May 2026
·
Wednesday, the 20th
S
Starbridge Global
Live
Commitments this week
$1.8M
Pending wires
$3.4M
Mgmt fee run rate
$248K
Signals today
8
Morning brief
Auto generated
06:04 am
You asked at 05:47show me what needs my attention today
Saronic Series D closed Friday, $2.4M wired across 12 LPs. Focus now is on Prometheus closing next Wednesday through the Basis family and getting LP elections in on SpaceX before the Jun 8 roadshow. Hannah Kim has soft committed $500K on Prometheus, draft confirmation below.
Pipeline
3 upcoming
View all →
LP Portal
live
Preview →
Avg engagement
4.2x / month
Active LPs
638 of 818
Active deals
View all →
| Deal | Status | Committed | LPs | Updated |
|---|---|---|---|---|
Prometheus |
Pending wires | $3.4M | 22 | 3h |
Saronic defense |
Closed May 15 | $2.4M | 12 | 5d |
Anthropic secondary |
Open | $800K | 5 | 1d |
Helion Series D |
Sourcing | — | 3 | 3d |
SpaceX primary |
Closed Apr 28 | $3.2M | 18 | 14d |
Signals
Auto
View all →
N
Nick Chen moved from Amazon to Anthropic
Warm re engagement for Anthropic secondary. You last spoke 14 months ago.
5H AGO
M
Matt at Viva published on defense tech allocation
Aligns with Saronic thesis. Warm forward ready for 8 LPs in the network.
1D AGO
Pipeline
·
All sources
Deals
Active
3
In flight
$4.2M
Closed YTD
$5.6M
Avg close time
9d
All deals
| Deal | Stage | Status | Committed | LPs | Updated |
|---|---|---|---|---|---|
Prometheus |
Series A | Pending wires | $3.4M | 22 | 3h |
Anthropic secondary |
Secondary | Open | $800K | 5 | 1d |
Saronic defense |
Series D | Closed May 15 | $2.4M | 12 | 5d |
Helion Series D |
Series D | Sourcing | — | 3 | 3d |
SpaceX primary |
Primary | Closed Apr 28 | $3.2M | 18 | 14d |
Closed at
$2.4M
12 of 12 wires received
LPs in
12
avg $200K
Final close
May 15
on schedule
Valuation
$9.25B
post money
Memo
View full memo →
Saronic builds autonomous maritime vessels for the US Navy and allied defense forces. Series D leads Kleiner Perkins with Andreessen, 8VC, Bessemer, Advent and DFJ Growth following on. We are coming in through the Stephens syndicate at a $9.25B post. The $392M Navy MUSV contract and the Port Alpha shipyard expansion underwrite the production ramp through 2027.
Strategic asset signals
last 30 days
Contract
$392M Navy MUSV contract awarded
Production ramp through 2027·May 8·Defense News
Capex
Port Alpha shipyard breaks ground
300K sqft autonomous vessel manufacturing·Apr 17·company release
Hire
Former Navy admiral joins board
Adds DoD procurement depth ahead of Port Alpha ramp·Apr 10·USNI News
Competitive
L3Harris reportedly spinning up autonomous vessel program
Validates the market category, Saronic still leads on production capacity·Apr 28·Sarah Martinez intel
Partnership
Joint exercise announcement with Australian Navy
AUKUS expansion opportunity·Apr 22·defense wire
IOI commitment ladder
| LP | Check | Status | Date |
|---|---|---|---|
HK Hannah Kim |
$500K | Wired | May 14 |
DL David Liu |
$300K | Wired | May 4 |
SM Sarah Martinez |
$250K | Wired | May 14 |
NC Nick Chen |
$200K | Interested | May 8 |
Sydecar execution
SPV created
KYC complete
Wire collection
Final close
Activity
Auto captured
Voice memo · lunch with Hannah Kim
She said defense tech is her highest conviction area for 2026. Wants $500K. Asked specifically about the $392M Navy MUSV contract and whether the Series D mark embeds the Port Alpha capex.
David Liu wired $300K
Sydecar confirmed receipt. 38 hours from first outreach.
Memo distributed to 18 LPs
14 unique viewers, 8 returned more than once.
