The wedge
Bps on facilities on the tape
Larch Fen wants to be the record everyone already trusts, without becoming the venue.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
LARM
Screened
SCREENEDCredit covenantsLarch Fen
Most of Credit covenants died in the screen. Larch Fen did not.
Seats of attention are not infinite. 5 counterparties are in the live thread. You are not — yet.
Larch Fen — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.
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
0
Redacted on the public page
Live nodes
0
EVM · proof of concept
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/7
Sprint
Our cut
0%
Of any proceeds
Plate Ledger · 4928
LARM
The plate
Ledger. Edition 4928.
A unique plate for Larch Fen. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
LARM · Warsaw · Credit covenants
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Warsaw
Private-credit funds
Sells
Bps
Bps on facilities on the tape
Markets
0
Warsaw
Years
0
Founded 2024
Surfaces
0
EVM · proof of concept
Complete
0
File readiness
Why the desk took it
Early — still a question.
A redacted facility list landed in week one.
Traction
One named pilot (redacted).
Founded 2024, headquartered in Warsaw. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 62/100. A named Warsaw administrator who already signs the pack (redacted). No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
One administrator consuming marks daily.
eFront and Allvue are funds’ books. This is the tape between funds. Bps on a job that already has a budget line. A public coin would not make the invoice larger.
The brief
How a serious reader should hold this.
In Warsaw, the person who signs the monthly pack already has a vendor. Larch Fen 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.
Larch Fen exists because the incumbent brand will not staff the unglamorous middle of Credit covenants. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.
On a Tuesday in Warsaw, 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 the screen
The legal source of truth stays with the incumbent register, admin, or custodian. Larch Fen does not attest to its own facts.
From counsel
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
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.
You can read twelve thinner companies. Or this one, once, while the window is open.
Certification is in motion. After it lands, the price of the seat is not the question — access is.
We do not allocate. We do not take a cut. We will not hold the window open for you.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 6
- Counsel hours on file
- 13
- Asks / week
- 7
- Our cut
- 0% of proceeds
Renewal is the round. If nobody renews, there is no company. A token would not fix that.
This company
Larch Fen
Twelve Credit covenants decks look the same. One of them has a Warsaw customer on the record.
In the same conversation
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
The bet
Why this company exists.
Larch Fen wants to be the record everyone already trusts, without becoming the venue.
Larch Fen wants to be the record everyone already trusts, without becoming the venue.
Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.
Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.
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.
The live path is Undetermined — not a path. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.
How it works
- 01A loan or covenant event is written once
- 02Permissioned counterparties see what they are allowed to see
- 03Marks and RFQs stay inside named desks
- 04No public order book, no retail
- 05Default and amendment events are first-class, not a PDF in a side channel
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
In the same conversation as
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
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
30%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
23%
A counsel memo that can survive a later reader.
Claims & campaign ops
17%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
30%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
The wedge
Why this one, not the other one.
- They sell
- Bps on facilities on the tape
- Who pays
- A named Warsaw administrator who already signs the pack (redacted).
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- Covenant language mapped to the LMA set — not a custom dialect.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- eFront and Allvue are funds’ books. This is the tape between funds.
- Why we listed it
- A redacted facility list landed in week one.
Next twelve months
What has to be true.
One administrator consuming marks daily.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2024, headquartered in Warsaw. One named pilot on file (redacted in public). 1 nodes or connected surfaces reported. Desk diligence score 62/100. A named Warsaw administrator who already signs the pack (redacted). No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Warsaw 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.”
- Product23
- Customers40
- Legal path24
- Tech maturity31
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Larch Fen 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.
Marketplace slip
The moment this looks like a public book, it is a venue. This pad will not list that.
Data rights
Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.
Credit cycle
A default cluster will test whether the product is a record or a reputation.
Retail
Retail is prohibited. Any ‘access token’ story is a different company.
Data rights on exit
If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.
Single-customer gravity
If the first named buyer is also the only buyer, Larch Fen is a services shop with a ledger. Ask for the second.
Ask these next
- 01What happens if a founder later wants a public token?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 03Who is the first named paying customer — not a letter of intent?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 05Has counsel written the perimeter in a memo you can file?
- 06Where do keys, title, or NAV liability sit — and is that person licensed?
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
- Larch Fen 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.
- Warsawnamed
- Global publicrestricted
Team
Who runs it.
- Rafa MbekiChief executive
- Leila HaleFinance
Stack
- EVM · proof of concept
- Credit covenants
- Disclosure templates
- Audit log
Named with them
- Helix Audit
Who can decide
Rafa Mbeki (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.
A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Larch Fen does not sell a token to the public on this pad | Posture lock | live |
| The product is credit covenants sold to institutions | Architecture + customer type | draft |
| EVM · proof of concept 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: Warsaw | Named markets on the file | draft |
On the record
- Application APP-4226ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 15:00
Application scored. Larch Fen 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.
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.