Strategy Hub
Internal Framework — Capital Formation

The Firma
Syndicate

How the Firma Public Investment Fund and investment syndicate deploy capital to deals — SPV mechanics, Economic Rights Token conversion, sovereign wealth fund co-investment, and the path from token market dependency to deal flow participation.

The Syndicate does not generate returns for investors. It deploys capital so that value flows to the people who created it, protects the IP that serves the public, and provides liquidity to participants who choose to exit — without the traditional investor route.
— Firma PIF Founding Principle
01 — Thesis

Capital Serves
the Deal

The Firma Syndicate is the capital deployment arm of the Firma ecosystem. It exists for one purpose: to move capital into deals that grow the network. Not to manage a portfolio. Not to generate fund-level returns. Not to accumulate control. Capital enters the Syndicate because there are deals to close — land to acquire, infrastructure to fund, sovereign partnerships to execute — and the Syndicate is the mechanism that makes those deals possible.

Every investor category — from founding members to sovereign wealth funds to anonymous LP participants — enters through a structure that aligns their capital with deal execution. No cap tables. No board seats. No dilution events. Capital participates in deals. Deals generate economic rights. Rights distribute perpetually.

01
Capital Deploys to Deals, Not Funds
Investors don't buy into a blind pool. Each SPV is formed around a specific deal — a land acquisition, an IP purchase, a sovereign infrastructure deployment. You see the deal before capital moves.
02
Economic Rights Replace Equity
Participants receive Economic Rights Tokens (ERTs) tied to deal performance — revenue share from land operations, licensing income from IP, yield from infrastructure. No equity exchanged. No cap table created.
03
Sovereign Co-Investment Is the Target
The Syndicate is structured to sit alongside sovereign wealth funds, not compete with them. SWFs bring institutional scale and sovereign credibility. The Syndicate brings deal origination, technology infrastructure, and settlement rails.
04
Token Market Dependency Ends
Existing investor relationships convert from speculative token positions to deal flow participation. Instead of hoping FIRMA appreciates, investors participate in real deals that generate real revenue — alongside institutional co-investors who validate the opportunity.
02 — Capital Vehicles

Three Ways
Capital Enters

The Syndicate accommodates three distinct capital channels. Each serves a different investor profile and risk appetite. Together they ensure that every category of capital — from patient sovereign money to liquid DeFi positions — has a clean path into deal participation.

⚖️
Firma PIF — Public Investment Fund
Lead Capital
The PIF is Firma's own deployment vehicle. It leads every deal — setting terms, conducting diligence, structuring the SPV. PIF capital comes from Firma's treasury, founding asset contributions (Bosonic, LiquidAcre, Roca Bank, RWA IP), and protocol revenue. The PIF does not have investors to pay back. It deploys capital to create collective value, and returns flow to all participants — not back to a fund manager.
Leads all SPVs No LP obligations First right of refusal Sets deal terms
🏛️
Sovereign Co-Investment SPVs
Institutional Scale
For deals that require institutional capital — sovereign land acquisitions, infrastructure deployments, nation-state partnerships — the Syndicate forms co-investment SPVs alongside sovereign wealth funds, family offices, and institutional allocators. Roca Bank handles the fiat side and bridges real-world assets to digital rails internationally. Bosonic provides ATS settlement. Firma Edge quantum-secures the record.
Deal-specific SPVs SWF co-investment Roca fiat settlement Bosonic ATS rails
🌊
Open Market LP Participation
Liquid Access
For capital that wants deal exposure without SPV commitment, the Syndicate offers LP positions in the Firma product stack pools. Trading fees from all collective activity flow to LPs. No equity, no cap table, no KYC required. Anonymous or institutional — the market mediates. This is how VCs enter without board seats and how DeFi capital participates without leaving its native environment.
No equity required Anonymous or KYC Fee income from activity DeFi-native access
03 — Deal Flow Pipeline

How Deals
Get Done

The Syndicate's deal pipeline runs through the partner infrastructure. SRI identifies territories. Network State Sim models them. LiquidAcre executes the deed-to-chain. Agents score and surface opportunities. The Foundation governs decisions. Capital deploys through the SPV that matches the deal.

