Live Product · ~12 months until enhanced Annex IV templates go live (16 Apr 2027)

Caelith

Agentic Compliance Infrastructure for European Alternative Investment Fund Managers · Luxembourg + DACH primary

Filing, approval, and audit-evidence workflows for fund administrators, ManCos, Big 4 teams, and specialist advisers — ahead of enhanced Annex IV templates landing 16 Apr 2027.

        BaFin + CSSF automated
        |
        780+ tests
        |
        open-annex-iv (Apache 2.0, on npm)
      

Pre-Seed · Q3 2026€750K target · SAFE bridge open

Julian LaycockEx-Capgemini AIFMD · Berlin

caelith.techLive in production

Platform Capabilities LIVE IN PRODUCTION

Annex IV XML Generation

340+ fields · XSD validated · ~3 hrs end-to-end

✓

Four-Eyes Approval Workflow

AIFMD II Art. 8(1)(c) dual management · CSSF Circular 18/698 §3.4 · KAGB §18 + KAMaRisk · SHA-256 audit chain

✓

19-Tool AI Compliance Agent

Natural language → filing · human-in-the-loop

✓

NCA Submission Automation

BaFin SOAP (DE) · CSSF S3 (LU) · additional NCAs on roadmap

✓

          780+ tests
          • 0 TypeScript errors
          • EU-hosted
          • GDPR compliant
        

Regulatory Timeline

~12 months

until 3,000+ EU AIFMs must file enhanced Annex IV — and no purpose-built execution layer exists

2-step rollout: National-law transposition deadline 16 April 2026 (passed) · Updated technical reporting standards effective 16 April 2027 — first filings under the new templates fall due that quarter.

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 / Federal Office of Justice) 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

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. ~12 months to industrialise the workflow before the first filing falls due under the new templates.

The Problem

€150K and 4 weeks for a report that should take an afternoon

€150-200K

Spent annually on compliance deliveryKroll 2021 + SteelEye 2023: mid-market firms spend €150-250K/yr on regulatory compliance. In practice this cost sits across AIFMs and the service firms delivering the work for them. [7][8]

2-4 wks

Per filing cycleQuarterly = 4× per year = 8-16 weeks/year spent chasing data via email, re-entering into templates, validating by hand.

Zero

Purpose-built execution layer for AIFMD IIEnterprise platforms (eFront, SS&C, Allvue) start at €1M+ total cost of ownership and serve only the largest managers. Nothing is designed for the service-provider workflow: fund admins, third-party ManCos, Big 4 teams, and law firms serving many underlying funds.

What AIFMD II demands

Core implementation 16 Apr 2026 · enhanced Annex IV templates 16 Apr 2027 · per Ogier (LU practical guide) & EUR-Lex 2024/927 (Annex V)

Liquidity Management Tools (LMTs)

Open-ended AIFs must designate min. 2 LMTs from the harmonised Annex V list (gates, swing pricing, side-pockets, dual-pricing, redemption fees, etc.) · suspension is always available but excluded from the minimum-two count

Loan-Origination AIF (LO-AIF) regime

Where loans ≥ 50% of NAV: 20% concentration cap (loans to financials/UCITS/AIFs), leverage caps 175% open-ended / 300% closed-ended, 5% risk retention

Delegation & oversight + substance

AIFM accountable for delegate / sub-delegate due diligence · marketing now under direct AIFM oversight · minimum EU substance + senior-management presence

Itemised cost transparency

New AIFMD II disclosure obligation (Art. 23 revised): offering documents must list every fee, charge and expense (direct or indirect) allocable to the AIF — replacing prior practice of headline-fee summaries

Enhanced Annex IV reporting

340+ fields, quarterly per fund · expanded delegation, LMT and marketing data points · effective 16 Apr 2027 (deferred 1y from main implementation)

The insight: This is a service-delivery workflow problem, not a document problem

Every filing requires: collect data → interpret regulation → validate rules → generate XML → approve → submit → retain evidence. This is exactly the kind of workflow AI agents and deterministic rules engines can compress. The first winners are the service firms already doing this work for many funds and wanting to deliver it faster without building software themselves.

