Two chambers. Neither moves alone.
A single decision-maker is a single point of failure. Threshold's Investment Committee is built as two independent chambers — Operational Directors and a Circle of Experts — and a deal only clears if both agree separately. Not a merged vote. Not a majority of nine. Two separate yes answers, required every time.
Directors Chamber
Tier 3 / 4 (anchor / red-line waiver): unanimous (3 of 3).
Circle of Experts Chamber
Chair rotates among Circle members only — never a Director.
The Rule That Makes It Real
Any Director or Circle member who originated, sourced, negotiated, or holds a financial or personal relationship to a deal steps back from voting on it. They can present the deal. They cannot vote on it.
If recusals shrink the eligible Circle below its 4-of-6 threshold, we don't lower the bar — we call in a pre-agreed, independent seventh reviewer instead.
How A Vote Actually Happens
- Quorum: 5 of 6 Circle members and 2 of 3 Directors must be present for a vote to count.
- Chair rotates among Circle of Experts members only, keeping agenda control away from whoever originated the deal.
- Every vote cites the Gate Screen and Scoring Rubric outcome, and is recorded in the Deal Log.
The Approval Ladder
| Tier | Check Size | Approval Rule |
|---|---|---|
| Tier 1 | ~$100–150K (pilot) | Single fast-track sign-off, contingent on a clean Gate Screen pass. |
| Tier 2 | ~$400–600K (standard) | IC review: Directors majority (2/3) + Circle two-thirds (4/6). |
| Tier 3 | ~$700–800K (anchor) | Full IC approval regardless of screening outcome, plus co-funder notification. Directors unanimous (3/3) + Circle two-thirds (4/6). |
| Tier 4 | Any red-line waiver, any size | Unanimous sign-off required across both chambers. |
This is the discipline behind the thesis.
Read how the capital moves →The full capital & governance map.
Every inflow, every gate, every takeout path — laid out in one interactive diagram. Drag to pan, scroll to zoom, click any node for detail.
Capital & Governance Architecture
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