We own the toll booths, not the traffic.
PTTY Capital is a private investment fund. We acquire ownership in autonomous, deterministic and immutable businesses, and hold them for the cash they produce.
These are businesses that run without staff, follow rules fixed in advance, and cannot be altered after the fact. Where most capital competes on direction, we underwrite revenue: each holding is a standing claim on the fees a business collects every time it is used. Patience is the moat — the revenue accrues to capital that commits through the cycle, and that premium is the return.
What We Own
Three properties · non-negotiableEvery business the fund acquires has to satisfy all three. Together they describe a company that cannot be mismanaged, cannot change its terms on you, and cannot stop paying while it is being used.
Autonomous
No staff, no management, no payroll. The business operates as written, continuously, without anyone deciding whether it should. Revenue arrives without operating costs scaling against it.
Deterministic
What the business pays, and to whom, is computed — not decided by a board or subject to a quarterly vote. The same inputs produce the same outcome every time, and the formula is public before you commit a dollar.
Immutable
Nobody can alter the agreement after you have bought into it — not the founders, not a later owner, not us. What the business was on the day we acquired it is what it remains.
Why it matters. Most business risk is human: a management team that misallocates, a board that cuts the distribution, terms rewritten in a shareholder's favour. Removing people from the operation removes that entire category of risk. What remains is the honest question — is the business being used, and does it charge enough when it is.
The Ownership Fund
One mandate: own more of Curve every week than we did the week before. The Ownership Fund treats veCRV not as a trade but as a permanent holding to be enlarged — every stream of income the position throws off is routed back into acquiring more of it. Nothing is withdrawn. The position compounds on itself.
The Compounding Loop
04 stages · continuousIncome is never the product. It is the raw material. Each stage below converts one form of yield into the next, and the final stage returns it to the first — larger than it left.
The position pays out
Two income streams arrive each week. Votemarket pays the fund for directing its voting weight toward the pools that want liquidity. Curve separately distributes a share of the exchange's trading fees to committed holders. Both are a function of position size — the larger the stake, the larger the weekly draw.
Income is redeployed, not spent
That weekly income is deposited into Stake DAO rather than taken as profit. Routing through OnlyBoost means the fund's deposits earn at an optimised boost rate instead of a base one — the same capital, working at a higher multiple.
Capital seeks the highest-paying pools
Deployed capital is allocated to the liquidity positions offering the strongest returns, with one filter applied above all others: the position must pay in CRV. Yield denominated in anything else would break the loop. This is the discipline that makes the strategy a flywheel rather than a portfolio.
CRV is locked into the stack
The CRV harvested in stage three is committed back into the fund's veCRV position, permanently enlarging it. The base that generates stage one is now bigger than it was last week — so next week's payout is bigger too.
Deployed Capital
Stake DAO · OnlyBoostStages two and three of the loop. These are the positions the fund's weekly income is deployed into. Values and net APRs are taken from Stake DAO and reflect the boost actually applied to each position, not a projected maximum. Entered 30 July 2026.
Holdings
02 positionsTwo positions, each with a distinct job. One is the asset being accumulated; the other is the machinery that accumulates it.
A long-duration committed stake in Curve, the dominant venue for stable-asset exchange. It generates the fund's weekly income and carries the voting weight that Votemarket pays for. Current blended rate 12.2% — roughly 3.3% from Curve's fee distribution, the balance from vote incentives.
A long-term committed stake in Stake DAO, the platform through which weekly income is redeployed. It improves the terms the fund receives on everything it routes through the loop.