Working papers and essays on capital architecture, structured finance and venture building, from Tobias Temmen and wait, what. https://wait-what.co en © 2003–2026 wait, what. hello@wait-what.co (Tobias Temmen) hello@wait-what.co (Tobias Temmen) Mon, 11 May 2026 14:53:00 GMT Astro / wait-what.co https://wait-what.co/brand/waitwhat-mark.png https://wait-what.co https://wait-what.co/writing/working-papers/capital-architecture-framework https://wait-what.co/writing/working-papers/capital-architecture-framework Mon, 20 Apr 2026 00:00:00 GMT Working Paper Tobias Temmen A seven-stage lifecycle methodology for the systematic design, deployment, and scaling of layered capital structures across blended-finance, private-credit, special-situations, and deep-tech mandates. Instrument-agnostic, mandate-driven. Published on SSRN (abstract 6379458, DOI 10.2139/ssrn.6379458). https://wait-what.co/writing/minimum-concessionality https://wait-what.co/writing/minimum-concessionality Sat, 15 Nov 2025 00:00:00 GMT Essay Tobias Temmen Why concessional capital deserves engineering discipline, and how the test sharpens blended-finance architecture. The third of four named instruments in Capital Architecture. https://wait-what.co/writing/mandate-cartography https://wait-what.co/writing/mandate-cartography Wed, 04 Feb 2026 00:00:00 GMT Essay Tobias Temmen The map is the structure. A method for mapping allocator mandates against vehicle architecture before fundraising, deck or instrument selection. The first of four named instruments in Capital Architecture. https://wait-what.co/writing/structure-precedes-capital https://wait-what.co/writing/structure-precedes-capital Mon, 12 Jan 2026 00:00:00 GMT Essay Tobias Temmen The first principle of Capital Architecture, argued from a decade of mandates that began in the wrong order — vehicle chosen before the structural problem was diagnosed.