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Freight benchmarks

Updated 04:12 ET · overnight agent

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Private credit

Top-25 bank NDFI exposure re-ranked

Wells Fargo and PNC lead on NDFI/TCE (1.37×, 1.42×). Dimon's April letter flagged rising leveraged-lending losses.

OFAC / CFIUS

Sovereign LP exposure map refreshed

Mubadala ELEVATED, CIC HIGH. Only AU/CA/UK/NZ are FIRRMA-excepted. Every other SWF may trigger a mandatory declaration.

FX

Peso outlook cut 3.4%

Reuters poll sees MXN to 18.92/USD over 12mo, a headwind for nearshoring targets billing in pesos.

Curated for The Freight Pod. This brief is scoped to the companies in your Deal Room: news, ratings, and rate moves that touch your targets, not generic industry noise. Refreshed nightly by VNTR's intelligence engine.

Click a row for the record drawer, or open the full record from inside it. Companies you add flow into VNTR's master universe: we capture what we do not already have, and you keep working the ones that matter.

Stages are configurable. Each firm maps its own workflow, including where "under mandate" sits.

Card age is days in the current stage. Amber past 30 days, red past 45, the thresholds each firm sets in stage configuration.

Scopes every figure below

Sourcing funnel

bar is conversion from the prior stage
StageCountStep conversionOf universe

Weighted pipeline by sub-sector

share of value
Sub-sectorShareWeighted value

Stage velocity

avg days in stage · marker is target
StageActual daysTargetVariance

Origination by source

qualified targets
SourceQualifiedShare

Mandate outcomes by quarter

pitched mandates, resolved
QuarterWonLostWithdrawnWin rate

Contacts

Add contact →

Activity

Log →
In the news
LinkedIn & social

Relationship map

click any node to re-centre the map on it

Every node is a record in the VNTR master universe. Click a node to build that asset's own relationship map, then open its profile from the button above. Edges come from shared people, transactions, ownership and LP look-through, commercial ties, and advisor engagements.

AR
UploadLink

Adam Rublin

CEO & Founder · Motus Freight

Work history

Education

Personal

Sources

Email

matched to this contact's address

Text messages

Data subject controls

GDPR Articles 15, 18, 21 and 17

Intelligence briefing

Research verifies work chronology and degrees, plugs them back into the fields above, then writes this briefing from the file. Major sports allegiance and other attributes are captured as networks. No profile reaches a client without your review.

Social
In the news
Prototype - sample data. Fund figures below are illustrative until a real fund is loaded. The compliance panels (OFAC, FinCEN AML, Custody Rule, side letters, eligibility) are not live screening - do not rely on them or distribute to LPs.

Fund

VNTR Freight Opportunities Fund I

Vintage 2025 · 8 LPs · Q2 2026 ILPA Reporting Template v2.0
Committed
$250M
8 limited partners
Called
62%
$155.0M
DPI
0.42×
$65.0M distributed
TVPI
1.61×
target
Net IRR
19.4%
gross 26.8%
No federal rule dictates the contents of a private fund investor report today. The SEC Private Fund Adviser Rules, including the Quarterly Statements Rule, were vacated in full by the Fifth Circuit on June 5, 2024 and remain vacated. This system reports to the ILPA templates and enforces the statutory and contractual rules as controls around them, because examiners still probe fees, expenses, performance, and preferential treatment through the antifraud lens.
Adviser status set to Exempt Reporting Adviser. The Marketing Rule, Custody Rule, Compliance Rule, and Form PF modules are switched off and shown dimmed. Antifraud, books and records, examination exposure, and the ILPA and valuation expectations still apply. Confirm the fund meets the Rule 203(l)-1 or 203(m)-1 conditions before relying on the exemption.
Capital accounts
Fees, expenses & carry
LP constituencies
Compliance controls
Obligations & monitors

LP capital accounts

ILPA Reporting Template v2.0 · net of LP-specific fee terms+ Add LP
Limited PartnerConstituencyCommitmentCalledDistributedNAVTVPI

TVPI varies by LP because side letter fee terms differ. Every figure below traces to a ledger entry and a source transaction; open any cell to see its lineage.

Capital calls & distributions

ILPA Capital Call and Distribution Template+ Add call / distribution
DateNoticeTypeAmountPurpose and characterStatus

Distribution character, inception to date

Character detail supports each LP's own tax position, including the IRC 892 analysis a sovereign LP must run on commercial versus non-commercial income.

Portfolio company KPIs

Q2 2026+ Add holding

Peer benchmarking

vintage 2025 freight & logistics peer setRequires VNTR Meridian
MetricThis fundPeer medianTop quartileQuartile rank
VNTR MeridianBenchmarking against the vintage-year peer set is Meridian data. Launching Fall 2026.

ILPA Reporting Template v2.0 raised the granularity on fees: rebates, waivers, offsets, and related-person amounts are each broken out rather than netted into a single line. Public plan LPs and their state disclosure statutes depend on exactly this detail.

