# Living Capital

Navigation hub for the agentic investment vehicle design. Living Capital vehicles pair AI domain expertise with futarchy governance to direct capital toward mission-aligned investments at zero management fees.

See the detailed map: [[core/living-capital/_map]]

## Quick Navigation

**What it is:** [[Living Capital vehicles pair Living Agent domain expertise with futarchy-governed investment to direct capital toward crucial innovations]]

**The business model:** [[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]]

**Why zero-fee works:** [[token economics replacing management fees and carried interest creates natural meritocracy in investment governance]]

**Legal defense:** [[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 AI shift:** [[LLMs shift investment management from economies of scale to economies of edge because AI collapses the analyst labor cost that forced funds to accumulate AUM rather than generate alpha]]

**Market opportunity:** [[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]]
