Special Purpose Vehicles

On the desk

The vehicle, its allocation and its documents.

Allocation and commitments on one screen; the operating agreement, subscription documents and side letters in the Legal tab.

HomeDealsSolenne · SPV+⌘K search · Elena M.

✓Terms✓SPV formed✓Soft circles4Commits5Funded6Closed

AllocationSourced

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Target$1.0M of $3.5M round

Lead commit$150k

Hard · soft$410k · $230k

Open$210k

Min ticket$10k

Carry · fee15% · 2%

Members

23 members · 6 shown⤢ ⋯

Member	Amount	Status
Member 014	$50,000	Hard
Member 031	$25,000	Hard
Member 052	$100,000	Hard
Member 008	$25,000	Soft
Member 019	$10,000	Soft
Member 027	$40,000	Hard

Company · SolenneSourced

Page →⤢ ⋯

Solenne

Clinically-backed sleep and recovery programmes.

RoundSeed · $3.5M at $18M post

Reference$0.90 ▼ −3.3%

ARR$1.2M · +75%

LeadSolace Ridge Partners

Documents

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Document	Status
SPV operating agreement	Signed
Subscription agreement	19 of 23
Side letter · lead	Signed
Form D (SPV)	At close

Pitch & memo

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▶

Pitch night recording · 25 min

9 Oct · transcript + Q&A

Play

§

Lead memo · Elena Marsh

4 pages · risks, why now, terms

Open

Thread2

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MO

Marcus Oyelaran10:12

Soft circles at $230k — three members asked about the carry split with the lead.

EM

Elena Marsh10:20

Answered in the deck: 15% carry, 2% one-off fee, lead takes none on its own cheque.

Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%

Reference prices · 16 of 3,109 on tapeProvenance onTue 14 Oct 2026 · 09:41 ET

Deal (SPV)

Allocation, commitments, documents, the company snapshot, pitch and thread.

HomeDealsAllocation types+⌘K search · Elena M.

DirectUse

Your entity on the cap table

Cheque$0.5M – $5M

Fees · carryNone

Info rightsMajor investor ≥ $2M

Cap-table lines1 per entity

ExampleHarbor & Vale → Quillon A

SPVUse

One line on the cap table, a K-1 per member

Cheque$10k – $250k per member

Fees · carry1–2% · 10–20%

Info rightsVia lead

Cap-table lines1 (the SPV)

ExampleFathomline A · 14 members

FundUse

Blind pool, LP commitment, capital calls

Cheque$1M – $25M commitment

Fees · carry2% · 20%

Info rightsQuarterly reporting

Cap-table linesNone (fund holds)

ExampleHarbor & Vale Fund II

Pro-rataUse

Keep ownership in the next round

ChequePro-rata of new round

Fees · carryNone

Info rightsUnchanged

Cap-table linesSame line

ExampleH&V pro-rata · Quillon A

SyndicateUse

Lead sources, members follow deal by deal

Cheque$5k – $100k

Fees · carry0–2% · 10–20%

Info rightsVia lead

Cap-table lines1 (SPV)

ExampleKestrel · Solenne seed

SecondaryUse

Buy existing shares from a holder

ChequeBlock size

Fees · carry0.5% platform

Info rightsAs the class carries

Cap-table linesTransfer of existing line

ExampleOrrin FO · 45,000 sh Quillon

Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%

Reference prices · 16 of 3,109 on tapeProvenance onTue 14 Oct 2026 · 09:41 ET

Allocation types

Direct, SPV, fund, pro-rata, syndicate, secondary — side by side.

HomeLegalCLMSide letter · Castellan+⌘K search · Elena M.

Side letter · Castellan Growth Partners · v4 (redline)In review

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1. Information rights

The Company shall deliver to the Investor, within 45 days after the end of each fiscal quarter, unaudited financial statements and the metrics set out in Schedule A, delivered through the Company's verified listing on Exchange.

2. Most-favoured nation

If the Company grants any investor in the Series A Preferred rights more favourable than those granted here, the Investor shall be entitled to the same rights, without exception excluding rights granted to Northgate Corporate Ventures under the commercial agreement dated 26 June 2025.

Counsel · Okafor LLP: carve-out acceptable; confirm Northgate agreement is on file in the data room.

3. Pro-rata rights

The Investor shall have the right to purchase its pro-rata share of any New Securities, exercisable through the Exchange round book within 10 business days of notice.

4. Board observer

Orrin Family Office may designate one non-voting observer to attend all board meetings, subject to customary confidentiality undertakings.

Key terms · extractedReview agent · confirm

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Term	Value
Information rights	45 days · quarterly · Schedule A	Confirmed
MFN	Yes · Northgate carve-out	Confirm
Pro-rata	Yes · 10 business days	Confirmed
Board observer	Orrin FO · non-voting	Confirmed
Governing law	Delaware	Confirmed

Signers

Maya Castellanos · QuillonPending

Nadia Ferreira · CastellanPending

Elena Marsh · Harbor & ValeAcknowledge

Versionsv4 · redline from Castellan counsel

Due20 Oct 2026

LinkedSeries A IRA · data room

Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%Quillon$4.25▲ +3.5%Aerolith$11.60▲ +1.2%Halvern Health$3.10▼ −1.8%Sablewood Energy$9.80▲ +0.6%Meridian Loom$3.60▲ +2.1%Corvid Labs$1.40▲ +6.9%Pellucid$5.20▼ −0.4%Tessaline$0.75— 0.0%Brightwater Labs$1.10▲ +1.0%Orison Mobility$8.20▼ −2.6%Fathomline$2.90▲ +0.8%Veridia$1.55▲ +4.1%Solenne$0.90▼ −3.3%Ironvale$14.30▲ +0.3%Nimbus Freight$2.40▲ +1.9%Cobalt Forge$1.75▲ +2.4%

Reference prices · 16 of 3,109 on tapeProvenance onTue 14 Oct 2026 · 09:41 ET

Operating agreement

Key terms extracted, counsel's redline, signers and status.

How it works

Term sheet → SPV formed → commits → funded → closed.

01FormEntity created under your management company; documents from templates.

02InviteMembers accredit and KYC once; reuse across deals.

03AllocateLead commit, member commits, carry, minimum ticket.

04ReportMarks from sourced events; K-1s routed to members and their CPAs.

Run your next vehicle on Exchange

Soft circles, commitments, documents and reporting in one place.

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Pool cheques into one line on the cap table.

The vehicle, its allocation and its documents.

Term sheet → SPV formed → commits → funded → closed.

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