The Solution

From 4 weeks to an afternoon — agent transcript from production sandbox

Static excerpt of an agent-led filing session. Animated live at caelith.tech/pitch-deck · reproducible at caelith.tech/sandbox/b9e4d7a2f1c3068d

Caelith Compliance Agent · multi-NCA (BaFin DE · CSSF LU)

Sandbox · simulated submission

Agent · 10:32

Annex IV Q2 2026 filing upcoming — Rhein Immobilien Spezial-AIF.
Pre-filled 39 of 43 summary fields for this fund (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 a justification note?

You · 10:35

Good catch. Add: “Temporary concentration due to Q4 refinancing. Expected to normalize by Q2 2026.”

Agent · 10:35

Simulated sandbox — no live submission

✓ Submitted to BaFin MVP Portal — DE tenant (Rhein Immobilien Spezial-AIF)
Referenznummer: REF-2026-Q1-008473
SHA-256: a3f7c9e2…e91b04
Audit trail saved. Confirmation sent.
End-to-end: ~3 hours (data pull, agent build, four-eyes review, NCA submit) vs. 2–4 weeks consultant cycle.

→ Same workflow is designed for the LU ManCo CCO seat (target archetypes: Lemanik, Carne, Vistra, Universal Investment — no commercial relationship yet) — filing prepares for CSSF AIFM Reporting submission via eDesk procedure or S3 API channel (both authorised per CSSF July 2024). Same four-eyes (CSSF Circular 18/698 §3.4), same SHA-256 audit chain, same agent.

✓ BaFin (DE)

✓ CSSF (LU)

• AT / FR / NL / IE / IT / ES — roadmap

End-to-end filing window

~3 hrs

Realistic compliance-officer day: data pull + agent-assisted XML build + four-eyes review + NCA submit. Vs. 2–4 weeks consultant cycle.

Pre-fill Accuracy

39 / 43 summary fields

auto-filled · 4 gaps resolved via conversation · 0 XSD errors. Full XML covers 200+ schedule lines (ESMA Rev 6 v1.2).

Trust & Audit

Deterministic rules engine — no AI hallucination on regulatory logic
SHA-256 hash-chained evidence bundles
Human sign-off required for every filing
Human-in-the-loop: AI does the work, compliance officer keeps control

Market Opportunity

The service-provider wedge is unserved

Consultants

Enterprise Software

Caelith

Market Sizing

SOM

€5–8M

LU + DACH + NL · Y3
~1,000 ICP buyers × €30K ACV × 17–25%

SAM

€500M+

EU-27 AIFMD II workflow · admins + AIFMs

TAM (with product expansion)

€2B+

AIFMD II 2026 → SFDR Q4 2026 → MiFID II 2027 → ELTIF 2.0 2028

Bottom-Up (B2B2B) — Buyer-Centric View

LU

Primary revenue market: fund admins, authorised IFMs / ManCos, Big 4 teams, and specialist advisers in the densest EU fund-services ecosystem. 298 authorised IFMs (146 AIFMs + 152 Chapter 15 ManCos) · 10,084 AIFs · €2.445T NAV (per CSSF AIFM Reporting Dashboard, 31 Dec 2024).

DE

Founder and proof market: ~50 fund admins · 704 KVGs (BaFin registry) · strong investor and institutional access.

NL

Adjacent market: ~25 fund admins · significant PE/RE AIF base · AFM-regulated institutional ecosystem.

Primary buyers: fund admins, third-party ManCos, Big 4, and specialist law / compliance firms · one relationship can cover many underlying funds and client entities.

