NewProject Heath is now Veres — new name, same team, same mission.

Veres

For fund administrators and transfer agents

Audit season shouldn't be a scramble.

Nora runs your fund operations workflows all year — drafting, chasing, capturing every approval the moment it happens.

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For AIFMs, depositaries, counsel, and GPs

Supported and backed by
  • UKRI Innovate UK
  • Barclays Eagle Labs
  • Tenity

Your load, to scale

How much lands at year-end?

Describe your fund. See the scale of the load it carries — and how much lands at year-end.

Structure
Investor base

Nora runs these workflows all year and captures each item as it happens — so the evidence is already there when the request list lands.

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Every year, your team must assemble

≈139 documents, approvals & reconciliations

≈9 person-days of preparing, chasing and evidencing them

See what makes up that load13 areas

Documents, approvals and reconciliations, by area:

  • Portfolio valuations15
  • NAV & annual financial statements14
  • Subscriptions & redemptions13
  • Tax reporting & compliance13
  • Investor register, KYC & AML12
  • Regulatory reporting (AIFMD / CSSF / SFDR)12
  • Depositary oversight & safekeeping10
  • Fund documentation & agreements10
  • Expenses, fees & rebates9
  • Distributions & income9
  • Cash & bank reconciliations8
  • Board, governance & minutes8
  • Audit confirmations & third-party letters6

Grounded in Veres’s reference taxonomy — 139 items across 13 areas for a Luxembourg Part II SICAV / ELTIF. Luxembourg UCI Part II · CSSF Circular 24/856 · SFDR periodic disclosure.

  • Scaled to your fund: Part II SICAV, 1 compartment, 1 share class.
  • Effort assumes about 30 minutes per item — preparing, chasing, reviewing and evidencing it — a deliberately conservative blend across the mix.
  • This is the size and timing of the load to be assembled — the work itself. A person always signs off substance.

Due in the year-end close

≈6 person-days · 63%

year-end closerest of the year

the busiest weeks of your year, all at once.

Sitting with parties you coordinate, not your own desk

≈67%

across the transfer agent, legal, valuation, tax, AIFM, depositary — evidence you chase and pull together, on calendars you do not control.

Today, most of this is reconstructed after the fact — reassembled from mailboxes and drives when the request list lands.

How it works

Completeness, not presence

Any system can show you what it holds. The hard part — the part that decides whether audit season is calm or a scramble — is knowing what should exist, and what is missing. A Veres agent measures the record against a denominator you defined.

Presence is whatever turned up. Completeness is measured against what should be there.

  1. Your process, written down once

    You already know what a clean onboarding, capital call or quarter-end looks like. We sit with your team, map it once, and you confirm it — its steps, its owners, its approvals. That becomes the standard everything is measured against. Agents don't guess at it, and they don't invent it.

  2. Captured at the point of creation

    Work runs through that definition, so each document and approval is recorded against its step the moment it exists — timestamped, versioned, attributed. Nothing is reassembled from mailboxes after the fact.

    12 January 2026 · 14:32 · depositary cash confirmation · v3 final · captured

  3. Nothing goes missing quietly

    Because the record is measured against the denominator, not the inbox, what has not landed is always in view — a name and a status you can see today, not a surprise found at year-end.

    041 / 139 · counsel confirmation, register extract · with counsel — chased

  4. A person signs off the substance

    The agent drafts, chases, routes and captures; it does not decide. Every consequential approval is made by a person, and nothing counts as complete until they sign it. Bounded, on purpose.

    cash reconciliation · awaiting the CCO · not yet captured

  5. Audit becomes a query

    Because the register is kept current all year, the answer exists before the request list arrives. Audit stops being a scramble to assemble, and becomes a question you can already answer.

Nora

The work leaves your firm. Nora goes with it

Launching a share class. Onboarding an investor. Running a capital call. Closing the quarter and getting the reporting out. None of these are one job — each is a run of steps across your teams and the firms you work with, over weeks. Every system in your stack sees one part of it. Nora runs the whole of it from the administrator's seat, in Teams for your people and by email for everyone else, and stays on it until nothing is outstanding.

The work below is a share-class launch. The shape is the same whichever one you pick.

  1. One seat sees the whole thing

    Ten parties touch a launch like this, and only one of them sees it end to end: you. That is the seat Nora works from. She doesn't need the transfer agent's system or the depositary's — the work already comes through you.

  2. Inside the firm, in Teams

    She goes to whoever the next step belongs to — ops on day one, compliance in week one, legal in week two — in the channel they already work in. Nothing new to open, nothing new to check.

  3. Outside the firm, by email

    The transfer agent, the depositary, distributors, the board: each gets a signed, expiring, one-click request and replies where they already are. They never log in and they hold no data in Nora. Participants, not operators.

  4. Approvals are recorded as they're given

    When the depositary confirms or compliance signs off, that is captured at the moment it happens — who, when, which version. No one has to remember to file it.

  5. You can see what's still outstanding

    Anything not yet received stays on the list, with who owes it and how long it's been. Nora follows up, and tells you when following up isn't working. Nothing sits unnoticed until year-end.

  6. Week eight remembers week one

    Eight weeks is a long time for software to keep track of something. Nora knows what was agreed in week one, which version replaced which, and who is still to respond — whether or not the person who started it is still on the desk.

one share-class launch · 10 parties · eight weeks · the same shape as the rest

Your operation runs dozens of these. Nora takes them one at a time, in the order you choose, until she is running the ones that cost you most.

share class D · 07 of 12 documents received · depositary confirmation · outstanding 6 days · followed up twice

The honest boundary: the shape of each workflow is your firm's — the steps, who owns them, what evidence each one needs — agreed before anything runs. Nora works to that definition, and a person signs off the substance every time it matters.

