Case Studies | Asset Managers
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Challenge:
Managing complex portfolios across Direct Lending CLOs, ABF investments, and ABS tranches requires oversight of multiple SPVs, layered capital structures, and insurance and rating agency constraints. Multi-layer cash flow modelling for esoteric assets, fragmented data workflows, and manual reconciliations limited real-time visibility and slowed collaboration across teams.
Solution:
Cardo AI centralized all portfolio data across all SPVs into a unified, structure-aware model. The platform automated data ingestion from multiple sourcers, including issuers, trustees, and rating agencies, enabled seamless advance rate calculations across capital layers, and delivered real-time covenant and portfolio monitoring across strategies.
Outcome:
- 100BN+ loan cash flows onboarded, reconciled, and modeled
- Automated advance rate calculations across capital pools
- Real-time oversight across every SPV and strategy
- Scalable infrastructure without operational strain
Challenge:
Overseeing diversified ABF funds across more than 120 originators, asset classes, and geographies created limited transparency into over and deal level performance and risk. Loan-level data received in inconsistent formats, covenant monitoring was partially manual, and NAV calculations required significant operational effort as AUM scaled.
Solution:
Cardo AI centralized loan-level data across all originators into a standardized structure-aware model. The platform enabled real-time monitoring of fund structures and underlying collateral, automated covenant and limit tracking, and delivered daily shadow NAV calculations. Machine learning models enhanced risk forecasting through PD, LGD, EAD, and expected loss projections.
Outcome
- 2.5x assets managed with the same cost base
- 4x more data leveraged for risk modeling
- Fully automated LP reporting
- Improved transparency and capital allocation decisions
Challenge:
Managing high-frequency credit facilities and forward flow programs was an operational strain due to the constant churn of collateral. Reconciling borrower tapes, purchase schedules, and remittance files manually made it difficult to verify eligibility and borrowing base accuracy in real time. The team struggled to identify duplicates, reversals, or unauthorized substitutions, leading to increased concentration risk and funding delays as portfolio volumes scaled.
Solution
Cardo AI provided a dedicated facility management layer that linked raw collateral data directly to transaction-specific eligibility rules. The platform automated the calculation of advance rates and borrowing base availability while monitoring every asset addition and removal for consistency. By reconciling funding requests against expected portfolio movements, the system ensured that only eligible, validated assets were included in the financing pool.
Outcome
- Real-time validation of borrowing base and funding eligibility
- Automated detection of duplicates, cancellations, and unusual movements
- Significant acceleration of funding cycles and purchase schedules
- Enhanced oversight of complex concentration limits and advance rates
- Eliminated manual gaps between borrower reporting and lender requirements
Challenge:
Evolving CLO and structured finance regulations required granular data access, ongoing monitoring, and scenario capabilities across multiple SPVs. Manual data retrieval and fragmented reporting processes slowed compliance workflows and limited the ability to test macro and micro stress scenarios efficiently.
Solution:
Cardo AI automated structure and loans data ingestion and standardized regulatory metrics across structures. The platform enabled real-time monitoring of performance and limits, configurable stress scenarios across economic and asset-level parameters, and pre-configured compliance dashboards aligned with regulatory frameworks.
Outcome:
- Full regulatory compliance automation
- 10x increase in usable data
- Zero manual time spent on data retrieval
- New investment opportunities enabled without additional FTEs
Challenge:
An asset manager purchasing US Buy-Now-Pay-Later loans direct from the originator needed to reconcile over 12MN loans daily cash flows while updating loan statuses based on complex contractual logic. Manual reconciliation processes created operational risk due to existing tools limitations, slowed reporting cycles, and limited scalability as transaction volumes increased.
Solution
Cardo AI implemented a fully automated reconciliation engine with AI-driven matching algorithms and rule-based loan classification logic. The system reconciled payments, outstanding balances, and contractual adjustments in real time, supported by dashboards and proactive alerts.
Outcome
- 100% accuracy in daily reconciliation
- Faster processing times, from hours to minutes
- Regulatory compliance with U.S. standards
- Scalability as the business grows
Challenge:
A global asset manager faced inefficiencies in capital call execution and liquidity forecasting across private debt funds and securitization vehicles. Manual triggers and static forecasting models led to inaccurate cash flow projections and high administrative workload.
Solution
Cardo AI launched an automated capital call and liquidity management platform that scheduled executions dynamically and forecasted cash flow needs using predictive analytics. Liquidity buffers were optimized across multiple funding sources based on upcoming obligations and historical patterns.