Category insight: Caelith is the execution layer behind the service providers already getting paid for this work — not another compliance dashboard. >80% cheaper than consultant-led delivery; thousands of Annex IV filings/yr flow through a single specialist platform today (Matterhorn RS — 1,000+ AIFs, 400+ clients per their public materials). Rules engine + approval workflow + NCA integrations + audit evidence compound into switching costs; Luxembourg compounds the B2B2B multiplier fastest.
Sources: CSSF Dec 2024, ESMA, ALFI, BaFin, Matterhorn RS

Competition

10 named Annex IV vendors build XML factories — none ship an agent, none sell to the buyer who runs many filings

Validated landscape (Apr 2026): FundApps, AQMetrics, DataTracks, Convexium, Funds-Axis, Matterhorn RS, Confluence, RiskSystem, Fund XP, FE fundinfo · plus Big 4 outsourcing · plus eFront/SS&C/FIS/Allvue platforms · plus Regnology infrastructure (adjacent)

Capability scorecard

Service-firm buyer needs × competitor archetype · fill = capability fit (0–4)

Buyer-need (service firm)	Big 4 outsource KPMG · EY · PwC · Deloitte €150–200K / yr	Enterprise PE platforms eFront · SS&C · FIS · Allvue €50–150K+	Annex IV factories FundApps · AQMetrics · DataTracks · Convexium · Funds-Axis · Matterhorn · Confluence €20–60K	Service hybrids RiskSystem · Fund XP · FE fundinfo · IQ-EQ €30–80K	Reg infrastructure Regnology (adjacent) Enterprise	Caelith AI-agent + B2B2B layer €18–60K
AIFMD II native depth (XSD, ESMA logic)
Multi-NCA architecture (DE + LU live; AT/FR/NL/IE/IT/ES on rails)
AI-agent filing workflow (autonomous, conversational)
B2B2B multi-tenant ops (1 license → many funds × many entities)
Time-to-file (~3 hrs vs days/weeks)
Sub-€60K service-firm economics

1 How we win on demand

We sell to the buyer who runs many filings — everyone else sells per-fund

FundApps, AQMetrics, DataTracks, Convexium, Funds-Axis all price per-AIFM or per-fund. The moment a fund admin onboards their 5th client, those economics break. Caelith's per-license model lets one buyer cover 10–100× more funds at the same ACV.

2 How we win on supply

The agent gap is structural — not a feature roadmap

Annex IV factories are rule engines wrapped around static workflows. Adding an agent (filing → gap-resolve → validate → submit) means rebuilding the runtime, not shipping a feature. ≥18-month retrofit lift against a hard 16 April 2027 deadline. Caelith ships day one.

3 How we keep winning

Switching cost compounds quarterly — we lock the moat before they retrofit

Each filing cycle adds re-onboarding cost: every fund + every approval chain + every evidence record. By Q4 2027 a Caelith design partner has 6 quarters of agent-anchored audit history — even a perfect-clone competitor faces 18 months of switching pain to displace.

Adjacent we monitor (not direct): Regnology owns submission rails into regulators — danger if they modernize UX + ship AI; positioned for filer-side, not service-firm operations · partnership-reachable before competitive. Regulatory-intelligence platforms (rule interpretation, horizon-scanning) — they don't produce or submit reports; complementary, not competitive.

Business Model

One license, 100+ funds — ~95% gross margin, switching costs compound quarterly

Caelith buyer

1 service firm

Fund admin · ManCo · Big 4 team · specialist adviser

×

Client entities

5–30+ AIFMs / KVGs

Each one a separate filing counterparty under AIFMD II

×

Underlying funds (AIFs)

30 → 300+

Each filed quarterly — 12 × ACV expansion path per relationship

Boutique

Boutique admins / ManCos
5–10 client entities · up to 30 funds

€1,490/mo

✓ AIFMD II workflow + Annex IV submission
✓ LMTs, LO-AIF rules, cost-transparency
✓ Four-eyes approval + SHA-256 evidence
✓ Email support

