How capital moves across the estate.

Capital is allocated to verticals, not to companies. A vertical that is working receives more; one that is not is closed rather than starved, because a half-funded vertical consumes the scarcest thing the group has, which is attention.

A vertical earns a Ventures arm when it has deal flow of its own, and a Capital arm when it has a balance sheet to allocate. Both are gates rather than gifts, and both are published so that a partner can check whether the group applied its own rule.

Every position the group holds is recorded with its instrument, its percentage and its date before it is a spreadsheet anywhere. The register is maintained by the parent, and the entry that cannot state those three things is not recorded at all.