Powered by PNAQL
A capital market for creative work
PNAQL is the market infrastructure every Creative Wealth Fund runs on. It makes the lasting value of a region’s culture something capital can reach and, in time, something many more people can share in.
Creative Wealth and PNAQL
Creative Wealth and PNAQL are complementary and integrated entities, and each answers a different part of the same diagnosis. The Missing Market for Creative Utility finds that the lasting value of creative work goes unheld for two reasons: no institution exists to hold it on a community’s behalf, and no market architecture exists that can keep a claim on a work’s value open after the sale.
Creative Wealth answers the first. It is a non-profit that holds the charter for Creative Wealth Funds and works with regions to establish them, so that each fund holds the value of its region’s culture for the community that creates it.
PNAQL answers the second. Its structures follow directly from the same conclusions: they keep a claim on a work’s value alive after the sale, at the point where today’s payment systems close it, and they make that value something capital can reach through open, listed instruments.
The two are designed to work together. Each fund is a public-purpose institution with its own mandate in its region, and PNAQL is the market infrastructure every fund runs on. One holds the value for a community, and the other makes that value possible to hold.
The infrastructure
The economic theory behind the funds concludes that the missing market for creative work cannot be built from inside today’s system. It has to be built from outside, as a capital market in its own right: instruments that stay open after a work is sold, with the price discovery and data to follow its value as it accumulates and reaches the economy around it.
PNAQL is that layer. It brings together exchange and asset management, data and the infrastructure beneath them, so that the value creative work generates over time becomes legible to capital for the first time.
What a region gains
On this infrastructure, a Creative Wealth Fund can offer open, listed instruments. Capital can flow into a region’s culture from beyond any single public budget and, in time, residents and institutions at home, along with investors further afield, can take part in the fund and in the regional economy it supports.
The value a region’s culture creates becomes something its own people can share in, and something capital can help grow. Capital has never before been directed at the value culture creates over time.
Every fund runs on the same infrastructure under one charter, so what one region proves, the next can use from its first day.
The value a region’s culture creates becomes something its own people can share in.
Open instruments
Grants and public budgets sustain creative life at the margin. Their return is fixed at the moment the money is paid out, so it cannot grow with the cultural impact it supports. Instruments that stay open as a work’s value accumulates can.
Capital then flows toward the work with the deepest and most lasting cultural impact, and each generation inherits a richer stock than the last. That is how a fund grows a region’s creative economy as well as sustaining it.
Briefings
We host sessions with governments, cultural agencies, foundations and researchers, in confidence, on the model and on what establishing a fund would involve for their region.