Capital for rails we already own.
Carousel Capital lends on the infrastructure the platform runs in production every day. Private credit, consumer credit and real estate credit each get their own special-purpose vehicle — isolated, separately reported, separately capitalized.
Three vehicles in progress.
One vehicle per credit bucket, each with its own eligibility criteria and its own reporting.
Higher-grade small-business receivables, already arriving through the existing funnel and constrained by balance sheet rather than credit quality.
Prime consumer paper, underwritten on the verified income and bank-rail data the platform already collects at intake.
A real-estate-backed credit product, secured differently again and reported on its own terms.
Diligence materials are shared with eligible investors, under applicable exemptions, after an introductory conversation.
The infrastructure underneath all three.
Every vehicle inherits the same proprietary layer, which is what keeps reporting consistent across vehicles holding entirely different paper.
Every file is captured in the same structure before it reaches an underwriter, whatever bucket it belongs to. Nothing is rebuilt or re-keyed downstream, and nothing is normalised after the fact.
Checks run as a file arrives rather than at review, so weak applications are flagged before underwriting time is committed to them.
Direct bank-rail and processor connections replace uploaded statements. The figure an underwriter prices against comes from the institution holding the account, not from a document the applicant assembled.
The same standardised fields appear on every application regardless of origin, which is what makes pricing, cohort analysis and cross-bucket comparison possible at all.
Remittance behaviour and early-warning indicators are visible day to day. Stress surfaces inside the cycle rather than at period end, which is what short-duration paper requires to be underwritten responsibly.
Vehicle-level reporting is generated from the same production records the platform runs on, rather than reconstructed afterwards from separate systems.
The infrastructure company supplies this layer to the operating businesses and to every vehicle. It receives no investor capital and holds no assets, so it sits outside the capital structure while sitting underneath all of it.
How each vehicle is put together.
The pattern does not vary by bucket. Capital subscribes into a discrete vehicle, the vehicle acquires and holds the assets, and the manager operates it without ever holding them.
Institutional and private investors, in a single tranche.
Warehouse and leverage lenders, secured against the assets that vehicle holds and no others.
Acquires and holds the bucket, and produces audited reporting at the vehicle level. One vehicle per bucket, with no cross-collateralisation between them.
Raises capital, sets allocation and runs investor reporting across the programme. It holds no assets of its own.
The credit assets that vehicle acquires, defined by its own eligibility criteria.
Supplies the stack used at every stage above, to the operating businesses and to each vehicle. It receives no investor capital and holds no assets.
Origination track record.
Production from the operating businesses over the most recent 28-month window.
Deployed to small businesses between January 2024 and April 2026.
Individual fundings originated across the same window.
Disclosures
This page describes our corporate funding posture and capital structure. It is not an offer to sell or a solicitation of an offer to buy any security, and it is not investment, legal or tax advice.
Any participation in one of these vehicles is offered privately, to qualified or accredited investors under applicable prospectus exemptions, and solely through definitive offering documents. Where those documents differ from this page, they govern.
Including loss of capital. Past performance of the operating businesses is not indicative of future results, and any target or projection discussed in offering materials is an estimate rather than a guarantee.