Research on restricted insider equity · For accredited investors
Restricted insider equity, understood differently.
T³ Series 1, a series of Texas Trinity Trust, starts from a simple view: restricted insider equity in public and private growth companies is already an economically meaningful pool. Our work is about measuring that pool and designing structures that can turn insiders’ constrained holdings into disciplined, investor-aligned exposure for accredited investors.
T³ Series 1 is being offered as a series of Texas Trinity Trust under Regulation D, Rule 506(c), with general solicitation permitted and verified accredited investors required.
The market range is an estimate from assumed inputs, not a measurement derived from filings. It indicates category scale only and is not a projection of Trust performance or holdings. All figures are research estimates or offering objectives, not guarantees, and are qualified in their entirety by the formal offering documents.
Research foundation
The pool we are measuring
The starting point is market structure, not product design. The research treats equity held by directors and executives that remains subject to vesting, lock-ups, or other legal constraints as a pool that is economically real but not yet liquid. For U.S. public companies, the research estimates that pool at approximately $0.8 trillion to $3.1 trillion. The range is wide because two of its three inputs, the insider share of market capitalization and the restricted share of insider holdings, are assumed rather than measured; it is an estimate of scale, not a measurement derived from filings.
Restricted insider equity
An estimate of restricted insider equity in U.S. public companies: a standing balance, a measure of what is held now, estimated at approximately $0.8T–$3.1T from Russell 3000 market capitalization and assumed rates of insider ownership and restriction. No central figure is stated.
Restricted equity in the IPO pipeline
Companies that come to market through an initial public offering bring equity that is already restricted, under lockup agreements that can run a year or more for founders and large holders. The amount changes with each large listing, and no estimate is stated for it.
Private growth company exposure
A third area considers restricted equity held by senior insiders in private growth companies, where market data are thinner but the life-event and diversification pressures are often strongest. No estimate is stated for it.
Why this page exists
A 506(c) offering needs a research front door
Moving T³ Series 1 under Regulation D, Rule 506(c) permits general solicitation, but it also puts every public-facing communication squarely under antifraud scrutiny. This page is intended as a research-first entry point: it explains the thesis, outlines the measurement work, and describes the structure in plain English, without promising returns or treating category-scale estimates as performance projections. Any eventual offering materials remain qualified in their entirety by the formal Private Placement Memorandum and subscription documents.
The research
What the research covers
The thesis behind T³ Series 1 rests on research into restricted insider equity as an asset category. That research is about the category: what restricted insider equity is, how large the pool is, and how far the estimates can be relied upon. It does not describe the terms of this offering, and nothing in it is a projection of what the Trust will hold or how it will perform.
- What restricted insider equity is, and why it matters.
- How the public-company range is estimated and bounded, and how restricted equity arrives through the IPO pipeline.
- What the estimates include and exclude, and where the uncertainty lies.
- Why illiquidity, and the discount for lack of marketability, weigh on insiders who hold these positions.
T³ Series 1 snapshot
A disciplined, blind-pool structure for synthetic equity exposure
T³ Series 1 seeks to give accredited investors economic exposure to Synthetic Vested Equity positions tied to equity held by senior executives and founders of growth companies, whether privately held or publicly traded. The Trust does not expect to hold direct equity ownership; instead, it aims for contractual or synthetic arrangements that track the economic value of underlying equity. This is a blind pool: no investment has been identified. Before capital is committed, the Servicer applies the four-phase T³ Rules of Engagement, and no position is acquired without the Trustee’s approval.
The Servicer will seek protections such as a return-floor mechanism and collateral coverage deal by deal. These are objectives: they are not in place at subscription and are not guaranteed. A return floor degrades as the referenced price falls and can fail entirely in a severe decline, and it depends on the counterparty’s solvency and performance. Collateral may be correlated with the position it secures. No more than 10% of the proceeds received at the Closing may be exposed to any one entity, counterparty, or referenced company; that cap does not diversify away systematic risks, which affect all positions together.
Public-company positions may be subject to Rule 144 resale limits, lock-up agreements, and affiliate restrictions.
- Issuer
- Texas Trinity Trust T³ Series 1
- Sponsor
- Texas Trinity Capital LLC
- Servicer
- T³ Servicing, LLC
- Instrument
- Certificates of Participation
- Preliminary size
- $3,000,000 — 30 Certificates at $100,000 each
- Closing
- A single Closing, which does not occur until at least $1,000,000 has been subscribed. Nothing is deployed before the Closing and no subscription is accepted after it. The offering does not remain open beyond September 30, 2027, unless the Trustee and the Sponsor extend that date.
- Exemption
- Regulation D, Rule 506(c) — verified accredited investors only
- Fees and Sponsor participation
- No management fee. Certificateholders receive all distributions until they have received 1.5 times their invested capital. The Sponsor’s participation begins thereafter, as carried interest of 25% of profit reached through a catch-up. The Trustee and the Servicer are each paid $500 per calendar quarter.
- Governance
- T³ Rules of Engagement applied by the Servicer before each deployment; 10% concentration cap; uninvested proceeds returned in full at 18 months
This is a preliminary summary and is qualified in its entirety by the Private Placement Memorandum and subscription documents. Protections and pricing described on this page are objectives, not commitments.
Request access
Request research and offering materials
Because T³ Series 1 is intended solely for accredited investors under Rule 506(c), substantive offering materials are provided on request and after an accreditation pathway is identified. If you are an accredited investor, family office, or institution and would like to receive research updates, offering summaries, or participate in future webinars, please share basic contact and accreditation information and indicate your preferred channel.
Substantive offering materials will be provided only to verified accredited investors in accordance with Rule 506(c). This page is for informational purposes only and is qualified in its entirety by the formal offering documents.