The wedge
Share-class seat
The wedge is staffing: administrators cannot hire the close they promised allocators.
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Board
LARX
Closed
CLOSEDCap-table opsLarch House
Window closed. a short list asked while it was live. You are reading history.
You can open twelve thinner companies. Or this one, once, while the window is still a number.
Larch 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.
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
0
Redacted on the public page
Live nodes
0
Share register
Counsel hours
0
Cardiff · closed private round
Sentences killed
0
Before listing
Claims live
0/8
Growth
Our cut
0%
Of any proceeds
Plate Concentric · 7762
LARX
The plate
Concentric. Edition 7762.
A unique plate for Larch House. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
LARX · Cardiff · Cap-table ops
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
completed
completed
HQ
Cardiff
Fund administrators
Sells
Share-class
Share-class seat
Markets
0
Cardiff
Years
0
Founded 2024
Surfaces
0
Share register
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
NAV liability sentence exists. Who is wrong when the number is wrong.
Traction
2 named pilots (redacted).
Founded 2024, headquartered in Cardiff. 2 named pilots on file (identities redacted in public). 12 nodes or connected surfaces reported. Desk diligence score 79/100. A named Cardiff administrator who already signs the pack (redacted). Architecture says keys / title / NAV liability sit with a named licensed party — not Larch House.
Next 12 months
Daily NAV in one live fund.
A public tokenised fund is a different file — and usually the wrong house. 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.
Most Cap-table ops decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Larch House is the version that survives counsel. It is on a clock.
A sentence went public and came down in under an hour. Noam Holm treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From counsel
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the screen
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
The legal source of truth stays with the incumbent register, admin, or custodian. Larch House does not attest to its own facts.
The window
Miss this and you read the archive.
Miss 0 days and you are explaining to your IC why you read it after it closed.
Counsel hours on file: enough that a later reader can tell this was not improvised.
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
- 8
- Counsel hours on file
- 22
- Asks / week
- 1
- Our cut
- 0% of proceeds
Kill the public sentence in an hour or do not list us. We can do the hour.
This company
Larch House
A L2 wrapper is cheaper. It is also a different perimeter — and declined here.
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.
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: Cardiff. Off-limits: United States retail. A US person hearing an offering communication is a US problem even if the company sits in Cardiff. 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
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
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
35%
The remaining certifications and the second named market.
Control environment
25%
A counsel memo that can survive a later reader.
Counsel & perimeter
15%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
25%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- Share-class seat
- Who pays
- A named Cardiff 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
- Named administrator on the engagement letter.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- A public tokenised fund is a different file — and usually the wrong house.
- Why we listed it
- NAV liability sentence exists. Who is wrong when the number is wrong.
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 Larch House.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2024, headquartered in Cardiff. 2 named pilots on file (identities redacted in public). 12 nodes or connected surfaces reported. Desk diligence score 79/100. A named Cardiff administrator who already signs the pack (redacted). Architecture says keys / title / NAV liability sit with a named licensed party — not Larch House.
- Operating notes for Share register
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Cardiff 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 maturity64
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Larch House 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, Larch House 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. Larch House has to attach to the real one, in Cardiff.
Ask these next
- 01Who is the first named paying customer — not a letter of intent?
- 02What happens if a founder later wants a public token?
- 03Is the waitlist demand for a product, or a queue for a coin?
- 04Where do keys, title, or NAV liability sit — and is that person licensed?
- 05Has counsel written the perimeter in a memo you can file?
- 06What does renewal look like if no round ever happens?
Structure
How money would actually move.
Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.
- Entity
- Larch House Ltd
- Path on file
- Cardiff · closed private round
- Posture
- Window closed
- 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.
- Cardiffnamed
- United States retailrestricted
Team
Who runs it.
- Noam HolmChief executive
- Oskar CostaChief technology
Stack
- Share register
- Cap-table ops
- Audit log
- Approval trail
Named with them
- Northbridge Counsel
- Helix Audit
- Clearline
Who can decide
Noam Holm came in named. The team is not a handle. Larch House Ltd exists, founded 2024, headquartered in Cardiff. Anonymity would have been an automatic decline.
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 House does not sell a token to the public on this pad | Posture lock | withdrawn |
| The product is cap-table ops sold to institutions | Architecture + customer type | withdrawn |
| Share register 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: Cardiff | 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
Larch House 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.
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