Access Vehicles · Product Map · v0.2

Four shells, three backends, one bundled product.

Working map of how Aqua Access Vehicles routes a customer from inbound request to funded vehicle. Refreshed after the May 14 Dev interview — backend partners corrected, routing tree simplified, and per-shell swimlanes added.

Synthesis date
May 14, 2026
Sources
35 files · 10 transcripts
Status
v0.2 · post-Dev round 1
① · Customer journey

From inbound request to live and operating.

Eight phases. Most decisions land in Phase 2 (Structure). Setup time varies dramatically by shell — from 8 hours to 4 weeks.

Aqua Access Vehicles — Customer journey Phase 0 to Ongoing PHASE 0 Entry Sponsor inbound "I need to put $X of investor capital into deal Y." PHASE 1 Discovery Rohan-led ASSET Private Co · Secondary Single fund · Multi-asset + asset class · 20% voting VOLUME One-off · Recurring program Multi-close vs single-close target close date SPONSOR & PREFERENCE RIA · VC · family office Bring own master? Set up new? accept series structure? PHASE 2 Structure PICK A SHELL 4 patterns A Series under Aqua's master Sydecar · ~8 hrs B Series under customer master Sydecar · ~2d new master C Standalone Delaware LP NAV · ~4 weeks D Standalone LLC + separate GP Upstream · ~3-4 wks ORTHOGONAL · Reg D / 3(c)(1) / 3(c)(7) positioning sits on top of any shell CONSTRAINTS · multi-asset → C only · crypto → declined · non-US partnership → STOP PHASE 3 Intake DEAL ONBOARDING INFORMATION REQUEST Dev sends template · sponsor fills · returns via Tresorit secure link Platform subdomain · logo Advisor entity · type · state · tax ID · control person · bank info Deal asset · security · round · valuation · fee structure Target legal · jurisdiction · contact · marketing materials PHASE 4 Quote PRICING — bundled, greater-of formula Annual = MAX(35 bps × size, $15K floor) + $15K formation $1M deal $15K + $15K/yr $10M deal $15K + ~$35K/yr $23M deal ~$85K/yr (Syon actual) PHASE 5 Setup parallel ENTITY FORMATION Sydecar / NAV / Upstream EIN · bank · subscriber accts 8 hrs (A) to 4 wks (C) WHITE-LABEL TENANT [name].investwithaqua.com subdomain · logo · tier flags advisor- OR investor-driven LEGAL DOCS Outside counsel drafts PPM · sub-docs · op agreement templated to bespoke PHASE 6 Investor onboarding TENANT FLOW advisor- or investor-driven ADVISOR-DRIVEN Advisor onboards investors Investors usually no login INVESTOR-DRIVEN Self-serve via access code Florence Capital pattern CROSS-TENANT Hamilton Point (fund sponsor) KYC / AML Alloy · instant for US · +days for offshore EDD (CN / HK / SG) SUB-DOCS signed in-platform · minutes once investor onboarded PHASE 7 Close CLOSE EVENT Investors wire to subscriber accounts · Sydecar/NAV/Upstream signs on behalf of vehicle "$10M deal across 40 investors closed in under 24 hours" — Dev existing tenant + ready info = 24-hour turnaround is "not out of the ordinary" PHASE 8 Ongoing operations Capital calls 10-14 day notice pending → funded Distributions waterfall · carry tracked in ledger Quarterlies ILPA-compliant SEC-RIA grade K-1s target Apr 15 delivery Annual audit third-party bundled BACKEND PARTNERS · ORCHESTRATED BY AQUA Sydecar — single-asset SPVs (Shells A, B) · API-integrated · subscriber accounts · fast NAV Consulting — true funds (Shell C) · manual document relay · multi-asset capable Upstream Advisors — standalone LLCs (Shell D) · ex-Sydecar contact · lowest cost · less institutional
v2 · post-Dev correction
② · Shell routing tree

Three real decisions, then a customer choice.

The simpler reframe: multi-asset routes to C, customer-rejects-series routes to D, everything else lands in the Series-LLC family. A vs B isn't an automated rule — sales presents three master options and the customer picks.

