Capital raises on Caruso now support bulk processing to issue units, a dedicated issuance price, and a governance workflow that gives your team full control over when and how units are issued.

We're making some key changes to how investment applications and unit issuance work in Caruso — introducing an investment-amount-first experience, a single batch workflow for all unit issuance, a dedicated issuance price, and a maker-checker 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. You will also be able to revert an approved order to make any changes before units are issued. Units are only issued when a batch is confirmed by a second approver.

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 only appear once units are issued in the relevant email, Notice and investor portal transactions.

Previously, admin users could reconcile deposits and issue units in a single flow. Whilst somewhat convenient, as a single step, mistakes are costly to fix - needing Caruso's intervention to reverse the unit issuance transaction.

Instead, the "reconcile and issue units" path is being removed, making deposit reconciliation purely about matching deposits to applications. The higher consequence workflow of issuing units goes through the standard batch workflow with the maker-checker governance workflow. For high-volume deposits, the new workflow could be to reconcile daily deposits and create a single daily issuance batch.

With the introduction of a new Completed status, we expect the deposit reconciliation matches and suggestions to be much stronger as applications that are fully issued will be excluded from results, 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, Redemption Price and Reinvestment 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 be created.

Pro tip: For funds that use $1.00 per unit consistently, a quick way to set up issuance prices is to give the fund admin agent the following prompt.

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, created date, issuance date, class, funding and issuance status.

For example, to issue units for all applications that received deposits today, filter to include partially or fully funded, whilst excluding completed applications, or fully issued applications.

Then set:

Step 2 — Review the draft. The system creates a draft batch showing every application, its issuance price, calculated units, and issuance amount. 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.

Some of the most common ways our customers operate involve issuing units against an application over multiple events, not all at once. Two everyday examples:

Rather than forcing admins to recreate the original application for every overflow — which is unworkable at capital-call scale and fragments compliance records (approval notes, TMD record, identity checks) — Caruso supports multiple issuance batches against the same application.

How it works

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.

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.