Capital
Asset managers + sovereign funds; command money they don't own.
The metrics
- Posture
- expanding — 6 of 7 (expanding 6 · consolidating 1) 7 members →
- Capital · available
- across 7 members — open each for the figure + sources 7 members →
- Capital · operating
- across 7 members — open each for the figure + sources 7 members →
- Capital · deployed
- across 7 members — open each for the figure + sources 7 members →
- Capital · in
- across 7 members — open each for the figure + sources 7 members →
- Capital · out
- across 7 members — open each for the figure + sources 7 members →
- Optionality
- across 7 members — open each for the figure + sources 7 members →
- Gravity
- across 7 members — open each for the figure + sources 7 members →
What's new this week
- SoftBank's $40B OpenAI loan added 21 lenders (Standard Chartered, GIC named) — expanding, NOT confirmed closed. (Bloomberg)
- Nvidia in talks to backstop up to $500B for a 10GW Ohio megasite (SB Energy/SoftBank; largest single-site figure on the map). The weekend's figure tangle resolves as THREE numbers: $250B guarantee · $500B total project · $350B separate chip-financing. Microsoft, Google, Anthropic are interested tenants, not backers — "Microsoft-backed" headlines overclaim. (CNBC)
- Meta + BlackRock formalized an $14B El Paso JV (80/20, off-balance-sheet) the day before Meta's earnings — the second use of the template; BlackRock also completed a $12.5B Meta bond. (Meta · CNBC)
- Meta + BlackRock: $14B El Paso JV (80/20, off-balance-sheet) + a completed $12.5B Meta bond — the day before Meta's print.
- FEC monthlies (F3X, through 06-30) filed 07-20: Oracle PAC · Micron PAC · Highmark PAC · BlackRock PAC — routine, on file.
Members 7
capital directs ~$150-160B (Vision Fund 1 ~$100B LP-heavy + VF2 + $40B OpenAI bridge) + owns 87.1% of Arm inside ~$200B …
- opt
- free but LEVERAGED — Son ~71% voting, deploys at will
- grav
- REAL not thin GROSS — Arm underpins world mobile silicon + …
All-in and cross-collateralized: the $40B OpenAI-stake loan (21 lenders and counting), the 10GW Ohio Stargate campus Nvidia may backstop, …
capital commands ~$100B target (~$50B raised)
- opt
- free/aggressive — state-backed (Mubadala + G42)
- grav
- GROSS — AI-infra anchoring (Stargate, GAIIP, Aligned $40B)
capital commands ~$15.3T AUM (Q2-2026) but owns only ~$170B (commands÷owns ≈ 90x) — the sharpest commands-vs-owns case …
- opt
- constrained — AUM is fiduciary/benchmark-bound (~64% …
- grav
- thin — Aladdin dependency ~$1.5B/yr tech-services rev (over …
Stopped just holding and started owning the buildout: GIP closed the $40B Aligned acquisition (with MGX/AIP), ran the $12.5B El Paso bond …
capital commands ~$900B AUM (targeting $1T+)
- opt
- free-ish but Vision-2030-directed
- grav
- real GROSS — NEOM + $45B into Vision Fund 1
Saudi sovereign wealth; power projected through capital, not product.
capital directs ~$5.4T AUM (SSGA) but administers ~$51.7T AUC/A in custody; owns ~$28B equity / ~$51B market cap …
- opt
- constrained — fiduciary; Big-Three index / SPDR
- grav
- thin GROSS — ~$13B/yr revenue ($51.7T custody is a monitored …
BlackRock-profile capital actor — commands >>> owns, fiduciary-constrained, thin gravity.
capital directs ~$10-12T AUM, owns ~$0 (client-owned at-cost mutual) — the most extreme commands-vs-owns on the board
- opt
- constrained/near-locked — index/passive, no free corporate …
- grav
- thin (extreme) GROSS — only the AUM depends on it
The most extreme commands-vs-owns case — client-owned mutual, directs $10-12T, owns ~nothing.
capital directs ~$7.0T discretionary + ~$17.9T AUA; private op-co (revenue $37.7B), ~40% Johnson family
- opt
- constrained-but-softer — active franchise + family control
- grav
- GROSS — the platform exception: 401k rails for 28,800+ …
Family-controlled private op-co; the platform exception among asset managers (401k rails).