Altman entity patterns

SYSTEMIC PATTERN: 2022-07-15 mass restructuring moved all 27+ Altman entities to single SC commercial mailbox on same day Altman Holdco and new Family LLC were incorporated — single coordinated control event

On 2022-07-15, all known Altman investment entities were simultaneously re-registered to 8595 Pelham Road Suite 400 #309, Greenville SC 29615 (AIM Mail Centers commercial mailbox). On the same date, Altman Holdco LLC and a new Altman Family LLC were incorporated. One month later (2022-08-01), Sam Altman Qualified Opportunity Fund LLC was created (tax-advantaged vehicle). The 27+ entities sharing this address span all fund categories: Hydrazine I–IV, Apollo family (5 entities), Structure Fund I, Altman Family LLC, Altman Holdco LLC, Altman 3 LLC, 9Point Ventures LLC, Uncommon Ventures LLC, Avondale VC LLC, real estate LLCs, and Sam Altman Qualified Opportunity Fund. This constitutes a single coordinated administrative control event, likely motivated by privacy, tax optimization, or liability isolation as OpenAI valuations rose steeply in 2022.

SYSTEMIC PATTERN: University of Michigan Endowment is the only identified major outside institutional LP — $180M committed across Hydrazine II and IV — with no documented prior Altman-Michigan connection to explain the relationship

University of Michigan Endowment is the sole outside LP in Hydrazine Capital IV ($75M; fund has grown to $310.8M — 4.1x return on assets) and a major LP in Hydrazine Capital II ($105M). Total UofM commitment: $180M, making it by far the largest documented outside institutional LP in the Altman fund complex. For a personal VC fund, this level of single-institutional-LP concentration is unusual and implies a pre-existing relationship between Altman and UofM Investment Office leadership. No prior documented connection between Altman and the University of Michigan has been found.

SYSTEMIC PATTERN: Two Montana LLCs formed September 2025 — one month before OpenAI for-profit conversion — consistent with pre-liquidity asset protection structuring in a privacy-favorable, no-income-tax jurisdiction

Two Montana LLCs — Oakland Collection LLC and Montvale Group LLC — were incorporated in September 2025, one month before OpenAI's for-profit conversion executed (October 28, 2025). Montana offers zero state income tax, zero capital gains tax, strong LLC privacy (no public officer disclosure requirement), and is frequently used for ranch land holdings and asset protection ahead of large liquidity events. Both entities appear in open lead #36891 but have not been investigated. The timing is consistent with pre-liquidity asset protection structuring.

SYSTEMIC PATTERN: University of Michigan Endowment is the sole identified institutional LP across Hydrazine Capital II ($105M) and IV ($75M) — $180M committed with no documented Altman-UofM relationship; OpenAI's $110K grant to UofM in 2023 creates a potential quid-pro-quo trajectory requiring investigation of intermediation path

University of Michigan Endowment has committed $105M to Hydrazine Capital II and $75M to Hydrazine Capital IV — $180M total to one person's personal VC fund. UofM is the sole identified institutional LP in Hydrazine IV (fund has grown to $310.8M, 4.1× return). Altman has no documented formal UofM affiliation (no degree, no board seat). OpenAI Inc. granted $110,000 to University of Michigan in 2023 (IRS 990 grant record). No placement agent identified in IAPD filings. Hydrazine III and IV each have 1–2 beneficial owners — single-LP concentration.

SYSTEMIC PATTERN: Five-person real estate management committee (Beckwith, Serralta, White, Shetterly, Turpel) controls Altman's property-holding LLCs without Altman's direct signature — Lori White and Samantha Turpel are unidentified actors with no investigated background in database

Heron LLC (CA #202360018805) and Meramec Group LLC (CA #202360018799) both formed December 11, 2023. Both are managed by the same five-person committee: Carmen Beckwith, Jennifer Serralta, Lori White, Michael Shetterly, Samantha Turpel. Sam Altman's name does not appear on management paperwork for either entity. Andersen Tax LLC serves as registered agent (350 S. Grand Ave LA). Shetterly is a Greenville SC-based Ogletree Deakins shareholder — SC local legal coordination.

