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Settings › Users & access is now one table of invitations and members, with status, role and last login, Status and Role filters, and an Add user button; one side panel, opened from Add user or any row, invites someone, changes a member's role in place, or changes a pending invitation's role without sending a new email, since the link they already have gives the new role. Inviting asks only for the email and the role, each role with a one-line description, and the invitee types their own name at sign-up. The Broker-Dealer and Fund Admin portals' Settings › Team becomes the same Users & access page, with Admin or Representative for a Broker-Dealer firm and Admin or Reviewer for a Fund Admin firm, and a Fund Admin Admin can now invite another Admin, change roles and remove members without asking Covercy. Remove is now the way to take someone's access away, while members already disabled still show with Activate and Remove; the last Admin can't be demoted or removed, a pop-up explains why, an Admin taking away their own Admin role confirms first, and role changes are recorded in the Audit Trail.

When Settings › Branding › Before showing opportunities is set to ask for name and email first, the form on your public Opportunities page now asks for Full name, Email and Phone, all required, so every new lead reaches your CRM with a number to call. Your public forms, the Opportunities page and a single deal's public investment link, now follow one rule for a phone: a new contact gets it as their phone, an existing contact with no phone gets it as their phone, and a different number is added as an extra phone labelled From Opportunity page, while the same number again adds nothing. The deal link no longer replaces a contact's main phone, so the number you have on file stays put. On the contact page, a phone's Edit form shows the From Opportunity page label and lets you switch it to Mobile, Work, Home or Other.

Instead of opening each contact's page to set its tags, you can now select contacts on Investors → Contacts and choose Edit tags: each tag shows as ticked, part-ticked or empty for your selection, so you can tick a tag to add it to all of them or untick one to remove it from all of them, a part-ticked tag you leave alone stays exactly as it is, and a removal asks you to confirm before anything is saved. You can create a new tag right in the dialog, and with Select all N matching the bulk bar offers Add tags to all N, which adds tags to every matching contact without removing any. The column Filters menu is back on the same list, and every filter in it — Contact, Email, Phone and Remarks, the Opportunities and Entities counts, Portal Status, Last Login, Created, Last activity and your contact custom fields — now narrows the whole list rather than only the page on screen, combines with search, the Tags filter, sort and paging, and is kept in the page URL, so a reload or a shared link shows the same view. Before you send, the Invite to Portal dialog now also shows who gets a New invitation, who gets a Reminder, who needs a Check before sending, and who Won't be sent.

When an investor switched payout accounts, you could be left approving the same change once per holding, and your own edits to an account could show up as a pending request. Now the Investor Accounts tab on your Banking page gathers waiting changes under Awaiting approval, and you approve or reject everything one investor action created in a single decision: if any holding can't be updated, nothing changes and you see which one and why, and the investor is notified once. Edits you make yourself take effect right away, without opening a request or replacing one the investor already has waiting, and investor accounts now live on Investor Accounts and each entity's Banking tab instead of your Bank Accounts table. Investors can open an account row on their Banking page to edit it or make it their default, see a holding's account in read-only view even when you set it, and the default banner now explains that a GP's different default applies to holdings with that GP from now on. If a Gmail or Outlook mailbox you connected stops working, a warning at the top of your pages now names it and offers to reconnect, Settings › CRM › Email explains why it disconnected, and the only remaining Admin of an organization is now protected from being removed, disabled or demoted. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

Each Holding now has Statement settings, opened from the capital ledger's holding bar, where the GP chooses the Holding's statement template and adds a disclaimer: the Capital Account Statement (ILPA), unchanged, or the new Investment Account Statement, which can also serve an evergreen Holding. The Investment Account Statement rolls each investor's investment account for quarter-to-date, year-to-date and inception-to-date (beginning balance, contributions, return of capital, transfers when there are any, ending balance), shows income distributions and any tax withheld from them alongside, and closes with a commitment summary of commitment, contributed, unfunded and percentage contributed. A Holding sends statements once its GP has chosen a template, a template a Holding can't use shows the reason, and the chosen template and disclaimer appear everywhere the statement does: the GP's Statement tab, the LP-view preview in Report Studio, and the investor's report page and PDF. The Statement tab lists, per report, which investors can't receive a statement and why, Report Studio warns before publishing, and those investors see a neutral line instead of a package that silently lacks one.