Shell routing tree v2 SHELL ROUTING · v2 · POST-DEV Three decisions. Then a customer choice. Solid = evidence-backed · Customer choice = presented as sales option, not auto-routed Sponsor inbound — discovery complete asset · volume · sponsor type · investor mix D1 · Hard constraints crypto? non-US partnership target? DECLINE D2 · Multi-asset? (more than one underlying) Sydecar SPVs are single-asset only Yes C · Standalone LP NAV Consulting · ~4 wks sponsor pays formation No · single-asset D3 · Customer accepts series structure? conceptual fit, not legal block No D · LLC + GP Upstream Advisors ~3-4 wks · $5.5K legal Yes SALES PRESENTS THREE MASTER OPTIONS — CUSTOMER CHOOSES "Use Aqua's master · Bring your own · Or we can help you set one up" A · Series under Aqua's master Sydecar · ~8 hrs no master setup needed B · Existing customer master Sydecar · ~8 hrs Aqua takes over admin B · New customer master Sydecar · ~2d + 8hrs ~$15K master setup ORTHOGONAL · Securities-law positioning Reg D 506(b) · 506(c) · 3(c)(1) FoF · 3(c)(7) — applies on top of any shell ORTHOGONAL · Tenant flow Advisor-driven (default) · Investor-driven w/ access code (Florence) · Cross-tenant PRICING · all shells Annual = MAX(35 bps × size, $15K floor) + $15K formation WHAT CHANGED vs v1 D1 · Crypto added as explicit hard constraint (Sydecar declines). D2 · Multi-asset is now the FIRST routing question. Sydecar's single-asset constraint is the load-bearing rule. D3 · Reframed: "accepts series structure" not "bespoke economics override" — Bayshore was a customer-preference issue. D4 · Removed as a routing diamond. It's a sales question presented to customer, not an automated rule. Shell D backend · Was Sydecar — corrected to Upstream Advisors (ex-Sydecar, independent shop). Shell C cost model · Sponsor pays formation, Form D, Blue Sky. Margin to Aqua is better than v1 estimate. Aqua's value-add · Speed (24hr closes) + customization layer Sydecar templates won't support (e.g. tiered carry).
③ · Per-shell swimlanes · phases 2-5

Once the shell is picked, here's who does what.

Use the filter to see exactly which counterparty owns which step for a given shell. Shell A is the fast path; Shells C and D drag counsel and external admins into multi-week workflows.

Filter by shell
Setup time
varies
~8 hrs (A, existing) to ~4 weeks (C)
Backend admin
three partners
Sydecar (A/B) · NAV (C) · Upstream (D)
Aqua role
orchestrator + writer layer
Customization Sydecar won't do natively
P2 · Day 1-2Structure
P3 · Day 1-3Intake
P4 · Day 1-3Quote
P5 · variesSetup
Sponsorcustomer
Engage on routing call
accept/reject series · choose master option (A/B existing/B new)
Fill Deal Onboarding Request
advisor entity · master name · deal · target co
gating doc
Review & accept quote
bundled annual + formation
Confirm signing entity + KYC
control person · bank info
~1 day
Confirm master + control person
if new: pick name · managing member · co-GP language if needed
~1-2 days
Drive LPA drafting · pay formation
multi-round counsel review · Form D · Blue Sky filings · bank account setup
~3-4 weeks
Review bespoke OA
backdated carry math · GP entity details
~2-3 weeks
Aqua · SalesRohan
Apply routing tree
constraint check · multi-asset → C · series accept? · present master options
live in call
Hand off to Dev / ops
cc support@investwithaqua.com
Quote the deal
greater-of formula · negotiate bps if >$50M
Aqua · OpsDev (+ Sara, Shane)
Confirm routing internally
edge cases · co-GP escalation · constraint pass
Send Deal Onboarding Request
Tresorit secure-upload link · Dev follows up on missing fields
same-day
Submit series to Sydecar
configure tenant subdomain · entity bank account · investor onboarding workflow
~8 hrs
Coordinate master + series
if new master: ~$15K formation · then series in 8 hrs · tenant subdomain
~2 days + 8 hrs
Act as conduit · build onboarding workflow
map PDF sub-docs into platform workflow · coordinate NAV Consulting · relay docs between sponsor + NAV
~2-3 weeks parallel
Engage Upstream + lawyer
Upstream forms entity / EIN / bank in 48 hrs · lawyer drafts bespoke OA over 3-4 weeks
~3-4 weeks
Backend adminSydecar / NAV / Upstream
Sydecar provisions series
EIN · master bank account · subscriber sub-accounts per investor · API balance feed
~8 hrs
Sydecar admins customer master
master + series under customer LLC · same API integration · Aqua's writer layer adds custom carry tiers
~2 days
NAV Consulting onboarding
accounting setup · LP cap-table · quarterly reporting cadence · KYC profile · multi-asset capable
~3 weeks parallel to LPA
Upstream provisions entity
registered agent · EIN · bank account · separate GP entity formation
~48 hrs
Counseloutside firm
Templated PPM + sub-docs
boilerplate from existing series · Dev reviews · minimal customization
~1 day
Master OA + series template
customer master operating agreement + first series sub-doc set
~2-3 days
Full LPA + Form D + Blue Sky
partnership agreement · subscription docs · ILPA-formatted · sponsor pays counsel directly
~3-4 weeks
Bespoke operating agreement
backdated carry · IA fee structure · separate GP entity formation · all custom
~3-4 weeks · ~$5.5K
v2 · post-Dev update
④ · Shell catalog

Four shells. Each has a clear fit.

