Continuum.

Continuum is a secure closing room for GP-led continuation deals — LPs and buyers commit privately, the system computes the close, and cash plus fund interests settle atomically on Canton.

Encode Club Build on Canton

02  The transaction

GP-led continuation deal

What a continuation deal is.

01A fund is ending; one company is still worth holding.
02The GP moves it into a new continuation vehicle.
03Each LP elects: take cash now, or roll into the new fund.
04A secondary buyer provides fresh capital.

03  The structure

independent checks

The GP is on both sides.

sellsOld fund
GP←  →
managesNew vehicle

The process relies on independent checks so the price and terms don't depend on the conflicted party.

All four checks run through a process the GP coordinates.

An independent valuer prices the asset.
A sealed auction discovers the price.
The LPAC reviews fairness and consents.
Each LP elects privately.

04  The problem

off-ledger today

Today, integrity depends on the conflicted party.

LeakageSealed bids and LP elections sit in a data room the GP controls.
Partial closeThe close is separate wires and signatures; one failed leg leaves the deal half-closed.
Unverifiable recordThe audit trail is reconstructed afterward from emails and PDFs.

Every check assumes the GP's coordination is neutral.

05  The solution

the same checks, enforced by the ledger

The same checks, enforced by the ledger.

Off-ledger today
On Canton
GP-controlled data roomPer-party privacy — each participant is projected only its own slice, by the ledger, not the app.
Separate wires and signaturesOne atomic transaction — units, cash, rolled units, burn: all legs or none.
GP coordinates every stepEach party signs with its own key — no shared database under the conflicted party.
Record reconstructed afterwardFour on-ledger proofs — valuation, fairness, consent, auction certificate; anyone entitled can verify.

Native to Canton: sub-transaction privacy · atomic settlement · selective disclosure · no central operator.

06  The system

one closing room, on-ledger

One deal, end to end.

1

Open the room — six parties, each with its own key.

2

Valuation anchored on-chain.

3

Sealed-bid auction, clearing price, certificate.

4

LPAC fairness review and consent.

5

LP elections — cash or roll.

6

Atomic close — units, cash, rolled interests settle together, or not at all.

The close requires four on-ledger proofs: valuation · fairness · consent · auction certificate.

Demo.

08  How it works

one transaction, six views
GPseesdeal state, proofsnotsealed bids, elections before close
Valuerseesits valuation, anchor hashnotbids, elections
LPACseesscoped fairness viewnotthe whole book
one transactionAtomic Closeall legs, or none
Buyerseesits own bid, clearing pricenotother bids, elections
Exiting LPseesits election, its cash legnotother LPs
Rolling LPseesits election, its unitsnotother LPs

Visibility is enforced by the ledger, not by the application.

09  Next steps

same closing room, different deal type

A general engine for multi-party corporate actions.

Fund liquidationA wind-down settles the same way — assets out, cash to LPs, all or none.
NAV fund-finance closesMultiple lenders commit tranches privately; the drawdown settles atomically.
Tender offers, block crossingsSealed offers and private elections, settled in one transaction.

Continuation deals are the wedge; the pattern is the same each time.

Continuum.

A secure closing room for GP-led continuation deals — LPs and buyers commit privately, the system computes the close, and cash plus fund interests settle atomically on Canton.

Live appcontinuum-custody.fly.dev
Codegithub.com/kmadorin/continuum-prototype
NetworkCanton 5N devnet
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