ACV €17,880 · ~€600/fund/yr at 30-fund capacity (vs. €5K+ consultant)

Primary Target

Professional

Fund admins / 3rd-party ManCos
10–30 client entities · 100+ funds

€2,990/mo

✓ Full AIFMD II workflow suite + API access
✓ Multi-NCA submission (BaFin + CSSF)
✓ Delegation oversight + audit-evidence chain
✓ Priority support

ACV €35,880 · ~€360/fund/yr at 100-fund capacity (vs. €5K+ consultant)

Enterprise

Large service firms / Big 4 / platforms
Unlimited entities · multi-tenant

From €4,990/mo

✓ Unlimited client entities & funds
✓ On-prem or controlled deployment
✓ White-label option for platform partners
✓ Dedicated support + SLA

ACV €59,880+ · RFP-led

Moat & lock-in

Why incumbents can’t simply undercut. FIS / SS&C / eFront / Confluence sell €50K–1M+ enterprise suites built 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 client entities, switching means re-onboarding every underlying fund and rebuilding per-fund approval & evidence history — switching cost compounds quarterly with each filing cycle. Same buyers also touch EMIR, SFTR, MiFID II, UCITS; expansion is natural and per-fund unit price falls as the platform absorbs adjacent obligations.

Traction

Live in production — agent + filing pipeline running end-to-end on real Annex IV data, first investor + regulator conversations under way

Journey

Ideation

Q3 2025

MVP

Q4 2025

Sandbox Validation

Q1-Q2 2026

First Pilot Signed

Q3 2026

5

Contribution-positive

Q3 2027

GTM: Service-provider wedge, trust-led distribution

In regulated finance, cold outreach doesn’t work. Trust is the bottleneck, not product quality. Our go-to-market follows the trust chain:

          Regulatory engagement
          →
          Institutional backing
          →
          Design partner with service firm
          →
          many fund clients per relationship
        

Geographic strategy — both LU and DE primary in parallel, different roles:

Luxembourg primary for design-partner density: #2 global fund domicile · 10,084 AIFs · €2.445T NAV (per CSSF AIFM Reporting Dashboard, 31 Dec 2024) · ALFI + LHoFT + dense intermediary ecosystem (fund admins, third-party ManCos, legal firms, auditors). One relationship leveraged across many fund clients. Highest probability surface for finding the first paid design partner.

Germany primary for operational base + capital access: Berlin HQ · 704 KVGs (BaFin registry) · EXIST + IBB Pre-Seed Instrument + HTW Berlin Gründungsservice + EU fintech VC network density · warm-intro path for first conversations · AIFMD II transposition (Fondsrisikobegrenzungsgesetz / Fund Risk Limitation Act, passed Bundestag 5 March 2026) provides clear regulatory anchor.

Then NL + IE following as adjacent fund-services ecosystems on the same AIFMD II substrate.

✓ EXIST Grant in preparation: HTW Berlin host-institution discussions in progress. Two academic mentors in evaluation (Finance/regulatory + LLM/AI) — Trägervereinbarung pending. Application targets funded team + €30K project budget.

Live product on prod

Product statusCaelith platform live at caelith.tech · full Annex IV pipeline (data → XML → XSD validate → four-eyes → NCA submit) running on EU-hosted infrastructure · reproducible at caelith.tech/sandbox. Built ground-up against CSSF / BaFin / ESMA / EUR-Lex primary sources.

“Separates a compliance tool from a filing tool”

Investor engagementEU fintech VC · €350M+ AUM — Apr 2026 evaluation, “counterparty concentration flag is the standout moment”, name under NDA.
IBB Venture (Berlin) — thesis-stage engagement, path to seed: 2–3 paid pilots + technical co-founder.

203

Demo sessionscumulative since launch · 15–19 sessions/day at peak · 94% desktop · ~10 interactions/session

3

Accelerator applications in flightConstructor University Startup Growth Program · Accelerator Frankfurt · TechQuartier — status open across all three.

