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

CRFT

Closed

CLOSEDFund interests

Croft

Window closed. a short list asked while it was live. You are reading history.

The window is 0 days. After that Croft archives. Diligence does not reopen as a live conversation.

Croft — 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.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

Stage

completed

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned fund admin

Counsel hours

Cayman · closed private round

Sentences killed

Before listing

Claims live

0/8

Sprint

Our cut

Of any proceeds

Plate Concentric · 7501

CRFT

The plate

Concentric. Edition 7501.

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

CRFT · Cayman · Fund interests

Score

Desk diligence

Pilots

Named, redacted

Stage

completed

Cayman

Fund administrators

Sells

Bps

Bps of AUM on the books

Markets

Cayman

Years

Founded 2024

Surfaces

Permissioned fund admin

Complete

File readiness

The wedge

Bps of AUM on the books

Shadow books do not survive an audit. This only ships if the admin signs.

Why the desk took it

A real job, not a ticker.

The admin of record is named, even if redacted here.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Cayman. 2 named pilots on file (identities redacted in public). 21 nodes or connected surfaces reported. Desk diligence score 90/100. A coverholder or carrier running one binder on this record. Architecture says keys / title / NAV liability sit with a named licensed party — not Croft.

Next 12 months

Daily NAV in one live fund.

Citi TA will not be replaced. It might consume this. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The decline pile in Fund interests is not a rumour. It is how this board stays readable. Croft is what survived. That is the sell.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

On a Tuesday in Cayman, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From counsel

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From the founder

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.

The window

Miss this and you read the archive.

The incumbent will still be slow in a year. The window will not.

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

Open the diligence or watch it close. There is not a third option that still counts as early.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 15
Counsel hours on file: 20
Asks / week: 0
Our cut: 0% of proceeds

The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
Marcus Cho, Chief executive

This company

Croft

Not the incumbent brand. Croft sells the job the brand will not staff.

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

Shadow books do not survive an audit. This only ships if the admin signs.

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. Croft 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.

Cayman being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

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.

Certifications & adapters
39%
The remaining certifications and the second named market.
Claims & campaign ops
22%
A counsel memo that can survive a later reader.
Counsel & perimeter
15%
Adapter work against the incumbent register, admin, or custodian.
Control environment
24%
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.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SatDarkNo creators. No threads. Restricted geos stay dark.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Bps of AUM on the books
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Named administrator on the engagement letter.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Citi TA will not be replaced. It might consume this.
Why we listed it: The admin of record is named, even if redacted here.

Next twelve months

What has to be true.

Daily NAV in one live fund.

Architecture says keys / title / NAV liability sit with a named licensed party — not Croft.

If they raise, it is to hire the remaining certifications and the second market — not to float a coin.

Traction

What you can verify today.

Operating notes for Permissioned fund admin
No token contract listed as a public sale
Pilot letters on file, identities redacted
Cayman is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

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

Product95
Customers62
Legal path84
Tech maturity91
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Croft asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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, Croft is a copy of a spreadsheet. Copies do not survive the audit.

Facts vs theatre

A proof of a fake book is still a fake book. Croft has to attach to the real one, in Cayman.

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02Which geography is actually locked, and which is a hope?
03Has counsel written the perimeter in a memo you can file?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Who is the first named paying customer — not a letter of intent?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Croft Ltd
Path on file: Cayman · closed private round
Posture: Window closed
Pack: Sprint

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.

Caymannamed
Global publicrestricted

Team

Who runs it.

Marcus ChoChief executive
Mei VossChief compliance

Stack

Permissioned fund admin
Fund interests
Takedown SLA
Audit log

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Marcus Cho (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

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

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Croft does not sell a token to the public on this pad	Posture lock	withdrawn
The product is fund interests sold to institutions	Architecture + customer type	withdrawn
Permissioned fund admin is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Production date for the chain layer is not committed	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Cayman	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Croft archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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