caelith
● Live product · ~11 months to 16 Apr 2027caelith
deterministic AIFMD II compliance workflow + agent-assistant overlay — for fund administrators, ManCos, Big 4 teams & specialist advisers.
19-tool filing agentBaFin + CSSF automated780+ tests · 0 TS errorsopen-annex-iv · Apache 2.0 · npm
Closed-ended PE/RE AIFMs · Luxembourg + DACH primaryPre-Seed · Q3 2026 · €750K · SAFE bridge openJulian Laycock · caelith.tech
caelith
§ 01 · regulatory timeline~11 MONTHS TO Q1 2027
~11 months until 3,000+ EU AIFMs must file enhanced Annex IV — and no purpose-built execution layer exists.
3,000+
EU-authorised AIFMs across the 27 member states (per ESMA EU AIF Statistical Reports + national NCA registries). Luxembourg and Germany are the clearest early beachheads.
€24.6M
BaFin + Bundesamt für Justiz (BfJ) enforcement in 2024 (+204% YoY by EUR amount). 35 penalties combined (count fell ~12% YoY). — SteelEye Fine Tracker 2024
340+
distinct Annex IV fields today — AIFMD II adds delegation, LMT, and marketing data points.
AIFMD I (2014) was manageable with consultants. AIFMD II keeps the quarterly cadence but expands the field set substantially — delegation, LMTs, loan-origination, and marketing obligations layered on top. National laws are already transposed (deadline 16 Apr 2026); the enhanced reporting templates kick in 16 Apr 2027.
16 Apr 2026national-law transposition deadline (passed)
16 Apr 2027updated technical reporting standards effective — first filings fall due that quarter. ~11 months to industrialise the workflow.
caelith
§ 02 · the problemTHE STATUS QUO
€150K and four weeks — for a report that should take an afternoon.
€150-200K
spent annually on compliance delivery — across AIFMs and the firms delivering for them.
2-4 wks
per filing cycle. Quarterly = 8-16 weeks/year chasing data, re-keying, hand-validating.
Zero
purpose-built execution layer for the service-provider workflow. Enterprise suites start at €1M+ TCO.
AIFMD II ADDS
Liquidity Management Tools
min. 2 LMTs from the harmonised Annex V list.
Loan-origination (LO-AIF)
where loans ≥ 50% NAV: 20% concentration · 175%/300% leverage · 5% retention.
Delegation & oversight
delegate due diligence + marketing oversight + EU substance.
Enhanced Annex IV
340+ fields, quarterly · effective 16 Apr 2027.
caelith
§ 03 · the solutionFROM 4 WEEKS TO AN AFTERNOON — AGENT TRANSCRIPT FROM PRODUCTION SANDBOX
the agent drafts & cites. the officer approves. the chain records.
Static excerpt of a session driven by a 19-tool filing agent (XSD validation, GLEIF LEI lookup, leverage & LMT checks, four-eyes routing, NCA submit) that maps the 180+ Annex IV fields applying to closed-ended PE/RE — of 340+ in the full ESMA schema. Animated live at caelith.tech/pitch-deck · reproducible at caelith.tech/sandbox/b9e4d7a2f1c3068d.
End-to-end: ~3 hours (data pull, agent build, four-eyes review, NCA submit) vs. 2-4 weeks consultant cycle.
→ Same workflow extends to the LU ManCo CCO seat and the NL Wft-licensed AIFM / CV seat (LU archetypes: Lemanik, Carne, Vistra, Universal Investment; NL: large international law firms + Big-4 fund admins serving Zuidas — no commercial relationship yet).
Caelith Compliance Agent · multi-NCA (BaFin DE · CSSF LU)sandbox
Agent · 10:32 — Annex IV Q2 2026 filing upcoming — Rhein Immobilien Spezial-AIF. Pre-filled 39 of 43 summary fields (full XML covers 200+ schedule lines, validated against ESMA XSD v1.2). 4 gaps remain — mostly leverage and liquidity.
You · 10:33 — Yes, show me the gaps.
Agent · 10:33 — 4 missing fields: 1. Leverage — gating field, Art. 110 Reg. 231/2013 · 2. Investor liquidity profile · 3. Counterparty exposure (top 5) · 4. Stress test results. Found leverage in Q3 report: 1.38x. Still accurate?
You · 10:34 — 1.4x now. Quarterly redemption, 90-day notice. Top counterparty Deutsche Bank at 23%. Use last quarter's stress test.
Agent · 10:34 — All 43 fields complete. Running validation…
✓ XSD valid (ESMA Rev 6 v1.2) — 0 errors
✓ LEI verified via GLEIF
⚠ Counterparty concentration at 23% — above prudent single-name thresholds; NCA reviewers (BaFin · CSSF) typically request a justification note. Want me to add one?
