A vertical

The parent

The apex: the balance sheet, the register, and the human accountable for every entity below.

Properties5
Live1
FunctionsFormation, Capital

The parent does four things and nothing else — decides which verticals the group enters, forms the arms that build in them, convenes the industries they compete in, and supplies the permanent capital. It sells no product and acquires no users, which is why four families in its own charter are deliberately empty.

Two things here cannot be delegated to an operating group: the balance sheet, and the record of who answers for what. Everything else the parent could in principle stop doing without the estate noticing.


The properties


The gate

Not applicable. The parent is the thing that operates the gates rather than a vertical that passes them.

A vertical earns its own Ventures arm when it has deal flow of its own, and a Capital arm when it has a balance sheet to allocate. Neither is granted at formation, and both are published on the roadmap so a partner can check whether the group applied its own rule.


How it is wired

Draws on

Nothing. This vertical is a root of the estate graph.

All verticals →   The full register →