Three major releases are coming soon that reshape how registry operations work to support bulk workflows across redemptions, applications, and fund switches. Each introduces a consistent end-to-end batch workflow with dedicated pricing, maker-checker controls, and a clean review gate before any units move. Here's what to expect.

We're making major changes to how redemptions work in Caruso — introducing bulk creation, bulk processing, a dedicated redemption price, and a new governance workflow that gives your team full control over when and how redemptions are completed.

Redemptions will move through three distinct stages: Requested → Approved → Completed. Approving a request is a review gate with no side effects. Units only move when a batch is confirmed by a second approver, after the audit report and payment file have been reviewed.

Select multiple holdings from the Holdings table and create redemption requests in a single action — exit a unit class, wind down a fund, or process a liquidity window without handling requests one at a time. Holdings must share the same unit class within each bulk action.

When creating requests, admins (and investors via the portal) specify amounts as:

Where a total amount is entered across multiple holdings, Caruso apportions it based on each holding's share of current units. A downloadable review spreadsheet is available before confirming, showing each holding's apportioned value and flagging any at risk of over-redemption or below minimum thresholds.

The redemption price is not set at this stage — it is applied later, when the batch is processed.

Caruso will store a dedicated redemption price at the unit class level as a time-series history, separate from unit value and issuance price. You'll find it as a new tab within the unit class view.

When processing a batch, the admin sets a pricing as at date — the date used to look up the redemption price per class. This allows you to process a batch using last month's price or any other date for which a price has been recorded. If no redemption price exists for a class, Caruso will surface a warning and fall back to the unit class unit value, or allow a manual override.

From the Orders table, select any number of Requested orders and approve or cancel them in bulk. Approval has no side effects — no unit movement, no investor notices, no financial impact. It simply confirms the request is ready to be included in a batch.

Select Approved orders and choose "Process redemption batch" to open the batch configuration. Set:

This creates a draft batch for review. Before confirming, the admin and approver can review a full redemption audit report, a draft payment file, and individual draft Redemption Notices for each order.

A second admin with approve permissions then confirms the batch. At that point, units move, Redemption Notices are sent, and the final payment pack is produced. Until confirmation, everything is reviewable and reversible. The confirm action cannot be undone.

The payment pack is generated directly from the batch and contains exactly the redemptions in that batch. It is available for download as a zip from both the draft and confirmed batch.

Currently, a separate "all redemptions" report is run and filtered by confirmation date to capture the right payments. With this release, the payment file will be part of the batch itself - available for review in draft before confirmation.

Once downloaded, Fund admins will still convert the file to their bank's required format before making payment.

In a future release, Australian fund managers will be able to download the ABA converted payment file directly from the batch.

For liquidity windows: approve eligible requests, then process as a batch when ready. For ongoing redemptions in private credit, batch for processing and payment as per your team's cadence.