SYSTEMIC PATTERN: Two-layer family office staff (Serralta COO for real estate + Beckwith CFO for investment compliance) with unusual scope — Serralta holds Apollo Projects GP CEO role; Beckwith manages unknown Elfin Cove Capital at same address

The Altman family office operates through two functional staff layers: (1) Jennifer Serralta (cousin, COO since 2021, Greenville SC) manages real estate LLCs (950 Lombard, Amberley Properties, Big Surf, Green Valley Ranch Napa) AND holds CEO role at Apollo Projects GP LLC — bridging real estate and investment fund governance; (2) Carmen Beckwith (CFO) signs Form ADV regulatory filings for all three IAPD-registered Hydrazine Capital entities and also manages Elfin Cove Capital LLC at the same Pelham Road address (unknown purpose, possibly her personal vehicle). Apollo Projects LP is unusual: 38% GP/related-party ownership, $553M AUM, co-managed by all three Altman brothers (Sam, Jack, Max) via Hydrazine Capital Management LLC, with Frank Rimerman + Co. LLP as auditor.

SYSTEMIC PATTERN: Apollo Projects LP is a joint Altman sibling fund (Sam + Jack + Max) with 38% GP ownership — not Sam's personal fund; structurally separate from Hydrazine despite sharing management company

Apollo Projects LP ($553M AUM, 38% GP/adviser ownership, 15 beneficial owners) is co-managed by all three Altman brothers — Sam, Jack, and Max — via Hydrazine Capital Management LLC as the managing entity and Apollo Projects GP LLC as the general partner. Jennifer Serralta holds CEO title at the GP. This is functionally a family venture fund distinct from Hydrazine (which is Sam's personal fund). The 38% adviser/related-person commitment is exceptionally high (typical VC: 1–5%), suggesting significant family principal capital in the fund. Frank Rimerman + Co. LLP is the auditor.

SYSTEMIC PATTERN: Single SC commercial mailbox (8595 Pelham Rd, Greenville) serves as administrative hub for all Altman financial vehicles — Hydrazine I–IV, Apollo Projects, Structure Fund I, and 20+ personal LLCs — controlled through a five-person proxy layer (Beckwith, Serralta, Shetterly, White, Turpel) without Altman's direct signature

On 2022-07-15, all 27+ known Altman investment entities were simultaneously re-registered to 8595 Pelham Road Suite 400 #309, Greenville SC 29615 (AIM Mail Centers commercial mailbox). Carmen Beckwith had established Beckwith Venture Capital Management LLC in SC in January 2022 — six months before the mass migration. Michael Shetterly (Ogletree Deakins Greenville SC) is co-manager on Altman real estate LLCs at the same address. Oliver Mulherin's Structure Fund I (Dec 2025) uses the same SC mailbox as its EDGAR-registered principal address.

SYSTEMIC PATTERN: CT Corp registered agent adopted simultaneously by post-crisis OpenAI Startup Fund entities and Mulherin Structure Fund, suggesting shared formation counsel or corporate services provider

The Corporation Trust Company (CT Corp) was adopted as registered agent for OpenAI Startup Fund GP V and GP VI (Nov 2024 and Jul 2025) after Corporation Service Company (CSC) was used for GP I through GP IV (2021–2024). Structure Fund I GP LLC and Structure Fund I LP (formed Dec 2025/Jan 2026 by Oliver Mulherin) also use CT Corp for both Delaware and California registrations. The switch coincided with post-governance-crisis restructuring. Same-agent co-occurrence between Mulherin's vehicle and the two most recent OpenAI Startup Fund entities is consistent with a shared formation attorney or corporate services provider.

SYSTEMIC PATTERN: Cluster of 5 new entities formed within 130-day window straddling OpenAI recapitalization — controlled by domestic partner (Mulherin/Structure Fund I) and CFO (Beckwith/Elfin Cove) rather than Altman directly, suggesting post-recap equity positioning with beneficial ownership opacity

OpenAI for-profit recapitalization completed October 28, 2025. Within 130 days: Montana LLCs (Montvale Group, Oakland Collection) incorporated September 2025 (pre-position); Elfin Cove Capital LLC (Beckwith manager) registered CA September 16, 2025; Structure Fund I GP LLC (Mulherin sole manager) incorporated Delaware December 19, 2025 (52 days post-recap); Structure Fund I LP December 31, 2025; Tools for Humanity Holding LLC February 5, 2026. No Form D filed for Structure Fund as of April 2026.

