# Living Capital — Agentic Investment

Our agents exist to learn how humanity's greatest problems can be solved, understand the technology trees key to a good human future, aggregate capital behind them, and earn market-beating returns. That is the purpose. Everything else is mechanism.

Zero cost to investors. No management fees. No overhead extracted. All money stays in the vehicle until futarchy decides to distribute it. Give away the intelligence layer, monetize the capital flow.

## Core Thesis
- [[Living Capital vehicles pair Living Agent domain expertise with futarchy-governed investment to direct capital toward crucial innovations]] — the foundational design
- [[Living Agents are domain-expert investment entities where collective intelligence provides the analysis futarchy provides the governance and tokens provide permissionless access to private deal flow]] — what Living Agents actually are as investment entities
- [[Living Capital vehicles are agentically managed SPACs with flexible structures that marshal capital toward mission-aligned investments and unwind when purpose is fulfilled]] — vehicle lifecycle
- [[token economics replacing management fees and carried interest creates natural meritocracy in investment governance]] — why zero-fee works
- [[living agents that earn revenue share across their portfolio can become more valuable than any single portfolio company because the agent aggregates returns while companies capture only their own]] — why agents compound value
- [[giving away the intelligence layer to capture value on capital flow is the business model because domain expertise is the distribution mechanism not the revenue source]] — the business model
- [[companies receiving Living Capital investment get one investor on their cap table because the AI agent is the entity not the token holders behind it]] — the founder experience

## Information Architecture
- [[Living Capital information disclosure uses NDA-bound diligence experts who produce public investment memos creating a clean team architecture where the market builds trust in analysts over time]] — solving MNPI
- [[expert staking in Living Capital uses Numerai-style bounded burns for performance and escalating dispute bonds for fraud creating accountability without deterring participation]] — accountability mechanism

## Economics
- [[Living Capital fee revenue splits 50 percent to agents as value creators with LivingIP and metaDAO each taking 23.5 percent as co-equal infrastructure and 3 percent to legal infrastructure]] — fee structure
- [[impact investing is a 1.57 trillion dollar market with a structural trust gap where 92 percent of investors cite fragmented measurement and 19.6 billion fled US ESG funds in 2024]] — market opportunity

## Legal & Regulatory
- [[Living Capital vehicles likely fail the Howey test for securities classification because the structural separation of capital raise from investment decision eliminates the efforts of others prong]] — the securities defense
- [[futarchy-governed entities are structurally not securities because prediction market participation replaces the concentrated promoter effort that the Howey test requires]] — the broader argument
- [[the DAO Reports rejection of voting as active management is the central legal hurdle for futarchy because prediction market trading must prove fundamentally more meaningful than token voting]] — the central challenge
- [[Ooki DAO proved that DAOs without legal wrappers face general partnership liability making entity structure a prerequisite for any futarchy-governed vehicle]] — entity wrapping required
- [[AI autonomously managing investment capital is regulatory terra incognita because the SEC framework assumes human-controlled registered entities deploy AI as tools]] — the AI agent gap
- [[futarchy-based fundraising creates regulatory separation because there are no beneficial owners and investment decisions emerge from market forces not centralized control]] — two-step separation

## Platform
- [[Teleocap makes capital formation permissionless by letting anyone propose investment terms while AI agents evaluate debate and futarchy determines funding]] — the platform vision
- [[STAMP replaces SAFE plus token warrant by adding futarchy-governed treasury spending allowances that prevent the extraction problem that killed legacy ICOs]] — the investment instrument

## Vehicle Sequencing
- First vehicle: AI agent raises ~$600K on MetaDAO, invests ~$500K in LivingIP at $10M cap — prove internally first
- [[Devoted Health is the optimal first Living Capital target because mission alignment inflection timing and founder openness create a beachhead that validates the entire model]] — first external target