Network
·
All tiers
LPs
Active investors
62
Re engaged this month
8
Avg check size
$185K
Top decile share
38%
Active investors
| LP | Tier | Total committed | Deals | Last contact |
|---|---|---|---|---|
HK Hannah Kim |
Strong | $1.85M | 5 | 2d |
DL David Liu |
Strong | $1.40M | 4 | 5d |
SM Sarah Martinez |
Growing | $650K | 3 | 1w |
NC Nick Chen |
Re engaged | $425K | 2 | 5h |
RP Rajul Patel |
Strong | $1.20M | 5 | 3d |
Relationship
Strong
Total committed
$1.85M
Deals
5
Avg check
$370K
Response time
2.3d
Context
Portfolio position
cross deal
View as Hannah →
Capital deployed
$1.85M
across 5 positions
Current value
$4.85M
last marks May 20
Unrealized P&L
+$3.00M
+162% vs cost basis
IRR
47.3%
since inception (Feb 25)
Quarterly check in
Q2 2026
Q1 statement delivered
Mar 31·opened twice
In person catch up
Cotogna lunch May 8·via Granola
Q2 statement prep
draft ready May 20·send by May 30
SpaceX election follow up
awaiting shares vs cash election·by May 30
Prometheus confirmation
$500K soft commit pending wire instructions
Deal history
| Deal | Check | Status | Date |
|---|---|---|---|
Saronic defense |
$500K | Closed | May 15 |
SpaceX primary |
$250K | Closed | Apr 28 |
Anduril Series F |
$400K | Closed | Nov 25 |
Anthropic secondary |
$300K | Closed | Jul 25 |
Saronic A1 |
$400K | Closed | Feb 25 |
Signal log
Auto captured
Soft committed $500K on Prometheus
Reviewed brief yesterday, came back twice this morning. Strongest interest signal of any LP on the deal.
Lunch at Cotogna, Saronic discussion
She said defense tech is her highest conviction area for 2026. Wants $500K allocation. Asked specifically about the $392M Navy MUSV contract and whether the Series D mark embeds the Port Alpha capex.
Attended Stephens syndicate dinner
Seated next to Chad. Conversation overlapped with David Liu on shared Anduril position.
Intelligence
·
Real time
Signals
8 today
Surfaced today
8
Drafts ready
1
Avg act on time
3.2h
Sources
4
All signals
Auto
N
Nick Chen moved from Amazon to Anthropic
Warm re engagement for Anthropic secondary. Last spoke 14 months ago.
5H AGO
M
Matt at Viva published on defense tech allocation
Aligns with Saronic thesis. Warm forward ready for 8 LPs in the network.
1D AGO
D
David Liu commented on your Saronic LinkedIn post
Indicates ongoing engagement after his $300K wire on Apr 17.
1D AGO
S
Sarah Martinez completed KYC for Saronic
Wire collection now possible. $250K commitment pending.
2D AGO
R
Rajul Patel forwarded Helion memo to two contacts
Soft signal of interest. May trigger inbound IOI traffic next week.
3D AGO
Intelligence
·
Weekly
Weekly brief
Starbridge weekly
Week of May 18 to 22
Summary
Saronic Series D closed Friday at $2.4M across twelve LPs. Focus this week is Prometheus, closing Wednesday May 27 through the Basis family with $5M allocation at preferred terms. Twenty two LPs flagged interest in three days, $3.4M in soft demand. Andrew Burge at GC Wealth confirmed the platform direction on the Tuesday call, validating the LP portal and quarterly cadence approach. SpaceX IPO roadshow opens June 8, eighteen LPs in the position need elections by May 30.
Deals this week
Prometheus
Pending wires
$5M allocation through the Basis family at preferred terms. 22 of 22 invited LPs engaged, 14 wires received and 8 in flight. Hannah Kim soft committed $500K. Close target Wednesday May 27.
Saronic defense
Closed May 15
$2.4M across 12 LPs at the $9.25B Series D mark. Final close clean, all wires received within 48 hours of deadline. Position now live in LP portal.
