1NatCap

INCH. Integrated Natural Capital Holdings

Overview

INCH is the group's principal-capital vehicle. It deploys institutional capital deal-by-deal through ring-fenced SPVs, gives investors deal-level visibility and co-investment rights, and ties the operator's economics to investor outcomes through a working-interest waterfall.

Parameter	Detail
Character	Operating company, not a fund. Capital deployed deal-by-deal through ring-fenced SPVs.
Focus	Majority in regulated environmental securities. A capped flexible sleeve for lending, prepay, and opportunistic positions.
Investor eligibility	Qualified institutional buyers under Rule 144A and non-United States investors under Regulation S. This platform describes the vehicle for informational purposes only and does not solicit investment.
Target investor base	Sovereign wealth funds, pension and insurance funds, and family offices with relevant mandates.
Manager	Entoro Advisors, contracted with defined management authority.
Securities framework	Private placements with CUSIP/ISIN for institutional custody and settlement.
Target Capitalization	$500 million in institutional capitalization at first close, deployed across a ten-year closed-end term with structured secondary liquidity.

Eligible Asset Types

Asset Category	Examples	Notes
Direct Air Capture and Engineered Removal	Engineered DAC, ocean alkalinity enhancement, enhanced weathering	Technology-based, permanent, high-integrity removal. Capital-intensive; typically structured with a project-finance overlay.
Biochar	Agricultural biochar, soil application programs	Durable carbon removal with measurable soil co-benefits. Growing compliance-market acceptance.
Carbon Removal, Nature-Based	Afforestation, reforestation, soil carbon, blue carbon (mangroves, seagrass, tidal marshes)	Established methodologies. Broad compliance and institutional demand. Clear sovereign authorization pathway for cross-border projects.
Carbon Reduction	Methane abatement, fuel switching, energy efficiency, landfill gas capture	Proven methodologies with strong additionality cases. Compliance demand via CORSIA and national schemes.
Carbon Avoidance	REDD+, avoided deforestation, avoided land-use conversion	Requires a robust, defensible baseline. Jurisdictional programs preferred. Elevated documentation and integrity standards.
Biodiversity Credits	Habitat restoration, ecological corridor protection, marine and wetland conservation	Emerging institutional market. Regulatory frameworks developing across several jurisdictions.
Water Assets	Watershed restoration, water quality offsets, groundwater recharge rights	Jurisdiction-specific demand with a strong co-benefit narrative.

Investment Criteria

Criterion	Standard
Legal rights and title	Clear, exclusive, and unencumbered rights to the environmental outcome. No competing claims, liens, or disputes. Full chain-of-custody documentation for previously issued credits.
Additionality	Demonstrable on financial, regulatory, or technological grounds, against a credible and defensible baseline. Projects without a documented counterfactual do not qualify.
Jurisdictional authorization	A host-country Letter of Authorization is the preferred structure for cross-border projects and is required for Article 6.2 eligibility. Projects without a clear authorization pathway are assessed case by case and may require enhanced documentation or insurance.
Documentation readiness	A project design document, MRV framework, and baseline impact data must be available or in active development, sufficient to support independent third-party verification.
Market demand evidence	Demonstrable commercial demand: letters of intent, offtake discussions, registry benchmark pricing, or documented buyer relationships. Speculative or unpriced assets do not qualify.
Political risk	Projects in high-instability jurisdictions require political risk insurance or an equivalent mitigation instrument. Sanctioned or active-conflict jurisdictions are not eligible.
Regulatory compliance pathway	A clear pathway to compliance with applicable frameworks, Article 6, CORSIA, or equivalent corporate disclosure standards, is required for any asset intended for compliance-market exit.

Credit Tiering System

Every asset admitted to INCH is classified at intake. Classification governs custody, collateral treatment, and financing eligibility, and is not discretionary.

Tier	Asset Type	Custody	Collateral Treatment	Financing
0	Cash and equivalents	Custodian bank	Base liquidity reserve	Base liquidity
1	Compliance allowances	Exchange or registry with controls	Primary collateral	Standard institutional haircuts and clearing
2	High-integrity, sovereign-authorized credits	Registry with controlled account	Conditional collateral	Higher haircuts; independent price validation; limited counterparties
3	Forward offtake and options	Contract, registry, and legal perfection	Not collateralized directly; rights support structured finance	Offtake-backed facilities and structured prepay, not repo
4	Legacy or non-authorized inventory	Registry only	Not collateralized	Opportunistic sleeve only; valuation haircut; no leverage

Why an Operating Company, Not a Fund

A conventional fund forces investors to commit before deals are identified, pays fixed management fees regardless of performance, and applies flat carry across a blind portfolio. INCH inverts each of those defaults.
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· Investors see the deal economics before committing at the deal level.
· The sponsor (1NatCap) earns meaningful upside only after investors recover capital and a preferred return.
· Co-investment rights and rights of first refusal on each transaction.
· Ring-fenced SPVs under one master entity: Clean and auditable.

Return Alignment

The waterfall is structured so investor capital is made whole and receives a preferred return before the operator earns meaningful economics. Operator participation increases only as returns increase. All illustrative thresholds and splits are documented in definitive offering materials.

Overall INCH Sentiment

INCH exists because natural capital has never had a principal-capital vehicle built to institutional standards. It is not a fund raising a blind pool against a thesis. It is an operating company that takes deal-by-deal positions, gives investors visibility into each transaction before capital moves, and ties its own economics to investor outcomes through a return waterfall that pays investors first. Every asset it holds is tiered, custodied, and valued against defined, auditable standards, the same discipline institutional allocators expect from any other credit or structured-finance vehicle. The vehicle succeeds by being boring in the right ways: transparent structure, independent valuation, and a manager whose upside only grows once investors have already been made whole.

Building the Financial Infrastructure for Natural Capital

Whether you're an institutional investor, sovereign partner, project developer, or industry participant, we're building the platform that transforms environmental outcomes into institutional-quality assets. Let's shape the next generation of natural capital markets together.

This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of August 2026 and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader.