What it is: a privacy native asset management platform on Aztec where fund managers run strategies without exposing trades or positions to the public, while investors enjoy private balances and selective, audit ready disclosures.
What it solves
- Protects investment strategy from copy trading and MEV surveillance.
- Shields investor identities and allocations from competitors and data brokers.
- Enables compliance workflows with selective disclosure, not full data dumps.
Expected customer outcome
- Operate a professional fund with crypto native settlement and privacy by default, offer investors bank grade discretion, provide regulators and auditors the evidence they need with minimal disclosure.
Primary personas
- Fund Manager: wants to execute trades and rebalancing without leaking alpha, needs robust reporting and fee collection.
- Operations and Compliance: needs controlled disclosure, investor registry management, audit trails, and incident free settlements.
- Investors, retail or professional: want private subscriptions and redemptions, clear statements, fast settlement windows.
- Auditors and regulators: want proofs that rules were followed, NAV and fee calculations are correct, and that redemptions match subscriptions.
- Partners, custodians and oracles: need clean interfaces and logs, not investor level data.
Jobs to be done
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As a manager, I need to move size without revealing portfolio composition, so I preserve alpha and pricing power.
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As an investor, I need to subscribe and redeem privately, and receive a clear statement of holdings and fees.
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As compliance, I need to answer inquiries with selective evidence, not by exporting the whole ledger.
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As an auditor, I need to validate NAV and fees with verifiable proofs, and record approvals for any disclosure.
- Actively managed fund: periodic subscriptions and redemptions, private rebalancing, performance and management fee collection.
- Fund of funds: the top level fund deploys into other strategies privately, only aggregate exposures are optionally disclosed.
- Locked vault strategy: fixed lockup with a clear schedule of redemptions, reduced leakage and execution risk for long horizon bets.
- Stealth reallocation event: manager rotates sectors or assets without public signaling, then publishes an aggregate report.
- Selective due diligence: manager shares private performance proofs and holdings ranges with a prospective institutional LP.
- Create fund: define name, share class, base currency, fees, lockup rules, disclosure preset.
- Onboard investors: invite or approve wallets, optional private allowlist or KYC gate.
- Accept capital: open a subscription window, show soft cap and timing, collect private deposits.
- Run strategy: execute trades and treasury actions privately, monitor aggregate metrics, not investor level balances.
- NAV and fees: set NAV periods, review fee preview, approve collection, publish a redacted statement to investors.
- Redemptions: open a redemption window, process requests, settle privately, provide statements.
- Join: connect wallet, pass allowlist or KYC if required, review terms and disclosure policy.
- Subscribe: choose amount, confirm, receive a private receipt and fund share position.
- Hold: view statements, performance charts with privacy safe aggregation, receive notices about windows.
- Redeem: request redemption during a window, receive private payout and a statement of fees.
- Request an aggregate report, receive proofs for NAV computation, subscriptions and redemptions by window, fee accruals, and policy compliance, without investor identities, unless a selective disclosure is approved.
MVP
- Private subscriptions and redemptions, one base currency, one share class.
- Periodic NAV calculation with privacy safe statements, investors see their balances, the public sees only aggregate AUM if enabled.
- Private strategy operations, rebalancing and treasury actions are not publicly visible.
- Performance and management fees with clear investor level breakdown in private statements.
- Subscription and redemption windows with caps, waitlists, and status updates.
- Allowlist or private KYC gating, membership proven without exposing identities.
- Selective disclosure workflow with dual approval and audit trail.
- Export of investor statements in human readable PDF and machine readable JSON.
Later
- Multiple share classes and currencies, benchmark reporting, and high watermark support.
- Streaming fees, hurdle rates, carried interest and crystallization schedules.
- Secondary transfer of fund shares under manager approval, private OTC board.
- White label manager portal, API for reporting, mobile notifications.
Not in scope now
- Cross chain settlement, on chain leverage, external custody integrations beyond basic portals.
- Private by default: investor balances, flows, and portfolio actions are not public.
- Selective disclosure: compliance can approve case by case disclosures, for example a single investor statement or a regulator request.
- Aggregation first: public pages show only aggregate fund metrics, AUM, subscriber count, performance ranges if enabled.
- Anti correlation: optional padding, standard denominations, and settlement windows reduce timing analysis and linkage.
- Strategy protection, trades and allocations are not reverse engineered by bots or rivals.
- Investor privacy with auditable operations, a combination that traditional blockchains cannot offer.
- Compliance ready, selective evidence replaces full database exports.
- Valuation accuracy: publish clear NAV rules, use trusted price sources, provide proofs and third party attestation options.
- Liquidity risk: use lockups, gates and notice periods, publish a calendar and honor it.
- Regulatory expectations: offer KYC, AML and travel rule friendly disclosures without breaking privacy for everyone.
- Low trust at launch: seed with reputable managers, audits, and transparent fee policies.
- One fund template, one share class, one base stablecoin on Aztec.
- Weekly subscription and redemption windows, up to 200 investors per fund in the pilot.
- Manager dashboard, investor portal, auditor request inbox.
- Configurable platform fee and default performance and management fee presets.
- Platform fee on AUM or on fee revenue, for example 10 percent of protocol collected fees.
- Fund setup fee and monthly SaaS for managers, white label optional.
- Discount tiers for larger AUM and multi fund groups.
- Preferred NAV frequency, daily, weekly, or monthly.
- Which assets and venues the strategy is allowed to access, and what disclosure level is acceptable.
- Whether KYC is mandatory for some jurisdictions and ticket sizes.
- What default disclosure preset best fits, aggregate AUM only, or AUM plus ranges of performance.