You · 10:35 — Good catch. Add: “Temporary concentration due to Q4 refinancing. Expected to normalize by Q2 2026.”
✓ Submitted to BaFin MVP Portal — DE tenant · Referenznummer REF-2026-Q1-008473 · SHA-256 a3f7c9e2…e91b04 · audit trail saved (simulated sandbox — no live submission)
ask the agent…send →
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§ 04 · market opportunityWHITE SPACE
the service-provider wedge is unserved.
positioningcost × automation
market sizingTAM · SAM · SOM
SOM = ~1,000 ICP buyers × €30K ACV × 17–25% capture · LU + DACH + NL
LU · 298 IFMs · 10,084 AIFs · €2.445T NAV | DE · 704 KVGs | NL · ~25 admins | ~1,000 ICP buyers × €30K ACV · >80% cheaper than consultant delivery
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§ 05 · competitionVALIDATED LANDSCAPE · APR 2026
10 named vendors build XML factories — none ship an agent.
FundApps · AQMetrics · DataTracks · Convexium · Funds-Axis · Matterhorn RS · Confluence · RiskSystem · Fund XP · FE fundinfo · + Big 4 · + eFront/SS&C/FIS/Allvue · + Regnology
CAPABILITY SCORECARDservice-firm buyer need × competitor archetype · fill = capability fit (0–4)
| Buyer-need (service firm) | Big 4 outsource KPMG · EY · PwC · Deloitte €150–200K |
Enterprise PE eFront · SS&C · FIS · Allvue €50–150K+ |
Annex IV factories Matterhorn RS · FundApps · AQMetrics · Funds-Axis €20–60K |
Service hybrids RiskSystem · Fund XP · FE fundinfo €30–80K |
Reg infrastructure Regnology (adjacent) Enterprise |
Caelith AI-agent + B2B2B layer €18–60K |
|---|---|---|---|---|---|---|
| AIFMD II native depth (XSD, ESMA logic) | ||||||
| Multi-NCA (DE+LU live · AT/FR/NL on rails) | ||||||
| AI-agent filing workflow (conversational) | ||||||
| B2B2B multi-tenant (1 license → many funds) | ||||||
| Time-to-file (~3 hrs vs days/weeks) | ||||||
| Sub-€60K service-firm economics |
Market is transactable today — Matterhorn RS alone runs 1,000+ AIFs across 400+ clients (public materials), yet ships no agent.
01 · on demand
We sell to the buyer who runs many filings.
Everyone else prices per-fund. One flat license covers every fund a client runs — so cost-per-fund falls as they scale.
02 · on supply
The agent gap is structural.
≥18-month retrofit against a hard 16 Apr 2027 deadline. Caelith ships day one.
03 · keep winning
Switching cost compounds quarterly.
Each filing cycle adds re-onboarding cost — we lock the moat before they retrofit.
caelith
§ 06 · pricingsimple pricing. no surprises.
one platform license covers all your ManCo clients. start in minutes.
boutique
€1,490/mo
for emerging managers with up to 5 funds.
· up to 5 funds, 200 investors
· core rules engine
· full audit trail
· EMT/EET/EPT templates
· email support
book a demo →
· core rules engine
· full audit trail
· EMT/EET/EPT templates
· email support
most popular
professional
€2,990/mo
for fund admins & managers with multiple funds.
· 6+ funds, unlimited investors
· full rules + scenario modeling
· Annex IV + XSD validation
· sanctions + LEI
· compliance copilot · PII-safe
· API access · priority support
book a demo →
· full rules + scenario modeling
· Annex IV + XSD validation
· sanctions + LEI
· compliance copilot · PII-safe
· API access · priority support
enterprise
from €4,990/mo
for large fund admins & service providers.
· 20+ funds, unlimited investors
· custom rule development
· SSO, VPC peering on roadmap
· full API + webhooks
· dedicated account manager
contact sales →
· custom rule development
· SSO, VPC peering on roadmap
· full API + webhooks
· dedicated account manager
caelith
§ 07 · business model~95% GROSS MARGIN
one license covers all your ManCo clients — switching costs compound quarterly.
1 platform license
Fund admin · ManCo · Big 4 · adviser
all your ManCo clients
each an AIFM / KVG filing counterparty
every fund they file
quarterly · ACV expands as they grow
boutique
€17,880 ACV
professional
€35,880 ACV
enterprise
€59,880+ ACV · RFP-led
Moat & lock-in: FIS / SS&C / eFront / Confluence sell €50K-1M+ suites around accounting/portfolio mastery; AIFMD II reporting is a feature, not their wedge. Caelith is the workflow layer service firms operate around them. Once embedded across many entities, switching means re-onboarding every fund and rebuilding approval & evidence history. Same buyers also touch EMIR, SFTR, MiFID II, UCITS — expansion is natural.
caelith
§ 08 · tractionALREADY MOVING
live in production on real Annex IV data.
