The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · available

across 7 members — open each for the figure + sources

about Capital

aggregate of member nodes

Aggregate of 7 member claims — each member's sourced figures are below.


the working

Basis

aggregate of member nodes

Member claims 7

This is an aggregate — its evidence is the members' own claims.

  • SoftBank own cash+STI ¥5.36T (~$36B, Mar-2026) — levered against ¥25.4T (~$169B) total debt; plus …
  • MGX undrawn commitments toward the $100B AUM target; ~$50B raised (Jun-2026); state-backed dry …
  • BlackRock own corporate cash ~$9.8B (Q1-2026); free/deployable treasury ~$10B — ~0.06% of what it …
  • PIF deployable sovereign capital within the $900B AUM; funded by government injections + …
  • State Street own corporate liquidity sits inside a regulated G-SIB bank balance sheet — not separately …
  • Vanguard n/a — client-owned mutual structure with no external shareholders or dry powder; retains …
  • Fidelity own corporate capital is private (Johnson family ~40% + current/former employees ~60%); …

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A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Capital.