Capital Partners
Institutional Credit Investors
Credit hedge funds, private debt funds, insurance credit portfolios, and EM-mandated family offices — held back from sizing into trade finance by the absence of a benchmark, the lack of secondary liquidity, and 30-day servicer report lag. Caviar closes the infrastructure gap that prevents an asset class with sub-1% historical default rates from drawing institutional allocation.
Key figures
How it works
From verified pool to IC-approvable allocation.
A benchmark your investment committee can price against
CTFYI is the first daily yield benchmark for short-term commodity finance, computed from actual lifecycle data with ZK proofs of calculation correctness — not dealer surveys, not monthly servicer averages. It removes the structural reason allocations stall at IC.
Risk teams validate whether 300bps over SOFR on a 90-day RP facility represents the asset class accurately. Allocation proposals clear IC instead of getting tabled for missing market reference.
You verify pool composition independently of our reports. Compliance and credit eligibility proofs are cryptographic, auditable, and reproducible without trusting an attestation.
Continuous surveillance, secondary liquidity, smaller entry
The infrastructure that closes the monitoring gap and turns held-to-maturity exposures into a managed position. The same indexer that publishes the benchmark feeds your portfolio dashboards in real time.
Live AIS vessel tracking, warehouse inventory, payment performance, and covenant compliance at the position level. No 30-day servicer lag; dynamic hedging programs and tier-based risk limits run against current data.
Tokenized participation tokens trade on the Private DEX so credit funds can rebalance before maturity. First positions sized at $5–10M instead of $25M minimums — allocators get comfortable with the structure before scaling.
Capabilities
Built for credit teams that need to verify, not trust.
CTFYI sub-index by instrument
APF, BBF, PXF, RP — instrument-level granularity for spread context and IC sizing. Methodology is deterministic computation, not editorial discretion.
Indexer-driven surveillance
The same query interface that powers the benchmark feeds your dashboard. Pool composition, payment events, and covenant compliance update on every chain event.
DFI-enhanced senior tranches
IFC and ADB first-loss commitments absorb up to 20% of pool losses before senior tranches. AAA-equivalent paper with EM yield premium and NAIC-friendly capital treatment.
Tokenized participation, secondary venue
Private DEX provides secondary liquidity for fund participations. Self-liquidating instruments still mature in 90–180 days; the venue closes redemption-profile mismatches in between.
Compliance overhead absorbed
KYB, OECD DDD, sanctions screening, and ESG attestations are produced mechanically per deal. Credit teams get the diligence package without commissioning audits.
Singapore-law SPV
Conventional securitization legal structure. Onchain layer handles waterfall execution and reporting; the investment vehicle and your legal rights are standard.
Comparison
Traditional vs. Caviar
| Traditional | Caviar | |
|---|---|---|
| Reference benchmark | None — positions priced bilaterally | CTFYI sub-indices, ZK-attested daily |
| Pool surveillance | Monthly servicer report (30-day lag) | Live Indexer query, every chain event |
| Secondary liquidity | Held-to-maturity by necessity | Private DEX participation tokens |
| Minimum ticket | $10–25M direct invest | $5–10M anchor, scale on conviction |
Use cases
Real-world applications
Multi-strategy credit hedge fund
EM/structured credit PM running CLO tranches and opportunistic ABS. CTFYI provides the IC reference; ZK pool surveillance closes the monthly-report gap that previously killed allocation. Position sized on verified pool, not on attestation.
Direct lending diversification
Large alternative manager running sponsor-backed middle-market loans, looking for yield differentiation as those spreads compress. Club deals on $50–500M facilities with continuous covenant proofs — lower credit-team overhead per deal at scale.
Insurance Class A note allocation
Asia-Pacific insurer needing IRR above sovereign curve at AAA-equivalent quality. IFC first-loss enhancement, NAIC-favorable capital treatment, and ZK pool data delivered to rating agencies faster than auditor servicer reports.
Size into trade finance with infrastructure your IC trusts.
ZK-verified pools, CTFYI benchmark, secondary liquidity. Anchor a tranche, run a club deal, or back a Class A note — all with continuous independent verification.