Define the mandate
Days 1–10. Set the two research questions, exclusions, evidence thresholds and decision rules before conviction begins to accumulate.
The founding mandate
Depth on two consequential opportunities.
Built for Italian-resident principals making direct startup investments with meaningful personal capital, without an internal venture research office.
- Duration
- 90 days
- Opportunities
- Two
- Research files
- Two
- Red-team councils
- Two
- Founding fee
- €18,000 + VAT
The calendar
Research. Opposition. Decision record.
The engagement is visible and finite. Each phase leaves an inspectable output rather than a stream of activity.
Investigate company one
Days 11–40. Build the first source-linked company research file and test its strongest assumptions in a red-team council.
Investigate company two
Days 41–75. Repeat the method independently, without importing enthusiasm or conclusions from the first case.
Build the system
Days 76–90. Consolidate the principal’s thresholds, watch conditions and decision journal into a reusable system and final handover.
Fit
A small number of decisions that justify depth.
The mandate is for
- Principals investing their own capital directly into private companies.
- Investors who value a documented pass as much as an invest.
- People willing to expose conviction to structured opposition.
- Two real opportunities that warrant senior attention and primary research.
It is not for
- Guaranteed returns, predictions or a promise of a 100× outcome.
- Deal flow, founder introductions, syndication or fundraising.
- Delegated discretion, suitability assessment or portfolio management.
- High-volume screening, portfolio tracking, legal, tax or accounting advice.
The principal’s commitment
The evidence supports the decision. The principal makes it.
The principal defines the questions, makes relevant materials available through an approved channel, attends the mandate opening, the two red-team councils and the final handover, and records the final decision state.
The engagement leaves two company research files, two red-team records and one reusable decision system. Capacity is limited to five founding principals so the work remains senior and specific.
The €18,000 + VAT fee is paid by the principal. It is fixed and is not contingent on a transaction, investment or outcome.
Le Club X does not execute orders, arrange investments, place securities, hold assets, manage capital or raise funds. The full boundary is set out in Scope & Questions.