A position's Overview tab now reads like a statement: what you can correct sits on the left (Terms, with the chain from committed amount to subscription amount, then Placement firm & commission), what comes from records sits on the right (Ownership, Performance and custom fields), and every value lines up in one column. Commission legs form a small table that closes with a Commission total and a Net to fund row, so you can see the legs add up. A single Edit position button replaces the per-section Edit buttons and edits the left column in place, showing each previous value struck through and listing your changes in a footer before Review & save. On a holding that raises through brokers, editing now also offers + Add bonus or gross-up and + Add placement firm & commission where those sections were hidden, so you can record a premium or commission agreed off-platform.

In Fund Setup, the Closing Schedule's Effective from date now does what it says. A start date earlier than today used to be quietly replaced with today, and closings generated by an earlier save could stay ahead of a later date; now the schedule, its preview of upcoming closings and the closings it creates all begin on the date you choose, and leaving the field empty still starts the schedule today. When you save, upcoming closings the schedule generated that no investor has joined yet are replaced, while closings that are open, locked, finalized or closed, closings you added or edited by hand, and any closing an investor is already assigned to stay as they are. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

An investor's Communications page now shows the same recipients the investor could see in their own inbox, and no one else: everyone on the To and CC lines of a synced Gmail or Outlook email, everyone on a composer email sent as one shared email, and only themselves on an email sent individually or logged by hand. On synced emails, recipients who were copied are labelled CC and BCC on both your and your investors' Communications tables, and an investor sees a BCC label only on their own name. On your table, a composer email sent with "Send each recipient their own email" carries an Individual pill, so you know each recipient saw only themselves; emails sent before this change are treated as individual.

After a position transfer, the investor's holding cards, the holding's Commitment, Contributed and Distributed tiles, the My Position card, and Total Invested and Net Gain on the portfolio overview no longer add the transferred-out position on top of the new one. The contributions, called amount and distributions that moved with the transfer now count on the receiving position, even when it has no payments of its own, and the Uncalled column of the positions table, which still lists the transferred-out row, reflects them too. For GPs, the holding's Contributions tab now refuses deleting a transferred-out position's payment or changing its value or received date, one by one or in bulk, with a message naming the transfer date, so the transfer's history stays intact. Payments of open positions are unchanged.

On a fundraise with two or more share classes that doesn't route investors automatically, Share Opportunity no longer opens with the first class already selected, so investors can't receive the wrong class's opportunity page because a default went unnoticed. If you click Send or Copy Link before choosing, the Share Class row shows "Choose the share class these investors should see." and nothing is sent or copied. Add Opportunity works the same way: its Share Class field starts on "Select a share class..." and asks for a choice before the opportunity is created. Fundraises with a single share class, or that route investors to a class automatically, work as before.

If you send from your own domain, you could pick the Support and Marketing sender address but not the name, so each email went out under whatever name that send used. Now Settings › Email › Email addresses has a Support and a Marketing section, each with a Sender name, a Sender email and a From preview, and investor emails in that category, such as capital calls, distribution notices, invitations, shared documents, signed agreements and published reports, go out under the name you set. The composer's From list shows the Support and Marketing options as name and address, and the name applies only while that category's own sender email is in use; otherwise each email keeps the name it uses today. Emails that never use these senders, such as broker, fund administrator and sign-in emails, are unchanged, and the card stays Admin-only.

In the standard flow, an e-signed subscription used to stay at Soft Circle after the investor and every other signer had signed, and moved to Signed, creating the position, only when you countersigned, so the deal looked stuck and the investor had no position yet. Now the opportunity moves to Signed and the position is created as soon as only your signature is left. You countersign whenever convenient, from the same required action as before, and at that point the executed agreement is filed, shared with the investor and announced once, as today. Fundraises with a broker, an active fund administrator or a closing schedule keep their current timing.

An investor whose subscription came in through a broker never saw their subscription document, because the broker's upload never reached the holding's documents. Now, when a position is created from an opportunity, the opportunity's subscription documents, whether a broker's subscription upload or an agreement the GP uploaded, are filed in the holding's Documents and shared with the investor, who gets the usual document-shared email. In a fundraise with an approval or closing process (broker-led, an active fund administrator, or a closing schedule), a subscription document, uploaded or e-signed, is held until the position exists, so an investor never sees it while approval is pending. When documents are filed by type, these now go to the Subscription Agreements folder (files already filed are not moved), and the standard GP flow is unchanged.