Management fee reconciliation

quarter ended Jun 30, 2026

Fund expenses

related-person amounts flagged
Line itemILPA categoryQuarterInception to dateRelated person

Carried interest & clawback

Waterfall, carry accrual, and clawback exposure are computed by the governed engine on a locked methodology version, never in a spreadsheet.

Performance presentation

Marketing RuleUpdate snapshot

Net accompanies gross by construction. Private funds are relieved from the prescribed one, five, and ten year presentation, but the net alongside gross requirement stands, and every claim is retained with its substantiation.

Five constituencies, five different rule surfaces. Each LP carries a constituency flag in investor master data, and that flag switches on the obligations, monitors, and disclosure packages below.

Cross-cutting compliance matrix

"conditional" means the rule turns on only when the adviser is an RIA rather than an ERA
Rule or obligationPrivate EquityVenture CapitalFamily OfficePension FundSovereign Fund
Applicability turns on facts: adviser registration status, investor mix, US versus cross border, and fund structure. This matrix is a system requirements reference, not a legal opinion. Validate with fund counsel and the CCO.

Three sources of obligation, kept separable because they carry different enforcement teeth. The ILPA templates are the generation layer; the statutory and contractual rules are enforced as controls around it.

Tier 1
Statute and rule
Advisers Act antifraud, Marketing Rule, Custody Rule, books and records, Form ADV and Form PF, ERISA, OFAC. Legally binding.
Tier 2
LPA and side letters
MFN clauses, bespoke fields, accelerated deadlines, look-through, excuse and exclusion rights. Often stricter than any regulation.
Tier 3
ILPA templates
Reporting Template v2.0, Performance Template, Capital Call and Distribution Template. Voluntary, but the benchmark institutional LPs apply.

System controls

derived from the rule set · tested in the annual compliance review

Custody Rule audit path

On track

Valuation workflow

ASC 820 · AICPA guide

Threshold monitors

evaluated continuously, not only at closing

Sanctions & AML

OFAC screening

Live

Strict liability, applies now, and independent of the delayed FinCEN rule. Every LP and its beneficial owners are screened at onboarding and re-screened on a rolling 30 day cycle.

FinCEN IA AML Rule

Built, not switched on

31 CFR Part 1032. Effective date moved from Jan 1, 2026 to Jan 1, 2028 in the final rule published Jan 2, 2026, with scope under review. The joint SEC and FinCEN customer identification proposal is also pending. Hooks are built and switchable.

Side letter obligation register

machine-enforced · drives per-LP generation and MFN evaluation
Limited PartnerObligationTypeCadenceStatus

Investor eligibility & status

Limited PartnerAccreditedQualified purchaserQualified clientBenefit plan investorSanctions

The fund relies on Section 3(c)(7), so every investor must be a qualified purchaser. Offered under Regulation D Rule 506(b) with Form D on file. Eligibility status is carried in investor master data because several downstream rules key off it.

Appearance

ThemeFollow the time of day, follow your operating system, or pin it.
Light from until local time; dark outside those hours

Mailbox connections

What is captured

minimising defaults
Article 5(1)(c), data minimisation. Only participants who already exist as a contact record are stored. Everyone else on a thread is dropped at ingest, so third parties are never ingested. Attachments are never read.

Text messaging

Business numbersOne number per user. Clients text the business number, never a personal handset.
RetentionAdvisers Act Rule 204-2. Not optional, and the floor is five years.

Supervision reviewOptional, set per client. Archiving and retention stay on regardless.

With review on, messages hitting the lexicon are held in a queue for a principal to clear before they are treated as closed. With it off, messages are still captured and retained, they are simply not queued for review.

Messages are written to object storage under a compliance-mode lock, so nothing can be altered or deleted before the retention term expires
A contact record with a verified mobile number must exist before a thread can be opened, so nothing is sent to an unrecorded party
A2P 10DLC brand and campaign registered; carrier surcharges are passed through per message
Every message is logged as an activity on the contact and its company
This is the adviser configuration under Rule 204-2: retention, accessibility, and no alteration. A broker-dealer affiliate would fall under Rule 17a-4(f), which is stricter on storage format and would justify buying a certified platform rather than holding the archive yourself.

Lawful basis and transparency

GDPR
Lawful basisArticle 6. Recorded in the Article 30 register.

Compliance postureStatus of the records this processing depends on.
Article 35 data protection impact assessment completed; communications monitoring at scale requires one
Article 30 record of processing updated with purpose, categories and retention
Article 14 notice served to matched contacts, since their data is collected indirectly
Article 28 processor terms executed with Microsoft and Google
Staff whose mailboxes are in scope have been given written notice

Retention and residency

RetentionArticle 5(1)(e), storage limitation.

Matched mail is purged on this clock. Where a thread is a business record, Advisers Act Rule 204-2 requires five years and overrides a shorter setting: the item is flagged and held rather than deleted, and the conflict is logged. That tension is real; resolve it in the retention policy, not in the UI.

