VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

CLOX

In market

IN MARKETFund NAV

Clove House

Counsel is live. The waitlist is 3,817. The public sale is not.

Closed files are history. Live files have a clock. Clove House has a few days.

Clove House — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

Live campaign. 3,817 on the product waitlist — that is demand, not an allocation.

A year from now this will be an obvious company or a missed one. The window decides which.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Fund-admin adapters

Counsel hours

Mumbai · counsel-named

Sentences killed

Before listing

Claims live

7/11

Growth

Our cut

Of any proceeds

Plate Lattice · 4184

CLOX

The plate

Lattice. Edition 4184.

A unique plate for Clove House. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

CLOX · Mumbai · Fund NAV

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Mumbai

Fund administrators

Sells

Per

Per NAV event

Markets

Mumbai

Years

Founded 2022

Surfaces

Fund-admin adapters

Complete

File readiness

The wedge

Per NAV event

Clove House sells a 15-day lag down to a day, without turning the unit into a coin.

Why the desk took it

A real job, not a ticker.

NAV liability sentence exists. Who is wrong when the number is wrong.

Traction

3 named pilots (redacted).

Founded 2022, headquartered in Mumbai. 3 named pilots on file (identities redacted in public). 3,817 on the waitlist, gated — product demand, not a book built. 12 nodes or connected surfaces reported. Desk diligence score 87/100. Four origination desks posting into a closed tape. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

No public ‘buy the token’ language anywhere they touch.

SS&C and Apex are the admin. This is the event layer they can defend. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Someone in Mumbai already renewed a slower vendor this year. Clove House is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

The bet is narrow. A named Mumbai buyer already has budget for this invoice. Clove House wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

US traffic was taken off the public surfaces in the first working session. Clove House did not argue. Adult companies do not costume a US offering.

From the pilot

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From ops

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From counsel

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

The window

Miss this and you read the archive.

A later reader gets the same PDF. They do not get the same access.

The comment period is not a path. This company is priced as if that is already true.

The scarce thing is not the company. It is the next a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 8
Counsel hours on file: 40
Asks / week: 477
Our cut: 0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.
Kofi Ribeiro, Chief executive

This company

Clove House

Services firms hide in ‘platform’ language. Clove House sells a seat plus an event. Named.

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

Clove House sells a 15-day lag down to a day, without turning the unit into a coin.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

Versus the field

The incumbent brand sells the relationship. Clove House sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.

The live path is Mumbai · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01Administrator remains source of truth
02Events (NAV, subscription, share-class) are signed and timestamped
03Investors and auditors query what they are allowed to see
04The fund unit is not listed here as a token you can buy
05Investors and auditors query only what they are allowed to see
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

SS&C
Apex
Citi TA
Not a public tokenised fund

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Control environment
32%
A counsel memo that can survive a later reader.
Counsel & perimeter
28%
Keeping the public story from running ahead of the claims register.
Named operators
21%
Adapter work against the incumbent register, admin, or custodian.
Second market
19%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per NAV event
Who pays: Four origination desks posting into a closed tape.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Named administrator on the engagement letter.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: SS&C and Apex are the admin. This is the event layer they can defend.
Why we listed it: NAV liability sentence exists. Who is wrong when the number is wrong.

Next twelve months

What has to be true.

No public ‘buy the token’ language anywhere they touch.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Fund-admin adapters
No token contract listed as a public sale
Named founder; customer still a conversation
Mumbai is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product67
Customers96
Legal path84
Tech maturity82
Demand59
Market access44

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Clove House is a copy of a spreadsheet. Copies do not survive the audit.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04What does renewal look like if no round ever happens?
05Is the waitlist demand for a product, or a queue for a coin?
06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Clove House Ltd
Path on file: Mumbai · counsel-named
Posture: Private only
Pack: Growth

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Mumbainamed
Public residual claimsrestricted

Team

Who runs it.

Kofi RibeiroChief executive
Oskar NgChief executive

Stack

Fund-admin adapters
Fund NAV
Approval trail
Takedown SLA

Named with them

Helix Audit
Clearline

Who can decide

Kofi Ribeiro came in named. The team is not a handle. Clove House Ltd exists, founded 2022, headquartered in Mumbai. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Clove House is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Clove House does not sell a token to the public on this pad	Posture lock	live
The product is fund nav sold to institutions	Architecture + customer type	live
Fund-admin adapters is the method — not a listed asset	Desk snapshot	live
Retail buyers are out of scope	Named markets lock	live
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	live
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Mumbai	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:43
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

Other companies

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