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

MRNV

In diligence

IN MOTIONFund NAV

Mirror NAV

The incumbent copy takes a year. The named customer is already writing.

Closed files are history. Live files have a clock. Mirror NAV has 6 days.

Mirror NAV — 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.

In a 14-day diligence sprint (day 6). This is when the story, the customers and the legal path get written down — or the file stops.

A year from now this will be an obvious company or a missed one. The window decides which.

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

Sprint day

0/14

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Fund-admin adapters

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/9

Sprint

Our cut

Of any proceeds

Plate Orbit · 2282

MRNV

The plate

Orbit. Edition 2282.

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

MRNV · Geneva · Fund NAV

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 6 of 14

Geneva

Fund administrators

Sells

Per

Per NAV event

Markets

Geneva

Years

Founded 2021

Surfaces

Fund-admin adapters

Complete

File readiness

The wedge

Per NAV event

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.

NAV liability sentence exists. Who is wrong when the number is wrong.

Traction

One named pilot (redacted).

Founded 2021, headquartered in Geneva. One named pilot on file (redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 6 of 14. A named Geneva administrator who already signs the pack (redacted). A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Counsel on the unit — security or not — in writing.

A public tokenised fund is a different file — and usually the wrong house. Seat plus event. If they ever attach a token as the unit of account, the file stops.

The brief

How a serious reader should hold this.

Someone in Geneva already renewed a slower vendor this year. Mirror NAV is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Mirror NAV is the version that survives counsel. It is on a clock.

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

From counsel

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From the screen

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.

The window

Miss this and you read the archive.

When the heat drops, the named customer is still named — they just stop taking new calls.

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 remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 17
Counsel hours on file: 71
Asks / week: 21
Our cut: 0% of proceeds

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

This company

Mirror NAV

A generalist vendor copies the slide. They cannot copy the named record.

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

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: Geneva. Off-limits: Global public, United States. A US person hearing an offering communication is a US problem even if the company sits in Geneva. 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.

Control environment
35%
A counsel memo that can survive a later reader.
Claims & campaign ops
28%
Keeping the public story from running ahead of the claims register.
Named operators
17%
The remaining certifications and the second named market.
Counsel & perimeter
20%
Adapter work against the incumbent register, admin, or custodian.

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.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Per NAV event
Who pays: A named Geneva administrator who already signs the pack (redacted).
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Auditor has seen the dual-record and not walked out.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
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.

Counsel on the unit — security or not — in writing.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for Fund-admin adapters
No token contract listed as a public sale
Pilot letters on file, identities redacted
Geneva 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.”

Product75
Customers40
Legal path62
Tech maturity63
Demand42
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Mirror NAV 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, Mirror NAV is a copy of a spreadsheet. Copies do not survive the audit.

Single-customer gravity

If the first named buyer is also the only buyer, Mirror NAV is a services shop with a ledger. Ask for the second.

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04Who can unpublish a public sentence in 24 hours, by name?
05Which geography is actually locked, and which is a hope?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Mirror NAV Ltd
Path on file: Not offering — locked
Posture: Private only
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.

Genevanamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Tomás CostaChief executive
Lars RibeiroChief executive

Stack

Fund-admin adapters
Fund NAV
Approval trail

Named with them

Clearline

Who can decide

Tomás Costa came in named. The team is not a handle. Mirror NAV Ltd exists, founded 2021, headquartered in Geneva. Anonymity would have been an automatic decline.

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

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Mirror NAV does not sell a token to the public on this pad	Posture lock	live
The product is fund nav sold to institutions	Architecture + customer type	live
Fund-admin adapters is the method — not a listed asset	Desk snapshot	live
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: Geneva	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 15:43
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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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