A fifth of the Glidepath Exchange Fund holds real operating assets instead of REITs. Private jets are flying today. GPU datacenters and robotaxi fleets are under evaluation. One reservation covers the whole fund.
The rules require 20 percent of the fund to sit in qualifying assets. The active sleeve fills that fifth with operating assets the fund owns directly and leases to a single operator. Aircraft are flying today. Two more asset classes are being evaluated on the same terms. Traditional real estate is included below as a comparison, not a current Glidepath holding.
Craft
Operating todayFive Bombardier Challengers, held by an entity inside the fund and flown by Craft for charter customers under its Part 135 certificate.
Compute
Under evaluationAccelerator hardware the sleeve would own outright, installed in leased datacenter space and rented to AI workloads under multi-year capacity agreements.
Mobility
Under evaluationAutonomous vehicles the sleeve would own and place with a licensed ride operator, paid a floor per mile driven with the fleet held above the operator.
Traditional
For comparisonThe familiar property approach: buildings, rental income, and real estate vehicles such as REITs. Shown here as a comparison to Glidepath's operating assets, not as a current fund holding.
You reserve a place in the Glidepath Exchange Fund as a whole. The fund manager sets the sleeve mix, and any new asset class is written into the private placement memorandum before it is added.
The fund
You contribute a concentrated stock position to the fund in kind. Nothing is sold, so under Section 721 no capital gains tax is due. In return you hold units of a pool spread across about 172 holdings, and after seven years you can redeem in kind with the deferral intact. The fund never charges a management fee.
How an exchange fund works
The structure
For the exchange to be tax free, at least 20 percent of the fund must be held in qualifying assets rather than stocks. Most funds fill that fifth with real estate through REITs, which adds layers of fees between you and the asset. Glidepath fills it with assets that earn revenue: each class is held by its own entity inside the fund and leased to one operator who runs it day to day.
Sleeve ownership and operations
The deal
Each operator pays a floor for the assets it leases. After every operating cost, interest, and depreciation, a tenth of the economic profit is credited straight into investors' net asset value. If an asset class loses money, the loss reaches NAV and is repaired in full from future profit before any split resumes. The same terms apply to every asset class in the sleeve.
How profit reaches investors
One reservation covers the whole fund, every sleeve asset included.
The ownership structure, how new asset classes are added, and the risks investors should understand.
Entities inside the fund's 20 percent qualifying sleeve own the operating assets directly. Today that is five Bombardier Challengers leased to Craft. Your interest is in the fund; the assets sit above the operator; the other 80 percent of the fund is listed stock and is not exposed to any of this.
No. A reservation is for the fund as a whole, and every investor holds the same mix. The fund manager sets the sleeve mix. Nothing is added to the sleeve until it is described in the private placement memorandum.
On the same structure as aircraft: a holding entity inside the fund buys the assets, one licensed operator leases and runs them at a floor, a tenth of the economic profit credits to NAV, and losses are repaired in full before any split resumes. GPU datacenters and robotaxi fleets are under evaluation on those terms. Each has its own page describing how it would work.
The assets are held above the operator, so they can be re-leased to another operator, sold, or wound down. A transition can interrupt revenue and create additional costs.
If an asset class's economics go negative, the loss lands in your NAV and is repaired at 100 percent from future profits before any split resumes. If asset values fall, the sleeve is worth less. If an operator transition takes time, that time costs money. The figures on these pages are targets, not guarantees; the private placement memorandum controls.
Reserve your place in the Glidepath Exchange Fund. One reservation covers the whole fund.
Reserve a spotThe active sleeve is the 20 percent qualifying portion of the Glidepath Exchange Fund. Assets in the sleeve are held directly by entities inside the fund and leased to a single operator per asset class. Investors' 10 percent of economic profit credits to net asset value, and losses reduce net asset value and are repaired at 100 percent from future profits before any split resumes.
GPU datacenter and robotaxi allocations are under evaluation and are not part of the fund today. Descriptions of those asset classes are illustrative of the intended structure, carry no figures, and do not commit the fund to any purchase. Any addition would be described in the private placement memorandum before it is made.
Targets are targets, not guarantees. You can lose principal. Where anything on this page differs from the private placement memorandum, the memorandum controls. Nothing on this page is an offer to sell, or a request to buy, any investment.