[GRADE A1 -- EFTA00637297, EFTA01016101, and 8+ additional capital call documents]
Richard Kahn executed capital calls for Epstein's $40M investment in Peter Thiel's Valar Ventures across Fund II ($15M) and Fund III ($25M). Epstein was the largest LP in Fund III, holding 34.17% of the fund.
On July 26, 2017, Kahn emailed Epstein (EFTA00637297): "jee approved capital call... please advise if ok to fund 4,250,000 from STC... once funded STC will have 10,000,000 unfunded call remaining."
Andrew McCormack (Valar principal) confirmed to Epstein directly (EFTA01016101): "you invested $15M" (Fund II) and "you invested $25M" (Fund III). Performance as of November 2018: Fund II at 3.7x gross MOIC (44.6% IRR), Fund III at 2.6x gross MOIC (63.6% IRR). Total gross return on $40M: approximately $120M.
Documented capital calls processed by Kahn include:
| Call | Fund | Amount | EFTA |
|---|---|---|---|
| Fund III Call 1 | III | $250,000 | EFTA00825184 |
| Fund III Call 2 | III | $1,250,000 | EFTA00821145 |
| Fund III Call 5 | III | $3,000,000 | EFTA00678950 |
| Fund III Call 6 | III | $4,250,000 | EFTA00637297 |
| Fund III Call 7 | III | $2,250,000 | EFTA00714098 |
| Fund III Call 8 | III | (amount TBD) | EFTA00920560 |
| Fund III Call 10 | III | (amount TBD) | EFTA01047810 |
| Fund II Call 3 | II | (amount TBD) | EFTA00861107 |
| Fund II Call 6 | II | (amount TBD) | EFTA00830362 |
| Fund II Call 10 | II | (amount TBD) | EFTA00714099 |
WHAT THIS SHOWS AND DOES NOT SHOW: The documents establish that Kahn was the operational execution node for all Valar capital calls, routing tens of millions from Southern Trust Company to Thiel's fund. The investment mechanics themselves (LP capital calls) are standard. What is NOT standard is that these calls continued after the accounts were designated High Risk due to Epstein's sex offender status. The documents do NOT show that Kahn had independent decision-making authority -- he consistently sought "jee" (Epstein) approval before funding.