--- title: "Next Matter vs Caruso: Orchestration for Regulated Fund Operations" description: "Caruso asks you to migrate into a new system of record and outsource fund operations to its own staff; Next Matter orchestrates and governs the systems and team you already have, with no-code workflows and maker-checker approval enforced before every action." lang: en json-ld: | { "@context": "https://schema.org", "@graph": [ { "@type": "Organization", "@id": "https://nextmatter.com/#organization", "name": "Next Matter", "legalName": "Daizy NM Limited", "url": "https://nextmatter.com", "logo": "https://nextmatter.com/__l5e/assets-v1/aab354c2-e169-46fe-8e9b-0e78438471d3/nextmatter-logo.svg", "description": "Next Matter is the orchestration platform for regulated financial operations - purpose-built for asset managers, fund administrators, and wealth and wealthtech firms, not a generic workflow tool - combining AI agents, your existing systems and human approvals with governance and a complete audit trail.", "sameAs": [ "https://www.linkedin.com/company/nextmatter", "https://www.daizy.com" ] }, { "@type": "WebSite", "@id": "https://nextmatter.com/#website", "url": "https://nextmatter.com", "name": "Next Matter", "publisher": { "@id": "https://nextmatter.com/#organization" }, "inLanguage": "en" } ] } --- [![Next Matter Logo](/__l5e/assets-v1/aab354c2-e169-46fe-8e9b-0e78438471d3/nextmatter-logo.svg)](/) - [Solutions](/solutions) [ grid\_view Solutions Overview Personas, capabilities, and proof ](/solutions)[ smart\_toy AI Orchestration Coordinate agents across your stack ](/solutions/ai-orchestration)[ library\_books Workflow Library Remix production-ready workflows ](/remix) Case Studies [ ![Ocorian](https://cdn.prod.website-files.com/69a7f71677d8045f0f2d982a/69a7f71677d8045f0f2da4e8_Ocorian_trustbar.svg) Ocorian 1,800 Employees • Fund Administrator ](/case-studies/ocorian)[ ![Trade Republic](https://cdn.prod.website-files.com/69a7f71677d8045f0f2d982a/69a7f71677d8045f0f2da4e9_traderpublic_trustbar.svg) Trade Republic 10M Customers • Online Trading Platform ](/case-studies/trade-republic)[ ![b2Venture](/__l5e/assets-v1/40232f5e-b66d-45f6-8d04-8be40304d172/b2venture-logo.png) b2Venture $800mn AUM • Venture Capital Firm ](/case-studies/b2venture)[ ![Swan](/__l5e/assets-v1/ef4919d4-3042-430f-b1a2-10b7da14c889/swan-logo.webp#lh=1500x401) Swan BaaS leader • Embedded Banking Platform ](/case-studies/swan) - [Platform](/platform) [ hub Platform Overview Built for Fund Operations ](/platform)[ build Workflow Builder Build long-running orchestrations ](/workflow-builder)[ smart\_toy AI & Automation Agents, models and guardrails ](/ai-and-automation)[ extension Integrations Core Ledger & Ecosystem Connectivity ](/integrations)[ verified\_user Governance & Audit Approvals and a full audit trail ](/governance-and-audit)[ shield Security SOC 2, ISO 27001, data residency ](/security) - Resources [ forum Ask a Technical Question Chat with the docs AI assistant ](https://help.nextmatter.com/docs/integrate-across-tools?assistant)[ campaign Opinions Perspectives from our team ](/opinions) [Sign in](https://app.nextmatter.com/login) [Talk to us](/book-a-demo) balance Comparison # Next Matter vs Caruso: Orchestration for Regulated Fund Operations Caruso is a replace-and-outsource fund administration platform: you migrate into its system of record and hand the work to its staff. Next Matter is an orchestration layer that governs the systems you already run and keeps the work with your own operations team. [Book a demo](/book-a-demo) [See how it works](/platform) ## At a glance A factual, feature-by-feature view of how the two approaches differ for private markets fund administration. Dimension Next Matter Caruso Approach Orchestrates and governs the systems you already run - ledgers, CRMs, KYC providers, data rooms. Replaces existing tools with a single AI-native system of record. Who does the work Your own operations team, using their existing expertise and client knowledge. Software combined with Caruso's own outsourced fund administration staff. Who builds workflows Operations teams build and change their own workflows, no-code, typically live in days. Caruso's predefined AI agents, set by Caruso's product and roadmap. Migration required No - Next Matter connects to your existing ledgers and systems through native connectors and a typed API. Yes - data and processes migrate into Caruso's system of record. Governance model Structural maker-checker (four-eyes) approval enforced at every workflow step, before the action is taken. Audit log recording data changes after they happen. Typical buyer Head of Operations, COO, compliance and audit leads who keep operations in-house and add orchestration and governance. Private markets fund managers wanting an outsourced, all-in-one platform. ## Orchestration, not outsourcing Who runs NAV, subscriptions, AML/KYC and investor communications determines who controls the outcome when something goes wrong. ### Handing the work to a third party's staff Caruso pairs its software with fund administration services delivered by Caruso's own team. NAV calculation, subscription processing, AML/KYC checks and investor communications are performed by people outside your organisation. That creates dependency: turnaround times, capacity, escalation paths and process changes sit with a provider, and the institutional knowledge built up around your funds and investors accumulates on their side rather than yours. ### Keeping control, data and expertise in-house Next Matter is