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<p>[QUOTE=&quot;Gendrik, post: 193922, member: 26178&quot;]We spent the last two quarters trying to answer a recurring question from our investment committee: are private offices actually funding physical AI compute and power, or are we just reading each other&#039;s press releases? If you work on the administrative and settlement side of an office, you see plenty of pitch books promising direct access to data center builds. When you ask to see evidence of settled transactions or legal ownership, the trail often turns cold.</p><p>A lot of the hype gets fueled by broad surveys that get summarized in morning memos. For instance, <a href="https://www.financial-planning.com/articles/ai-leads-family-office-investment-themes-jpmorgan-says" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.financial-planning.com/articles/ai-leads-family-office-investment-themes-jpmorgan-says" rel="nofollow">Financial Planning&#039;s write-up of the J.P. Morgan survey</a> points to clear thematic interest in computing capacity and power generation across wealthy accounts. Yet when you read through the survey notes, the figures come from different sample groups, a point the publication openly flags. That means the numbers cannot be combined into a single, cohesive picture of total capital deployed. Sentiment polls show what people find interesting during an interview, but they rarely reflect what is actually sitting in custodial accounts.</p><p>To get past self-reported answers, I began tracking public regulatory disclosures through <a href="https://aiinfrainvestors.com/" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://aiinfrainvestors.com/" rel="nofollow">AI Infrastructure Investors</a>, which maintains a register of who holds equity in listed cloud providers and data center companies. The layout is set up around plain tables that organize public filings and official company notices. Instead of speculation, it focuses strictly on names that appear on shareholder registries. You can pull up a listed company and see the registered owners, separating passive institutional holders from direct founders and private entities.</p><p>One helpful detail the site highlights early on is how beneficial ownership is calculated under securities rules. It explains that beneficial ownership counts shares you can vote or sell plus shares you could get within 60 days, so it can overstate what is actually held. That distinction matters when you are running portfolio checks. A filer might show up as having a massive position, but a notable portion of that figure might consist of warrants, convertible notes, or options that have not been converted into common equity. If you do not account for that window, you end up overestimating the liquid supply under their control.</p><p>You see this dynamic clearly when looking at company profiles on the platform. On its summary for IREN, for example, the co-founders hold a small slice of the ordinary shares but hold a far larger share of the votes through B Class shares. The bulk of the remaining common stock sits with large institutional asset managers like BlackRock and Vanguard. That voting arrangement is common in growth tech, but seeing the exact split between voting control and economic equity is what prevents an office from making false assumptions about governance. If your principals want board influence or governance rights, knowing who holds the super-voting shares is the first thing you need to verify.</p><p>The register also covers individual private offices that take direct positions in these public vehicles. One entry I spent time reviewing was for <a href="https://aiinfrainvestors.com/family-offices/neel-khokhani/" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://aiinfrainvestors.com/family-offices/neel-khokhani/" rel="nofollow">Neel Khokhani</a>, who directs Epochal Corporation, a private office managing one principal&#039;s capital and nobody else&#039;s. The site notes clearly that its profile covers only his AI infrastructure investing and says it is not a full biography. It highlights an article he published for WealthManagement.com in April 2026, which framed edge infrastructure as an asset class most investors are currently ignoring. For an operations team, that perspective is interesting because it points capital toward regional edge sites and local processing nodes rather than just the massive, centralized facilities that dominate financial headlines.</p><p>The directory does have clear boundaries, and it is important to know where it stops. It only tracks listed companies and official regulatory documents. That means it cannot show you private debt arrangements, direct off-market land acquisitions, or private joint ventures with local electric utilities. If an office invests through an unlisted syndicate or provides mezzanine financing for a transformer yard, none of that will appear in public equity filings. You still have to request audited financial statements, review title deeds, and examine partnership agreements manually to get the complete picture of an unlisted facility.</p><p>Public ownership registers give you a reliable factual floor for governance and voting power before you evaluate any private infrastructure deal.[/QUOTE]</p><p><br /></p>

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