For Article 9 funds where impact-tied carry meets LP scrutiny.
Our first production overlay. Live with an Article 9 SFDR fund operating under impact-tied carry economics — methodology now encoded, audit chain operational, reasoning queryable. The overlay encodes a specific fund's methodology. The architecture extends to any Article 9 fund with analogous structure.
FIG. 01 ── IMPACT SIGIL · SCORING · CARRY · VOICE
Three things every Article 9 fund deals with.
FIG. 02 ── REGULATOR · CARRY · LP MIX — WHERE PRESSURE LANDS
01
REGULATOR-DEFENSIBLE IMPACT REPORTING
SFDR Article 9 disclosure obligations are increasingly scrutinized. The audit trail behind every impact KPI must survive both your regulator and your most rigorous LP. Manual evidence chains break under load. Substrate audit chains don't. LP inspection rights are operationalized via D7 §12 (see /substrate §13 →).
02
IMPACT-TIED CARRY ECONOMICS
When a meaningful portion of GP carry is tied to impact-KPI delivery, the methodology behind those KPIs becomes the most economically consequential thing in the fund. It needs to be encoded, versioned, and replayable.
03
LP COMPOSITION COMPLEXITY
Article 9 funds have unusually diverse LP bases — impact-rigor specialists, foundations under their own SFDR cascades, family offices balancing returns and impact, insurers and pharma corporates with regulatory framings of their own. Per-tier voice calibration isn't optional.
What the Impact overlay encodes.
FIG. 03 ── OVERLAY ANATOMY · FIVE ENCODED CALL-OUTS
01
HEXFRAME-CLASS SCORING
Three-axis composite scoring framework with six sub-dimensions. Decision gates at thresholds for thesis-fit / diligence-pursue / IC-recommend. Cohen's κ weighted inter-rater target ≥ 0.85 between system and partners.
02
EVIDENCE-BASE INTEGRATIONS
PubMed E-utilities · ClinicalTrials.gov v2 · NICE evidence summaries · Cochrane Library. Counter-evidence search auto-triggers at the 0.85 – 0.90 confidence band. Every cited claim audit-chain-linked.
03
IMPACT ADVISORY COMMITTEE WORKFLOW
IAC composition encoded in overlay. Decision rights versioned. Impact Goal co-creation workflow at investment, with cadenced KPI revision authority. Disagreements between IAC and founder captured as artifacts, not papered over.
04
FOUR-TIER LP VOICE CALIBRATION
Tier 1 (rigor-first framing) · Tier 2 (regulatory-cascade framing) · Tier 3 (returns-balanced framing) · Tier 4 (institutional framing). Each tier requires 6–10 voice samples. The LP Reporter agent calibrates per-tier at draft time.
05
SFDR ARTICLE 9 AUDIT CHAIN
Every impact KPI movement timestamped, evidenced, replayable. LP letters cite audit chain IDs inline. Schema migrations preserve historical replay (past decisions stay defensible after overlay updates).
Eight KPIs. Measured continuously.
FIG. 04 ── KPI BAND · NOW → TARGET · ALL EIGHT ALIGNED
INBOUND TRIAGE
3×
vs partner baseline · weekly κ measurement
DECISION TURNAROUND
≤ 30 min
initial screen · partner-acknowledged
HEXFRAME SCORING
≤ 5 min
end-to-end per deal · with evidence trail
INTER-RATER κ
≥ 0.85
Cohen's κ weighted · system vs partners · bi-monthly
EVIDENCE COVERAGE
≥ 95%
claims with verified evidence-base
WELLBEING LEAD TIME
≤ 7 days
pre-crisis founder signal detection
AUDIT COVERAGE
100%
impact KPI movements with audit chain
PARTNER TIME FREED
+ 50%
time on founder-facing engagement
§ END ── IF THIS SOUNDS LIKE YOUR FUND