How It Works

Solving Investor Access at Attractive Prices

Q: How does the fund construct the portfolio across 40-50 companies?

Portfolio construction targets diversification across sector (AI infrastructure, fintech, frontier hardware, applied AI), stage (Series D through pre-IPO), and time-to-exit (12–36 month liquidity horizon). Concentration limits cap any single position. Detailed targets are in the offering memorandum.

Q: What's the typical exit channel mix?

Modeled across five channels - IPO, tender, M&A, secondary sale, structured contract exit - with the mix weighted toward IPO and tender given the late-stage focus. Modeled return ranges per channel are shared with prospective investors in the Fund's due-diligence materials, not on this website.

Sourced from ~100 late-stage names, filtered to highly-screened employees, accessed at a discount, and constructed for diversification across 40–50 positions.

Aligned Incentives in Pre-Exit Access

Employee Potential Benefits

Non-Recourse Financing

Limited to exit proceeds - no personal liability.

No Monthly Payments

Repaid from exit proceeds, not cash flow.

No Out-of-Pocket Capital

No out-of-pocket cost to exercise.

Tax Liability Covered

Proceeds also cover personal tax bill.

Investor Potential Benefits

Access

Pre-Exit high-growth technology leaders.

Attractive Pricing

~50–70% discount to latest financing valuations - captured on past trades; the Fund seeks similar.

Downside Protection

Liquidation preference + equity kicker.

Diversified Exposure

40–50 late-stage technology leaders.

The Cap-U Fuel Innovation 100 invests exclusively in employee option exercise financings. There is NO intermediate scenario in which investors recover capital without a liquidity event. Key risks include: Company Failure: while late-stage companies have lower operational failure rates, they might face extended timelines to exit; Valuation Decline: Company valuation decline prior to exit creates principal loss; No secondary market exit; Counterparty Risk. Returns depend entirely on company success.

Targeting High-Growth Companies

Company Underwriting Universe

Three buckets we underwrite - Marquee, Thriving Off Radar, and Transformational AI Leaders. Illustrative targets, not current holdings.

MarqueeCompanies

ThrivingOff Radar

TransformationalAI Leaders

These companies represent ILLUSTRATIVE TARGETS based on Fuel’s investment thesis. Cap-U Fuel Innovation 100 makes NO representation it will invest in any of these companies. Investment in specific companies depends on: Employee financing availability, Company participation willingness, Due diligence approval, and Deal economics alignment. Final portfolio may include some, none, or different companies. Past Fuel performance is not indicative of Cap-U Fuel Innovation 100 results. All companies listed are survivors (survivorship bias); this list does not represent failed or underperforming portfolio companies. Investors should not rely on company names in making investment decisions. Base decisions on fund structure, management expertise, and risk tolerance for illiquid private investments.

Risk & Underwriting

We target highly-screened Silicon Valley employees

Two layers of defense for every contract: an inbound filter on the employee side and contractual capital protection on the investor side.

Filter + Protection Two layers of defense for every contract

Employee · Inbound Filter

Employee Underwriting Process

01

Employment Verification

Verification of job history, options and grant prices.

02

Automated Data Collection

Experian Credit Report & LexisNexis background check.

03

Initial Screening

Check overall credit score and comprehensive financial information.

04

Detailed Review

Examine existing credit lines (cards, loans), payment history, past due amounts, felonies, tax liens and fraud history, public records.

05

Risk Committee EvaluationBorderline Cases Only

Review scores between 630–670, consider extenuating circumstances.

Investor · Capital Protection

Counterparty Risk Management

01

Contractual Protective Clauses

Transfer restrictions and spousal consent.

02

Liquidity Preference

Fund holds first-priority rights to repayment.

03

Breach + Power of Attorney

Enables direct recovery of proceeds without counterparty cooperation or litigation.

04

Continuous Monitoring

Maintain periodic communication to monitor key changes.

05

Representation and Warranty

Legal recourse for undisclosed material information or fraud.

Employee underwriting involves proprietary credit analysis and background review. The fund’s ability to extend financing is contingent on successful underwriting and approval by the fund’s Risk Committee. Employees who do not meet underwriting criteria will be denied financing. Past approval by other lenders does not guarantee funding approval through the Cap-U Fuel Innovation 100. Financing terms, including interest rates and equity kickers, are subject to change based on market conditions and individual risk profiles.

Fuel Innovation Market 100 · Past Transactions

Negotiated Trades

Four representative transactions from Fuel’s execution book, recorded through Fuel Innovation Market 100. Company identities are withheld for confidentiality; sectors and figures are as recorded. Full trade details are available to accredited investors and qualified purchasers below.

Restricted · Reg D · Rule 506(c)

For Accredited Investors & Qualified Purchasers

The negotiated-trade details in this section - entry pricing, discounts to valuation, and unrealized MOIC from Fuel’s execution book - are available to accredited investors and qualified purchasers only.

First name Last name

Email Phone

Country of residence State / Province / Region

City Investor type

How do you qualify?

