Subvertere Capital is the investment vehicle we've created to acquire real assets in Argentina. It's a partnership between the team behind Capitalist Exploits and Mavericks Project, with experienced local partners on the ground. Our investment mandate is simple: counter-cyclical, counter-jurisdictional, and focused on Maslow's hierarchy of needs - shelter, food, and energy.

Argentina sits at the bottom of an 80-year economic cycle while holding world-class resources - the 2nd largest shale gas reserves, 4th largest shale oil, and some of the most productive farmland on earth. Decades of bad policy drove asset prices to historic lows. Under the Milei administration, those barriers are being dismantled. We're buying real assets at prices that assume Argentina stays broken, and benefiting as it improves. Argentina is expected to return to emerging market status in 2026, which will trigger significant institutional capital flows.

We've structured three funds around Maslow's hierarchy of needs - the things humans can't do without:

Añelo Oasis (Real Estate): Worker housing in Vaca Muerta - NOW OPEN
Riverland Ag (Farmland & Cattle): Cattle operations and land appreciation - PIPELINE
Terra Oil (Energy): Conventional oil well acquisition and production - PIPELINE

No. You can invest in one, two, or all three depending on your preferences and risk appetite. Each fund has a different risk/return profile and timeline. Some investors choose to spread capital across all three for diversification; others prefer to concentrate on a single thesis.

The arbitrage is liquidity. In listed equity markets, anyone can buy YPF - it trades as an ADR on the NYSE. That accessibility creates a premium. In private equity, you sacrifice daily liquidity but acquire assets at far cheaper valuations than their listed equivalents. The entire Argentine stock market capitalisation is approximately $80 billion. Microsoft alone is $3 trillion. When institutional capital begins flowing into Argentina, it will quickly exhaust listed options. Private equity will be where that capital searches next.

See the Terra Oil walkthrough video, question on "Why private equity instead of just buying YPF stock?"

There are two primary structures available to investors:

1. Direct BVI Investment: Investors become limited partners in a BVI (British Virgin Islands) Segregated Portfolio Company. Each fund is a segregated portfolio within this structure, providing legal separation between investments. Minimum investment: $100,000.

2. Cayman Cell Structure: A Cayman Islands cell structure that allows lower minimums ($50,000) and the ability to spread investment across different deals within a single vehicle.

Both structures are standard for international private equity and provide investor protection, clean legal separation, and tax efficiency.

See the Argentina Structure Discussion video for a detailed walkthrough of both options.

BVI Segregated Portfolio Company (Direct):
- Minimum: $100,000
- You invest directly into a specific fund (e.g., Añelo Oasis)
- You become a shareholder registered on the BVI company registry
- Cleaner structure for larger allocations
- Full transparency on exactly what you own

Cayman Cell Structure:
- Minimum: $50,000
- Invests into the BVI structure on your behalf
- Allows diversification across multiple deals within one vehicle
- Designed for international tax efficiency
- Managed by our Cayman partners (Gordon and Charles)

Both structures ultimately own the same underlying assets. The choice depends on your investment size, diversification preferences, and tax situation.

See the Argentina Structure Discussion video, section on "BVI vs Cayman - which should I choose?"

Choose Direct BVI if:
- You're investing $100,000 or more
- You want direct ownership registered in your name
- You prefer a simpler, more transparent structure
- You're comfortable managing your own tax reporting

Choose Cayman Cell if:
- You're investing $50,000-$100,000
- You want to diversify across multiple deals easily
- You're seeking a tax-efficient structure
- You prefer a managed structure with consolidated reporting

If you're unsure, the team can discuss your specific situation after you submit an Expression of Interest.

BVI is one of the most common jurisdictions for international investment structures - used by major institutions, family offices, and private equity globally. It's about legal clarity and investor protection, not secrecy. All investments are fully compliant with KYC/AML requirements through our compliance partner, Provenance. The same structures are used by firms managing billions in assets.