The Payment Due tile on the investor portal's Cash Flows page used to net everything you had contributed against everything called, so a payment that belonged elsewhere, such as an imported payment, an over-payment or a payment into another Holding, could cancel out an unpaid call and the tile showed nothing due while your Home page showed a pending capital call. Payment Due now adds up, per currency, what is still unpaid on each open call, and a payment only reduces the call it was applied to, so the tile agrees with the Pending Capital Call banner on Home. Calls that are already settled owe nothing, and Total Contributed and Total Distributed are unchanged.

Until now, fixing a mistake in a position stopped at its dates, commitment, units and price per unit, and its bonus, gross-up, commission and placement firm kept whatever was booked. The position view now lets you correct Pricing and Placement firm & commission as well, including each commission leg and the firm itself (any of the holding's firms, or Direct), and you confirm every save in one Review changes step, so the subscription amount, units, commission and net to fund all stay in step. The Activity tab records each correction with who made it, when, and the earlier and new values, while a position that was transferred out explains why it is locked and links to the positions that received it. Corrections never rewrite a closing: the view tells you when a pending commission payment no longer matches the position, and the closing details on Closings & Payments now list the amount owed to the fund on a separate row that you can Mark paid. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

Some US banks need an extra instruction, such as "for further credit to" a trust, before they can pay the money on to its final beneficiary, and until now investor and GP bank accounts had no place to keep one. Manually entered US bank accounts can now hold an optional Memo / Special Instruction, added next to the account's routing details whether the GP enters it or the investor does in the portal, and every distribution payout to that account passes the instruction to the receiving bank ahead of the distribution's name, which is no longer sent twice. If the account a fundraise collects into has one, investors see it with the bank-transfer details when they pay, after they choose to transfer later, and on the wire instructions they download. When an investor edits the instruction on an account their holdings are linked to, the GP approves it like any other banking change, and payouts keep the last approved instruction until then. In Payment configuration on each distribution, Reference memo is gone and the selected account's card shows that account's instruction instead. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

Every member of your team is now an Admin or an Editor, and everyone who was a User is now an Editor. An Editor can still do everything a User could do outside Settings, but no longer changes anything at the organization level: in Settings they reach only their own pages, such as their mailbox, UX preferences and their own sign-in details, while company, banking, email address, custom field, investor portal and audit settings are for Admins. This takes those Settings pages away from today's Users, so if a member still needs them, an Admin can promote that member to Admin from Users & access. Editors see no tab they cannot open, a page opened from a link explains that they need their organization administrator, and Editors can now manage the supporting documents on a cross-border capital call. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

Some outgoing wires that the bank never meant to hold were showing you a verification notice, asking for a call nobody needed. A wire now shows that notice only when our banking partner actually asks for a verification call, and wires flagged by mistake before this fix no longer show one. Once a completed call has been passed to the bank, the wire also moves to its under-review state on its own, and Call me now is no longer offered. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

People who joined with an email and password were never asked for their name, so members lists and notifications showed only their email address. Inviting a teammate, from Settings → Users or from the team page of your broker-dealer or fund administrator firm, now asks for their first and last name, and when they open the invitation to create their account, their name and email are already there for them to confirm or change. Signing up with email now asks everyone for a first and last name too, and the name you enter on an invitation is used only to fill in sign-up: it never changes the name of someone who already has an account. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

On a holding whose contributions were imported, or recorded directly without a capital call, the Classes tab showed no Contribution for any class, Uncalled equal to the full commitment and an understated C. Account, even though the Overview and Contributions tabs showed the money as collected. Each class's Contribution now counts that money, and its C. Account follows. A class's Uncalled is now the sum of its positions' uncalled amounts, the same figure as the Overview positions table, so the two tabs agree: it never goes below zero, one over-funded position no longer hides another's uncalled commitment, and a capital call that was sent but not yet paid now counts against it. The class details drawer shows the same figures.

Choosing Individual on the first step of investing used to hide the name field, so your new investing entity was named after the invitation's contact without you seeing it, and that name then appeared on your position, your agreement and your manager's records. The step now shows a required Full name field, prefilled with the first and last name from your invitation, which you can edit before you continue; if your application already has a saved name, that name is shown instead. Choosing one of your existing entities works as before and needs no name.

