Command centre
The constraint is not origination. It is the operating load each new wrapper adds.
Nine live wrappers, six in launch, four jurisdictions, eleven distribution partners — against one investment team. Each wrapper multiplies eligibility rules, disclosure sets, valuation cadences and reporting obligations. The digital workforce absorbs that multiplication. DAF holds the controls, so it stays auditable.
Live wrappers
9
ETF · 3 ELTIF · LTAF · 4 evergreen
In launch
6
2 regulated · 4 partner-distributed
Co-workers on shift
268
7 squads · continuous cover
Actions cleared / wk
4,812
96.2% straight through
Held for a human
41
each with a named owner and a clock
A.The product estate — one row per wrapper, live and in flight
Liquidity terms and pricing cadence are the two columns that decide whether a product can be sold into a channel. They are read from the fund record, never retyped.
| Product | Wrapper | Channel | Liquidity | Pricing cadence | Stage | What is open |
|---|---|---|---|---|---|---|
| PRIV — public/private IG credit | ETF | US intermediary, wealth | Daily, exchange-traded | Daily NAV + position file | LIVE | nothing blocking — 3 routine checks running |
| Apollo European Private Credit | ELTIF 2.0 | EU adviser | Semi-liquid, quarterly gate | Monthly, daily from 1 Oct | LIVE | nothing blocking |
| Apollo Global Diversified Credit | ELTIF 2.0 | EU wealth, adviser | Semi-liquid, quarterly gate | Monthly, daily from 1 Oct | LIVE | regional tax reporting gap — 2 intermediaries |
| Apollo Global Private Markets | ELTIF 2.0 | EU wealth | Semi-liquid, quarterly gate | Quarterly valuation | LIVE | nothing blocking |
| CG Apollo Global Diversified Credit | LTAF | UK DC pension schemes | Semi-liquid, monthly dealing | Daily estimate from 1 Oct | LAUNCH | sponsor diligence — 3 packs due Friday |
| Schroders × Apollo UK wealth range | Hybrid | UK wealth platforms | Blended public and private | Under design | DESIGN | public/private sleeve policy under review |
| US DC collective investment trust | CIT | US DC plans, recordkeepers | Daily unit value | Daily estimate, target Q1 | DESIGN | recordkeeper unit-value file spec in draft |
PRIV held approximately $850m as at 30 Jun 2026. Estimated daily pricing began for the investment-grade fixed-income suite on 1 Jul 2026 and extends across credit assets on 1 Oct 2026.
Launch readiness
Composite of the legal, compliance, ops, data and distribution gates.
blocked on — daily pricing extension, 1 Oct
blocked on — recordkeeper unit-value file
blocked on — sleeve construction policy
blocked on — exchange listing calendar
What the channel is telling us
Themes lifted from 2,140 adviser, consultant and platform interactions, last 30 days.
Liquidity mechanics
412+18%gates, queues, behaviour under stress
Valuation confidence
338−7%who marks it, how often, against what
Tax and reporting
221+31%regional packs, intermediary formats
Operational onboarding
186−22%platform files, subscription docs
Income and portfolio fit
164+12%strong pull from DC and adviser
Held for a human
4,812 actions cleared this week. These are the ones policy says a person must sign.
launch.dependency6m agoLTAF launch gate held — the daily pricing extension lands 1 Oct, three days after the sponsor board. Two sequencing options drafted.
owner — Product ops — R. Vance
data.valuation22m agoPrice variance beyond tolerance on 4 ABF positions. Two sources disagree; the fund record is unchanged pending sign-off.
owner — Valuation — S. Idris
distribution.eligibility1h agoA platform requested the Diversified Credit ELTIF for a jurisdiction it is not registered in. Refused at source; wording sent for review.
owner — Compliance — L. Okafor
retirement.diligence2h agoDDQ for a 41,000-member scheme is complete but for two answers only the CIO can give. Drafts attached for approval.
owner — Retirement — M. Byrne