Data residencyChapter V, international transfers.

Reg S-P safeguards

17 CFR 248
Encrypted in transit and at rest; tokens held in the secrets store, never in code or the repo
Entity-level entitlements: a matched thread is visible only inside the tenant that owns the contact
Full access audit log over every read of matched mail
Incident response programme with customer notification inside 30 days, per the 2024 amendments
Disposal rule: purged records are destroyed so they cannot be reconstructed
Email bodies can contain customer nonpublic personal information and Article 9 special-category data. That is why body previews are off by default and screening applies when they are on. This is a system requirements reference, not a legal opinion: validate with counsel and the CCO.

Secure data room

Project Motus: Sell-Side

Watermarked
Configured from your setup questionnaire: Sell-Side · Truckload brokerage · US · audited. The request list and folders below were generated automatically, and each service provider is granted access to only the folders their discipline needs. Edit setup
Documents
Diligence requests
Q&A
Participants
Activity log
AI analysis
Folders

Every document is watermarked per viewer on open. Download and print are granted per discipline, never per person, so revoking a provider revokes their whole team.

Requested itemCategoryFromReviewerDueStatus

Generated from the setup questionnaire. Marking an item received links it to the uploaded document, so the list and the folder tree never drift apart.

Answers are published to the buyer who asked, or to every buyer at once where the answer is material. Publishing to all is the default on anything that would change a bid.

Buyers

access follows NDA execution
BuyerTypeNDAAccessDocs viewedQuestionsLast active

Service providers

access by discipline

Auto-granted on invite; VNTR can override any grant and revoke instantly.

WhenWhoActionDocumentIP

The log is append only and is the record you produce if a process is ever challenged. It captures every open, download and permission change, with the watermark identity applied at the time.

Generated on request from the data room financials by the intelligence engine. Every output is a draft for review, never sent to a buyer unchecked.

Bank PC Exposure
OFAC / CFIUS
Forex Risk
Robotics
Other Tech

Private credit · updated nightly

The Top-25 US banks ranked by balance-sheet exposure to non-depository financial institutions (NDFI) and private credit. The ratios that matter are NDFI to tangible common equity, the cushion if private-credit marks turn.

#BankAssets $BNDFI $BNDFI/TCEPC lending $BRisk tier
Dimon letter, Apr 6 2026: losses on leveraged lending "will be higher than expected"; private credit "does not have great transparency or rigorous valuation marks."

National security · sovereign capital

Which investors and LPs trigger CFIUS. Only Australia, Canada, the UK, and New Zealand are FIRRMA-excepted. Any other sovereign taking a substantial interest in a critical-tech business may face a mandatory declaration.

InvestorTypeExposureReason

Currency risk · US-dollar acquirer

Home-currency trend versus USD for each cross-border target: the FX headwind or tailwind on entry, and the 12-month outlook that shapes repatriated returns.

CountryCurrencyvs USDΔ since '21Rating12-mo outlook

Warehouse robotics · 16-stage map

The four-walls robotics landscape, one canonical map: about 130 companies across every operational stage, from trailer unload to orchestration, with funding and status.

Beyond the four walls

Supply-chain technology across 12 lanes: freight procurement, port and rail automation, OTR autonomy, freight marketplaces, cold chain, plus the freight-audit/TMS software landscape.

MF
Motus Freight
Sell-Side M&A · under mandate since Jun 2026
Under mandate

Sell-side process

1 · done
Prep & QoE
Complete
2 · done
Teaser + CIM
Distributed
3 · done
Buyer list
31 buyers
4 · active
NDA / CIM
12 NDAs out
5
First bids
Not started
6
Mgmt & DD
Not started
7
Final bids
Not started
8
Sign & close
Not started

This 8-step process is a starting template. Reorder, rename, add, or skip stages to match how your firm runs a sell-side. Nothing is forced.

Documents

Upload →

Deal team

Add →

Relationship networks · warm-path map

The organizations, schools, employers, and attributes your contacts share. Every membership, alma mater, past employer, and personal attribute a founder, CEO, or CFO carries lives here, with who belongs, so you can find the warmest path to any target.

Executive networks

YPO, Vistage, Tiger 21…

Education

alma maters & degrees

Past employers

Attributes

military, licenses, board seats…

Sports allegiance

shared fandom is a warm path

AI positioning · scored nightly by the intelligence engine

Auto-updated 04:12 ET

Each curated target, positioned by MiMo's analysis of everything we've collected on it: financial health, fit to mandate, deal readiness. Re-scored as new intelligence arrives, so the board is always current.

Fit to mandate →
High fit · early
High fit · ready
Watch
Ready · lower fit
Deal readiness →
CompanySub-sectorStage Fit to mandateDeal readinessRevenue

Geographic view · curated targets

Where the target assets sit. Filter by sub-sector or stage, then drag to pan and scroll to zoom. Every pin opens the company record.

No targets match these filters.
CompanySub-sectorStage HeadquartersRevenueHeadcount
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