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Every investment must survive as an investment, not a disguised subsidy — mission cannot rescue bad economics and internal need for capital cannot turn a poor allocation into a good one
Rioholds
“If some transformative missions genuinely require patient subsidy-like capital that market returns cannot justify within any reasonable timeframe — and if those missions are sufficiently consequential — then a strict returns requirement may screen out the most important allocations. The commitment would need to accommodate a defined, governed exception pathway.”
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