> For the complete documentation index, see [llms.txt](https://docs.adcpcapital.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.adcpcapital.com/products/participating-capital.md). # Participating Capital (Series 001) > This is a defined architecture / product specification only. It is **not** a live production product, **not** an investment offer, and no return, yield, or principal is promised or guaranteed. ## Concept Participating Capital is a defined architecture for temporary capital committed to a product series under rules established before deployment. Two flows are kept permanently separate: * **Scheduled capital recovery** — return of a participant's own principal. Never revenue, yield, or profit. * **Variable profit participation** — a share of eligible realized economic profit, which exists only when eligible realized distributable profit actually exists. As principal is recovered, this participation declines predictably; it is never re-normalized to preserve a participant's percentage. ## What this is not * Not a guaranteed return, not a fixed yield, not a deposit. * Not equity in ADCP. * Not the same thing as PEU — PEU is ADCP's separate, permanent, protocol-wide residual layer; product participation here is temporary and product-specific. See [PEU](/protocol/peu.md). Reinvestment of recovered principal or realized profit is always a new, affirmative capital decision — never an automatic or implied action. Early liquidity, where offered at all, is governed by transfer/redemption rules and actual available liquidity, never presumed as an unconditional right. ## Status This architecture exists today only as a strategic product specification. No production commitment has been made, no legal structuring has been completed, and no offering of any kind is open. **No corresponding smart contract exists.** It will only move toward implementation once a validated partner or product demonstrates real demand for it — see [Overview](/products/overview.md) for how ADCP sequences new product work. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.adcpcapital.com/products/participating-capital.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.