The ideas behind source-verified financials.
Research, perspectives, and frameworks on the infrastructure private markets need to verify the numbers they act on.
Four Jobs. One Pattern. Why I started PROVEN.
Four institutional problems, one pattern, and the work PROVEN was founded to do.
Before the thesis and before the product, there is the question of why this problem is being worked on by this person. This paper walks through four prior instances — real-time risk monitoring at Greenwich Capital Markets, the compressed quarterly close at Knight Trading Group, the second-administrator model at Two Sigma, and the workflow-first operational design at Atom Investors — and the pattern that runs through them. PROVEN is the fifth.
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The case for source-reconstructed financials in private credit underwriting.
Private credit has grown into a trillion-dollar asset class. The verification model supporting it — annual audit sampling of management-reported financials — was designed for an era when commitments were measured in hundreds of millions, not tens of billions. The next PROVEN paper argues that continuous, independent reconstruction of the P&L and cash flow statement from source evidence is the verification infrastructure private credit now requires.
Research directions
The limits of annual audit verification
Why sampling at annual cadence was designed for a different era of capital scale, and what that means for private markets today.
Source reconstruction in institutional diligence
How independent reconstruction from source evidence changes what a PE or private credit diligence process can verify.
Portfolio monitoring at institutional standards
Continuous verification as the missing layer between quarterly reports and annual audits in private market monitoring.
The infrastructure layer private markets need
What a mature verification stack looks like when private capital reaches public-market scale, and who builds it.
Questions on the research directions?
The papers are written for institutional investors. If you want to shape what gets covered, the best way is a conversation.
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