Midnight Ecosystem Group Fund LP

The future is not
public by default.

Formation-stage venture exposure to privacy-native infrastructure for institutional adoption of on-chain finance.

$50M
Target Fund Size
30–50
Portfolio Positions
~$750K
Avg Initial Check
4+2 Yrs
Deploy + Harvest
GP may exercise 2×1-yr extensions

The Opportunity

Three converging markets.
One infrastructure gap.

~$245B1
AI + Data Economy
AI runs on data it doesn't own. Midnight turns locked enterprise data into priced, permissioned inputs — portable memory, sensitive inference, agent identity, and paid data disclosure.
~$265B2
On-chain Custody + Collateral
Crypto liquidity sits across 100+ chains, every position leaking to MEV bots in real time. Midnight shields execution and consolidates collateral into one balance sheet.
$2T–$30T3
Tokenized RWA
McKinsey projects $2T in tokenized RWAs by 2030; Standard Chartered projects $30T by 2034. Every asset class shares one compliance blocker: public chains expose data institutions cannot accept.

1 AI + Data Economy: aggregate of AI data licensing, enterprise AI security, agent identity, and agentic commerce. Sources: IDC Worldwide AI Spending Guide 2024; McKinsey, "The Economic Potential of Generative AI," 2023.

2 On-chain Custody + Collateral: aggregate of unified collateral, private perpetual DEXs, prediction markets, OTC & dark pools, cross-chain prime brokerage, and agent-native settlement. Sources: Galaxy Digital, "State of Crypto Prime Brokerage," 2024; Kaiko Perpetual DEX Volume Data, 2025.

3 Tokenized RWA: McKinsey, "From Ripples to Waves," 2024 ($2T by 2030); Standard Chartered, "Digital Assets: The Next Evolution," 2024 ($30T by 2034).

FOR QUALIFIED PURCHASERS & ACCREDITED INVESTORS ONLY. This material is provided solely for informational purposes to prospective investors who qualify as "Qualified Purchasers" as defined under the U.S. Investment Company Act of 1940, as amended, and "Accredited Investors" as defined under Rule 501 of Regulation D of the U.S. Securities Act of 1933, as amended. This material does not constitute an offer to sell, or a solicitation of an offer to buy, any securities or investment product in any jurisdiction. Any offering will be made only pursuant to a definitive Confidential Private Placement Memorandum ("PPM") and related subscription documents, which should be read in their entirety. Prospective investors should carefully review all risk factors disclosed in the PPM before investing. Past performance is not indicative of future results. All projections are forward-looking statements subject to significant risks and uncertainties. Midnight Ecosystem Group Fund LP is not registered under the Investment Company Act of 1940. By accessing this material, you agree to maintain its strict confidentiality and not to reproduce or distribute it without prior written consent of Midnight Ecosystem Group General Partner LLC.

MIDNIGHT ECOSYSTEM GROUP FUND LP

Investment Thesis

We are not funding "privacy."
We are funding what privacy makes possible.

Three target sectors with defined revenue models.

01
AI + Data Economy
AI runs on data it doesn't own. Midnight turns locked enterprise data into priced, permissioned inputs — portable memory, sensitive inference, agent identity, agentic commerce, and paid data disclosure. 70% of enterprise AI workloads touch PII, IP, or trade secrets.
Revenue: tiered data licensing, API access fees, agent transaction fees  ·  TAM ~$245B1
02
On-chain Custody + Collateral
Crypto liquidity sits across 100+ chains, every position leaking to MEV bots and rival desks in real time. Midnight shields execution, consolidates collateral into one balance sheet, and enables private perpetual DEXs, prediction markets, and agent-native settlement.
Revenue: custody fees, trading spreads, settlement flow, prime brokerage margin  ·  TAM ~$265B2
03 · Largest TAM
Tokenized RWA
McKinsey projects $2T in tokenized RWAs by 2030; Standard Chartered projects $30T by 2034. Every asset class shares one compliance blocker: public chains expose counterparties, balances, and strategy that institutions cannot accept.
Revenue: issuance fees, custody, secondary market spreads, fund administration  ·  TAM $2T–$30T3

Entry Window

2026 is the window.

Phase 01
Pre-Mainnet
Source and diligence. Category still underwritten as "privacy feature" not "privacy layer."
Phase 02 · Active Now
Early Post-Mainnet
Concentrate core deployment. Institutional counterparties validating. Builders activating before broad market repricing.
Phase 03
Ecosystem Scaling
Scale exposure as customer proof, liquidity, and ecosystem maturity improve. Entry valuations materially higher.

