07 / 14 · The rise
Returns vs. New Capital
What compounding actually explains, against the size the fund reached. Roughly 88% of the growth was new money, not returns.
From the article Situational Awareness: The $45 Billion Blowup →
Tap to enlarge SourceSeed $225M, Sept 2024 · returns 1,000%+ since launch (WSJ) · AUM >$20B, June 2026 · compounding math: Boardroom Wire, from reported figures.