Last week was the quiet before this week’s storm as I’ve been dervishing around the US for meetups.
All told we had around fifty folks among our three locations — NYC, Atlanta, and Los Angeles — and I’ll do a full writeup of takeaways next week.
It was intense but incredible.
Not yet a member? Join today so you can come next time.
As ever, always do your own research, nothing here is financial advice, and stay safe out there, kids.
Table of Contents
💰 Deals
🍿 Film I Tranche II | Opens May 12
This opens for new cash on May 12, prioritizing existing LPs. The window will slam shut on May 30th.
What’s Film 1?
Film 1 (Series 4 – Film Finance I) is a secured, short-duration bridge loan vehicle that provides financing to film productions at critical pre-funding stages.
Structured as a debt-plus-equity hybrid, it targets 20–40% IRR by issuing senior loans with strong downside protection, including completion guarantees and repayment waterfalls, while preserving upside through equity kickers.
With capital recycled multiple times annually, this SPV is engineered for yield, speed, and resilience. It’s particularly compelling in today’s market as it offers low-correlation, cash-yielding exposure to the booming global content economy..
Chris Daniels, our co-GP, was at all the meetups this week and held each audience in rapt attention. In-person feedback was extremely positive.
👉 View the original deal memo
🎰 Altea Big Meetup March 19 – 22, 2026
After the success of this week’s local events, we’re planning a big meetup in Las Vegas for March 2026 to coincide with March Madness and a WSOP circuit event.
March 19 – 22, 2026
- Thursday & Friday Daytime: roundtable discussions, investment opportunities, and briefings
- Thursday & Friday Nighttime: NCAA basketball, meals, shows, drinks
- Saturday & Sunday: Golf, poker, helicopter tours, and more NCAA basketball
The package includes a hotel, food, drinks, and a few extras
Cost depends on your hotel category
- Basic: New York, New York or equivalent – $2,000 – $2,500 (Free for Altea Black)
- Premium: Wynn or equivalent – $4,000 – $5,000
- Lux: Aria Sky Suite or equivalent – $8,000 – $10,000
This event is open to Altea members and their guests.
🔀 Merge Complete
We have now fully merged everything into one community.
This new, combined community contains public spaces (for everyone), and private spaces (for Altea members). Think of it as Alts + Altea in one place.
Your account is ready to go!
💬 New Discussions
- Bob McRae asks about Legion M — the new film investing platform
- The Turner Prize has doubled down on culture war stuff
- Chris Daniels chimes in with some advice:
“I met with these guys a few years back – friendly enough team, but ultimately doing the same thing Republic is trying to do now as well – raising an ‘equity tranche’ of extremely high-risk development-stage capital that gets diluted by real financing in the waterfall later.
All this to say, it’s definitely cool for the sake of “owning a piece” of the project. But in reality, it’s more of a donation with a marketing flair than it is an actual investment opportunity.
Hope I don’t come across as too much of a negative Nancy here – I do love these discussions! I just always try to remain very cautious and pragmatic when it comes to film finance.”
👋 New Members
- Adrian Fu is a songwriter building a web3 entertainment/music platform.
- Matt Valentine is the author of our recent issue on Pokemon Go
- Beau Turner is the founder of Oregon-based Abundant Mines
“…As long as BTC stays above about $50,000 per coin, you’re making more money mining than if you’re buying.
In other words, you’re making bitcoin at about a 50% discount on an operating basis…if you own the high efficiency equipment and have energy pricing at the rate our clients pay.
If bitcoin rips, and we’re at $200k, it makes you look even smarter for choosing to mine, and your margins keep getting wider.– Beau Turner
🙏 New Asks & Offers
- Michael Thompson from Fear & Greed is biking 380km through the Australian Outback to raise funds for kids with developmental needs
🍾 New Perks
15% off The Commodity Report 🌾
Our friend Lukas from The Commodity Report just dropped an Alts-only offer: Get 15% off their premium Substack.
His newsletter is a favorite among fund managers, analysts, and allocators who want clear direction on farmland, energy, and metals.
25% off KingsCrowd Edge 👑
Chris Lustrino from KingsCrowd has a great new perk for Altea members: 25% off annual membership of KingsCrowd Edge.
KingsCrowd Edge is a subscription-based platform designed to assist investors in navigating the online private markets, particularly focusing on equity crowdfunding opportunities.
It offers a suite of tools and data-driven insights to help users evaluate and manage startup investments effectively.
Perks are for Altea members.
Cheers,
Wyatt
