Limited Partners,

The crossover portfolio benefited from concentrated exposure to AI infrastructure and enterprise intelligence, while public liquidity allowed us to realize gains without weakening long-term ownership.

Ragnarok was built for markets where category leaders move between private and public ownership. Private markets can provide access before a transition is fully priced; public markets impose continuous price discovery and provide liquidity. We use both, with one underwriting standard.

“We do not invest in the story of change. We invest where the evidence shows new systems replacing old ones.”

Our task is to identify that transition early, test it against operating evidence, size risk with discipline, and remain patient while value compounds.

Thank you for your continued partnership.

— The Ragnarok Team