Welcome to the WC, where you’re trapped in my mind for eight to twelve minutes weekly.
Last week, Alteans feasted on a manic corucopia of serendipity as I dervished across America to host our USA meetups — New York, Atlanta, and Los Angeles.
Today, we’ll recap the biggest takeaways from an unforgettable week of deals, debate, and drinks.
Nothing here is investment advice. Do your own research. Please.
Let’s go.
Table of Contents
Lads on Tour
Last week, Chris Daniels — our Film I co-GP– and I went on a mini tour of the US.
Three cities, 52 people, one backyard, and eight different investment opportunities.
A traveling circus with better returns and fewer elephants.
NYC (Apr 28) – Took over Everything’s Jake with 25 Altea members and a few soon-to-be members. Manhattan in spring is magical, especially when surrounded by people who get excited about Sharpe ratios.
Atlanta (Apr 30) – A dozen of us crammed into Cocina Alma for margaritas and alpha. If you think tequila and term sheets don’t mix, you haven’t been to an Altea meetup. Guacamole is a fantastic catalyst.
Los Angeles (May 1) – Chris Daniels let 15 of us invade his gorgeous backyard. The man has good taste in landscaping and investment opportunities—double threat. California makes everything better, including investment returns.
In-Person > Zoom. Always.
Look, I’m garbage at event planning — just ask the chaps in Atlanta.
But watching these brilliant people connect in person reminded me why we built Altea in the first place.
You can’t replicate the serendipity of in-person conversations on Zoom. It’s like comparing a filet mignon to a frozen dinner. They’re both technically food, but come on.
This is why Altea exists—not because we have fancy deal flow (though we do), but because when smart people get together, unexpected value emerges. It’s like compound interest, but for conversations.
After three cities in four days, I’m convinced we must do this more often. My liver disagrees, but it doesn’t get a vote.
Want to join next time?
Read to the bottom for a special discount code.
Film I: An Investment That Continues to Deliver
Chris joined us for the entire tour, which meant members got to pepper him with questions about Film I.
If I never make another good investment decision, I’ll still feel smart about partnering with Chris on this fund. It’s the financial equivalent of betting on Michael Jordan in the ’90s.
The fund that keeps on giving:
- Started with $1,001,463 in December 2024
- Current NAV: $1,314,218
- ROI: 31%
- IRR: 97%
- Nine loans, eight films, four repaid, four in progress
- $9,280 ready to deploy
What’s so impressive to me is how Chris balances security and returns. These loans typically have >5x collateral coverage yet still deliver returns that make hedge funds weep.
Why Bridge Film Financing Works
Two questions came up over and over again last week:
- “If these returns are so good, why doesn’t everyone do it?”
- “If the collateral is so strong, why are the returns so high?”
They’re good questions.
Here’s what I’ve learned hanging with Chris:
- Hollywood is relationship-based: Chris has spent years building the connections that give him access to these deals. You don’t just walk in off the street and start financing Uma Thurman’s next project.
- The collateral packages are insane: Most of these loans are secured by tax credits, pre-sales agreements, and other ironclad guarantees. It’s not like they’re betting on box office performance.
- Timing is everything: Studios need bridge financing to keep production moving while they wait for committed funds to arrive. They’ll pay a premium for speed and certainty, and traditional lenders can’t match this.
- It’s a small pond: The total market for these deals isn’t big enough for Goldman Sachs to care about, which leaves a sweet spot for funds like ours.
- We get in and out: Most importantly, we’re not taking an equity stake in the film. We don’t care if it’s a blockbuster or a flop. We’re on to the next deal before the film hits the screen.
Tranche II is now open:
- May 12-31, 2025
- Current investors get first dibs
- $2M cap
- $10K minimum
- Targeting similar performance
After a week with Chris, I’d trust him to manage my retirement fund, my kids’ college savings, and probably my Netflix password. The man knows what he’s doing.