Series-LLC family (A, B) handles most volume. Standalone shells (C, D) for the special cases. Backend admin is now correctly attributed: Sydecar / NAV / Upstream.

Shell catalog v2 SHELL CATALOG · v2 Four shells. Three backends. Same bundled experience. Series-LLC family (A, B) covers ~80% of volume · standalone shells (C, D) for special cases SHELL A Series under Aqua's master LEGAL FORM Delaware Series LLC (sub-series of Aqua's) BACKEND Sydecar TIMELINE ~8 business hours COST No master setup ✓ BEST FIT Sponsor placing client capital deal-by-deal · no own master · low operational overhead desired First-time alts program · gateway product · <3 deals/yr Sponsor wants speed and cheapest per-vehicle cost Single-asset target — private company OR single fund ✗ NOT IDEAL WHEN Sponsor wants their own brand identity · route to B Customer rejects series concept · route to D Multi-asset / true fund-of-funds · route to C EXAMPLES ABC (Aqua Platform IA) · Lumiere · Sunshine Lake · ICP-DO · Box Financial · LV1 (Bryan Lyandvert) Embassy $25M single-asset deal would have been Shell A SHELL B Series under customer's master LEGAL FORM Delaware Series LLC (sponsor-owned master) BACKEND Sydecar TIMELINE ~2 days + 8 hrs (new) ~8 hrs (existing) ✓ BEST FIT Sponsor's brand IS the fund · wants ownership of master entity (Florence-style) Already has a master LLC and wants Aqua to administer series under it Wants custom terms Sydecar templates won't support (tiered carry, custom waterfalls) Recurring program — multiple deals planned under their own LLC name ✗ NOT IDEAL WHEN Only doing 1-2 deals total · ~$15K master setup doesn't amortize Co-GP / co-organizer language needed · escalate to Dev first EXAMPLES Florence Capital (SPV VII–XVIII · 11+ series · biggest revenue concentration) · Rubik Ventures (Chainstreet, proposed) Florence came to Aqua specifically because Sydecar wouldn't support their tiered carry — Aqua's writer layer made it work SHELL C Standalone Delaware LP LEGAL FORM Delaware LP · multi-close BACKEND NAV Consulting manual workflow TIMELINE ~4+ weeks · LPA drafting ✓ BEST FIT True committed-pool fund — single LPA · multi-close · partnership economics Multi-asset fund-of-funds investing across several underlyings (only path for multi-asset) Mgmt fee on committed capital + carry + preferred return waterfall $15M+ ticket — fund formation costs need to amortize ✗ NOT IDEAL WHEN Single deal · per-deal cadence — Series LLC family (A/B) is faster and cheaper Sponsor doesn't want to pay vehicle formation directly · LPA legal costs are theirs to bear EXAMPLES Syon Capital Partners I, LP ($23.45M, 2 closes, ~36 bps annual, NAV Consulting) Sponsor pays vehicle formation, Form D, Blue Sky · NAV handles accounting/quarterlies/KYC · Aqua is platform + conduit SHELL D Standalone LLC + GP LEGAL FORM Standalone LLC + GP BACKEND Upstream Advisors ex-Sydecar contact TIMELINE ~3-4 weeks · custom OA ✓ BEST FIT Customer explicitly rejects series structure — habit / familiarity / past process Wants their own standalone LLC + separate GP entity (Bayshore-style) Per-investor backdated economics — IA fees + carry from individual entry dates Cost-conscious — Upstream is the lowest-cost admin we offer · less institutional ✗ NOT IDEAL WHEN Customer would accept a series structure · A or B is faster & more institutional Custom waterfall without time-of-entry math · Series LLC absorbs custom carry tiers (Florence) EXAMPLES Bayshore McMullen, LLC (Bayshore Capital Advisors as IA · Bayshore McMullen GP, LLC as manager) ~$5,500 legal cost for bespoke OA · Upstream registered agent + taxes + Form D + Blue Sky included ORTHOGONAL · applies on top of any shell Securities-law positioning: Reg D · 3(c)(1) · 3(c)(7) — Tenant flow: advisor-driven · investor-driven · cross-tenant
First pass · v0.1
⑤ · ICP matrix · by shell

Who we have, who we should target, who could fit.

