EP22: The Frozen Equity Problem — Inside Our 200-Warrant Newchip Portfolio

The Syndicate Room · Jun 4, 2026 · 1m

Drew and Reese open up the AdValorem Newchip warrant portfolio — 200+ equity warrants from the bankrupt accelerator estate, severed cases, ~10-year timeline — and unveil market.advalorem.io, the new marketplace for frozen private equity. Education first: warrant mechanics, severed-case posture, two ways to enter (single-warrant exposure or seed/pre-IPO ride-along), and why a ten-year discount IS the alpha. Historical parallel: Howard Marks and the Oaktree distressed-debt playbook. Educational content only.