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.

Q2 2026 · First Half 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 has held the fund's book at roughly 70¢ on the dollar relative to market for two consecutive quarters (about 70¢ at Q1, 70.6¢ at Q2).

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 reached 1.34x net MOIC in its first two quarters, and in Q2 converted marks into money: the fund's first exits realized a 25.8% return on cost.

Cultural Tailwinds

Pokémon's 30th Anniversary with the confirmed Joe Jonas × Target collaboration, the One Piece Netflix expansion, Brandon Sanderson's Apple TV deal, and the rise of new TCGs built on globally dominant IP (League of Legends, Gundam, Disney) are driving mainstream demand for collectibles at 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. 47 transactions executed across the first half, with all 2026 acquisitions averaging 87.4% of market comp, capturing $52,233 of instant spread at the point of purchase through direct relationships and off-market channels.

First Half 2026 Performance

First Half Results

Gross Portfolio Gain · Inception to Date

+41.7%

Against cost basis · January 1 – June 30, 2026 · plus $10,367 realized in Q2

Capital Deployed $312,875

Gross Asset Value (GAV) $443,362

Net Asset Value (NAV) $446,692

Portfolio Gain +$133,817 (+42.8%)

Realized Gain · Q2 Exits +$10,367 (25.8% ROI on cost)

Active Positions 100

Transactions Executed 47

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

Q2 Realized ROI

25.8%

Return on cost of first exits · banked, not marked

Net MOIC (Official)

1.34x

Net to LPs after carry, fees & deal expenses

Net IRR (Official)

128.5%

Annualized · net to LPs after carry & fees

Typical PE J-Curve · 5yr

Typical PE J-Curve · 7yr

Actual Fund MOIC (Q1 → Q2 2026)

Projected at avg quarterly pace since inception (illustrative)

Important context: We set expectations honestly: we do not anticipate this pace of appreciation every quarter, and appreciation moderated slightly toward the end of Q2, consistent with the seasonal summer slowdown the card market experiences most years. What two consecutive quarters demonstrate is that there is no J-curve inside this investment class. The red dotted lines show the typical trajectory of a traditional PE or venture fund, where capital dips below 1.0x in early years before recovering. Black Label Fund moved from 1.0x at inception to 1.10x at the end of Q1 and 1.34x net MOIC at the end of Q2, converting marks into realized gains along the way. We anticipate a strong back half of the year driven by the catalyst calendar and the additional capital being placed as the raise completes. Quarter-end values reflect the exact June 30 position at the most recent available market pricing.

Portfolio Composition

What We Invest In

Core · 67.9%

Pokemon TCG

Sealed product, booster boxes, and premium collections. Focus on sets with supply constraints and strong secondary market demand. Prismatic Evolutions anchors the book heading into the 30th Anniversary window.

$381K+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 · 2.7%

Graded Slabs & Singles

PSA graded cards with institutional-grade authentication, spanning high-grade vintage Pokemon and scarcity-capped modern singles. The sleeve turned its first velocity trade in under a month: three slabs bought in June exited in early July at a 26.3% realized return.

$15.4KCurrent NAV Exposure

Diversification · 1.1%

Emerging TCGs, Rare Books & Sports

Speculative positions in Riftbound (League of Legends), the Gundam Card Game, and Lorcana (Disney), underwritten on player base, IP strength, and worldwide brand value, alongside signed first editions and select sports cards. Brandon Sanderson's Cosmere Apple TV deal is a significant catalyst for the rare books vertical in 2026–2027.

$6.1KCurrent NAV Exposure · Expanding Second Half

Market Opportunity

Upcoming Demand Catalysts

Pokémon · Oct 2026

30th Anniversary + Joe Jonas × Target

The single most significant collector event in the hobby's history, now inside a two-month horizon. Joe Jonas's confirmed Target collaboration signals mainstream retail amplification at a scale the hobby has not seen before.

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.

Emerging TCGs · 2026+

Riftbound · Gundam · Lorcana

A new generation of trading card games built on globally dominant IP: Riot's League of Legends, Bandai's Gundam, and the Disney catalog. We underwrite these on player base trajectory, IP strength, and worldwide brand value, holding deliberately small early positions that scale only as adoption and supply dynamics earn it.

Fund Timeline · Oct–Nov 2026

Final Close Approaching

The fund anticipates its final close at the end of October or beginning of November 2026, when all uncalled capital is called and final commitments close. Capital committed ahead of the close deploys directly into the anniversary catalyst window.

Fund Position · Now

Early Mover Advantage

Black Label Fund is building positions ahead of these catalysts, not reacting to them. First-half deployment is designed to maximize exposure to the appreciation events we anticipate across our verticals in the second half of 2026 and beyond.

Joe Jonas × Target · Pokémon 30th

Riftbound and Gundam sealed booster boxes

Riftbound · Gundam · Emerging TCGs

Brandon Sanderson × Apple TV

Where Collectibles Meet Capital.

Where Collectibles
Meet Capital.