Q3 2025
Ideation
Q4 2025
MVP
Q1-Q2 2026
Sandbox validation
H1 2026
Design-partner field test
Q3 2027
Contribution-positive
3 wks → 2 days
design-partner field test
LU fund administrator · 18 ManCo clients on one license · 0 XSD errors · before/after under NDA.
203
demo sessions
cumulative since launch · 15–19/day at peak · ~10 interactions/session.
“Separates a compliance tool from a filing tool”
EU fintech VC · €350M+ AUM — Apr 2026 evaluation, name under NDA.
✓ EXIST in preparation
HTW Berlin host-institution · funded team + €30K. 3 accelerators (Constructor · Accelerator Frankfurt · TechQuartier) · CSSF + BaFin Hub submitted.
EXIST HOST INSTITUTION
LIVE FILING TARGETS
LIVE FILING TARGETSTRUST-LED GTMRegulatory engagement→institutional backing→design partner→many fund clients
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§ 09 · validationWHAT THE EXPERTS TELL US TO DOUBLE DOWN ON
structured discovery — the cohort validates the wedge.
expert-validated priorityCaelith focus
01 · lead with cost
FTE / cost savings open every door.
Senior FS-audit partners rank cost-relief as the highest-leverage pitch — above risk-urgency.
02 · the wedge is consistency
Cross-document consistency, governed end-to-end.
Not just a flag — the post-flag loop (who acts, escalation, audit-trail of the human decision) is the validated value.
03 · segment-first
Closed-ended PE / RE, pinned on slide 1.
Highest data-difficulty → biggest differentiator when solved.
Interim · expert interviews + advisory discovery: KPMG · Deloitte · POELLATH · Gleiss Lutz · Goodwin · LU ManCo CCO. Each axis = how strongly the cohort validates a Caelith focus area.
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§ 10 · roadmapPRE-SEED → SERIES A-READY
five milestones, capital-efficient.
Q3 2026Validate2-3 design partners signed · EXIST awarded · €750K soft-circled
Q1 2027Revenue6 paying customers · €150K ARR · senior engineer hired (M6)
Q3 2027Contribution+12 paying customers · €350K ARR · LU+DACH unit economics proven
Q1 2028Seed close20 customers · €600K ARR · SFDR module live · 6 NCAs automated
Q4 2028Series A-ready80-120 customers · €3-5M ARR · pan-EU NCA · SOC 2 Type II
Capital efficiency: €750K funds 18 months to €350K ARR contribution-positive. B2B2B multiplier expands ACV per customer — more funds and frameworks per license — without proportional CAC.
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§ 11 · risks & mitigationsRISK MIGRATION MATRIX
engineered toward “accept”.
prepost-mitigation
1Market · incumbent fast-follow
2GTM · sandbox → paid · top residual
3Regulatory · Innovation Hub delay
4Team · co-founder accord timing
5Technical · AI on reg-logic
6Capital · round close at €750K
Top residual: GTM sandbox→paid (6-9 mo cycles) & sustained incumbent investment. Trip-wires monitored weekly.
4 / 6
risks fully migrate to Accept post-mitigation — the EU deadline supplies the demand pull most pre-seeds lack.
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§ 12 · teamWHO'S BUILDING IT
two co-founders — complementary regulatory + AI pedigree.
JL
Julian Laycock
Co-founder & CEO · Berlin, DE · Australian-Spanish
Worked on Annex IV reporting engagements at Capgemini and lived the compliance pain firsthand. Designed and built the Caelith platform end-to-end — from regulatory domain modeling to production deployment. ~2 years on AIFMD-specific engagements within ~5 years total IT consulting in regulated financial services + federal government IT.
Capgemini · AIFMD (~2y) · ]init[ AG · Federal Gov IT · LL.B. · MBA · B.A. Econ
Covers Regulatory · Product · GTM — domain expertise (Annex IV / KAGB / MiFID II / AIFMD II), product vision & roadmap, sales and customer ops, live MVP in production.
AH
Alexander Hülsmann
Co-founder & CTO · Münster, DE
ML Engineer at Finanz Informatik (Sparkassen-Finanzgruppe IT) — researching sovereign on-prem LLM detection in regulated environments; previously built regulatory batch workflows in the liquidity-risk department on Spring Batch + DB2. MSc thesis on “AI in regulated environments” — literally the Caelith problem. IT-security pedigree from LWL (SIEM / Splunk).