Here’s a glimpse of what’s in the Tranche II pipeline. Sorry, we can’t share much without damaging our credibility in the industry:
[CONFIDENTIAL]
- Starring: [Redacted Academy-Award nominee]
- $250K bridge loan
- 16-week term
[CONFIDENTIAL]
- Starring: [Redacted Academy-Award winner] + [Redacted Academy-Award nominee]
- $400K bridge loan
- 12-week term
The best part? These deals have been vetted, secured, and are ready to go. While everyone else worries about the latest Fed announcement, these loans keep churning out returns.
Want in on Film I Tranche II?
So Much Good Stuff
I’m not picking favorites among our presenters (they’re all special snowflakes), but here’s what else our members saw.
Nectar Real Estate Fund
“Steady returns? In this economy?”
Yes, actually. Nectar is delivering 12-16% annualized returns backed by boring, stable apartment buildings. Founded by an ex-Goldman guy with 4,700+ units under his belt.
What I liked about Nectar:
- They focus on already-stabilized properties (no “value-add” or construction risk here)
- Low leverage protects their assets from interest rates
- The team manages hundreds of millions in commercial real estate
- They’re positioning for a potential recession, not pretending it can’t happen
Derrick Barker, their founder, is hosting a Town Hall on May 8th at 2PM ET where he’ll walk through their portfolio and market outlook. Even if you don’t invest, you’ll learn something.
Alma Emerging Markets Credit Fund
Remember when everyone was excited about fintech disrupting emerging markets?
Alma is actually doing it, but with the boring, profitable part: lending.
They provide senior secured loans to fintech and climate companies across Africa, Latin America, and Asia. Since 2020: $120M deployed, $35M collected, zero defaults.
What impressed me:
- They’ve got $44M+ in guaranty coverage from sovereign institutions, including the US DFC
- Their team is everywhere – New York, Cape Town, Bangalore, Medellin, Tel Aviv, etc.
- Rigorous due diligence combining relationships, data, and impact assessment
- Senior secured positions with real collateral (see a pattern in what I like?)
Corissa Steiner from Alma walked us through their approach, and it’s refreshingly straightforward. They find great entrepreneurs, make sure they have solid businesses, and provide flexible debt that helps them grow.
Mothership Games
You might not realize how big the trading card game market is, but Brian David-Marshall does. He’s been in the trenches of Magic: The Gathering since the beginning, and now he’s building something new with filmmaker Jay Van Hoy.
The trading card game market is heading toward $15B by 2030, with high margins and long-term profitability. Brian and Jay are building the first TCG you can play straight out of the pack – no rulebook required.
What caught my attention:
- Brian’s deep industry connections from decades in the TCG world
- The innovative “play immediately” approach removes the biggest barrier to new players
- Their focus on building communities through retail partners
- The cross-media opportunities with Jay’s film background
For a more detailed look at the investment opportunity and to request an extremely Limited Edition, pre-alpha Retroverse TCG prototype card, you can email Brian at [email protected]
If you’re lucky, Brian might even share some stories about the early days of Magic, when Black Lotuses were just cool cards, not down payments on houses.
Phillips Contemporary Art
If you think art is just for looking at, you’re missing half the picture (pun absolutely intended).
We got the VIP treatment at Phillips’ upcoming May auctions. Their team walked us through the Modern & Contemporary Art sales, explaining everything from bidding strategies to market trends.
Art as an investment has its own cycles, separate from traditional markets. When stocks are down, having a Basquiat on your wall doesn’t just look good—it might outperform your portfolio.
The Phillips team shared insights on:
- Which artists are gaining institutional recognition
- How to navigate auction dynamics as a new collector
- The importance of provenance and condition
- Current market trends in contemporary art
Plus, they didn’t make us feel stupid for asking basic questions, which is always a plus.
Day Sales May 14
Get in touch with Annie and Patrizia if you see something you like
Annie Dolan, NY Head of Auctions + Head of Day Sale (Morning Session)
Patrizia Koenig, Head of Day Sale (Afternoon Session) & Specialist
Art for profit’s sake: [Link here]
Aquaduct Diamond Tokenization
Altea member Viral Kothari and Jean-Paul Xavier took us on a tour of the JBX studio in NYC, and while I’m never going to be the target market, I was seriously impressed.
