Introducing Background Agents

Fund operations run on event-driven, judgement-based checks. Does this investor fit the eligibility criteria? Does this redemption meet the fund rules? Should we accept this wholesale certificate?

Applying those rules takes judgement, so the work lands on someone senior who knows the fund's rules and compliance programme. Monotonous for your best people, expensive for you. It also means checks happen only when someone is free to make them: latency, inconsistency, and the occasional missed check, at precisely the moments where accuracy is non-negotiable.

Background Agents change that. They let you codify your processes and apply a high level of intelligence to reviewing events and taking action, with a human always making the final review.

When something happens in your fund, a new allocation, a redemption, an entity update, the right agent wakes up, checks it against the rules you have set, and either handles it or flags it for your team. Teams move faster and more accurately, and investors get a better experience.

Caruso has built the world's smartest agentic layer for fund administration, and this is just the beginning.

What a Background Agent Does

A Background Agent is a standing instruction, written in plain language, that watches for a specific event inside your fund and responds under rules you control. Whether you switch on one of our default agents or want something custom, our team builds and tests it with you. The job is described the way you would brief a colleague, with a clear trigger, and you approve exactly which actions it is allowed to take.

There are two ways to set one running:

• When something happens. The agent responds the moment a specific event occurs, such as a new application, a redemption, or a new investing entity being added.
• On a schedule you choose. The agent runs at a time you set, the way you would create a calendar event, with no technical setup required.

The Default Agents Every Client Starts With

Background Agents ship with three default agents, designed and tested, that you can turn on today.

1. Application Triage

When a new application arrives, through the investor portal or uploaded manually, the agent reviews the order, the investing entity, their investing history, their wholesale accreditation against the capital raise, their related parties, and any outstanding flags. It appends labels to the order, such as "First time investor" or "Accreditation expiring", and adds a note to the review task highlighting what the reviewer needs to focus on. The cross-referencing a good administrator would do across six open tabs is done before the task is even opened.

2. Redemption Triage

When a redemption order is created, the agent checks the request against the fund's governing documents, covering the terms that live only in those documents, such as notice periods, redemption windows, gates, and minimum holdings. It also reviews the entity's holding and redemption history, and whether a verified bank account is on file to pay into. Its findings land as tags on the order and a note on the redemption review task, for example "Request falls inside the 90 day notice period in the governing docs, suggest this is declined".

3. Contact Enrichment

When a new prospect signs up through the investor portal or added manually by one of your team, the agent researches who they are across public sources: business registries, company websites, public professional profiles, and the news. It leaves a note on the record describing what it found, and where it is confident in the match, fills in structured fields like job title and organisation. A fund manager opening the record sees context they would rarely have had time to gather themselves.

Custom Agents, Built Around Your Processes

In addition to the three initial default agents, we are introducing Custom Background Agents to automate the workflows that make your operation yours, whether that is a version of a default agent tuned to your processes, or an entirely new agent automating a process end to end.

If there is a check your team makes every week, an agent can make it every time. Reach out to our team and we will design it with you.

Safety Comes First

An agent that can act on your fund's data has to be safe by design. Background Agents are built around a few firm principles:

• Actions are constrained to an explicit allow-list, enforced at the point of execution so an agent cannot do anything you have not approved.
• Each agent runs under its own scoped identity, not a shared super-user account.
• Every run is fully auditable: what triggered it, what it did, and the outcome are all recorded.
• Humans stay in control. Agents handle the routine and surface the judgement calls.

The principle is simple. AI agents handle the busy work, your team makes the key decisions.

Why This Only Works Inside Caruso

Caruso is the single source of truth for your investor CRM and registry data, built on a data ontology designed for private market funds. A Background Agent reads and writes to that same source of truth, so it has the infrastructure and the data it needs to act end to end. There is no sync lag, no reconciliation gap, and no integration that can break between the agent and your records. This is what it means for AI to be native to the platform rather than bolted on. Legacy administrators running AI against a separate record system are structurally unable to offer the same.

What Is Coming Next

This is just the beginning, every release will add more default agents covering more of the fund lifecycle.

The bigger shift is from triage to end-to-end processing. Today an agent reviews an application and briefs your team. Soon it will carry a qualifying application through every step, from first check to investor confirmation. And as an agent proves its accuracy, you will be able to grant it more autonomy, moving from reviewing everything to reviewing by exception, at a pace you control.

Agents will work for your investors too: helping them find the information they need, answering questions about their holdings, and guiding them through applications so they arrive complete and correct the first time.

We are building towards funds where routine operations run themselves, and your team's time is focused back on judgement, relationships, and growth.

If you would like to see how Background Agents could take routine checks off your team's plate, email [email protected] to arrange a walkthrough.