and war-risk cover — the binding constraint on almost everything else in the register.
Horizon
Years 15–25