Bilgewater
Now allocating — Hard Assets

High conviction,
in markets & in hand.

Bilgewater is a private, multi-asset investment collective. We hold public equities, back software, and take opportunistic positions — and now allocate to scarce, tangible assets like graded trading cards and sealed collectibles.

The Mandate
Volatility
Maximum tolerance
Horizon
Infinite / Dynasty
Mandate
Multi-asset
Access
By request
01The Mandate

Many markets. One temperament.

We're not tied to a single asset class. The same discipline — conviction, patience, and a high tolerance for volatility — applies wherever we allocate.

I

Public Equities

Concentrated positions in listed companies we understand deeply. Patient sizing, long holding periods, comfortable with drawdowns.

  • Listed equities
  • Concentrated sizing
  • Long-dated conviction
II

Software & Structure

Strategic stakes in software businesses and the structures around them — where we can add more than capital.

  • Software & platforms
  • Private stakes
  • Structured positions
IIINew

Hard Assets

Tangible stores of value with verifiable scarcity — starting with graded trading cards and sealed product, where provenance and condition define the asset.

  • Graded Pokémon TCG
  • Sealed product
  • Select collectibles
IV

Opportunistic

Anything else that clears the bar. When an asymmetric setup appears outside our core books, we move.

  • Special situations
  • Emerging asset classes
  • Case by case
02Hard Assets

Scarcity you can hold.

We're extending the same high-conviction approach into tangible assets — beginning with Pokémon trading cards and sealed product, and expanding into adjacent collectibles where condition, provenance, and finite supply can be verified.

Single
—
Cert № 0000001
Sealed
—
Cert № 0000002
Collectible
—
Cert № 0000003

Illustrative only — not actual holdings

01

Graded singles

Key Pokémon TCG cards authenticated and graded by recognized third-party services. Condition is the asset.

02

Sealed product

Factory-sealed booster boxes and collections with finite print runs. Supply only moves one way.

03

Select collectibles

Opportunistic positions in adjacent trading card games and collectibles where scarcity is verifiable.

Provenance
Verifiable history, or we pass.
Condition
Third-party graded. No raw guesswork.
Custody
Stored with the same discipline as any other position.
Horizon
Held for cycles, not flips.
[Placeholder] Collection highlightsSelected pieces will be shared with members on request.
03Access

A small table. By request only.

We keep the collective intentionally small. Tell us who you are and the range you're considering, and we'll be in touch.