The Opportunity
M31 Capital is building the M31 Research Machine: a systematic research infrastructure designed to identify paradigm-shifting technologies before market consensus forms.
Under M31's new Investment Intelligence model, we are limiting private client relationships to a small number. These are deep, high-trust partnerships with large investors who receive our proprietary research, dedicated co-investment access, and a full M31 advisory team.
We want to offer Ray Dalio the first spot as our Founding Client. The role comes with terms and privileges not available to subsequent clients, including first right of refusal on all dealflow and the ability to directly shape the direction of M31's research infrastructure.
Ray Dalio asked how he can best help M31. This is the answer.
What Ray Gets
On a hypothetical $100M commitment, ~$5-10M will be called upfront to seed the buildout of the M31 Research Machine, with the remaining capital deployed over the following 2-3 years as the Machine surfaces high-conviction investment trends and opportunities.
Ray’s capital is managed in a dedicated, custom private investment account: not pooled into a fund. All capital is deployed exclusively on his behalf, directed by the M31 Research Machine’s highest-conviction outputs.
M31 has delivered +1,100% returns to date. As Founding Client, Ray receives full access to that track record, with capital deployed in a bespoke account built around his mandate.
As Founding Client, Ray receives first right of refusal on every investment opportunity surfaced by the M31 Research Machine, ahead of all other clients and co-investors.
This includes opportunities like Erebor: the technology bank co-founded by Peter Thiel and Palmer Luckey, and future deals across AI, longevity, defense, energy, space, and crypto infrastructure.
As Founding Client, Ray pays a 1% management fee and 10% performance fee on his initially committed capital: a 50% discount to M31’s standard 2/20 terms.
This preferential fee structure is exclusive to Founding Client status and is not available to subsequent private clients or standard LPs.
Real-time signals and systematic research outputs from the M31 Research Machine: built on the same systematized logic that defined Bridgewater’s edge.
Custom research reports on macro, Bitcoin, frontier tech, and geopolitical shifts: tailored to the Dalio Family Office’s specific interests and mandates.
As Founding Client, Ray has direct input into M31’s research priorities, partnership structure, and the development of the M31 Research Machine itself.
This is not a passive investment. It is a seat at the table in building the next generation of systematic frontier technology intelligence.
A dedicated M31 team available for custom research requests, technology due diligence, and strategic problem-solving for the Dalio Family Office.
Private client relationships are intentionally limited to a small number: Ray receives the full attention of M31’s research and advisory capacity.
Why This Works
Both M31 and Bridgewater are built on systematized investment logic: rigorous, repeatable frameworks that outperform intuition at scale.
M31’s Bitcoin thesis mirrors Ray’s own evolving framework on monetary debasement, reserve assets, and the changing world order.
M31 has established relationships with Gulf sovereign investors including QIA. Ray’s deep regional knowledge is a natural complement.
M31 is building the next generation of what Bridgewater pioneered: systematic, research-first investing applied to the frontier technology era.
Illustrative Terms
- Total Commitment — $100M illustrative: structured as a dedicated private client account, not a fund investment.
- First Capital Call — ~$5-10M upfront to fund the buildout of the M31 Research Machine. Builds the infrastructure, improves investment outcomes, and secures a 50% fee discount for the remaining capital.
- Deployed Capital — Remaining capital deployed over 2-3 years, directed by the M31 Research Machine’s highest-conviction outputs.
- Fee Structure — 1% management / 10% performance on initially committed capital: a 50% discount to M31’s standard 2/20 terms, exclusive to Founding Client status.
- First Right of Refusal — ROFR on all dealflow generated by the M31 Research Machine, ahead of all other clients.
- Proprietary Research — Custom reports and real-time dashboard access: not available to the public or standard LPs.
- Advisory Access — Dedicated M31 tech and strategy team for bespoke Dalio Family Office engagements.
- Founding Influence — Direct input into research priorities, partnership structure, and the M31 Research Machine’s development.