Index Rights Holders Institutions Research About Contact
Institutional · Creative Wealth Funds

Creating a new economy for culture.

Creative production is the only major wealth-generating force in the world without a capital market designed to invest in it. PNAQL is building the infrastructure — and the first instrument — to change that.

Creative Wealth Funds ↓ The paper →
02.1 — The position

$4.3 trillion in annual GDP.
50 million people employed.
No capital market.

Creative IP is a proven asset class, but the market around it is inefficient and under-developed. The people who create the value have almost no access to the financial tools available in every other asset class, and institutional capital has had no structured way to invest in it.

PNAQL is the market infrastructure connecting creative IP to institutional capital.

Artists
Built the value, but have no financial structure that grows with it.
Governments
Protected creative production, but have no capital market to grow what it generates.
Capital
Sought exposure, but no instrument has existed to provide it.
02.2 — Creative Wealth Funds

Norway doesn't just subsidise its oil. It invests in it.

Norway's Government Pension Fund Global was built on one decision: invest in a sovereign resource rather than spend its revenue. The fund now holds $1.7 trillion.

A Creative Wealth Fund applies the same logic to cultural production. It invests in the long-term value creative work generates, compounds returns with cultural impact over decades, and channels them back to the originators who built it.

Unlike a grant or subsidy, the fund takes a position in cultural value over time. Returns grow as the work compounds culturally, and flow back to the creators and communities that produced it. The structure is designed for sovereign and institutional capital operating on generational time horizons.

02.3 — How it works

Four steps from cultural value to a listed instrument.

I
Identify
Works with lasting cultural arc.
→
II
Structure
Listed SPV. FCA-compliant.
→
III
Allocate
Sovereign and institutional capital.
→
IV
Compound
Returns flow back to creators.
02.4 — Institutional engagement

The institutions that shape Creative Wealth Funds.

A / 01

Governments & cultural ministries.

Capital market architecture for cultural production — complementing grant infrastructure. Returns compound through the creative economy rather than settling in adjacent industries.

B / 02

Sovereign wealth & long-horizon capital.

One of the largest sectors in the world, with almost no capital market infrastructure. Cultural value compounds with properties familiar to long-horizon investors.

C / 03

Arts councils & development bodies.

The same commitment to creative work, compounding over decades. Mission-driven organisations supporting more creative production over longer horizons.

D / 04

Multilateral bodies & international organisations.

Cultural utility compounds across borders. The architecture to invest in it requires the same reach — multilateral coordination at global scale.

02.5 — The structural distinction

Capital fuels expansion. Subsidy maintains a floor.

Both matter. Subsidy holds the floor. Capital grows the ceiling.

Norwegian composers saw their share of streaming revenue fall from 29% to 24% despite strong policy support at every level.

GENERATIONAL TIME RETURNS Subsidy CWF gap widens
Subsidy floor
Creative Wealth Fund

Subsidy distributes what exists. Capital expands it.

02.6 — The formal case

The paper makes the case rigorous.

01 · The attribution gap
The payment closes before the value exists.
02 · The scale
The scale of the structural gap.
03 · The depletion effect
The wrong signal trains the next generation.
04 · Taylor Swift re-recordings
Cultural value follows the artist, not the asset.
Full formal argument: SSRN Abstract ID 6379120 ↗

Start a conversation.

Institutional partners, government bodies, and sovereign capital funds.

Get in touch → The paper →