Anthropic secondary
Open
$1.2M committed from 8 LPs. Forge is now pricing Anthropic at $1T, a 163% premium to the February $380B Series G. Recommend extending the IOI window by two weeks to capture Nick Chen and re engaged LPs before the Q4 IPO window opens.
Blue Origin
Sourcing
Sourced through the same Bezos network that opened Prometheus. Late stage primary, $2M to $4M target allocation. Six LPs have flagged early interest. Terms not yet finalized.
Capital movement
New commits
$3.4M
Wires received
$2.1M
Pending
$3.4M
AUM delta
+$2.40M
Network
Three LPs re engaged this week, all driving Prometheus interest. Nick Chen offered a Microsoft Federal customer intro for the underlying company. Sarah Martinez shared competitive intel on L3Harris from her network. David Liu flagged two sales engineering hire candidates from the OpenAI alumni network for Anthropic. Drafts in your voice prepared for each.
Next week
Prometheus close Wednesday May 27, follow up with remaining 8 LPs on outstanding wires. SpaceX election deadline May 30, six LPs still need to confirm shares versus cash. Anthropic Series H sourcing call with Insight scheduled for Thursday.
Workspace
·
Starbridge Global
Settings
Integrations
A
Affinity
Relationship intelligence and CRM
G
Granola
Voice memo and meeting capture
S
Sydecar
SPV creation and execution
H
Harmonic
Deal sourcing and company data
G
Gmail
Email signal capture and drafts
L
LinkedIn
Job change and post signal capture
Automations
Draft replies in your voice
When an LP shows commit signal, draft a reply for review before sending.
Capture voice memos
Auto transcribe and extract action items from Granola.
Generate weekly brief
Compose Friday morning brief, draft for review before send.
Auto send wires reminders
Send T minus three day reminders to LPs in KYC pending state.
Surface re engagement signals
Flag LPs unseen in 6+ months who show portal or email activity.
LP view
·
Preview as Hannah Kim
Welcome back, Hannah
5 positions
Total committed
$1.85M
Current value
$4.85M
Unrealized P&L
+$3.00M
IRR since inception
47.3%
Portfolio value over time
marks-based
Feb 25
Jul 25
Nov 25
Feb 26
Apr 26
May 26
Your positions
5 activeSaronic defense
Series D·wired May 15
Basis
$500K
Current mark
$500K
P&L
—
Mark source: Series D close at $9.25B post·Mar 31
Saronic A1
Series B follow-on·Feb 25
Basis
$400K
Current mark
$2.47M
P&L
+$2.07M
Marked to Series D at $9.25B post·updated May 11
Anthropic secondary
Authorized transfer·Jul 25
Basis
$300K
Current mark
$670K
P&L
+$370K
Marked to Series G primary at $380B post·Feb 26
SpaceX primary
Series Y·Apr 26
Basis
$250K
Current mark
$290K
P&L
+$40K
IPO roadshow opens Jun 8·see Liquidity for details
Anduril Series F
Series F·Nov 25
Basis
$400K
Current mark
$510K
P&L
+$110K
Marked to F extension·updated Mar 26
Upcoming deals
3 in pipelinePrometheus
Strategic AI·Series A·closing next week·Basis family terms
Anthropic Series H
AI infra·follow-on allocation·expected Q3 26
Blue Origin
Space·direct allocation through Bezos network·sourcing
News from your portfolio
auto-curatedSaronic
$392M Navy MUSV contract awarded
Production ramp through 2027·May 8·Defense News
Anthropic
Series G closes at $380B post
GIC and Coatue led, your secondary marked up·Feb 26·WSJ
SpaceX
IPO roadshow opens June 8
Goldman and JPM lead, lockup terms TBD·May 14·Bloomberg
Anduril
Autonomous systems Q1 launch
Three new DoD contracts disclosed·Apr 22·company blog
Saronic
Port Alpha shipyard breaks ground
300K sqft autonomous vessel manufacturing·Apr 17·company release
Quarterly statements
auto-generatedQ2 2026 statement
Generated May 20·5 positions, $4.85M current value
Q1 2026 statement
Delivered Mar 31·4 positions, $3.92M current value
Q4 2025 statement
Delivered Jan 6·4 positions, $3.41M current value
Sourcing
·
Pre IOI
Pipeline
Deals in flight before formal IOI opens·3 upcoming·$15M anticipated allocation
In pipeline
3
Anticipated allocation
$15M
LP interest gauged
42
Next close
Prometheus
Prometheus
closing next week
Strategic round assembled through the Basis family office. Mark and the team are bringing Starbridge in at preferred terms because our network has been useful on enterprise pilots in adjacent portfolio companies. Allocation is firm at $5M. Interest gauging opened May 19 with a tight subscription window to keep the syndicate quality high.
