The wedge
Per NAV event
Shadow books do not survive an audit. This only ships if the admin signs.
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
LARL
Screened
SCREENEDFund interestsLarch Well
Heat 51. 4 asks this week. 0% of any raise comes here.
The first buyer already has a vendor. Larch Well is taking that invoice. The queue is a short list deep.
Larch Well — 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.
The named customer already picked. The waitlist is everyone who was late to that fact.
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
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Permissioned fund admin
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/4
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 4608
LARL
The plate
Lattice. Edition 4608.
A unique plate for Larch Well. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
LARL · Vilnius · Fund interests
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Vilnius
Fund administrators
Sells
Per
Per NAV event
Markets
0
Vilnius
Years
0
Founded 2026
Surfaces
0
Permissioned fund admin
Complete
0
File readiness
Why the desk took it
Early — still a question.
The admin of record is named, even if redacted here.
Traction
No paying pilot on the public file.
Founded 2026, headquartered in Vilnius. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 77/100. Two licensed PSPs on a paid pilot — identities off the public file. No public APY, no public book, no ‘how to buy’ on any surface we could find.
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. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
In Vilnius, the person who signs the monthly pack already has a vendor. Larch Well 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.
The bet is narrow. A named Vilnius buyer already has budget for this invoice. Larch Well 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.
On a Tuesday in Vilnius, 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
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the founder
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From ops
The legal source of truth stays with the incumbent register, admin, or custodian. Larch Well does not attest to its own facts.
The window
Miss this and you read the archive.
Attention is the scarce asset. 4 asks this week are already spending it.
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 remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 15
- Counsel hours on file
- 5
- Asks / week
- 4
- Our cut
- 0% of proceeds
Do not put a participate button on our page. If you do, we leave.
This company
Larch Well
Open-source looks free until the auditor asks who attests. Larch Well has an answer.
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.
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
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Larch Well is priced as software against an invoice that already exists.
Named: Vilnius. Off-limits: Mainland China retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Vilnius. 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
- 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.
Counsel & perimeter
31%
Hiring the operator who already does this job at a licensed firm.
Second market
24%
A counsel memo that can survive a later reader.
Certifications & adapters
20%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
25%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- 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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
The wedge
Why this one, not the other one.
- They sell
- Per NAV event
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- 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
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- SS&C and Apex are the admin. This is the event layer they can defend.
- Why we listed it
- The admin of record is named, even if redacted here.
Next twelve months
What has to be true.
No public ‘buy the token’ language anywhere they touch.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
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.
Founded 2026, headquartered in Vilnius. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 77/100. Two licensed PSPs on a paid pilot — identities off the public file. 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
- Vilnius 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.”
- Product19
- Customers18
- Legal path62
- Tech maturity37
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Vilnius story becomes a fact pattern. The restricted list exists for a reason: Mainland China retail, United States.
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 Well 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 Well has to attach to the real one, in Vilnius.
Ask these next
- 01What does renewal look like if no round ever happens?
- 02Has counsel written the perimeter in a memo you can file?
- 03Who can unpublish a public sentence in 24 hours, by name?
- 04Is the waitlist demand for a product, or a queue for a coin?
- 05Which incumbent can copy this in a quarter, and what would they have to migrate?
- 06Who is the first named paying customer — not a letter of intent?
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 Well Ltd
- Path on file
- Not offering — locked
- 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.
- Vilniusnamed
- Mainland China retailrestricted
- United Statesrestricted
Team
Who runs it.
- Eva IbrahimChief executive
- Yara MoreauChief compliance
Stack
- Permissioned fund admin
- Fund interests
- Audit log
- Disclosure templates
Named with them
- Northbridge Counsel
Who can decide
Eva Ibrahim (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 Well 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: Vilnius | Named markets on the file | draft |
On the record
- Application APP-4248ScreenSep
- Counsel questionPathSep
Operating log
03 Sep 12:00
Application scored. Larch Well is not a calendar slot.
10 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.