1 AI + Data Economy TAM aggregates Portable Personal Memory ($80B), Sensitive Enterprise Data ($46B), AI Agent Identity ($25B), Agentic Commerce ($50B), AI Content Provenance ($4B), and Paid Data Disclosure ($40B). Sources: IDC Worldwide AI and Generative AI Spending Guide 2024; McKinsey Global Institute, "The Economic Potential of Generative AI," 2023.

2 On-chain Custody + Collateral TAM aggregates Unified Collateral Warehouse ($30B), Private Perpetual DEXs ($30B), Private Prediction Markets ($60B), Shielded OTC & Dark Pools ($10B), Cross-Chain Prime Brokerage ($35B), and Agent-Native Settlement ($100B). Sources: Galaxy Digital, "State of Crypto Prime Brokerage," 2024; Kaiko Perpetual DEX Volume Data, 2025.

3 Tokenized RWA TAM anchored to institutional forecasts. Sources: McKinsey Global Institute, "From Ripples to Waves," 2024 (projects $2T tokenized RWAs by 2030); Standard Chartered Research, "Digital Assets: The Next Evolution," 2024 (projects $30T by 2034).

FOR QUALIFIED PURCHASERS & ACCREDITED INVESTORS ONLY. This material is provided solely for informational purposes to prospective investors who qualify as "Qualified Purchasers" as defined under the U.S. Investment Company Act of 1940, as amended, and "Accredited Investors" as defined under Rule 501 of Regulation D of the U.S. Securities Act of 1933, as amended. This material does not constitute an offer to sell, or a solicitation of an offer to buy, any securities or investment product in any jurisdiction. Any offering will be made only pursuant to a definitive Confidential Private Placement Memorandum ("PPM") and related subscription documents, which should be read in their entirety. Prospective investors should carefully review all risk factors disclosed in the PPM before investing. Past performance is not indicative of future results. All projections are forward-looking statements subject to significant risks and uncertainties. Midnight Ecosystem Group Fund LP is not registered under the Investment Company Act of 1940. By accessing this material, you agree to maintain its strict confidentiality and not to reproduce or distribute it without prior written consent of Midnight Ecosystem Group General Partner LLC.

MIDNIGHT ECOSYSTEM GROUP FUND LP

Tokenomics

NIGHT generates DUST.
Capital separated from gas.

Midnight is the first blockchain to decouple governance value from operating cost.

GOVERNANCE ASSET
NIGHT
Hold once. 24B fixed supply. Generates DUST continuously.
→
GENERATES
Renewable
resource flow
Rate proportional to NIGHT balance held.
→
GAS RESOURCE
DUST
Pays fees. Non-transferable. Decays if unused.
Enterprises
Predictable Costs
Budget usage without being penalized when the underlying asset appreciates.
Users
Rational Privacy
DUST is shielded. Transactions leave no metadata trail. Validators verify a proof, not a payload.
Developers
Sponsored Transactions
DApp operators sponsor costs for users by designating DUST — making apps free at the point of interaction.

Distribution

Cleaner structure by design.

Community-first distribution. No discounted insider pre-sale. Broad, free, claim-based allocation across 8 major ecosystems.

Phase 01 · Complete
Glacier Drop
60 days
100% of 24B NIGHT allocated to eligible participants across 8 ecosystems. Free, broad, transparent.
Phase 02
Scavenger Mine
30 days
Unclaimed tokens processed via computational tasks. Apportioned to participants and core constituents.
Phase 03
Redemption Period
360 days
4-installment thawing over 360 days. 25% unlocked quarterly. Prevents supply shocks.
Phase 04
Lost-and-Found
4 years
Glacier Drop-eligible participants who missed the window get a second chance. No lockup.

Source: Midnight Tokenomics and Incentives Whitepaper v1.81, May 2026

FOR QUALIFIED PURCHASERS & ACCREDITED INVESTORS ONLY. This material is provided solely for informational purposes to prospective investors who qualify as "Qualified Purchasers" as defined under the U.S. Investment Company Act of 1940, as amended, and "Accredited Investors" as defined under Rule 501 of Regulation D of the U.S. Securities Act of 1933, as amended. This material does not constitute an offer to sell, or a solicitation of an offer to buy, any securities or investment product in any jurisdiction. Any offering will be made only pursuant to a definitive Confidential Private Placement Memorandum ("PPM") and related subscription documents, which should be read in their entirety. Prospective investors should carefully review all risk factors disclosed in the PPM before investing. Past performance is not indicative of future results. All projections are forward-looking statements subject to significant risks and uncertainties. Midnight Ecosystem Group Fund LP is not registered under the Investment Company Act of 1940. By accessing this material, you agree to maintain its strict confidentiality and not to reproduce or distribute it without prior written consent of Midnight Ecosystem Group General Partner LLC.