LP demand signal (top 6 of 22 interested)
H
Hannah Kim
Kim Family Office·5 prior positions
$500K
Soft commit
N
Nick Chen
Anthropic·re engaged
$300K
Interested
D
David Liu
Repeat LP·recent Saronic
$250K
Soft commit
S
Sarah Martinez
Family office principal
$200K
Interested
M
Matt Schneider
Viva Ventures
$500K
Soft commit
R
Rajul Patel
Advisor, repeat LP
$150K
Interested
Anthropic Series H
expected Q3 26
Follow on to the existing Anthropic secondary position from Jul 25. Insight has indicated capacity for Starbridge participation in the upcoming Series H. Board approved direct allocation, no SPV layering. Last primary at $380B in Feb 26 sets the floor. Demand is concentrated among repeat AI infra LPs and re engaged executives.
Blue Origin
sourcing
Sourced through the same Bezos network that opened Prometheus. Early sourcing conversation only, terms not finalized. Anticipated allocation depends on Prometheus close quality. Strategic interest from defense and infra LPs given the SpaceX comparison.
LP feedback inbox
5 newPrometheus
Customer intro available
"I run procurement at Microsoft Federal, would be glad to evaluate Prometheus for a pilot if helpful. Reach out to me directly."
Saronic
Competitive intel
"Heard from a contact at L3Harris that they are spinning up an internal autonomous vessel program. Could be useful color for Saronic on Q3 board prep."
Anthropic
Hiring signal
"I have two strong sales engineering candidates from the OpenAI alumni network who are looking. Anthropic should be a fit. Happy to make the intro."
Events
·
Liquidity
Liquidity events
SpaceX IPO is your closest upcoming liquidity event·roadshow opens Jun 8·18 LPs affected
LPs in SpaceX
18
Anticipated return
$4.6M
Net to LPs
$3.7M
Comms queue
6
Distribution waterfall
2/20 economicsTotal return at IPO mark
$4,600,000
Less: cost basis returned to LPs
($3,200,000)
Gross profit
$1,400,000
Less: management fee true up (2%)
($64,000)
Less: GP carry (15%)
($200,400)
Net profit distributed to LPs
$1,135,600
Total to LPs (basis + profit)
$4,335,600
Returns shown at midpoint of expected IPO range. Actual distribution may vary based on final pricing, share allocation versus cash, and lockup expiration timing.
Distribution decision tree
per LP electionShares in kind
12 of 18 LPs elected
Cash on lockup expiry
4 of 18 LPs elected
Decision pending
2 of 18 LPs
LP communication queue
6 awaiting response| LP | Position | Last touchpoint | Status | Open question | Action |
|---|---|---|---|---|---|
|
H
Hannah Kim
|
$250K | May 19 | Awaiting election | Wants shares versus cash framework | |
|
N
Nick Chen
|
$200K | May 18 | Election received | Elected shares in kind, confirming custodian | |
|
M
Matt Schneider
|
$500K | May 15 | Election received | Elected cash on lockup expiry | |
|
S
Sarah Martinez
|
$150K | May 12 | Awaiting election | Asked about Form 1099 versus K-1 treatment | |
|
D
David Liu
|
$300K | May 12 | No response | Not yet engaged with election email | |
|
R
Rajul Patel
|
$100K | May 8 | Election received | Elected shares in kind |
Event timeline
S-1 filing
LP election emails sent
Collect remaining elections
Roadshow opens
IPO pricing announced
Lockup expiry, distributions begin
Phase 2 preview
·
replaces Sydecar admin
Back office admin
SPV creation, KYC, banking, filings, and reporting run native on commodity infrastructure·replaces Sydecar at one fifth the cost
Sydecar cost today
$12.5K
Phase 2 hard cost
$2.0K
Net annual savings
$95K
Reusable across deals
11
SPV creation workflow
native1
Entity formation
Clerky / Stripe Atlas template·~$300 to $500 filing fee
Reusable operating agreement, subscription docs, and investor questionnaire pre approved by fund counsel.