Outcome
- 70% reduction in capital call processing time
- Lower liquidity shortfalls and improved investor confidence
- 30+ operational hours saved per week with optimized cash utilization
Challenge:
Managing diverse private credit strategies is hindered by fragmented data from multiple originators. Manual aggregation creates visibility gaps, making it difficult to monitor asset quality, detect performance drift, or ensure consistent compliance across complex collateral pools.
Solution
Cardo AI provided a dedicated collateral monitoring layer built to handle complex, large and esoteric asset populations. The platform ingested collateral data from multiple sources, standardized it into a governed structure, and applied automated monitoring logic to help teams maintain control over pool composition, quality, and integrity over time.
Outcome
- Rapid capital call execution via automated workflows
- Strengthened fund stability through proactive liquidity and investor oversight
- Significant time savings and improved resource allocation for strategic tasks
Challenge:
Ensuring the accuracy of complex waterfall distributions was a recurring bottleneck. Discrepancies between internal models and trustee reports arose from timing issues, data gaps, or differing structural interpretations.
Small differences in principal, interest, or fees created operational delays and constant back-and-forth between stakeholders. It was difficult to quickly isolate breaks, identify the affected tranches, or determine if variances were data driven or structural.
Solution
Cardo AI provided an independent reconciliation layer that mirrored the transaction’s legal structure and cash flow logic. By utilizing underlying asset data and transaction terms, our platform calculated expected outcomes and compared them to trustee-reported results at a granular level. This allowed the team to move beyond high-level checks and precisely locate variances within interest, fees, reserves, or noteholder distributions.
Outcome
- Detected payment breaks immediately at the tranche and fee level
- Reduced manual distribution check efforts drastically
- Streamlined communication with trustees through quantified
- variance reports
- Established an independent, structure-aware shadow model for all distributions
- Automated the identification of root-cause discrepancies between reporting cycles
Challenge:
Managing infrastructure-backed transactions like data centers and cell towers was hindered by fragmented data from operators, trustees, and internal teams. The complexity of tracking long-duration contracted cash flows alongside debt service and reserves made it difficult to maintain a unified view of portfolio performance. Without a dedicated system, teams spent excessive time manually stitching together reporting packs to monitor covenants and utilization trends.
Solution
Cardo AI provided a dedicated operating layer for infrastructure-backed transactions, connecting the underlying asset data, the financing structure, and the recurring control workflows needed to manage the deal. By bringing together data ingestion, transaction monitoring, reconciliations, and analytics, our platform supported both daily operational oversight and broader portfolio management across infrastructure-style assets.
Outcome
- Unified view of asset-level performance and liability structures
- Automated tracking of infrastructure covenants and reserve balances
- Faster reconciliation of operator and trustee reporting cycles
- Minimal errors by removing manual spreadsheet aggregation
- Consistent reporting for lenders and investors from a single source
Challenge:
Our client’s pre-deal analysis was fragmented across disconnected spreadsheets, manual internal models, and static presentation materials. This lack of centralization made it difficult for their team to answer critical structuring questions quickly, such as how a deal would behave under severe downside scenarios or which specific assumptions had the greatest impact on noteholder returns.
Solution
Cardo AI provided the client with a unified cash flow simulation engine that combines granular collateral assumptions with complex structural terms in a purpose-built environment. Our platform enabled their team to simulate proposed waterfall structures, liabilities, and trigger packages before execution, ensuring all stakeholders worked from a single, consistent analytical foundation.
Outcome
- Enabled real-time simulation of base case, downside, and sensitivity scenarios
- Reduced time-to-market by eliminating manual iteration and fragmented modeling workflows
- Streamlined alignment between the client’s internal approvals, credit reviews, and investor discussions.
Challenge:
Our client struggled with the manual burden of parsing complex credit agreements and financing contracts. Extracting critical covenants, formulas, and reporting thresholds from hundreds of pages was slow and difficult to scale. This manual “search and find” process created significant bottlenecks during onboarding and increased the risk of missing key changes in amendments, leading to data silos between legal documentation and operational systems.
Solution
Cardo AI implemented an AI-assisted extraction and verification layer that converts dense legal text into structured, usable data. The platform automates the identification of eligibility rules and structural terms while maintaining a “human-in-the-loop” workflow for final validation. This ensures that only verified data feeds into the client’s downstream reporting and risk engines, bridging the gap between legal text and operational execution.
Outcome
- Drastically reduced the time required to map and structure new facility documentation
- Automated the capture of complex dates, covenants, and financial formulas with high accuracy
- Instantly identified changes and discrepancies across latest amendments and side letters
- Enabled the team to manage a higher volume of documents without increasing manual headcount.