Continuum is a confidential closing room for private-equity secondaries, built on the Canton Network

We help secondary advisors and fund administrators run continuation-fund closes and settle them in a single atomic transaction.

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02 The transaction

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

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.

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

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

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 Demo

Continuum seat picker — six seats, each signing through its own custodian

Continuum GP workspace — the closing room: stepper, KPIs, participants and per-party visibility

07 How it works

One deal, end to end

1

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

DealRegistry

2

Valuation anchored on-chain.

Valuation

3

Sealed-bid auction, clearing price, certificate.

AuctionClearing

4

LPAC fairness review and consent.

Consent

5

LP elections — cash or roll.

Election

6

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

SettlementIssuance

08 How it works

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

288,000,000CV units → buyer

192,000,000CV units → rolling LP

$288.0MUSDC → exiting LP

2×old-fund interests burned

= $480Munits issued ≡ PSA price · asserted on-ledger

Each view is the ledger's projection of the same nine Daml contracts — Deal · Valuation · Auction · Consent · Election · Clearing · Issuance · Settlement · Registry.

09 Next steps

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.

10 Team

Team

KM

Kirill Madorin

Full-stack · JavaScript · Rust

@kmadorin

AB

Artem Bryzgalov

Product design · UI/UX

@abrizgalov

Advisor

Kenji Watanabe

Advisor · Partner at a venture fund

Thank you

A secure closing room for GP-led continuation deals — private commitments, four on-ledger proofs, one atomic close on Canton.

Artem Bryzgalov t.me/abrizgalov artbreez in/abrizgalov @abrizgalov abrizgalov.framer.website

Kirill Madorin t.me/kmadorin kmadorin in/kirill-madorin @kirillmadorin

Live appcontinuum-custody.fly.dev Codegithub.com/kmadorin/continuum-prototype

Network

5N devnet

A1 Appendix

Seat

Custodian

Signatory on

Sees (observer)

GPFireblocksDeal · Auction · Closedeal state, proofs — never sealed bids or elections

ValuerKrollValuationits own valuation and anchor hash

LPACState StreetConsenta scoped fairness view, not the whole book

BuyerCopperSealedBid · PSA legits own bid and the clearing price

Exiting LPNorthgateElection · cash legits own election and cash leg

Rolling LPBNYElection · roll legits own election and units

A signatory authorizes the contract; an observer sees it; everyone else's node never receives it.

A2 Appendix

Module

What it does

Continuum.DealRoot state machine: opens the room, runs Consented → Electing → Closed, hosts the atomic Close.

Continuum.ValuationIndependent valuer anchors NAV with a real signature; fairness opinion. Self-dealing barred on-ledger.

Continuum.ConsentLPAC fairness review — the signed conflict-waiver the Close consumes.

Continuum.AuctionSealed bids, each a peer- and GP-blind private contract; a marker leaks only that a bid exists.

Continuum.ElectionPer-LP cash / roll choice, private to that LP; a contentless marker feeds aggregates.

Continuum.ClearingLead filled to capacity, syndicate pro-rata; asserts the deal is not undersubscribed.

Continuum.IssuanceAntecedent-DAG mint gate: no units until valuation, fairness, consent and auction cert all exist.

Continuum.SettlementPre-authorised transfer legs, executed inside the one atomic Close.

Continuum.RegistryInstrument registry + co-signed delegations; mints and reserves CV-unit and cash holdings.

Continuum.CredentialReusable, revocable Qualified-Purchaser eligibility a returning buyer reuses across deals.

Continuum.DocumentOn-ledger sha256 anchoring; every document hash flows through hashOf so it re-verifies.

A3 Appendix

Devnet identifiers

SynchronizerCanton 5North (5N) devnet
global-domain::1220be58…881bb471a

Packagecontinuum-contracts 1.1.0
name-resolved on-ledger · Daml SDK 3.4.11

TemplateContinuum.Deal:SettlementReceipt

Party · GPcontinuum-gp-803224::12201a3d4714…b290d90cc24

Party · Buyercontinuum-buyer-803224::1220ef79f5e3…7e6f877f7ab

Close update id12209ce8f261d9c2b70a3ecdfc6d8afda3e2c28da20e8f627b9ae6a34fd89905ec5d