Building the Book: Portfolio Construction and Capital Formation for Venezuelan Sovereign, Quasi-Sovereign, and Real-Asset Exposure

The deferred portfolio-construction installment, rewritten with the June earthquake overlay: the investable universe of Venezuelan claims, the return architecture of a defaulted position, three-sleeve portfolio design, vehicle taxonomy and investor mapping, the July 2026 OFAC license architecture, Level 3 valuation governance, scenario-weighted expected value, precedent lessons from Argentina to Puerto Rico, the seismic overlay, and eight dated watchpoints running into 4 August.