We've built what we call a "parallel banking system" to move capital efficiently:

Treasury: Funds are held with Fortris, an institutional-grade treasury platform.

Capital Movement: Capital moves via regulated crypto rails (USDT) through compliant on/off ramps including PMI Americas, Bitso, and Clearing.

Why this approach? Traditional wires to Argentina can take weeks and cost 3-5%. Our system takes hours and costs a fraction. This bypasses the slow, expensive traditional banking system while remaining fully compliant.

The infrastructure built for Añelo Oasis - legal frameworks, banking rails, compliance procedures - carries over to all our Argentine investments.

See the Argentina Structure Discussion video, section on "How does money actually move?"

Investors should consult their own tax advisors regarding their specific obligations. The Cayman cell structure was designed with international tax efficiency in mind, offering potential benefits for qualifying investors. This structure is managed by our Cayman partners who specialize in international investor requirements.

Important: We are not tax advisors. Consult your own tax professional for advice specific to your situation. The offering documents include detailed tax sections for review.

See the Partners video for more details on the Cayman structure.

Our Argentine legal work is handled by partners at Allende & Brea, one of Argentina's oldest and most prestigious independent law firms. They have decades of experience structuring cross-border investments and navigating Argentine regulatory requirements. Nicholas Procopio runs international tax; Raul handles M&A in agriculture. Both are directly involved in structuring our deals.

Añelo Oasis is a premium worker accommodation development in the heart of Vaca Muerta, Argentina's booming shale oil region. Phase One consists of 145 furnished apartments designed for oil and gas workers on rotation. The project addresses a critical housing shortage - Vaca Muerta needs over 20,000 additional beds, and quality accommodation is virtually non-existent.

See the Añelo Oasis Discussion video for a complete project walkthrough.

Añelo is a small town in Neuquén Province that has become the operational hub for Vaca Muerta - often called "the next Permian Basin." The town has grown from roughly 2,500 residents to a transient population of 15,000+ workers. Major operators including YPF, Shell, Chevron, ExxonMobil, and Vista are all active in the region. Our site is strategically located with direct access to the main highway and walking distance to the town center.

See the Añelo Oasis Discussion video, section on "Site location and strategic positioning."

Phase One (145 apartments) is targeting completion within 18-24 months of construction start. The modular construction approach allows for faster build times than traditional methods. Once operational, the property will generate rental income from corporate tenants on long-term contracts. The broader master plan includes potential expansion phases as demand continues to grow.

See the Añelo Oasis Discussion video, section on "Construction approach and timeline."

The project is being developed in partnership with experienced local operators who have built similar projects in the region. Construction oversight is managed by our on-ground team led by Nicholas Procopio. The operational model follows proven hospitality standards used in resource accommodation globally.

See the Partners video, section on "Who is Nicholas Procopio?" and the Añelo Oasis Discussion video for construction details.

Construction risk: Delays, cost overruns, contractor issues. Mitigated by experienced local team and modular construction approach.

Demand risk: Oil industry downturn reduces worker numbers. Mitigated by structural housing shortage (20,000+ bed deficit) and long-term corporate contracts. Even in downturns, workers need somewhere to live.

Currency risk: Peso volatility affects costs. Mitigated by USD-indexed contracts and regular conversion to hard currency.

Political risk: Policy changes affect the project. Mitigated by owning physical assets that don't disappear with government changes, and energy's cross-party support in Argentina.

See the Añelo Oasis Discussion video, section on "What are the risks?"

Riverland is an agricultural investment platform focused on acquiring underperforming farmland in Argentina, improving its productivity, and running cattle operations. The model combines land appreciation with operational cash flow from livestock. Argentina has some of the most productive farmland on earth, currently available at a fraction of comparable land prices globally.

See the Riverland Discussion video for a complete overview.