3 days
2
Banking spin up
Mercury Business account per SPV·Plaid for reconciliation
Account created via API on entity formation. Banking layer wired in 24 hours.
1 day
3
KYC distribution
Stripe Identity in LP portal·one time per investor
Existing LPs skip KYC. New LPs verify once and are reusable across every future Starbridge deal.
automated
4
Subscription docs
DocuSign integrated in portal
LP signs, commitment captured, wire instructions sent automatically through Mercury.
automated
5
Form D and Blue Sky
EDGAR filing·state tracked per investor location
Filing calendar with deadline alerts. Periodic Form D amendments handled automatically.
automated
6
Wire collection and close
Mercury wire ledger·auto reconciled
Capital calls and collections tracked per LP. Close triggered when wire threshold met.
2 to 7 days
Cross deal KYC matrix
vs Sydecar| LP | Deals | Sydecar today | Phase 2 |
|---|---|---|---|
| Hannah Kim | 5 | 5x KYC | 1x KYC |
| David Liu | 4 | 4x KYC | 1x KYC |
| Nick Chen | 2 | 2x KYC | 1x KYC |
| Sarah Martinez | 3 | 3x KYC | 1x KYC |
| Matt Schneider | 3 | 3x KYC | 1x KYC |
| Rajul Patel | 4 | 4x KYC | 1x KYC |
818 LPs across 10 deals today means ~2,100 redundant Sydecar KYC events historically. Phase 2 eliminates re verification entirely.
Bank reconciliation
per LLCSaronic Defense SPV
SAR-2026-D·Mercury **8472
$2,400,500.00
Reconciled
Anthropic Secondary SPV
ANT-2025-S·Mercury **3091
$800,000.00
Reconciled
SpaceX Primary SPV
SPX-2026-P·Mercury **4815
$3,200,000.00
Reconciled
Anduril Series F SPV
AND-2025-F·Mercury **2208
$1,600,000.00
Variance flagged
Helion Series D SPV
HEL-2026-D·not yet opened
pending close
In setup
Cost comparison
Sydecar vs Phase 2| Workflow | Sydecar today | Phase 2 | Annual delta |
|---|---|---|---|
| SPV formation | $2,500 per deal | $400 per deal | $21K saved |
| Banking and reconciliation | $1,500 per deal | Free (Mercury) | $15K saved |
| KYC per investor | $200 per LP per SPV | $200 per LP, one time | ~$30K saved |
| Form D and Blue Sky | $1,500 per deal | $400 per deal | $11K saved |
| Subscription doc execution | Bundled (Sydecar) | $50 per LP (DocuSign) | Approximately even |
| K-1 preparation | $2,500 per deal | $1,200 per deal (CPA) | $13K saved |
| Distribution and waterfall | $1,000 per distribution | Native | Variable |
| Total per deal cost | $12,500 capped | $1,500 to $2,500 plus Sigmaa fee | ~$95K saved annually |
Phase 2 hard costs assume Sigmaa per deal admin fee on top of commodity infrastructure costs. Sigmaa fee structure to be finalized on call. Savings figure shown is net of estimated Sigmaa fee at 10 deal annual cadence.
Filing calendar
all deals| Filing | SPV | Due date | Status | Action |
|---|---|---|---|---|
| Form D federal | Saronic Defense | May 30 | Due in 10 days | |
| Blue Sky CA, NY, TX | Saronic Defense | May 30 | Due in 10 days | |
| Quarterly LP statement | All active SPVs | Jun 15 | Auto generated | |
| Management fee accrual | All active SPVs | Jun 30 | On schedule | |
| K-1 preparation kickoff | 2025 vintage SPVs | Aug 15 | CPA scheduled |