Peter Ort
About Peter Ort
Independent director of Concord Acquisition Corp II (CNDA) since 2021; currently serves on key board committees (Audit, Compensation, and Nominating/Governance), with prior roles as co‑founder of CurAlea Associates (asset management software) and General Partner at Cambium Capital (advanced computing VC) . MarketScreener lists his age as 54 and shows committee assignments dating to August 30, 2021 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CurAlea Associates LLC | Co‑Founder | 2010–2022 | Built customized software/advisory solutions for wealth and asset managers . |
| Cambium Capital Management LP | General Partner | 2020–present | Focus on advanced computing; investment and governance experience relevant to Audit/Comp committees . |
| Goldman Sachs (IMD – Hedge Fund Strategies) | Managing Director, Co‑Head | Until 2009 | Institutional investment oversight; risk/governance skill set . |
External Roles
| Company | Role | Status/Dates | Notes |
|---|---|---|---|
| Concord Acquisition Corp (SPAC) | Director | 2021–2022 | Related Concord SPAC board experience . |
| Concord Acquisition Corp III (SPAC) | Director | 2022–2024 | Related Concord SPAC board experience . |
| Digital Asset Acquisition Corp (DAAQ) | Co‑Chairman & Principal Executive Officer | Since Dec 2024 | Additional SPAC leadership role (market source) . |
| Real Asset Acquisition Corp (RAAQ) | Co‑Chairman & Principal Executive Officer | Since Dec 2024 | Additional SPAC leadership role (market source) . |
Board Governance
- Committee memberships: Audit (member), Compensation (member), Nominating & Corporate Governance (member) .
- Nominating/Governance committee composition initially included Ort, Tom King, and Larry Leibowitz; Leibowitz served as chair .
- Independence: Listed as Independent Director on multiple profiles .
- Election mechanics: Prior to closing a business combination, CNDA’s Class B holders (sponsor) have exclusive rights to elect/remove/replace directors (Class A has no such rights), which can impact perceived independence and accountability .
- Years of service: Board/committee roles noted from August 2021 onward .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $0 | CNDA discloses that none of its executive officers or directors has received cash compensation to date . |
| Committee membership fees | $0 | No cash paid to directors to date . |
| Meeting fees | $0 | No cash paid to directors to date . |
| Related-party services (context) | $20,000/month (to sponsor) | Administrative Services Agreement pays sponsor for office/admin support; not a director fee but a board oversight/related-party item . |
Performance Compensation
| Award Type | Grant/Acquisition Date | # Shares | Class | Price/Terms | Vesting/Conversion | Notes |
|---|---|---|---|---|---|---|
| Founder shares (sold to director) | Mar 25, 2021 | 25,000 | Class B | “Original price per share” (approx. $0.003) | Convert 1‑for‑1 into Class A at business combination; worthless if liquidation | Sold by sponsor to independent directors at original price; aligns incentives to complete a deal . |
No RSUs, PSUs, options, or performance metric‑based awards are disclosed for directors; CNDA indicates no cash compensation and founder share allocations occurred at formation .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Potential Interlocks/Conflicts |
|---|---|---|---|
| Concord Acquisition Corp; Concord Acquisition Corp III | Director | Not disclosed | Same sponsor/suite of SPACs; shared governance network . |
| Digital Asset Acquisition Corp (DAAQ) | Co‑Chairman/PEO | Not disclosed | Additional SPAC role may create time/attention considerations . |
| Real Asset Acquisition Corp (RAAQ) | Co‑Chairman/PEO | Not disclosed | Additional SPAC role may create time/attention considerations . |
Expertise & Qualifications
- Asset management, hedge fund strategies, and institutional investment oversight (Goldman Sachs IMD; MD/co‑head) .
- Venture capital and advanced computing/digital assets focus (Cambium Capital) .
- Governance experience across SPAC boards and committee work (Audit, Compensation, Nominating/Governance) .
Equity Ownership
| As of Date | Shares Owned | Class | % Outstanding | Notes |
|---|---|---|---|---|
| Jan 28, 2025 | 25,000 | Class B (Founder) | <1% (“*”) | Founder shares convert 1‑for‑1 to Class A at the business combination; founder shares/warrants are worthless upon liquidation . |
| May 15, 2024 | 25,000 | Class B (Founder) | <1% (“*”) | Same conversion/liquidation mechanics . |
| Aug 7, 2023 | 25,000 | Class B (Founder) | <1% (“*”) | Same conversion/liquidation mechanics . |
Governance Assessment
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Strengths
- Independent director serving on Audit, Compensation, and Nominating/Governance committees—broad governance exposure and relevant investment risk expertise .
- No cash compensation paid to directors to date—limits near‑term cash conflicts .
-
Key Risks / RED FLAGS
- Founder share incentives: Directors and insiders hold founder shares and private warrants that become worthless if no business combination occurs, creating potential pressure to extend deadlines or consummate a deal—explicitly highlighted by CNDA as a conflict of interest .
- Election structure: Prior to a business combination, Class B holders exclusively elect/remove directors, reducing Class A investor influence over board composition and potentially diminishing accountability .
- Related‑party exposure: $20,000/month Administrative Services Agreement paid to sponsor; increases scrutiny on independence and oversight of related parties .
- Dilution arrangements: Non‑Redemption Agreements and “Promote Shares” issuance to investors tied to extensions can be dilutive to public holders; requires board oversight of fairness .
- Listing/CFIUS/Investment Company risks: Company‑level regulatory risks (delisting, SEC SPAC rules, Investment Company Act risk, and CFIUS review) may distract governance and impose time pressure on decision‑making .
Overall: Ort’s experience and committee service underpin board effectiveness; however, founder share ownership and Class B control of director elections are material governance red flags for investor alignment, necessitating close monitoring of related‑party arrangements, extension decisions, and transaction quality .