built for a fund administrator's own operations team to run the process directly. The people accountable for the fund do the work; the platform supplies the automation, the AI agents, the routing and the controls around it. Your data stays in your systems, your team keeps the expertise, and when a client, an auditor or a regulator asks a question, the answer is inside your own audit trail rather than a third party's queue. ## No migration, no lock-in Adopting a new system of record is a data migration project before it is an operations improvement. ### The cost of replace-and-migrate A single system of record only works once everything is inside it. That means migrating fund, investor and accounting data, re-implementing processes that already work, reconciling historic records and re-training teams - with the operational and regulatory risk that carries mid-cycle. Once the data lives in one vendor's platform, changing course later means doing the migration again. ### Orchestrating what you already run Next Matter connects to the ledgers, CRMs, KYC providers, data rooms and AI models already in place and coordinates them as one governed process. There is no system of record to move into and nothing to rip out. Processes go live in days rather than through a multi-month migration, and because the underlying systems stay yours, so does the option to change any one of them later. ## Governance built into every action, not logged after it happens An audit log tells you what already occurred. A structural control stops the wrong thing occurring at all. ### Maker-checker enforced before the action In Next Matter, four-eyes approval is a property of the workflow step. You name who prepares and who checks; the platform enforces separation of duties and blocks progression until the named checker signs off. The control applies before a capital call notice goes out, before a NAV is released, before an onboarding decision is recorded - it is preventative, not a report written afterwards. ### A timestamped audit trail as the by-product Because approvals happen inside the workflow, every automated action, AI-agent step and human decision is timestamped and attributed by default, with inputs, outputs and approvals held against the case, investor and fund. A change log tells you a value moved. Next Matter tells you what was requested, what was checked, what was escalated, who approved it and when - the evidence a regulator or auditor actually asks for. ## Proof in production Next Matter runs regulated operations today across fund administration, banking and venture. Ocorian 300+ fund specialists running governed fund operations. [Read the case study](/case-studies/ocorian) Trade Republic Bank-grade client operations at consumer scale. [Read the case study](/case-studies/trade-republic) b2venture Venture operations to roughly 800M EUR AUM. [Read the case study](/case-studies/b2venture) Swan Embedded-finance operations at scale. [Read the case study](/case-studies/swan) Next Matter is SOC 2 Type II certified - see the [Trust Center](https://app.drata.com/trust/d62cb1a1-96df-4741-8058-97ecbc4ff345/) - and ISO 27001 certified, with SSO/SCIM and data residency you control. ## See it against your own process Bring a real workflow - a capital call, an investor onboarding, a NAV pack - and we will show you how it runs on your existing systems, with your own team, AI agents and maker-checker approvals. [Book a demo](/book-a-demo) ![Next Matter](/__l5e/assets-v1/aab354c2-e169-46fe-8e9b-0e78438471d3/nextmatter-logo.svg) The agentic operating system for modern financial services. A Daizy company. [](https://www.linkedin.com/company/nextmatter) Case studies - [Ocorian](/case-studies/ocorian) - [Trade Republic](/case-studies/trade-republic) - [Swan](/case-studies/swan) - [b2Venture](/case-studies/b2venture) - [All case studies](/case-studies) Solutions - [Solutions overview](/solutions) - [AI Orchestration](/solutions/ai-orchestration) - [Workflow library](/remix) Platform - [Platform overview](/platform) - [Workflow Builder](/workflow-builder) - [AI & Automation](/ai-and-automation) - [Integrations](/integrations) - [Governance & Audit](/governance-and-audit) - [Security](/security) - [System status](https://status.nextmatter.com/) Capabilities - [AI Financial Reporting](/ai-financial-reporting) - [Operational Intelligence](/operational-intelligence) - [Exception Handling](/exception-handling) - [Team Interfaces](/team-interfaces) - [Guest Interfaces](/guest-interfaces) - [Manager Dashboard](/manager-dashboard) - [Builder Toolbox](/builder-toolbox) Company - [About](/about) - [Careers](/careers) - [Opinions](/opinions) - [Answers](/answers) - [Documentation](https://help.nextmatter.com/docs/integrate-across-tools) - [Ask a Technical Question](https://help.nextmatter.com/docs/integrate-across-tools?assistant) Certified Secure [![AICPA SOC 2 for Service Organizations](https://cdn.prod.website-files.com/69a7f71677d8045f0f2d982a/69a7f71677d8045f0f2da55f_logo_SOC2.svg)](https://app.drata.com/trust/d62cb1a1-96df-4741-8058-97ecbc4ff345/) [![GDPR compliant](https://cdn.prod.website-files.com/69a7f71677d8045f0f2d982a/69a7f71677d8045f0f2da561_logo_GDPR.svg)](https://app.drata.com/trust/d62cb1a1-96df-4741-8058-97ecbc4ff345/) [![SOC 2 Type 2 compliant 2025](https://cdn.prod.website-files.com/69a7f71677d8045f0f2d982a/69eb389eff4de1586e1d2f14_Daizy%20SOC%202%20Type%202.png)](https://app.drata.com/trust/d62cb1a1-96df-4741-8058-97ecbc4ff345/) © 2026 Daizy NM Ltd. 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