Primary focus is on the Entre Ríos and Río Negro regions of Argentina - established agricultural areas with excellent soil quality, water access, and existing infrastructure. The team has deep roots in these regions, with multi-generational farming experience. Specific properties are identified based on turnaround potential and operational efficiency gains.

See the Riverland Discussion video, section on "Target regions and why."

The strategy has two components:

1. Land Value Appreciation: Acquire underperforming land at depressed prices, improve productivity through better management, and benefit from Argentina's broader economic recovery driving land values higher.

2. Operational Cash Flow: Run cattle operations on the land, generating ongoing income through livestock sales. This isn't speculative - the team has already successfully executed this strategy on similar properties.

See the Riverland Discussion video, section on "The turnaround model."

Riverland is led by Pepo, who brings multi-generational Argentine farming experience combined with 12 years of institutional farmland development experience in the United States. His family currently operates 4,000-5,000 hectares in Argentina. His brother specializes in cattle management. This isn't outsiders parachuting in - it's a family with deep roots in Argentine agriculture now applying institutional-level expertise to scale their operations.

See the Partners video, section on "Who is Pepo?" for his full background.

Agricultural risk: Weather, disease, commodity prices. Mitigated by diversification across properties and the inherent resilience of Argentine grasslands for cattle.

Operational risk: Management execution. Mitigated by Pepo's proven track record - his family has already demonstrated the turnaround model on their own properties.

Land value risk: Argentina doesn't recover as expected. Mitigated by entry at historically depressed valuations - you're buying productive land at prices that assume permanent dysfunction.

Export policy risk: Government restricts agricultural exports. Mitigated by energy's importance reducing need for agricultural export taxes, and domestic demand providing a floor.

See the Riverland Discussion video, section on "What are the risks?"

Terra Oil is an investment platform focused on acquiring conventional oil and gas assets in Argentina. The opportunity exists because YPF and other major operators are divesting their "non-core" conventional fields to concentrate capital on Vaca Muerta's unconventional shale. These divested assets are cash-flowing operations with existing infrastructure, known reserves, and decades of production history.

See the Terra Oil Walkthrough video for a complete overview.

Conventional oil is the traditional method - extracting oil from underground reservoirs (think pools or "lagoons" of oil beneath the earth). The infrastructure exists, the techniques are proven, and the costs are predictable.

Unconventional oil (like Vaca Muerta) requires fracking rock formations to release oil trapped within. It's more technologically demanding and capital-intensive, but has made Argentina a major producer.

The majors are pouring billions into unconventional. That means conventional assets - which still represent ~40% of Argentina's production - are being neglected and sold off. That's our opportunity.

See the Terra Oil Walkthrough video, section on "What is conventional vs unconventional oil?"

Vaca Muerta is growing so fast that majors need to focus all their capital and attention there. Developing unconventional requires billions in investment, cutting-edge technology, and management bandwidth. Conventional fields - while still productive - don't fit their strategic priorities. The result: YPF is divesting approximately 60,000+ barrels per day equivalent of conventional production. Other majors are following suit.

When large companies sell "non-core assets," these are often exactly the assets you want to buy. The playbook: acquire undercapitalised assets, improve operational efficiency, reduce costs, and benefit from production improvements plus eventual oil price recovery.

See the Terra Oil Walkthrough video, section on "Why are the majors divesting?"

Doris Capurro is the founder of Terra Oil and former Vice President of YPF (2012-2015). She was instrumental in launching the commercial development of Vaca Muerta, securing partnerships with Chevron, Dow, and Petronas including Chevron's initial $2 billion investment. Her co-investor is Ali Moshiri, former President of Chevron Africa-Latin America, who led that Chevron investment alongside her.

As Ali told Doris when she asked about investing in conventional assets: "Oil is always oil." This is not an outsider parachuting in - it's the team that built Argentina's energy renaissance turning their attention to the conventional assets being left behind.

See the Terra Oil Walkthrough video, sections on "Who is Doris Capurro?" and "Who is Ali Moshiri?"