CSSF Innovation Hub + BaFin Innovation Hub · Both applications submitted · Proactive dual-regulator engagement

Roadmap & Milestones

Achievable milestones in recruitment, product, and traction — from pre-seed to Series A-ready

Q3 2026

Validate

Caelith GmbH closed · 2–3 design partners · EXIST awarded · €750K pre-seed closed

Q1 2027

Revenue

6 paying customers · €150K ARR · senior eng hired (M6 of runway)

Q3 2027

Contribution-positive

12 paying customers · €350K ARR · contribution-margin positive · LU + DACH unit economics proven

Q1 2028

Seed close

20 customers · €600K ARR · SFDR module live · 6 NCAs automated · M18 of runway

Q4 2028

Series A-ready

80–120 customers · €3–5M ARR · pan-EU NCA · SOC 2 Type II

Recruitment

Q3 2026 · Co-founder accord executed at GmbH
Q1 2027 · Senior backend / regulatory product engineer
Q3 2027 · GTM lead (Luxembourg presence)
Q1 2028 · 2nd engineer + customer success
Q4 2028 · ~12-person team

Product

Q3 2026 · SOC 2 Type I evidence in motion
Q4 2026 · AT/FR/NL NCA automation live
Q2 2027 · SFDR module (cross-sell into base)
Q4 2027 · MiFID II reporting · IE/IT/ES NCAs
Q3 2028 · ELTIF 2.0 + EMIR — multi-reg platform

Traction

Q3 2026 · 2–3 design partners signed
Q1 2027 · 6 paying customers · €150K ARR
Q3 2027 · 12 paying customers · €350K ARR
Q1 2028 · 20 customers · €600K ARR · seed close
Q4 2028 · 80–120 customers · €3–5M ARR

Capital efficiency: €750K pre-seed funds 18 months to €350K ARR contribution-positive. Each €1 raised → ~€0.47 ARR by month 12, ~€0.80 ARR by seed close (month 18–21). B2B2B multiplier means each new customer adds 10–100× covered funds without proportional CAC.

Risks & Mitigations

Six material risks — all engineered toward the “accept” quadrant before the ask

Risk migration matrix

Pre-mitigation
Post-mitigation

1Market · incumbent fast-follow

2GTM · sandbox → paid conversion

3Regulatory · Innovation Hub delay

4Team · co-founder accord timing

5Technical · AI on reg-logic

6Capital · round close at €750K

Top residual risks · actively monitored

2

GTM · Sandbox → paid conversion

Why it stays mid-probability: service-firm sales cycles are 6–9 months · we cannot fully control buyer-side procurement timing. Monitoring: weekly design-partner pipeline, sandbox-to-paid funnel, deadline-pull conversion rate. Trip-wire: two consecutive quarters with <1 paid conversion → switch to direct-AIFM SaaS as fallback channel.

1

Market · sustained incumbent investment

Why it stays high-impact: SS&C / Confluence have the balance sheet to acqui-hire if the wedge becomes obvious. Monitoring: incumbent feature releases, regulatory-tooling M&A activity, Innovation Hub competitor signals. Trip-wire: any major incumbent ships AI-agent reg layer → accelerate moat investment in audit-evidence depth + B2B2B contractual lock-ins.

Bottom line 4 of 6 risks fully migrate to Accept. The 2 that remain are execution risks every pre-seed faces — and the EU regulatory deadline supplies the demand pull most pre-seed companies don't have.

Team

Two co-founders — complementary regulatory + AI pedigree

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. Reference contact via Capgemini ex-colleagues on request.

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 and on-prem LLM evaluation. Stack: Python, TypeScript, Spring Batch, DB2/SQL, Splunk. Founder accord effective at Caelith GmbH registration (Q2 2026).

