Internal · v0.2 · post-Dev interview

Aqua Access Vehicles · Customer Journey and Vehicle Setup Process Maps.

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 ICPs 3
Aqua's own Investment Advisor
Internal placements of client capital via Aqua Platform IA LP
ABC AIX2 ABC-Bling4 ABC-Bling4Opps EVP1-FOCC LV1
Independent VC managers · LP positions & follow-ons
VC mgmt cos placing into other VC funds or direct positions via per-deal SPVs
Lumiere Financial Group Sunshine Lake Mgmt Incrementum Capital
Wealth advisors · per-client direct deals
RIAs / sub-advisers placing single clients into RE or alternative deals
Box Financial Advisors
● Target ICPs 4
Family offices · single-asset direct deals
UHNW family offices doing one-off direct allocations to private companies — Embassy-style ($25M) is the canonical case
Emerging VC managers · follow-ons
First-time VC funds and smaller managers doing one-off LP positions in other funds
Sub-advisers / OCIO firms
Multi-mandate sub-advisers and OCIO firms doing per-client direct allocations
First-time RIA alts programs · gateway
RIAs testing alts before committing to a broader feeder program — low-risk way to start
○ Potential ICPs 4
Independent RE / private credit sponsors
One-off real estate or private credit deals raising from accredited investors
Corporate venture arms
Strategic VC investment vehicles inside operating companies
RIAs aggregating into tender offers
RIAs aggregating client capital into late-stage tender offers or secondary rounds
Wealth managers piloting SPV programs
Mid-size wealth shops testing alts via single SPV before going broader
SHELL B

Series under customer's master

Sponsor owns master entity · custom carry tiers and waterfalls Sydecar templates won't natively support · iCapital feeder economics captured by the sponsor instead.

✓ Current ICPs 2
RIAs with established alts programs + brand
Multi-deal cadence under their own LLC identity — Florence is the marquee, came to Aqua because Sydecar wouldn't support tiered carry
Florence Capital (11+ series)
VC mgmt cos · custom GP economics
Tiered carry, IMA arrangements, multi-LP structures — Aqua's writer layer adds what Sydecar templates won't
Rubik Ventures (proposed)
● Target ICPs 3
RIAs building their own feeder program
Ardenwood pitch pattern — capture iCapital-style feeder economics instead of paying them away
Independent fund managers with brand identity
Multi-deal cadence under their own LLC name · alts-focused boutiques
VC mgmt cos with multiple LP positions
Repeat program across years and theses — needs scalability of master/series
○ Potential ICPs 3
PE firms reaching wealth channel via own master
Institutional PE firms launching white-labeled feeder programs for RIA distribution
Multi-family offices with deal flow
MFOs with infrastructure investment willingness for their own branded master
Sub-advisers wanting branded portal
Sub-advisers building their own white-labeled portal for an advisor network
SHELL C

Standalone Delaware LP

Real fund vehicle for true committed-pool / multi-asset programs · Aqua brings platform + investor onboarding + NAV Consulting coordination · sponsor doesn't have to build any of it.

✓ Current ICPs 1
Multi-asset fund-of-funds sponsors
Committed-pool funds investing across underlyings — only path for multi-asset structures · biggest revenue opportunity
Syon Capital ($23.45M)
● Target ICPs 4
PE firms reaching wealth channel
Institutional PE firms launching white-labeled feeder funds for RIA distribution
OCIO firms institutionalizing model portfolios
Existing OCIO model portfolios converted into actual committed fund vehicles
International deal sources
EU, Asia partners needing US-based fund infrastructure (Investa-style cross-border feeder)
Multi-asset fund managers (only path)
Any sponsor doing multi-asset — Sydecar can't handle, so it routes here by definition
○ Potential ICPs 3
Established wealth platforms launching FoF
Existing platforms adding fund-of-funds capability with Aqua as the back office
Continuation fund vehicles
Sponsors cycling assets out of existing funds into continuation structures
Investa-style international partners
European or Asian dealmakers wanting Delaware feeder structures for cross-border flows
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 ICPs 1
Wealth managers with bespoke deal habits
Sponsors who reject series structures for past-process or comfort reasons — they've done standalone LLCs before
Bayshore Capital
● Target ICPs 2
Customers who explicitly reject series structure
Legal or comfort preferences for standalone LLC over Series LLC — Aqua flexes here vs. losing the deal
Sponsors needing fully custom OA
Time-of-entry economics, backdated carry math, bespoke IA fee structures — all custom-drafted
○ Potential ICPs 4
RE sponsors · bespoke economics
Real-estate sponsors doing one-off direct deals with rolling closes and per-investor entry economics
1031 DST adjacent vehicles
Tax-deferred RE structures — speculative · requires Dev / Rohan to validate fit
Try-before-you-buy sponsors
Sponsors testing Aqua before committing to series structure — low-cost first deal
Cost-conscious sponsors
Don't require institutional-grade admin · accept Upstream Advisors' lower-touch service in exchange for cost