Oil above $65-70: Very profitable. Strong cash flows, ability to reinvest in CAPEX and drilling, excellent returns.

Oil at $60-65 (current): Manageable. Focus on operational efficiency, cost reduction, and maintaining production. The project remains viable.

Oil below $60: Challenging. Would require aggressive cost cutting, government negotiations on royalties, and patience. The assets remain valuable long-term.

Oil at $30 (COVID-style crash): Severe pressure. This is the worst-case scenario. However, you still own real assets - concessions, infrastructure, equipment - that retain tangible value.

The thesis is that oil is one of the last major commodities yet to move in the current capital rotation into hard assets. We're buying at what appears to be the cycle bottom.

See the Terra Oil Walkthrough video, section on "What happens in different oil price scenarios?"

Oil price risk: Sustained low prices pressure returns. Mitigated by buying at cycle bottom, operational efficiency focus, and existing sales contracts with YPF.

Operational risk: Inherited bloated workforce from YPF (1,000+ people where ~300 are needed). Already reduced to ~600; further reductions ongoing. Mitigated by Roch's 30+ year track record executing exactly these turnarounds.

Labour/union risk: Argentine oil unions are powerful. Mitigated by Doris's direct experience negotiating workforce reductions at YPF, and Roch's established union relationships.

Political risk: Policy reversal. Mitigated by energy's rare cross-party consensus in Argentina - even Kirchner-era governments supported Vaca Muerta development.

See the Terra Oil Walkthrough video, section on "What are the risks?"

Terra Oil (the Santa Cruz cluster) represents approximately 6,000-7,000 barrels/day equivalent - just 10% of what YPF alone is divesting. The runway is vast: 60,000+ barrels/day from YPF, plus similar volumes from other majors exiting conventional.

The platform is built to scale: Terra Two, Three, Four, and Five are planned as additional concessions become available. Roch is contractually required to present new opportunities to the investor group, who have the right to participate.

Beyond conventional oil, the relationship opens doors to energy services opportunities - sand terminals, water treatment, trucking, worker accommodation - the "picks and shovels" that service the broader Vaca Muerta boom.

See the Terra Oil Walkthrough video, section on "What's the pipeline?"

Chris MacIntosh has 25+ years in global macro investing. He founded Capitalist Exploits and previously ran a private equity firm, investing in approximately 35 deals across emerging markets. He leads the partnership with Terra Oil and oversees the macro investment thesis.

Andrew is the Operations Lead for Subvertere Capital. He's spent the best part of two years on the ground in Argentina building relationships, vetting partners, and establishing the operational infrastructure. His background includes building supply chains and businesses in challenging emerging markets globally.

Both Chris and Andrew are investing their own capital into these deals alongside investors.

See the Partners video for detailed backgrounds on both.

Nicholas Procopio is a partner at Allende & Brea, one of Argentina's oldest and most prestigious law firms, where he runs the international tax department. He's been instrumental in structuring the cross-border investment frameworks and navigating Argentine regulatory requirements. Andrew has worked with Nico for nearly two years, stress-testing the relationship through complex negotiations and deal structuring.

See the Partners video, section on "Who is Nicholas Procopio?"

Max is the operations manager handling investor onboarding, banking coordination, document review, and day-to-day logistics. He's based in Latin America (Paraguay/Buenos Aires) and available for on-ground requirements. Background: trained CPA from Slovenia, detail-oriented, and has been working with the team for nearly two years.

Each project also has dedicated local operators: Roch for Terra Oil, Pepo's team for Riverland, and local construction partners for Añelo Oasis.

See the Partners video, section on "Who is Max?"

Private equity has concentrated risk - you're betting on specific people to execute. As Chris learned from running his private equity firm: "You can have a great idea run by a monkey and it would never work. You can have a very average idea run by exceptionally good people and it would be very profitable."

