Capital Markets
Capital Introduction
An on-chain fund directory connecting trade finance GPs with ZK-verified track records to institutional LPs. Performance data is drawn directly from the chain — no self-reporting, no unaudited returns. Browse, request data rooms, submit non-binding expressions of interest. Subscriptions execute off-platform between LP and GP directly.
Key figures
How it works
From verified track record to LP commitment.
GPs list with verified fields, not marketing copy
Every listed fund must have an active FundRegistry deployment with at least three months of NAV history and one committed LP. Performance data is read from the chain at query time — not pasted in by the manager.
Inception, AUM, NAV history, distribution events, LP count, and asset composition by Caviar credit tier are pulled live from FundRegistry. The GP cannot edit these.
Investment thesis, target return, fee structure, and key personnel are GP-supplied and visually marked as such. LPs see exactly which numbers are verifiable and which are claims.
LPs filter, compare, and engage on their terms
Credentialed LPs browse by strategy, geography, tier composition, and target return. Data room access is GP-approved per request; expressions of interest are non-binding and anonymous until the LP consents to disclosure.
GPs see the requesting LP's credential tier and jurisdiction — not their identity — unless the LP elects to disclose. Document hashes anchored on-chain so LPs can verify they received unmodified files.
Subscriptions, capital commitments, and capital calls execute outside Caviar between LP and GP directly. Once committed, the GP can use FundRegistry's SubscriptionManager to onboard the LP on-chain.
Capabilities
A directory, not a placement agent.
ZK-attested performance
NAV history, distributions, asset composition by tier, and LP count drawn from FundRegistry and the NAV oracle. The Indexer query that powers each listing is auditable, so technically capable LPs can verify against the chain themselves.
Tier-gated visibility
Listings can be public to all credentialed LPs, restricted by jurisdiction or credential tier (accredited / qualified purchaser / QIB), or invitation-only. Visibility rules enforced by the CredentialRegistry at query time.
Credentialed data rooms
GPs upload LPA, PPM, audited statements, DDQ responses. LPs receive time-limited authenticated tokens on GP approval. Document hashes anchored to the Document Attestation Registry; LPs verify authenticity client-side.
Anonymous expressions of interest
EOIs carry the LP's credential tier, jurisdiction, indicative size, and structure preference — but not their identity unless the LP consents. GPs see qualified interest without LPs exposing themselves prematurely.
No success fees, no placement role
Caviar charges a flat annual listing fee, not a percentage of capital raised. The platform never matches, scores, or ranks funds for LPs. This deliberately keeps Caviar outside placement-agent licensing in every operating jurisdiction.
Live performance feed
On-chain verified fields update on every NAV oracle event, every waterfall distribution, every FundRegistry state change. Listings cannot go stale relative to the chain.
Comparison
Traditional vs. Caviar
| Traditional | Caviar | |
|---|---|---|
| Performance verification | Self-reported PDFs, unaudited mid-quarter | On-chain ZK-attested, live from Indexer |
| LP outreach | Cold network, capital intro events | Credential-gated directory, filterable |
| Track record auditability | Quarterly factsheets, optional GIPS | Authenticated Indexer query, every event |
| Compensation model | 1–3% placement fees + retainers | Flat annual listing fee, no success fees |
Use cases
Real-world applications
Family office EM credit allocation
Singapore family office filtering for trade finance funds with verified 3-year track records, $1M minimum, and Tier I–II asset composition. Compares 4 funds side-by-side against CTFPI before requesting data rooms.
Insurance treasury fixed-income
Asia-Pacific insurer needing IRR above sovereign curve with sub-12-month duration. Browses CTFF Senior Tranche Pool and Caviar TF Fund II, submits anonymous EOI before disclosing identity.
Pension trade finance allocation
European pension scheme allocating to a sector-specific battery metals fund. Reviews ZK-verified NAV history and tier composition, requests data room access via authenticated Indexer token.
Track records you can verify, allocations you can find.
List your fund or browse the directory. ZK-verified performance, credential-gated data rooms, no placement fees.