Finanz Informatik · Sparkassen IT · LWL · IT Security (SIEM) · MSc CS Münster · BSc Informatik
Covers Engineering · Security · AI Governance — backend, security posture (SOC 2 / ISO 27001), AI governance, on-prem LLM evaluation. Stack: Python, TypeScript, Spring Batch, DB2/SQL, Splunk.
Founder accord active under interim structure (Einzelunternehmen); priced-equity terms convert at GmbH registration, timing flexed to optimise EXIST + accelerator funnel. HTW Berlin host-institution discussions in progress · 2 academic mentors in evaluation · EXIST grant in preparation · reference network: Capgemini ex-colleagues (AIFMD), IBB Venture, Berlin VC ecosystem — named references on request.
caelith
§ 13 · the askPRE-SEED
€750K
Institutional pre-seed lead + IBB Pre-Seed Instrument + strategic angels · SAFE bridge open · 18-month runway · senior engineering hire from M6.
€340K
Team
2 founders 18mo + senior backend / regulatory engineer (from M6) + benefits/equipment
€130K
Platform & Security
EU hosting, SOC 2 Type I audit, external pen-test, multi-NCA automation (AT/FR/NL)
€120K
Go-to-Market
LU travel + LHoFT base, ALFI events, BaFin/CSSF Hub, design-partner acquisition
€95K
Regulatory
CSSF + BaFin Hub, DPIA/FRIA, counsel (DE + LU), KAGB §36 outsourcing review
€65K
Ops & Reserve
legal, accounting, insurance, tooling, ~9% contingency buffer
EXIT OPTIONALITY
Adjacent acquirers: Confluence (Investment Metrics, $500M) · SS&C (Eze $1.45B · Intralinks $1.5B) · FIS · Allvue · MSCI · Clarity AI. EU regtech historically transacts at single-digit to low-double-digit ARR multiples.
ENTITY & STRUCTURE
Founder operates as Einzelunternehmer; GmbH incorporation is deliberately deferred to preserve EXIST + accelerator eligibility. The SAFE bridge converts to priced equity at GmbH registration; paid pilots + production-data engagements gate on incorporation.
+€110K non-dilutive pipeline — EXIST · CSSF + BaFin Hub · IBB up to €500K co-investjulian.laycock@caelith.tech
caelith
§ 14 · referencessources & citations.
[1] Directive (EU) 2024/927 (AIFMD II), OJ L 2024/927, 26.3.2024. Art. 16a (LMTs), Annex V, transposition 16 Apr 2026.
[2] BaFin, “Unternehmensdatenbank,” accessed Apr 2026. Source for 704 German KVGs.
[3] Kapitalanlagegesetzbuch (KAGB), §1 Abs. 19 Nr. 33. Semi-professional investor.
[4] BaFin, MaRisk Rundschreiben 05/2023 (BA), BTO 1.1. Four-eyes principle.
[5] ESMA, “EU Alternative Investment Funds — 2023 Statistical Report,” ESMA50-524821-3095, Jan 2024.
[6] SteelEye, “Financial Services Fine Tracker 2024,” 15 Jan 2025. BaFin + BfJ: €24.6M (+204% YoY); 35 penalties (−12% YoY).
[7] Kroll, “Global Regulatory Outlook 2021,” 6th ed. 32% of firms spend >5% of revenue on compliance.
[8] SteelEye, “Annual Compliance Health Check Report 2023.” 76% report increased spend; 27% allocate 21-30%. n=309.
[9] Godart, T., “AIFMD Annex IV: The Data Quality Challenge,” Domos by SimCorp, Nov 2023. 340 fields (38 manager + 302 AIF).
[10] OpenSanctions, “EU Financial Sanctions Files” (~5,900) + “UN SC Consolidated” (~2,900), accessed Apr 2026.
[11] Directive (EU) 2024/927, Annex V — LMT catalogue. Min. 2 LMTs for open-ended AIFs (Art. 16(2b)).
[12] CSSF, “AIFM Reporting Dashboard — 31 Dec 2024.” 10,084 AIFs · NAV €2.445T · 94% LU-domiciled · +18% YoY.
[13] CSSF, “Annual Report 2024.” 298 authorised IFMs (146 AIFMs + 152 Ch.15 ManCos) · IFM AUM €7,206.3bn.
[14] ALFI, Luxembourg #2 global fund domicile · ~1,400-1,500 member firms.
© 2026 caelith · figures are pre-seed estimates · full data room on request · julian.laycock@caelith.tech