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

GORS

Screened

SCREENEDFund interests

Gorse Forge

a few days until this conversation is history.

A named Vienna customer is already on the record. The public still thinks this is a deck.

Gorse Forge — 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.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

They unpublish in an hour. They will not wait for your committee to finish reading.

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

upcoming

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

Undetermined — not a path

Sentences killed

Before listing

Claims live

0/7

Sprint

Our cut

Of any proceeds

Plate Ledger · 2762

GORS

The plate

Ledger. Edition 2762.

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

GORS · Vienna · Fund interests

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Vienna

Fund administrators

Sells

Bps

Bps of AUM on the books

Markets

Vienna

Years

Founded 2025

Surfaces

Permissioned fund admin

Complete

File readiness

The wedge

Bps of AUM on the books

The wedge is staffing: administrators cannot hire the close they promised allocators.

Why the desk took it

Early — still a question.

Unit-as-token was refused in notes. We will not reverse that.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Vienna. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 68/100. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

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

A public tokenised fund is a different file — and usually the wrong house. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

In Vienna, the person who signs the monthly pack already has a vendor. Gorse Forge is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.

Read this as an operating company, not a round. Counsel has a posture: Undetermined — not a path. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

A sentence went public and came down in under an hour. Hannah Novak treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

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 the founder

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From counsel

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

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.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 10
Counsel hours on file: 14
Asks / week: 8
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Hannah Novak, Chief executive

This company

Gorse Forge

The protocol pitch is the thing this company has already refused.

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

The wedge is staffing: administrators cannot hire the close they promised allocators.

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

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

Named: Vienna. Off-limits: Public residual claims. A US person hearing an offering communication is a US problem even if the company sits in Vienna. Blocking an IP and taking a US Telegram admin is not a block.

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
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Named operators
32%
A counsel memo that can survive a later reader.
Control environment
19%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
21%
The remaining certifications and the second named market.
Certifications & adapters
28%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
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.

The wedge

Why this one, not the other one.

They sell: Bps of AUM on the books
Who pays: An AIFM whose auditor has seen the dual-record.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Auditor has seen the dual-record and not walked out.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: A public tokenised fund is a different file — and usually the wrong house.
Why we listed it: Unit-as-token was refused in notes. We will not reverse that.

Next twelve months

What has to be true.

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

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Vienna 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.”

Product24
Customers40
Legal path24
Tech maturity34
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Gorse Forge 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, Gorse Forge 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. Gorse Forge has to attach to the real one, in Vienna.

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03Is the waitlist demand for a product, or a queue for a coin?
04Who can unpublish a public sentence in 24 hours, by name?
05Who is the first named paying customer — not a letter of intent?
06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.

Entity: Gorse Forge Ltd
Path on file: Undetermined — not a path
Posture: No public sale
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.

Viennanamed
Public residual claimsrestricted

Team

Who runs it.

Hannah NovakChief executive
Priya NgMarkets

Stack

Permissioned fund admin
Fund interests
Approval trail
Disclosure templates

Named with them

Clearline

Who can decide

Hannah Novak came in named. The team is not a handle. Gorse Forge Ltd exists, founded 2025, headquartered in Vienna. Anonymity would have been an automatic decline.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Gorse Forge does not sell a token to the public on this pad	Posture lock	live
The product is fund interests sold to institutions	Architecture + customer type	draft
Permissioned fund admin is the method — not a listed asset	Paper only	draft
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
Production date for the chain layer is not committed	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Vienna	Named markets on the file	draft

On the record

Application APP-4541ScreenSep
Counsel questionPathSep

Operating log

06 Sep 11:00
Application scored. Gorse Forge is not a calendar slot.
11 Sep 10:12
Counsel question sent. Name a path or lock not-offering.

Path to now

Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.

Not a subscription

This is not a sale page.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. 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

VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.