PJ

Advisor

PJ Di Giammarino

Founder, RegRisk Solutions · Founder, JWG Group

Two-decade voice in financial-services regulation. JWG Group convened tier-1 banks, asset managers, regulators and Big 4 firms to translate complex EU rule changes (MiFID, AIFMD, EMIR, SFTR) into operational practice. RegRisk Solutions continues that work today.

regrisksolutions.com

HTW Berlin · Host-institution discussions in progress · 2 academic mentors in evaluation (Finance/regulatory + LLM/AI) · EXIST grant in preparation

Reference network · Capgemini ex-colleagues (AIFMD) · IBB Venture engagement · Berlin VC ecosystem · named references on request

The Ask

Pre-Seed

€750K

Pre-Seed round — lead ticket sized for an institutional pre-seed lead plus IBB Pre-Seed Instrument and strategic angel allocation. SAFE bridge open for soft-circled commitments · 18-month runway · lean below-market founder salaries · senior engineering hire from M6.

        Entity status: Founder operates as Einzelunternehmer (sole proprietorship); Caelith GmbH (i. G.) incorporation in progress, target Q2 2026. Round structured as priced equity into Caelith GmbH at registration (SAFE bridge available for soft-circled allocation pre-incorporation; converts on registration). KAGB §36 outsourcing DPAs are signed under the GmbH counterparty.
      

Team (2 founders 18mo + 1 senior eng. from M6)

Below-market founder salaries (€60K/yr each, all-in ≈ €72K loaded × 2 × 18mo = €216K) + senior backend / regulatory engineer (€120K loaded × 12mo = €120K) + benefits/equipment

€340K

Platform & Security

EU hosting, SOC 2 Type I audit + evidence collection, external pen-test, multi-NCA automation (AT/FR/NL added to DE+LU)

€130K

Go-to-Market execution

Luxembourg travel + LHoFT base, ALFI events, BaFin/CSSF Innovation Hub conferences, design-partner acquisition (DACH + LU)

€120K

Regulatory & Compliance

CSSF + BaFin Innovation Hub engagement, DPIA/FRIA, regulatory counsel (DE + LU), KAGB §36 outsourcing review

€95K

Operations & Reserve

Legal, accounting, insurance, tooling, ~9% contingency buffer

€65K

Total raise€750K

€110K+ non-dilutive grant pipeline (additive) — EXIST (in preparation, host-institution discussions underway) · CSSF Innovation Hub (submitted) · BaFin Innovation Hub (submitted) · IBB Pre-Seed Instrument up to €500K co-investment in conversation

What €750K unlocks

18 months of runway — from sandbox-validated MVP to 12 paying service-firm customers at €350K ARR by Q3 2027, contribution-margin positive. Bridge to a Q1 2028 seed close at 20 customers / €600K ARR with SFDR module live and 6 NCAs automated. See slide 11 for the full milestone path.

Exit optionality Strategic acquirers in adjacent space: Confluence (acquired Investment Metrics — parent of Style Analytics, formerly Style Research — for $500M, 2021/22), SS&C (rolled up Eze $1.45B, Intralinks $1.5B, both 2018), FIS, Allvue, MSCI, Clarity AI. EU regtech acquihires historically transact in the single-digit to low-double-digit ARR multiple range.

Why now Berlin HQ · <1y old · direct fit with deep-tech / regtech pre-seed thesis · BaFin + CSSF Innovation Hub engagement underway · co-investor network (IBB Venture, EU fintech VC, angels) · lead role open.

julian.laycock@caelith.tech

www.caelith.tech

www.caelith.tech/pitch-deck

References

Sources & Citations

Regulatory & Legal

[1] European Parliament & Council, Directive (EU) 2024/927 (AIFMD II), OJ L 2024/927, 26.3.2024. Art. 16a (LMTs), Annex V, transposition deadline 16 April 2026.
eur-lex.europa.eu/eli/dir/2024/927/oj

[2] BaFin, “Unternehmensdatenbank,” accessed April 2026. Source for 704 German KVGs figure.
bafin.de/DE/PublikationenDaten/Datenbanken/Unternehmenssuche

