I
Sovereign collateral
We warehouse pristine digital collateral — monetary assets with credible issuance, deep settlement, and a social contract that survives a cycle. Speculation is a byproduct. Scarcity is the product.
Private markets desk · Est. cycle IV
Capital, composed with avian precision.
Royal Duck is a discretionary digital-asset house for principals who prefer silence to spectacle. We underwrite asymmetry, warehouse duration, and allocate across the cryptographic stack as if permanence were a design constraint rather than a slogan.
01 — The thesis
Liquidity is a temperament. We price it.
Most allocators confuse narrative beta with ownership. Royal Duck treats the cryptographic economy as a balance sheet: collateral, duration, reflexivity, and the quiet optionality that accrues to those who can wait without announcing that they are waiting.
II
Carry, not theatre
Basis, staking, and structured funding are harvested only when the spread compensates for path dependency. We do not rent yield from protocols we would not underwrite at zero coupon.
III
Asymmetric sleeves
A measured sleeve of venture, infrastructure equity, and distressed on-chain claims. Sized so that a zero does not interrogate the principal, and a multiple does not require a press release.
02 — Mandate
We do not chase the pond. We choose the waterline.
Royal Duck operates a long-horizon, multi-strategy mandate across spot reserves, market-neutral carry, and selective private exposure. Custody is segregated. Leverage is a tool, not an identity. Reporting is quarterly, prose is spare, and the crown is decorative only in the sense that all crowns are.
01
Reserve book
Programmatic accumulation of monetary cryptoassets against a volatility budget. Rebalanced by drawdown, not by headlines.
02
Neutral book
Cash-and-carry, staking overlays, and cross-venue basis where the counterparty graph has been walked, not assumed.
03
Private book
Infrastructure, custody technology, and settlement rails. Tickets reserved for principals already inside the mandate.
04
Treasury book
Short-duration dollar instruments and tokenized bills for principals who require optionality without theatrical yield.
03 — Indicative ledger
A composition, not a promise.
Figures below are illustrative composites for discussion with qualified principals. They are not an offer, a track record, or a suggestion that ducks compound.
| Sleeve | Weight | Role | Cycle |
|---|---|---|---|
| Monetary reserves | 46% | Duration | Compounding |
| Basis & carry | 22% | Income | Harvested |
| Staking overlay | 12% | Carry | Locked |
| Private rails | 11% | Optionality | Vintage 24–26 |
| Treasury bills | 9% | Dry powder | Liquid |
Risk budget
Where the quiet lives
Gross exposure is capped. Net exposure breathes with realized volatility. We would rather miss a pond than explain a drowning.
04 — Accession
Four gestures. No onboarding theatre.
Allocation is by introduction. We do not advertise minimums in public, because public is not the room.
01
Introduction
A principal, counsel, or family office writes. We reply if the mandate fits the temperament.
02
Memorandum
A private note on construction, custody, fees, and the things we will not do even if asked politely.
03
Subscription
KYC with a counterparty we already trust. Capital is called against a calendar, not a mood.
04
Stewardship
Quarterly letters. Annual conversation. No dashboards designed to be refreshed at 2 a.m.
05 — The council
Operators, not oracles.
A deliberately small partnership. Biographies are abbreviated because credentials are a lagging indicator.
AM
A. Moreau
Managing partner
Formerly macro, now allergic to it. Keeps the reserve book and the right to say no.
LK
L. Khoury
Head of carry
Built funding desks across three venues and one regrettable bull market. Prefers spreads to stories.
SV
S. Voss
Private markets
Infrastructure and settlement. Invests in the pipes, never in the parade that uses them.
RD
The Duck
Non-executive crest
Attends no meetings. Votes with silence. The crown is structural, not ceremonial.
06 — Principles
What we refuse, on principle.
—
No leveraged narratives
If a position requires a thread to remain solvent, it is not a position.
—
No borrowed reputation
We do not list advisors who have not read the book. The council signs what the council holds.
—
No yield without a counterparty
Every basis point has a name, a venue, and an exit that does not depend on the next depositor.
—
No public performance
Letters go to principals. The pond does not receive a newsletter.
07 — Memorandum, abridged
Questions we are asked before the room goes quiet.
Who is the mandate for?
Family offices, principals, and endowments with a multi-cycle horizon and a preference for custody they can name. Retail enthusiasm is a market feature we observe, not a client we onboard.
Where does the capital sit?
Segregated custody with institutional counterparties, plus a treasury sleeve in short-duration instruments. Exchange balances are operational, not ornamental, and are swept on a schedule rather than a feeling.
How is the fee constructed?
A modest management charge and a performance allocation above a stated hurdle, crystallized annually. We do not sell complexity as a product. The memorandum states the numbers; the website does not audition them.
Do you offer a token?
No. The crest is not a security, a governance instrument, or a community. If someone offers you a Royal Duck token, they are not us, and the pond is not deep.
What does “start investing” actually initiate?
A private introduction. From there, suitability, documentation, and a subscription window. Nothing on this page is an offer to the public, nor a solicitation where such a thing would be unwelcome.
The waterline
Begin the allocation.
Discretion is the first position. If the mandate resonates, request the memorandum and we will answer in prose, not in push notifications.
Start Investing