Capital Partners
Development Finance
IFC, ADB, DEG, JBIC, KEXIM, DFC, Proparco, FMO, AfDB, EBRD — collectively chartered to mobilize commercial capital into the trade finance gap, but operationally constrained by per-deal audit overhead, quarterly reporting lag, and 6–18 month approval cycles. Caviar provides the origination-native infrastructure that makes DFI first-loss catalytic at the speed of actual trade flows.
Key figures
How it works
Catalytic capital, deployed at trade-flow speed.
Compliance attestations generated mechanically
An IO is measured on capital deployed against mandate, not on rigor of process. Caviar's Compliance Vault produces ZK attestations for OECD DDD, FEOC, OFAC, and KYB at origination — continuously updated, machine-verifiable, and reusable across DFI program mandates without per-deal audit-firm engagement.
$150–400K external audit per transaction is replaced by ZK attestations the IO pulls directly from the Compliance Vault. The labor-cost floor that previously excluded SME obligor segments is removed.
IFC Climate, IFC Trade Finance, IFC Manufacturing — one pool can satisfy the eligibility requirements of multiple DFI programs simultaneously, unlocking deals that would otherwise attract a single program in isolation.
Real-time monitoring + impact attribution
Quarterly servicer reports are not monitoring — they are historical reconstruction. Sentinel and the Indexer give DFI portfolio officers continuous visibility on AIS vessel tracking, warehouse inventory, payment performance, and ESG attestations. Defensible board-level impact data, not borrower self-reports.
AIS vessel tracking, warehouse stock data, and payment performance update on every chain event. Geopolitical risk and sanctions designations propagate immediately, not on a 90-day reporting lag.
Development additionality, climate-linked compliance, and beneficiary attribution as cryptographically verifiable signals. Board reporting backed by ZK-attested portfolio data, not auditor-attested quarterly snapshots.
Capabilities
Deployment velocity, monitoring quality, mandate alignment.
First-loss credit enhancement
DFI first-loss into pre-structured securitization tranches. Senior tranches placed with insurance, credit funds, and pension allocators — the original catalytic mandate of DFI capital, executed at trade-flow speed.
Compliance Vault for internal use
Institutional license ($200–500K/yr) for the same ZK attestation infrastructure your origination partners are using. OECD DDD, FEOC, sanctions screening, ESG — one verification stack across the DFI portfolio.
Mandate-tagged jurisdiction data
Atlas Indexer and Compliance Vault store counterparty country classification natively. Pool eligibility against specific DFI geographic and sectoral mandates is verifiable mechanically — no manual program-fit assessment per deal.
Receivable purchase program structuring
1–1.5% of program size for structuring. Securitization servicing at 0.25–0.5% annual on AUM, payable from pool cash flows rather than DFI directly. Deals close in weeks, not months.
Multi-DFI co-investment
Pool eligibility proofs satisfy multiple DFI program mandates simultaneously. IFC Climate + IFC Trade Finance + Proparco regional in a single deal, with each program verifying its own eligibility logic against the same attested data.
Bilateral relationships preserved
Caviar is the servicer and data layer. Local-bank origination partner relationships, borrower bilateral relationships, and DFI program structures are unchanged. The platform is complementary, not competitive.
Comparison
Traditional vs. Caviar
| Traditional | Caviar | |
|---|---|---|
| Per-deal diligence cost | $150–400K external audit | ZK attestations from Compliance Vault |
| Mandate-to-funding cycle | 6–18 months | ~6 weeks |
| Portfolio monitoring | Quarterly servicer report | Continuous Indexer + Sentinel |
| Multi-program eligibility | Bespoke per-deal assessment | Mechanical pool tagging |
Use cases
Real-world applications
IFC Trade Finance Program
Investment Officer deploys first-loss into a battery materials securitization in DRC. Diligence runs against the Compliance Vault attestation set; senior tranche placed with insurance and credit funds. Mandate-to-funding compresses from 12 months to 6 weeks.
Bilateral DFI strategic mandate
JBIC or KEXIM enhances battery and electronics supply chain financing aligned with national strategic priorities. FEOC and supply chain attestations verify program-fit mechanically; deals scale into critical-mineral corridors without manual eligibility review.
Regional DFI corridor program
AfDB or Proparco anchors first-loss in a sub-Saharan Africa receivables pool. Local-bank origination partners preserved; the DFI program operates as the catalytic credit enhancement that opens senior tranche placement at scale.
Make catalytic capital actually catalytic.
Mandate-to-funding in weeks. Continuous portfolio monitoring. Cryptographically verifiable impact attribution. Origination-native infrastructure that closes the trade finance gap your program was chartered to address.