[3] Kapitalanlagegesetzbuch (KAGB), §1 Abs. 19 Nr. 33. Definition of semi-professional investor.
gesetze-im-internet.de/kagb/__1.html

[4] BaFin, MaRisk Rundschreiben 05/2023 (BA), BTO 1.1. Four-eyes principle (Vier-Augen-Prinzip).
bafin.de/SharedDocs/Veroeffentlichungen/DE/Rundschreiben/2023/rs_05_2023_MaRisk_BA.html

[5] ESMA, “EU Alternative Investment Funds — 2023 Statistical Report,” ESMA50-524821-3095, Jan 2024.
esma.europa.eu/sites/default/files/2024-01/ESMA50-524821-3095

Industry Data & Market

[6] SteelEye, “Financial Services Fine Tracker 2024,” 15 Jan 2025. Combined enforcement by BaFin and the German Bundesamt für Justiz (BfJ / Federal Office of Justice): €24.6M (+204% YoY by EUR amount, vs €8.1M in 2023). 35 penalties (count fell ~12% YoY).
steel-eye.com/news/steeleyes-financial-services-fine-tracker-2024

[7] Kroll (Duff & Phelps), “Global Regulatory Outlook 2021,” 6th ed. 32% of firms spend >5% of revenue on compliance.
kroll.com/en/publications/financial-compliance-regulation/global-regulatory-outlook-2021

[8] SteelEye, “Annual Compliance Health Check Report 2023,” Apr 2023. 76% report increased spending; 27% allocate 21-30% to compliance. n=309.
steel-eye.com/white-papers-and-e-books/annual-compliance-health-check-report-2023

[9] Godart, T., “AIFMD Annex IV: The Data Quality Challenge,” Domos by SimCorp, Nov 2023. 340 distinct fields (38 manager + 302 AIF-specific).
domosfs.com/the-aifmd-annex-iv-data-reporting-challenge

[10] OpenSanctions, “EU Financial Sanctions Files” (~5,900 entities) + “UN SC Consolidated Sanctions” (~2,900 entities), accessed Apr 2026. Counts re-verified 2026-04-27.
opensanctions.org/datasets/eu_fsf · opensanctions.org/datasets/un_sc_sanctions

[11] Directive (EU) 2024/927 (AIFMD II), Annex V — LMT catalogue. Minimum 2 LMTs from Annex V for open-ended AIFs (Art. 16(2b)). Primary source.
eur-lex.europa.eu/eli/dir/2024/927/oj · Annex V (LMT list)

[12] CSSF, “AIFM Reporting Dashboard — 31 December 2024.” Primary source: 10,084 AIFs managed by LU AIFMs, total NAV EUR 2.445 trillion (p.4 Executive Summary + Market Overview). Breakdown: 2,501 Funds of Funds + 320 Hedge Funds + 2,457 Private Equity + 1,394 Real Estate + 3,328 Other. 94% LU-domiciled. NAV +18% YoY.
cssf.lu/wp-content/uploads/AIFM_Reporting_dashboard_2024.pdf

[13] CSSF, “Annual Report 2024.” Primary source: 298 authorised Investment Fund Managers in Luxembourg as at 31 December 2024 (p.59 Chapter X Section 1.1). Breakdown: 146 pure AIFMs (2013 Law) + 152 Chapter 15 ManCos (2010 Law). Total IFM AUM EUR 7,206.3 bn.
cssf.lu/wp-content/uploads/CSSF_RA_2024_EN.pdf

[14] ALFI (Association of the Luxembourg Fund Industry), public position on Luxembourg’s global fund-domicile standing and cross-border distribution leadership. Luxembourg is the #2 global fund domicile and the largest fund centre in Europe. ~1,400–1,500 ALFI member firms represent the Luxembourg fund-services ecosystem.
alfi.lu/en-gb/news/cross-border-distribution-of-investment-funds-2025