Cut-over Impact
Redemption orders approved on or before 21 May 2026 must be paid using the All Redemptions report and file converter, following the existing process.
From 22 May 2026, newly approved orders will move into the new Approved status and be processed through the new batch workflow. These orders should not be paid via the old All Redemptions file.
If you have orders spanning both dates, you'll need to split your payment run accordingly.
Overview
Redemptions on Caruso support bulk creation, bulk processing, a dedicated redemption price, and a governance workflow that gives your team full control over when and how redemptions are completed.
Redemption lifecycle
Redemptions will move through three distinct state: Requested → Approved → Completed.
Requested - An order can be created by an admin or if enabled on the investor portal, by the investor or adviser. The order can be edited in this state.
Approved - An order can be approved as a simple review gate with no unit movement.
Completed - Approved orders must be included in a batch process. Once the batch is confirmed by an approver, unit movement will be complete and a final payment file will be available.
Creating redemption requests
When creating requests, admins (and investors via the portal) specify amounts as:
Dollar value — a total dollar amount
Number of units — a specific unit count
Percentage of holding — a % of the holding
The redemption price is not set at this stage — it is determined later when the batch is processed.
Bulk create: redeem entire classes and exit funds at scale
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 across multiple holdings using No. Units or Dollar Value, Caruso apportions it based on each holding's share of current units. % of Holding is never split, the same percentage is applied individually to each holding.
Note: Apportionment and residuals
After rounding, a small residual may remain. This is resolved using fractional-remainder ranking: holdings closest to rounding up receive surplus pennies or units first; holdings furthest from rounding up are adjusted first for a negative residual. Ties are broken by unrounded entitlement, then holding ID.
Each holding's share = (holding's unit balance ÷ total units across all selected holdings) × total input value
Approving redemption requests: a clean review gate before any unit movement
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.
Redemption price: a new pricing source, applied at batch processing
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.
Pro tip: For funds that use $1.00 per unit consistently, a quick way to set up redemption prices is to give the fund admin agent the following prompt.
Check all funds and identify any unit classes that do not have a redemption price set. For each unit class missing a redemption price, create a redemption price of $1.00 with an effective date equal to the date that unit class was created.
Check all funds and identify any unit classes that do not have a redemption price set. For each unit class missing a redemption price, create a redemption price of $1.00 with an effective date equal to the date that unit class was created.
Batch process: governance, review, and two-step confirmation
Select Approved orders and choose "Process redemption batch" to open the batch configuration. Set:
Redemption date - the date the investor sells their units. This can be processed as requested or overwritten to apply a set date to all orders in the batch.
Processing mode - process as requested (redeem exactly what is in each order) or apply scaleback (pro-rata reduction across all orders)
Pricing source - will always use the class redemption price. In future Caruso will support an 'Overwrite' feature.
Pricing as at date - the date used to look up the redemption price per class
Notice date - when Redemption Notices are sent to investors
Payment date - when funds are to be transferred, printed on notices and included in the payment file
Commentary - Optional text printed on all Redemption Notices in the batch.
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.
Payment file: part of the batch, not a separate report
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.
Previously, a separate "all redemptions" report was 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. The "all redemptions" report serves a different purpose, as a history of redemptions.
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.
Fund Redemption Batches: audit trail
Draft and confirmed redemption batches can be viewed at any time from the Fund Redemption Batch view. This includes a history of the final audit report and payment files.
Summary of key changes
Previous workflow | New workflow |
One request at a time | Bulk create across multiple holdings |
Approval triggered immediate unit movement | Approval is a review gate — no side effects |
Redemption price defaulted to latest unit value | Dedicated redemption price, applied at a configurable pricing date |
Payment file generated from a separate report | Payment file generated from the batch itself, available in draft before confirmation |
Single approver | Separate editor and approver roles — units only move on second confirmation |
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.