DEAL ORIGINATION PIPELINE ═══════════════════════════════════════════════════════ SRI Intelligence Network State Sim Agent Scoring ┌─────────────┐ ┌──────────────┐ ┌─────────────┐ │ Geospatial │ │ Governance │ │ Deal Score │ │ Government │ ──────▶ │ Viability │ ──────▶ │ Risk Model │ │ Resources │ │ Infrastructure│ │ Opportunity │ └─────────────┘ └──────────────┘ └──────┬──────┘ │ ▼ ┌──────────────┐ │ Foundation │ │ Decision │ └──────┬───────┘ │ ┌──────────────────────────────┼──────────────────────────┐ │ │ │ ┌──────▼──────┐ ┌───────▼───────┐ ┌───────▼───────┐ │ PIF Lead │ │ Co-Invest │ │ LP Exposure │ │ (All Deals)│ │ SPV (Large) │ │ (Market) │ └─────────────┘ └───────────────┘ └───────────────┘
Land Acquisition
Sovereign territory acquisition for network state deployment. SRI validates the asset. LiquidAcre tokenizes the deed. SPV holds the property. ERTs distribute to participants based on land operations revenue — leasing, development, resource rights. Roca Bank handles international fiat settlement and holds both physical and digital assets.
SRI · LiquidAcre · Roca Bank · Firma Edge
IP Acquisition
Technology and patent acquisition for the 1ACCORD Commons. PIF purchases IP at fair value. IP enters the trust permanently. Open-source stays open. Strategic licensing generates collective revenue. Original creators receive perpetual revenue share through ERTs. The Syndicate's first right of refusal ensures aligned IP never goes to competitors.
1 ACC0RD IP Trust · Firma Foundation · Agent Valuation Engine
Infrastructure Deployment
Datacenters, solar installations, compute capacity, and communication infrastructure deployed into network state territories. These are the productive assets that back FIG — the reserve currency. Each deployment creates an Element: a digital fractional copy of the real-world asset that anyone can hold and earn from.
Firma Edge · FIG Reserve · Elements Market
Sovereign Partnership
Nation-state partnerships where Firma provides technology infrastructure and settlement rails in exchange for sovereign recognition, territory access, and institutional co-investment. These are the largest deals — requiring SWF co-investment SPVs and full partner stack deployment. SRI's 75 years of government relationships open the doors.
SRI · Roca Bank · Bosonic · All Settlement Rails
04 — SPV Mechanics

How an SPV
Actually Works

Every deal runs through a Special Purpose Vehicle. The SPV isolates risk, cleanly allocates economic rights, and gives each participant category a defined position. Here's the lifecycle of a Syndicate deal from origination to perpetual distribution.

01
Deal Surfaces
Agents ingest SRI intelligence and score the opportunity. Territory viability, legal status, governance stability, infrastructure readiness, and resource density are all modeled. Scored opportunities enter the deal queue. Foundation stewards review recommendations — not raw data.
02
SPV Formation
PIF leads the SPV and sets terms. The deal structure defines: total capital required, PIF allocation, co-investment allocation, ERT distribution schedule, settlement rails (Bosonic + Roca + Firma Edge), and the revenue model that will generate participant returns. Each SPV is a clean legal entity — one deal, one vehicle.
03
Capital Commitments
PIF commits lead capital. Sovereign co-investors commit alongside. Existing token holders can convert speculative positions to deal-specific ERTs — moving from market dependency to deal flow participation. LP pools receive secondary exposure through protocol-level fee routing from deal activity.
04
Deal Execution
Settlement triggers the full stack: Bosonic handles ATS on-chain transfer. Roca handles fiat escrow clearing and international RWA settlement. Firma Edge quantum-secures the deed record. LiquidAcre tokenizes the property rights. All settlement is automated — no manual coordination required.
05
ERT Distribution
Economic Rights Tokens issue to all SPV participants based on their capital commitment and the deal's ERT schedule. ERTs represent perpetual revenue share from the deal's productive output — land operations, licensing income, infrastructure yield. ERTs are on-chain, transferable, and composable with the broader Firma DeFi stack.
06
Perpetual Revenue Flow
As the deal generates revenue, distributions flow automatically to ERT holders in USDC on Base. No quarterly reports. No fund manager discretion. Revenue hits the smart contract, ERT holders receive their share. Agents monitor performance and surface any issues to Foundation governance. The deal runs independently.
05 — Investor Participation