SYSTEMIC PATTERN: All Altman financial vehicles share a standardized four-provider service stack (JP Morgan / Aduro / Frank Rimerman / Andersen Tax) — creating correlated discovery risk across the entire platform; CT Corp adopted as registered agent post-Nov 2023 crisis for both OpenAI Startup Fund and Structure Fund I

Standardized service provider stack: JP Morgan Chase (custody, all Hydrazine funds), Aduro Advisors (fund administration), Frank Rimerman + Co. LLP (audit), Andersen Tax LLC (tax, Heron/Meramec real estate vehicles, 350 S. Grand Ave LA = Andersen Tax LA office as registered address), Ogletree Deakins/Shetterly (legal, real estate LLCs + Wyoming LLC cluster), CT Corp (registered agent, post-Nov 2023 OpenAI Startup Fund GP V/VI and Structure Fund I/LP). This centralized stack covers 27+ entities.

SYSTEMIC PATTERN: Personal-vehicle-to-OpenAI-commercial-deal pipeline documented in both Oklo and Helion — board resignations address governance appearance but economic interests are retained in both cases

Two documented instances show the same structural pattern: (1) Altman personal vehicles invest early in a company; (2) company grows; (3) OpenAI enters commercial relationship with that company; (4) conflict of interest recognized; (5) Altman resigns from board; (6) economic interest retained. Oklo: personal vehicles held 9.97M shares (8.2%); OpenAI Startup Fund also co-invested; Altman chaired both AltC SPAC and Oklo board; resigned April 2025 citing OpenAI-Oklo energy negotiations. Helion: Altman personally led $375M of $500M Series E; was executive chairman since 2015; OpenAI signed PPA with Helion; Altman resigned March 2026 citing OpenAI-Helion commercial negotiations. In both cases, economic interest was retained after board exit. The pattern is structural and repeating.

SYSTEMIC PATTERN: Six documented instances of personal-investment-to-OpenAI-commercial-deal pipeline spanning 2018–2026; board resignations are reactive (only Oklo/Helion post-2023) not proactive; Mithril Capital and Moskovitz co-invest in Helion independently, confirming non-Altman-mediated nuclear thesis with shared investor cluster

Sam Altman has six documented instances of personal investment predating an OpenAI commercial relationship: Rain AI (2018 invest, 2019 $51M LOI), Stripe (2009 equity, 2023 payment processor), Humane (2021 invest, ChatGPT integration ~2023), Reddit (2014 invest, 2024 content license), Oklo (2015 invest, 2025 energy negotiation), Helion (2015 invest, 2026 energy deal). Only the two most recent (Oklo, Helion) triggered formal board resignations. Peter Thiel/Mithril Capital and Dustin Moskovitz/Good Ventures both co-invested in Helion independently — forming non-Altman edges in the nuclear energy cluster.

SYSTEMIC PATTERN: Revolving-door lobbying cluster (Babin/Schwietert at Akin Gump) surrounds both Senate Majority leadership (Schumer via Babin) and Commerce Committee (Cantwell via Schwietert) — Mulherin's Cantwell donation reinforces access; assembled preemptively 6–7 weeks before Nov 2023 board crisis, suggesting regulatory capture design not crisis response

OpenAI lobbying infrastructure assembled Q3 2023 (6–7 weeks before Nov 2023 board crisis): Akin Gump hired Reginald Babin (ex-Schumer Chief Counsel) and David Schwietert (ex-Senate Commerce Committee Staff Director under Cantwell); DLA Piper hired Jonathan Hiler. Altman donated $5,800 to Schumer (June 2021) while Babin was Schumer's Chief Counsel. Oliver Mulherin donated $3,300 to Sen. Cantwell's campaign (2024). Schwietert provides direct access to Cantwell's Commerce Committee (AI regulation jurisdiction). The lobbying cluster forms a disconnected graph component from the investment network.

SYSTEMIC PATTERN: Nuclear energy investments (Oklo + Helion) both received federal DOE funding while Altman held board seats; Christopher Wright's Oklo board seat then DOE Cabinet appointment creates a government-commercial feedback loop; Altman's $1M Trump inaugural donation represents political realignment coinciding with energy deal negotiations

Sam Altman personally invested in Helion Energy (2015, executive chairman) and Oklo Inc. (2015). Both received federal energy funding: Helion ($3.97M ARPA-E 2015), Oklo ($2.7M DOE 2022–2026). Christopher Wright resigned from Oklo board February 3, 2025 upon Senate confirmation as Energy Secretary — creating a direct political access node. Altman donated $1M to Trump Inaugural Committee (Q4 2024). OpenAI board added Adebayo Ogunlesi (GIP/BlackRock, infrastructure expertise) January 2025. Pattern: Altman nuclear investments correlate with DOE funding timelines.