In emerging markets especially, relationships are everything. Business in Argentina happens through deep, long-standing connections - not cold outreach. The team spent two years vetting partners, reviewing 100+ opportunities, and narrowing down to these three deals specifically because the people passed every test.

See the Partners video, section on "Why does the team matter?"

We own physical assets - real estate, farmland, production equipment - not government promises. These assets don't disappear with a change in government. Even under previous hostile administrations, Argentine farmers kept farming and oil kept flowing. Vaca Muerta was developed under the Kirchner government.

More importantly, there's a fundamental shift in Argentine consciousness around energy's importance. As Doris notes: "Whatever happens in Argentina, there is such a very profound change that is not only the government, not only Milei. It is the people that are conscious of the needs of energy, the needs that Argentina can export, and the need of investment."

We're not betting on Argentina becoming Switzerland. We're buying assets priced for disaster and benefiting as things become "less bad."

Investments are made in USD (or USDT). Distributions are paid in USD. The fund structures hold assets in hard currency where possible. Rental contracts and operational income are indexed to inflation and converted to USD regularly.

Peso volatility is actually why these assets are so cheap - it's a feature we're exploiting, not just a bug to manage. We're buying USD-value assets at peso-crisis prices.

Worst case: projects underperform, oil crashes to $30, construction delays extend timelines, returns are lower than projected. But you directly own physical hard assets with intrinsic value - real estate, farmland, oil concessions, production equipment.

These aren't rehypothecated or financialised paper claims. They're tangible assets that can't be diluted or margin-called. Heavy crude is strategically important; housing is essential; farmland produces food. These demands don't disappear.

Compare that to listed equities where your position can go to zero through fraud, dilution, or market panic. Hard assets have a floor.

Legal structure: Investors become shareholders registered with the BVI company registry. Your ownership is documented and legally protected.

Segregation: Each project is a segregated portfolio, legally separated from other investments. Problems in one deal don't affect others.

Hard assets: The underlying assets are physical - you own real estate, farmland, oil concessions. These have tangible value regardless of what happens to paper markets.

Reporting: Quarterly reports combining financial and operational updates, plus Q&A sessions with the team. You won't be left in the dark.

Alignment: Chris and Andrew have their own capital in these deals. The fee structure means we do well when you do well.

See the Partners video, section on "What's to stop people's money disappearing?"

Direct BVI investment: $100,000 minimum
Cayman cell structure: $50,000 minimum

These minimums apply per investment structure, not per project. Through the Cayman cell, you can diversify $50,000 across multiple deals. Full details are provided in the offering documents after you submit an Expression of Interest.

Yes. These are private placements available only to accredited/sophisticated investors as defined by applicable securities regulations. The Expression of Interest form will confirm your status.

1. You'll receive access to the data room with detailed project documentation, financials, and legal structure
2. You can join Q&A sessions with the team to get your specific questions answered
3. Once comfortable, you'll complete KYC/AML through our compliance partner Provenance
4. Choose your investment structure (BVI or Cayman) and allocation
5. Fund your investment via wire or crypto
6. Receive confirmation of your shareholding

We guide you through the entire process.

No. Expressing interest is completely non-committal. It simply gives you access to the detailed information you need to make an informed decision.

Quarterly reports combining financial summaries and operational updates. These will include progress photos, key metrics, and commentary from the team. We'll also run quarterly Q&A webinars where you can hear directly from the on-ground operators and ask questions. You won't be left in the dark.

Corporate-level taxes are handled by the fund structure and detailed in the offering documents for each project. For your personal tax situation, you'll need to consult your own tax advisor. As a sophisticated investor, you're expected to seek independent tax advice specific to your jurisdiction and circumstances. We are not tax advisors and cannot provide individual tax guidance.

After submitting your Expression of Interest, you'll have direct access to the team for questions. We run dedicated Q&A sessions for prospective investors. For general inquiries: admin@subvertere.capital