Who Participates
and How

The Syndicate accommodates every category of capital — from founding members who've been in since day one, to sovereign wealth funds entering their first deal, to anonymous DeFi participants who want exposure without identity disclosure. Each path is structurally distinct.

Tier 01
Founding Members
Direct SPV participation in every deal
ERT conversion from existing token positions
Revenue share from day one of deal operations
Full KYC — direct relationship with Foundation
PR Act 60 / UAE tax optimization available
First access to co-investment opportunities
Tier 02
Sovereign Wealth Funds
Co-investment SPVs on institutional-scale deals
Roca Bank fiat settlement and RWA custody
SRI-validated asset intelligence
Firma Edge quantum-secured records
Deal-specific commitment — no blind pool
Institutional reporting and compliance
Tier 03
Existing Token Investors
ERT conversion path from FIRMA positions
Move from token speculation to deal flow
Revenue share replaces price appreciation dependency
Participate alongside SWFs, not against them
Gradual conversion — no forced liquidation
Keep remaining FIRMA for network access
Tier 04
Open Market / DeFi
LP positions in Firma product stack pools
Fee income from all collective deal activity
No KYC required — DeFi-native access
No equity, no cap table, no board exposure
VCs enter here without control obligations
Know Your Agent framework for compliance
The ERT Conversion Path
This is the critical mechanism for existing investors. Today, their positions are token-market-dependent — FIRMA appreciates or it doesn't, and returns are speculative. The Syndicate offers a conversion: exchange a portion of token holdings for Economic Rights Tokens tied to specific deals. Instead of hoping the market moves, investors participate in real revenue-generating deals alongside institutional co-investors who validate the opportunity. The conversion is voluntary, gradual, and deal-specific. No one is forced out of their token position. But the path from speculation to deal flow is open and clearly advantaged.
06 — Deployment Sequence

How Capital
Starts Moving

The Syndicate activates in sequence. Each phase proves the mechanics for the next. You can't deploy co-investment SPVs before the settlement stack works. You can't convert investors before there are deals to convert into. Start with the infrastructure. Prove it with a first deal. Then scale.

Phase 0
Now
Settlement Infrastructure
Bosonic ATS rails activated. Roca Bank fiat settlement and international RWA custody live. Firma Edge quantum security layer covering all transactions. SPV legal templates finalized. ERT smart contract deployed on Base. The pipes that capital flows through must work before capital flows.
Phase 1
Q2 2025
First PIF Deal
PIF leads the first SPV — likely a LiquidAcre land acquisition in an SRI-validated territory. Full settlement stack activated end-to-end. ERTs issued to founding participants. Revenue begins flowing. The model is proved with real capital moving through real rails into a real deal.
Phase 2
Q3 2025
Investor Conversion Opens
With a proven deal generating real revenue, the ERT conversion path opens to existing token investors. First deal's performance is visible and verifiable. Investors can convert a portion of FIRMA holdings to ERTs on the next deal. Token market dependency starts unwinding.
Phase 3
Q4 2025
First Co-Investment SPV
A sovereign-scale deal — territory acquisition or infrastructure deployment — triggers the first co-investment SPV. A sovereign wealth fund or institutional allocator commits alongside PIF. Roca Bank handles the fiat bridge. SRI provides the intelligence package. This is the deal that proves institutional capital can move through the Syndicate cleanly.
Phase 4
2026
Agentic Deal Engine
The deal pipeline runs autonomously. Agents score, structure, and surface opportunities. SPVs form around approved deals. Capital commits flow through smart contracts. Settlement executes automatically. ERT distributions are perpetual. The Syndicate operates as infrastructure — not as a fund that requires management.