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 investment applications and unit issuance work in Caruso. This release introduces bulk processing of applications, an investment-amount-first experience across the platform, and a new governance workflow that gives your team full control over when and how units are issued.

Applications will move through four distinct stages: Requested → Approved → Completed (with Cancelled as an alternative terminal state). Approving an application is a review gate with no side effects. Units only move when a batch is confirmed by a second approver, after the issuance audit report has been reviewed.

Investment applications (previously called allocation requests) will shift to showing investment amounts only. Units and issuance price are hidden until units are actually issued — because those figures are often not the final values used at issuance and can mislead investors during the Requested and Approved stages.

Investment amounts are still validated against capital raise rules (minimum/maximum investment) and fund constraints (whole units, unit increments). Fund managers can communicate pricing via data room content. The issuance price becomes the source of truth at the point of unit issuance, and can appear on the Unit Issuance email and notice if required.

Two changes here. First, the "reconcile and issue units" path is being removed. Deposit reconciliation will become purely about matching deposits to applications — all unit issuance goes through the batch workflow. Second, applications that have reached Completed status will no longer appear as reconciliation candidates, reducing noise and making it easier to identify outstanding deposits.

Caruso will store a dedicated issuance price at the unit class level as a time-series history, alongside Unit Value and Redemption 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 issuance price per unit class. If no issuance price exists for a required unit class on the chosen date, the batch cannot proceed until one is recorded.

From the capital raise committed table, admins can select any number of Requested applications and confirm them in bulk. To confirm an application, it must have an associated unit class.

All unit issuance now goes through one uniform batch workflow — whether issuing units for a single application or hundreds. The existing single-item "Issue Units" action and the deposit reconciliation "reconcile and issue units" path are both being removed.

Step 1 — Configure the batch. Use rich filters on the committed table to segment applications by status, funding condition, unit class, and issuance state. Then set:

Step 2 — Review the draft. The system creates a draft batch showing every application, its issuance price, calculated units, and issuance amount. An issuance audit report is available for download. If underlying data changes after the draft is created, the Confirm button is disabled until the admin clicks Recalculate.

Step 3 — Approver confirms. A separate admin with Approver role reviews and confirms. At that point, units are issued, applications move to Completed, Unit Issuance Notices are sent, and audit log entries are created. Until confirmation, everything is reviewable and reversible. The confirm action cannot be undone.

If a capital raise is oversubscribed, enter the total capital the fund will accept and Caruso calculates a pro-rata allocation across all applications in the batch. Scaleback updates the application's capital committed to the scaled amount, which can impact future capital calls that rely on that figure.

From the capital raise committed table, admins can select any number of Requested applications and cancel them in bulk.

All pre-issuance emails and statements shift to investment-amount-first presentation. Order Received, Order Approved, and Order Cancelled emails will show investment amount only. Payment Notices and Capital Call Notices will remove unit pricing references. The Unit Issuance Notice is the first communication where units and issuance price appear, sent when the batch is confirmed. The same applies to statements in the investor's document vault.

For your team: approve eligible applications as they come in, reconcile deposits in parallel, and batch-process for unit issuance when ready — whether daily, weekly, or at the close of a raise. The workflow is the same every time.