Launch control tower
The critical path moved overnight, and nobody had to notice it
Daily estimated pricing extends across credit assets on 1 Oct. The trustee board that must see a priced dry-run sits on 28 Sep. Those two dates were entered by different teams eleven weeks apart. The dependency co-worker found the collision when the pricing calendar was published, and has drafted the two ways out below.
Days to first dealing
55
2 Nov 2026, unchanged
Gates cleared
18 / 24
86% composite readiness
Blocked
1
data and pricing
At risk
2
sponsor diligence, platform files
Third parties in scope
5
ACD, depositary, 3 platforms
A.Launches in flight — the tower runs all six the same way
A wrapper is not a project. It is an instance of a template the workforce already knows how to run.
CG Apollo Global Diversified Credit
one gate blocked — pricing cadence
US DC collective investment trust, with Schroders
recordkeeper unit-value file in draft
Schroders × Apollo UK wealth range
sleeve construction with both investment teams
Second wrapper on the PRIV template
listing calendar confirmed, docs in review
B.Gate board — a stage advances when its evidence exists, not when someone says it does
Each row is a workstream. The co-worker gathers and checks the evidence; the named owner is the one who signs it.
| Workstream | Evidence the gate requires | Co-worker on it | Owner who signs | Due | State |
|---|---|---|---|---|---|
| Fund documentation | Prospectus, LTAF-specific disclosures and the depositary agreement, each version-matched to the approved terms | doc-consistency | Legal — H. Marsh | 14 Aug | cleared |
| Regulatory | FCA authorisation correspondence closed out, with every commitment mapped to an operating control | commitment-tracker | Compliance — L. Okafor | 29 Aug | cleared |
| Investment | Target allocation across private IG, large-cap lending and asset-backed finance, with the liquidity sleeve sized | sleeve-modeller | Investment — D. Kaur | 5 Sep | cleared |
| Data and pricing | A priced dry-run on the daily estimate basis, reconciled against three independent inputs | daily-mark-reconciler | Valuation — S. Idris | 28 Sep | blocked |
| Sponsor diligence | Completed DDQ and trustee review pack for each of the three anchor schemes | ddq-drafter | Retirement — M. Byrne | 19 Sep | at risk |
| Platform onboarding | Dealing, unit-price and holdings files accepted end-to-end by all three platforms in test | platform-file-tester | Distribution — P. Nguyen | 10 Oct | at risk |
| Sales materials | Adviser and trustee material cleared against the approved language set, with liquidity terms stated identically everywhere | material-clearance | Marketing — T. Ellis | 12 Oct | in review |
| Operating readiness | Dealing calendar, gate mechanics and the stress playbook rehearsed with the ACD and depositary | ops-rehearsal | Operations — J. Whitfield | 24 Oct | in review |
Critical path to first dealing
Dependencies are read from the source calendars — the pricing schedule, the trustee diary, the platform onboarding queue.
- 19 Sep
Anchor scheme diligence returned
Three DDQs and trustee packs. Two are drafted in full; one waits on two CIO answers.
- 28 Sep
Trustee board — the collision
The board expects a dry-run priced daily. Daily credit pricing begins three days later.
- 1 Oct
Daily estimated pricing extends across credit
Platform-wide. The IG fixed-income suite has been on this basis since 1 Jul.
- 10 Oct
Platform file acceptance
Three platforms, end-to-end in test. One has not yet scheduled its window.
- 24 Oct
Operating rehearsal with ACD and depositary
Dealing, gating and the stress playbook, run once against real files.
- 2 Nov
First dealing
Unchanged. Every date above is read from a source calendar, not typed into a plan.
Decision memo — drafted 06:12, unsent
Written for the product committee by the launch squad. Nothing is sent, and no date moves, until a person signs it.
The collision
The trustee board on 28 Sep expects a dry-run priced on the daily basis. The daily basis for credit assets starts 1 Oct. As scheduled, the board reviews a monthly mark and the LTAF launches on a daily one.
Option A — bring one asset class forward
RECOMMENDEDRun the daily basis for this fund from 21 Sep, ahead of the platform date, so the board sees the mechanism it will actually launch on. The pricing squad has the inputs; the extension is scope, not capability.
cost — seven days of parallel running for the valuation team
Option B — move the board to 6 Oct
Keeps the pricing calendar untouched and compresses the platform acceptance window to nineteen days. Two of three platforms have confirmed they can hold that.
cost — first dealing slips to 9 Nov if any platform slips