Intended investment Timeline

I confirm I am an accredited investor (SEC Rule 501 of Regulation D) or a qualified purchaser, and understand this offering is made under Rule 506(c), which requires third-party verification of accredited status — self-certification alone is not sufficient. I acknowledge that investing in private securities involves substantial risk of loss (including possible total loss), that the securities are illiquid, and that historical transaction data shown is not a guarantee of future results. I consent to be contacted by Capital United and its affiliates about this offering, and understand I may withdraw consent at any time.

Self-certification grants informational access only. Accredited-investor status is separately verified under Rule 506(c) before any subscription is accepted. See Disclosures.

Unrealized MOIC

AI

Artificial Intelligence

(Jan ’26)

22% Equity Kicker

1.25x (to closing 409A)

1.41x (to latest secondary)

RB

AI Robotics

(Mar ’26)

17% Equity Kicker

1.37x (to closing 409A)

2.31x (to latest secondary)

AD

Aerospace & Defense

(Dec ’25)

25% Equity Kicker

1.41x (to closing 409A)

2.41x (to latest Secondary)

CA

Cybersecurity AI

(Feb ’26)

20% Equity Kicker

1.33x (to closing 409A)

1.53x (to latest Secondary)

FIM 100 Exercised Price 409A Valuation Secondary / Preferred Capital Recovery Cap

HISTORICAL data - NOT actual or projected Cap-U Fuel Innovation 100 results. The negotiated transactions and valuations shown above were executed and recorded by Fuel Venture Capital through its investment vehicle, Fuel Innovation Market 100. The Cap-U Fuel Innovation 100 is a separate, newly formed fund that is designed to pursue the same strategy; however, it has no standalone performance record. Past performance of Fuel Venture Capital and its affiliated funds is not indicative of, and does not guarantee, future results for Cap-U Fuel Innovation 100. Cap-U Fuel Innovation 100 may achieve materially different valuations, discounts, MOICs, exit outcomes, or returns. Discounts to valuation do NOT protect against principal loss. MOIC (Multiple on Invested Capital) represents estimated unrealized value determined using portfolio company 409A valuations at the time of investment and subsequent secondary market indications from platforms such as the Nasdaq Private Markets. Gross = before management fees and carried interest. Source: Fuel Venture Capital (as of March 30, 2026).

Liquidity Pathways

Exit Channels

Not one fragile path. Cap-U Fuel underwrites companies with multiple liquidity options - any one path is sufficient.

- 01

Tender Offer

Structured offer to purchase shares directly from employees at a defined price.

Defined Price

- 02

Mergers & Acquisition

Strategic or financial buyer acquires full or majority stake.

Strategic / Financial Buyer

- 03

Public Listing / IPO

Shares listed on public exchanges; broadcast liquidity event for investors and employees.

Broadcast Liquidity

- 04

Secondary Sale

Existing shares sold to new investors in the private market; provides early liquidity pre-exit.

Early Liquidity

- 05

Contract Sale

Negotiated direct transfer of contract; typically bilateral with defined terms and timeline.

Bilateral Transfer

The exit channels described herein are presented for illustrative and informational purposes only and do not constitute a guarantee, prediction, or commitment that any specific liquidity event will occur. Actual exit outcomes will depend on a variety of factors outside the Fund’s control, including but not limited to market conditions, regulatory requirements, company performance, investor appetite, and macroeconomic environment. There is no assurance that any portfolio company will achieve a liquidity event through any of the channels described above, or that such an event will occur within any particular timeframe. Past performance of comparable transactions is not indicative of future results. This material is strictly private and confidential and is intended solely for the use of the individual or entity to which it is addressed. Any reproduction or distribution without the prior written consent of the Fund is strictly prohibited.

Process Questions

Common questions about how it works.

Sourcing, construction, exit.

How does Cap-U Fuel decide which companies to underwrite?

The Innovation 100 universe is filtered top-down from ~1,200 US private companies valued at $1B+ (per industry unicorn trackers) to roughly 100 names meeting four criteria: late-stage (Series D+), institutionally-backed, 12–36 months from a credible liquidity path, and accessible via Fuel Venture Capital's existing operator network. Final allocations weight thesis-fit, valuation discipline, and concentration limits.

What happens if a portfolio company doesn't reach an IPO?

The fund's exit channels include IPO, tender offer, M&A, secondary sale, and structured contractual exits. A company staying private longer than expected reduces IRR (Internal Rate of Return) but does not zero the position. The most material downside - full loss of capital on a position - occurs if the company fails entirely or the employee counterparty defaults on the financing contract.

How does the fund construct the portfolio across 40–50 companies?

Portfolio construction targets diversification across sector (AI infrastructure, fintech, frontier hardware, applied AI), stage (Series D through pre-IPO), and time-to-exit (12–36 month liquidity horizon). Concentration limits cap any single position to keep idiosyncratic exposure bounded. Detailed targets are in the offering memorandum.

What's the typical exit channel mix?

Modeled across the five channels - IPO, tender, M&A, secondary sale, structured contract exit - with the mix weighted toward IPO and tender given the late-stage focus. Modeled return ranges per channel are shared with prospective investors in the Fund’s due-diligence materials, not on this website.

Reg D · Rule 506(c) · Accredited

Request the offering materials.

Once verified, we’ll share the current pipeline, a sample subscription package, and the most recent investor update - under an NDA (Non-Disclosure Agreement).

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