BLACK LABEL FUND BLACK LABEL FUND

BLACK LABEL FUND

Confidential · Accredited Investors Only

Alternative Assets Fund · Est. January 2026

Where Collectibles
Meet Capital.

Black Label Fund is an alternative assets fund specializing in curated collectible investments — Pokemon TCG, One Piece TCG, graded card slabs, and rare books. We source below market, hold with conviction, and target a 3x return multiple over a 5-year horizon.

Q1 2026 · First Quarter Results

Investment Thesis

Why Collectibles. Why Now.

Market Inefficiency

The collectibles market is fragmented, relationship-driven, and opaque — creating consistent opportunities to acquire high-quality assets at discounts that would be impossible in more efficient markets. Our network and sourcing discipline allows us to enter positions at an average of 70.0¢ on the dollar relative to market at time of acquisition.

No J-Curve

Unlike traditional private equity or venture funds where early-period losses are common, the collectibles market's active secondary marketplace means well-sourced acquisitions can appreciate immediately. Black Label Fund generated a +42.8% gross gain in Q1 alone — capital deployed in January began generating returns in the same quarter.

Cultural Tailwinds

Pokémon's 30th Anniversary, the One Piece Netflix expansion, Brandon Sanderson's Apple TV deal, and high-profile celebrity involvement — Kim Kardashian, Joe Jonas, Lewis Hamilton — are driving mainstream demand for collectibles at an unprecedented scale. We are positioned ahead of these catalysts.

Disciplined Sourcing

Every acquisition is evaluated against strict criteria: scarcity, condition, cultural demand trajectory, and secondary market liquidity. We do not chase markets. 29 transactions executed in Q1 across 163 SKUs — each one sourced below market comp through direct relationships and off-market channels.

Q1 2026 Performance

First Quarter Results

Gross Portfolio Gain · Q1

+42.8%

Against cost basis · January 1 – March 31, 2026

Capital Deployed $255,620

Gross Asset Value (GAV) $365,048

Net Asset Value (NAV) $337,669

Net Portfolio Gain +$82,049 (+32.1%)

Active Positions 163 SKUs

Transactions Executed 29

Return Target

3x MOIC — No J-Curve

Target Multiple

3.0x MOIC

5-year primary · 7-year extended

Typical PE J-Curve Bottom

~0.87x

Average trough in years 1–2 of a PE fund

Typical PE Recovery Point

~Yr 2–3

When most PE funds cross back above 1.0x

Q1 Annualized CAGR

46.4%

Net MOIC after all transaction costs · Q1 2026

Net MOIC (Official)

1.10x

After all transaction costs & deal expenses

Net IRR (Official)

70%

Annualized · after all deal expenses

Typical PE J-Curve · 5yr

Typical PE J-Curve · 7yr

Actual Fund MOIC (Q1 2026)

Projected if Q1 rate sustained (illustrative)

Important context: We do not anticipate this level of growth every quarter — Q1 performance reflects a particularly favorable entry environment and rapid market repricing of key positions. What this result does demonstrate is that there is no J-curve experienced inside this investment class. The red dotted lines show the typical trajectory of a traditional PE or venture fund — capital dips below 1.0x in early years as fees and deal costs drag on NAV before appreciation eventually recovers. Black Label Fund started at 1.0x on January 1 and reached 1.10x net MOIC by end of Q1 — capital deployed below market comp began generating returns in the same quarter it was deployed.

Portfolio Composition

What We Invest In

Core · 65.8%

Pokemon TCG

Sealed product, booster boxes, and premium collections. Focus on sets with supply constraints and strong secondary market demand. Prismatic Evolutions is the Q1 anchor position.

$318K+Current NAV Exposure

Growth · 1.4%

One Piece TCG

Early positioning in the world's highest-selling manga IP. Netflix Season 2, Red Bull partnerships, and mainstream retail expansion signal a collector base in early growth. Includes OP-13 sealed case position.

$6.8KCurrent NAV Exposure

Growth · 1.1%

Graded Slabs

PSA and BGS graded cards with institutional-grade authentication. High-grade vintage Pokemon (PSA 9–10) represent a core pipeline for Q2–Q3 expansion.

$5.1KCurrent NAV Exposure

Diversification · 0.4%

Rare Books, Manga & Sports

Signed editions, first edition books, collectible manga, and select sports cards. Brandon Sanderson's Cosmere Apple TV deal is a significant catalyst for the rare books vertical in 2026–2027.

$1.9KCurrent NAV Exposure · Expanding Q2–Q3

Market Opportunity

Upcoming Demand Catalysts

Pokémon · Oct 2026

30th Anniversary + Joe Jonas × Target

The single most significant collector event in the hobby's history. Joe Jonas's confirmed Target collaboration signals mainstream retail amplification. Kim Kardashian's public collection extends demand well beyond traditional collectors.

One Piece · 2026

Netflix Season 2 + World's #1 Manga

One Piece is experiencing a new wave of mainstream awareness as the highest-selling manga of all time. Brand partnerships with Red Bull and growing international retail signal the IP transitioning from niche to mainstream.

Rare Books · 2026–2027

Brandon Sanderson · Apple TV Cosmere Deal

Three theatrical Cosmere films and a full TV series already announced — creating the same type of IP-to-entertainment catalyst that has historically driven step-change appreciation in collectible book markets.

Celebrity + Culture · Ongoing

Mainstream Capital Entering the Space

Lewis Hamilton opening TCG retail shops, Logan Paul's manga investments, and celebrity collector activity signal the infrastructure and cultural legitimacy of collectibles as an asset class maturing rapidly.

Collectible Manga · Emerging

Logan Paul + Manga Market Growth

Collectible manga is growing materially as a category, with high-profile investor interest accelerating mainstream awareness. We intend to be positioned ahead of this demand cycle — the same one that preceded the Pokémon TCG boom.

Fund Position · Now

Early Mover Advantage

Black Label Fund is building positions ahead of these catalysts — not reacting to them. Our Q1 deployment is designed to maximize exposure to the appreciation events we anticipate across all four asset classes in the second half of 2026 and beyond.

Logan Paul · Manga Collectibles

Joe Jonas × Target · Pokémon 30th

Lewis Hamilton · TCG Retail

Brandon Sanderson × Apple TV

Where Collectibles Meet Capital.

Where Collectibles
Meet Capital.