In a world of diamond simulants and digital illusions, Aquaduct is focusing on the real thing.
They’re putting diamonds on the blockchain, using tokenization to bring transparency and security to diamond ownership.
What makes it interesting:
- Using technology to solve real verification and provenance issues
- Creating fractional ownership of high-quality stones
- Building a guardian system (involving a digital turtle, which is cooler than it sounds)
- Connecting the physical and digital worlds of luxury assets
Get in touch with Viral to learn how to get rich investing in diamonds.
Let’s Hang Out More
The meetups were such a hit that we’re doubling down on the in-person thing:
Summer 2025:
- San Francisco in July (home of sourdough and startups)
- Somewhere in Texas, also in July (probably Austin or Houston)
- Open to all Altea tiers
- Details coming next month
I’m excited about these because one-day events let us focus on specific themes and dive deeper. Plus, they require less travel for me, which means fewer Uber receipts to expense.
Vegas 2026 (March 18-22):
- Coinciding with March Madness and WSOP
- Exclusive to Altea Core and Black members
- Free for Black members
- Surprise guests who aren’t me (improvement!)
Vegas during March Madness is electric. Add in some poker, exclusive deal presentations, and the Altea community, and you’ve got something special.
👉 RSVP for Vegas (Altea Base and Black members only)
The Obligatory Sales Pitch
Are you still reading this? And you’ve not signed up for Altea yet?
Here’s the thing: these meetups made it crystal clear that the real value of Altea isn’t just the deals – it’s the community.
It’s sitting next to someone who’s built and sold three companies while you evaluate a new investment opportunity. It’s getting a text from another member with a heads-up about a market shift. It’s having a trusted circle of people who think about money the way you do.
So yes, I want you to join. Not just because it’s good for business, but because the more smart people we bring together, the better it gets for everyone.
Altea Gateway:
- $500/yr
- All SPVs
- Circle.so community
- One meetup annually
- 2% management, 20% carry
- Perfect if you want to dip your toe in without committing to the full plunge
Altea Base:
- $2,500/yr
- All SPVs with priority allocation
- 1% management, 20% carry
- Vegas access
- Unlimited local meetups
- The sweet spot for most serious investors who want regular access
Altea Black:
- $10,000/yr
- Guaranteed allocations in all deals
- FREE Vegas trip
- 0% management, 15% carry
- VIP access to fancy stuff regular people can’t get into
- For those who know exactly what they want: the best of everything
FLASH SALE: 10% off GATEWAY and BASE until Friday using the code StarterFor10
I don’t know why we’re doing this, but our marketing team says we need “urgency drivers” and “money,” so here we are.
To get in on Film I Tranche II, become a member by May 31st.
Here’s what joining gets you right now:
- Immediate access to Film I Tranche II (while allocation lasts)
- Invitations to summer events in SF and Texas
- Entry to our Circle community, where members share insights and memes
- First look at all new deals before they’re widely available
- The warm, fuzzy feeling of being part of something exclusive
Ready to join the cool kids’ table?
Get 10% off GATEWAY and BASE until Friday using the code StarterFor10
That’s all for this week; I hope you enjoyed it.
Cheers,
Wyatt
Disclosures & Disclaimers The information contained in this newsletter is provided for general informational purposes only and does not constitute investment, legal, tax, or other professional advice. Altea does not offer or sell securities through this newsletter. Any references to investment opportunities are not offers to buy or sell any security. You should not construe any such references as a recommendation to invest.
All investments carry risk and may result in loss. You are solely responsible for conducting your own due diligence and consulting with your own legal, tax, and investment advisors before making any investment decisions.
Altea does not guarantee the accuracy or completeness of information provided by third parties. Past performance is not indicative of future results.
Only accredited investors as defined by applicable laws may participate in Altea investment opportunities.