MIDNIGHT ECOSYSTEM GROUP FUND LP

The Team

Operators.
Not spectators.

Three general partners with direct ecosystem access and structural proximity to Midnight at the formation stage.

Team member
Dan Singleman
General Partner
Chief Investment Officer · Hoskinson Family Office
20+ years managing multi-billion-dollar portfolios across public equity, fixed income, private equity, private credit, real assets, and digital assets. Deep experience identifying convex return profiles in nascent technology markets.
Multi-billion AUM portfolio management
Expert in asymmetric & convex strategies
Digital asset institutional infrastructure
Team member
Adam Wasserman
General Partner
VP of Investments · Input Output (IOG)
VP of Investments at Input Output — the organization behind Cardano and Midnight — with 15+ years in investment advisory, fixed-income capital markets, and software M&A. Founded Lion's Den Holdings.
Input Output (IOG) — internal ecosystem access
15+ years fixed income & capital markets
Founded Lion's Den Holdings
Team member
Ryan Davis
General Partner
CFO & CIO · Input Output (IOG)
20+ years across investment management, capital markets, early-stage venture, fintech, and digital assets. Formerly CFO of Pantera Capital and GP at Echelon Asset Management. Architected the NIGHT token distribution strategy.
CFO — Pantera Capital
GP — Echelon Asset Management
Midnight Foundation Board of Directors

FOR QUALIFIED PURCHASERS & ACCREDITED INVESTORS ONLY. This material is provided solely for informational purposes to prospective investors who qualify as "Qualified Purchasers" as defined under the U.S. Investment Company Act of 1940, as amended, and "Accredited Investors" as defined under Rule 501 of Regulation D of the U.S. Securities Act of 1933, as amended. This material does not constitute an offer to sell, or a solicitation of an offer to buy, any securities or investment product in any jurisdiction. Any offering will be made only pursuant to a definitive Confidential Private Placement Memorandum ("PPM") and related subscription documents, which should be read in their entirety. Prospective investors should carefully review all risk factors disclosed in the PPM before investing. Past performance is not indicative of future results. All projections are forward-looking statements subject to significant risks and uncertainties. Midnight Ecosystem Group Fund LP is not registered under the Investment Company Act of 1940. By accessing this material, you agree to maintain its strict confidentiality and not to reproduce or distribute it without prior written consent of Midnight Ecosystem Group General Partner LLC.

MIDNIGHT ECOSYSTEM GROUP FUND LP

MIDNIGHT CITY POWERED BY MIDNIGHT CHAIN

Midnight City

A 2D world powered by the Midnight blockchain — privacy native, every interaction shielded.

MIDNIGHT ECOSYSTEM GROUP FUND LP

LP Data Room

Midnight Ecosystem Group Fund LP's confidential fund materials are hosted securely on DocSend. You'll be asked to verify your email to access the documents.

Open Data Room

Strictly Confidential · Qualified Purchasers Only

MIDNIGHT ECOSYSTEM GROUP FUND LP

Contact

Now accepting founding
LP commitments.

The window to enter these companies at formation stage is defined by the infrastructure launch cycle. That cycle is now.

Email
team@midnightvc.io

FOR QUALIFIED PURCHASERS & ACCREDITED INVESTORS ONLY. This material is provided solely for informational purposes to prospective investors who qualify as "Qualified Purchasers" as defined under the U.S. Investment Company Act of 1940, as amended, and "Accredited Investors" as defined under Rule 501 of Regulation D of the U.S. Securities Act of 1933, as amended. This material does not constitute an offer to sell, or a solicitation of an offer to buy, any securities or investment product in any jurisdiction. Any offering will be made only pursuant to a definitive Confidential Private Placement Memorandum ("PPM") and related subscription documents, which should be read in their entirety. Prospective investors should carefully review all risk factors disclosed in the PPM before investing. Past performance is not indicative of future results. All projections are forward-looking statements subject to significant risks and uncertainties. Midnight Ecosystem Group Fund LP is not registered under the Investment Company Act of 1940. By accessing this material, you agree to maintain its strict confidentiality and not to reproduce or distribute it without prior written consent of Midnight Ecosystem Group General Partner LLC. Midnight Ecosystem Group Fund LP is offered only to Qualified Purchasers as defined under the Investment Company Act of 1940.