For each shell: current customers (we already have them), core ICPs (we should aggressively pursue), and potential ICPs (worth exploring). Plus the one-line value prop. Treat this as v0.1 — the "potential" column especially needs Rohan and David's input.

SHELL A Series under Aqua's master
Spin up a single-asset SPV in 8 hours · zero master-setup overhead · cheapest path to a first deal. The gateway product.

✓ Current customers

  • ABC (Aqua Platform IA)
  • Lumiere Financial Group
  • Sunshine Lake Management
  • Incrementum Capital (ICP-DO)
  • Box Financial Advisors
  • Bryan Lyandvert (LV1)

● Core target ICPs

  • Emerging VC managers doing one-off LP positions or follow-ons
  • Sub-advisers / OCIO firms doing per-client direct deals
  • Family offices with single-deal direct allocations
  • First-time RIA alts programs testing the waters before committing

○ Potential ICPs

  • Independent sponsors raising one-off real estate / private credit deals
  • Corporate venture arms doing strategic investments
  • Wealth management firms launching pilot SPV programs
  • RIAs aggregating into late-stage tender-offer rounds

Embassy ($25M single-asset family-office deal) is a real recent case — would have been A.

SHELL B Series under customer's master
Sponsor owns the master entity · custom carry tiers and waterfalls Sydecar templates won't support · iCapital feeder economics captured by the sponsor instead.

✓ Current customers

  • Florence Capital — SPV VII–XVIII, 11+ series, largest revenue concentration
  • Rubik Ventures — Chainstreet LLC master (proposed)

Florence is the marquee — came to Aqua because Sydecar wouldn't natively support their tiered carry.

● Core target ICPs

  • RIAs with established alts programs wanting to own brand identity
  • Independent fund managers with brand identity and multi-deal cadence
  • VC mgmt cos with multiple LP positions across years
  • Wealth managers building their own feeder program — Ardenwood pitch pattern

○ Potential ICPs

  • PE firms reaching wealth channel via their own master
  • Family offices with deal flow justifying infrastructure investment
  • Sub-advisers wanting a branded portal for their advisor network
  • Multi-family offices with bespoke deal programs
SHELL C Standalone Delaware LP
Real fund vehicle for true committed-pool / multi-asset programs · Aqua brings platform + investor onboarding + KYC + sub-doc + NAV Consulting coordination · sponsor doesn't have to build any of it.

✓ Current customers

  • Syon Capital Partners I, LP ($23.45M FoF) — biggest single revenue opportunity

Only one in production today. Suggests the ICP isn't well-developed yet — opportunity to define.

● Core target ICPs

  • Sponsors raising true committed-pool funds-of-funds ($15M+)
  • PE firms reaching wealth channel via white-labeled feeder
  • Multi-asset fund managers — anything where Sydecar's single-asset rule blocks
  • International deal sources (EU, Asia) needing US-based fund infrastructure

○ Potential ICPs

  • Established wealth platforms launching branded FoF programs
  • OCIO firms institutionalizing model portfolios as funds
  • Continuation fund vehicles (cycle from existing funds)
  • Investa-style international partners wanting Delaware feeder structures

Watch for adverse selection — if every C is multi-FoF and large, Aqua's economics look great. If they get small, NAV cost kills margin.

SHELL D Standalone LLC + GP
Cheapest fully-custom vehicle · for sponsors who reject series structures · Upstream Advisors handles admin at lowest cost · ~$5.5K legal · less institutional but works.

✓ Current customers

  • Bayshore Capital (Bayshore McMullen, LLC + Bayshore McMullen GP, LLC)

Only one in production — Bayshore preferred standalone from past habit.

● Core target ICPs

  • Wealth managers with bespoke deal structures from past habit (Bayshore-style)
  • Customers who explicitly reject series structure for legal or comfort reasons
  • Sponsors needing fully custom OA documentation · time-of-entry economics

○ Potential ICPs

  • Real estate sponsors doing one-off direct deals with bespoke economics
  • 1031 DST adjacent vehicles (speculative)
  • Sponsors testing Aqua before committing to series structure (try-before-you-buy)
  • Cost-conscious sponsors not requiring institutional-grade admin