WILCO: DIRECT ACTION
Tactical mil-sim FPS from the Due Process team via HydraTac, leveraging retained tech IP. $2.0M GTM-only publishing capital on $4M project; 100/50/35/20 GTM waterfall (corrected rule, 100% T1 recoup).
STUDIO
HYDRATAC INC. (DUE PROCESS TEAM)
TYPE
GTM-ONLY PUBLISHING DEAL
HG CAPITAL
$2.0M
STATUS
CONDITIONAL — TOP CONVICTION
DOCUMENT DATE
MAY 29, 2026
PREPARED BY
HELLO GIANT CAPITAL
HEADLINE METRICS
METRIC
BEAR
BASE
BULL
WEIGHTED
Lifetime units
150K
600K
1.6M
—
HG MOIC
1.39x
3.77x
7.10x
3.35x
HG XIRR
14.7%
72.1%
122.3%
44.7%
HG proceeds
$2.79M
$7.53M
$14.20M
$6.69M
THREE-INGREDIENT BELIEF SCORE
AUTH
EXEC
ORIG
MKT
TOTAL
BM_BASE
BM_BULL
4/5
4/5
4/5
4/5
16/20
1.00
1.00
THESIS
Tactical mil-sim FPS has an unusually reliable audience floor — even Bodycam (2-person team) and Gray Zone Warfare moved 800K+ units. Even our bear case clears recoup at 1.42x. The HydraTac team carries forward Due Process tech IP, which de-risks engineering execution and isolates GTM as the primary risk vector — exactly the slot HG’s $2M is purpose-built for. The publisher-friendly waterfall captures the bulk of recoup-tier revenue, producing asymmetric upside.
KEY RISKS
Related-party fact pattern (Dan board seat + HGM Fund Seed-2 participation). Dan transitions from preferred board seat to observer seat at close of current equity round (end of May 2026), reducing fiduciary concern. Independent sub-committee + recusal protocol applies through transition. Arms-length terms benchmarked against Annapurna Due Process precedent.
Innovation hooks (procedural handling, drone operator) need to FEEL distinct. Hands-on demo gate before T2; Steam Next Fest demo as critical path.
Pricing strategy discipline (Due Process undermonetized at $9.99). Pricing locked in deal terms ($24.99- $29.99 EA → $29.99-$34.99 at 1.0).
RECOMMENDATION
CONDITIONAL APPROVAL. One of the strongest risk-adjusted deals in the slate. v2 re-run under the reconciled methodology: GTM waterfall remapped to 100/50/35/20 → weighted MOIC 3.35x / 47.7% IRR (down modestly from 3.66x on the less-friendly upper tiers — a terms change, not a fundamentals change). Indie+ tier; three-ingredient 16/20. No new project data (unannounced). Pre-LOI unchanged: independent sub-committee, tech-IP chain, demo validation, Next Fest slot, pricing discipline.
WHERE TO GO DEEPER
WILCO_Investment_Memo.docx — full memo
WILCO_DirectAction_Financial_Model.xlsx — deal model
Hello Giant Capital/Hello Giant Capital Cash Flow Model.xlsx — slate position (Game 01)
HELLO GIANT
Los Angeles, CA
MAY 26, 2026
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