Curators, Managers and the New Operating Stack

Name the roles

A private-market product accumulates roles: the manager or curator, the authorised management company where one is required, the administrator, the verifier, the custodian or account bank, the valuer, the distributor. Investors rarely see the map.

An operating profile — what AltVaults calls a curator passport in concept — is a verified description of who does what. It is not a track record, and it is not a regulatory badge unless an authorised party has actually granted one.

On-chain is a transport, not an identity

Some managers will settle interests on a permissioned register. Others will not. The operating stack should not require a chain to be useful, and it should not hide a chain when one is used.

What matters is the control plane: configuration, registry, eligibility, documents, cash events, notices, liquidity queue, provider connections and an audit trail.

Infrastructure should survive a change of register.

Trust is operational

Allocators do not need another narrative about disruption. They need to know which party is accountable for valuation, which party can change eligibility, and how a mistake is reversed.

That is the standard AltVaults is building toward: programmable where it helps, governed where it must be, and silent about permissions it does not hold.