Security & deployment

Facts, not shields

Procurement will ask these questions eventually. Here are the answers now — including the ones where the answer is “not yet”.

A deployment of your own

Sovereign and single-tenant. Your own environment on Veres's Azure cloud, exclusive to you. No shared tenancy, at any layer.

Detail

One client, one environment. Your deployment is a dedicated Azure virtual network in your chosen region, provisioned for you alone — separate compute, separate storage, separate keys. Nothing is installed on your infrastructure; Nora connects into the tools you already run — your document space, Teams — through permissions your IT team grants and can revoke in one action.

Your region, your residency

Created in the region you choose. Your data is created there, stays there, and is deleted there.

Detail

You select the region at provisioning; Luxembourg and UK clients are served from EU regions by default. Storage, processing, backups and logs stay inside it. Retention is set by you and applied per data class — workflow records, documents, message content — with deletion on request and at contract end, evidenced. Processing is governed by a GDPR data processing agreement: you are the controller, Veres is your processor.

Your documents train nothing

Model processing runs inside your deployment's region. Your documents and messages are not used to train models — ours or anyone else's.

Detail

Language models do two things here: read documents and write first drafts. That processing runs on enterprise endpoints inside your region, under business terms that prohibit training and fine-tuning on your content and allow the model provider no retention of it. Nothing is sent to a public API. Every third party your data reaches is named in full at diligence, and you are notified before that list changes.

Participants, not operators

Outside parties approve by email — signed, expiring, one click. They never log in and they hold no data in Nora.

Detail

When a workflow reaches the transfer agent, the depositary, counsel or the board, they receive a request carrying a signed, single-purpose link that expires. It shows one item — the document or question in front of them — and nothing else about your fund, your investors or your other workflows. No account, no password, no standing access. Their approval and its timestamp are captured in your deployment; nothing is captured in theirs.

Every action, attributed

Timestamped, versioned, attributed — captured at the point of creation, appended and never overwritten.

Detail

Every draft, approval, chase, escalation and final version is written to your workflow record as it happens, with the actor, the time and the version it superseded. The record is append-only: corrections are added as new entries, never written over old ones, so the sequence is reconstructable end to end. Your auditors can be given read access to it directly.

12 January 2026 · 14:32 · board approval · signed one-click · captured

Bounded by the register, on purpose

Nora can only take the steps your workflow definition permits. She drafts, routes, chases and captures. She does not decide, and she cannot invent a step.

Detail

Your register is your workflows written down: every step, its owner, the inputs it needs, the approvals it takes. That definition is the boundary. The model reads and writes inside it — it does not choose what happens next, and it cannot skip a gate or release a document that has not been approved. Low-confidence items are escalated to a person rather than guessed. Every consequential approval is made by a person, and nothing counts as complete until they sign it.

The boundaries, stated plainly

  • A person signs off.Nora drafts, chases, routes and captures. Every consequential approval is made by a person, and nothing is complete until they sign it.
  • Your register is the measure.Completeness is attested against the workflows your firm defined. Independent completeness is roadmap, not a present claim.
  • One agent today.Nora is the first Veres agent. The rest of the family is roadmap — we say so here rather than let a diagram imply it.
  • Certification, honestly.We are not ISO 27001 or SOC 2 certified today. Our controls are built to those frameworks and certification is on the roadmap.

Company

Durable AI agents for private markets

Private markets were a closed shop for a long time. A handful of institutional investors, a manager, an agreement, and business conducted largely over email. Small cast, tolerable mess.

Two things ended that at once. Regulation opened these funds to a far broader and less sophisticated investor base — ELTIF 2.0, the LTAF, Luxembourg Part II — and the cast of parties needed to operate them multiplied: AIFMs, administrators, transfer agents, depositaries, valuation advisers, counsel. More investors and more parties mean more documents, more approvals and more disclosure than email and spreadsheets were built to carry.

Tooling kept up inside each firm and stopped at the walls. The workflows that carry the most operational load are the ones that cross them.

We went and asked. Seventy-three firms, and the same account of where the work goes.

£13.9TCombined AUM of the 73 firms covered in Veres primary research, 2025.
the family · one agent per party, coordinating over the record they share · Nora at work todayevery agent works for one firm — its own

Veres builds durable AI agents for private markets operations. Each agent is scoped to one party in the workflows those parties share. The first, Nora, runs fund administrators' and transfer agents' operations end to end — drafting, routing, chasing, holding state — and the record of what was done falls out of running them.

Every party will have one: the AIFM's agent, the depositary's, counsel's — each working for its own firm and coordinating with the others. What they will share is the record. Captured once, evidenced for every party, reproducible by none of them alone.

Who is building this

  • Dennis BewsCo-founder & CEOA decade structuring and operating private markets funds — Deutsche Bank, Credit Suisse, and senior structurer at S64 Capital. The workflows Nora runs are ones he has run.LinkedIn
  • Julia BohutskaCo-founder & CTOA decade building production AI systems and the teams behind them — Head of Data Science at Avora, lead engineer at Codec.ai. Named inventor on a machine-learning patent.LinkedIn

One of us has lived the pain points we solve. The other has built systems that regulated data was allowed to touch. Nora needs both, which is why there are two of us and not one.

Talk to us

Audit season is coming either way

Tell us about your operation, and we will show you what Nora would run. A conversation with the people who build her.

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