Publishing a report in Report Studio used to send investors nothing, so announcing it meant writing a Communications email by hand. Now Publish asks whether to Publish only or Publish & notify investors: the notify choice shows how many contacts will be emailed and takes an optional personal note, and investors get a branded email from your sender address with a View report link to the investor portal. Also share attachments in the email, on by default, adds the report as a PDF plus its attached files; it is offered only while Include investors' capital statements is off, because each statement is personal, and an email over the size limit must go link-only. A published report also has a Notify investors action for a deliberate re-send that shows when and by whom investors were last notified, republishing after an unpublish defaults to Publish only so no one is emailed twice by accident, each send shows on the Communications page, and if the email fails the report stays published and you are told investors were not notified.

A fundraise's Status filter used to list only the statuses some opportunity already held, so on a fund whose deals were all Potential or Signed, statuses like Soft Circled and Lost were missing. It now lists every status that fund can reach, in lifecycle order and each with its count including 0, and you can select an empty status so the next deal that reaches it shows up without touching the filter; this holds on the GP fundraise page and on the fund Opportunities pages of the broker and fund administrator portals, where the filters and search now narrow the Funnel too and stay selected when you switch between Opportunities and Funnel. A capital call's requests table and a holding's Contributions tab likewise list all their statuses with readable labels and counts, and the Status filter now shows by default (removing it from the Filters menu sticks). When search or filters hide every row, a table or Funnel now says so and offers a Clear filters link instead of its "nothing here yet" message.

On fund setup, the Fund Administrator card no longer asks for a firm name and an admin email: you pick the firm from a list of fund administrator firms on Covercy. The invitation reaches every admin at that firm, whoever accepts first links the fund for the whole firm (and whoever declines first clears it), and the fund shows in the firm's portal only after it is accepted. While a firm invitation is pending you can't send another, though an expired or removed one frees the fund to invite again, and invitations sent the old way still accept only for the email they went to. In the fund administrator portal, a fund's Banking and Closings & payments pages now open even if one of its opportunities has no contact or investing entity yet, instead of failing for every investor on the fund. Choosing Other as the Tax ID Type no longer blocks saving an investing entity: its forms, including the investor's settings, the Invest Now entity step and broker intake, now offer a Tax Country picker for it. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

If your Microsoft 365 work account lets only an IT administrator approve new apps, connecting Outlook used to stall even after IT approved Covercy, because every connect asked you for personal consent again. Now, once an administrator approves Covercy for your organization, everyone there connects without that prompt. While approval is still pending, Settings → Email says the connect is waiting for your IT administrator's approval instead of saying access was declined, and gives you an approval link with Copy link and Email my IT admin, a short pre-written request. Your administrator lands on a page confirming the result, after which colleagues connect from Settings → Email, where Connect Outlook is offered beside Connect Gmail to every GP.

An investing entity with contacts but no primary contact left every one of its investors read-only in the investor portal until you noticed and picked one. Now the first contact linked to an entity becomes its primary contact automatically, however the link is made (by hand, through an import or in the investor flow), entities that had contacts but no primary were given their earliest-linked contact, and an existing primary is never replaced. Removing an entity's primary contact asks you to choose a new one from its other contacts, removing its last contact asks you to confirm a warning, and a primary can no longer be cleared without choosing another. An investing entity's Contacts tab also now offers Remove from entity on each contact row, the same flow as the Overview, instead of Delete, which removed the contact from your whole organization; deleting a contact stays on the Contacts list under Investors.

When you paid a saved recipient and edited the Memo / Special Instruction, the payment could still go out with the memo saved on the recipient instead of the one you entered. Now the memo in the field is the one sent with that payment: picking a saved recipient fills in its saved memo, and if you change it, a Save as default memo switch lets you update that recipient's default as you continue. The Details step also shows, under Description, the full text your recipient will see. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

Hebrew text on agreements now reads correctly, with house numbers and Latin names in their right order instead of reversed, and Entity Address prints the address you marked as the entity's Tax Address (or its oldest address when none is marked). The Amount in words - Hebrew merge field is offered to managers whose investing entities are largely based in Israel, spells the whole amount including agorot, and on a Custom agreement with no investment amount spells the investor's total commitment. Opening Edit on an existing template now offers any field it has become eligible for, and never removes a field the template already uses.

A holding's Fees tab now captures a one-time onboarding fee alongside the management fee. Set an Onboarding fee rate for a share class in its Fees drawer, and a new Onboarding fees list shows what each investor owes, what has been recorded and what is still outstanding; Draft fee prefills the amount for you to review and record. Each investor owes their commitment times the rate in force when they committed, so a later rate change never re-prices someone who already signed, a commitment increase drafts only the fee on the increase, and positions received by transfer are never charged again. The fee sits on top of the investment, so no position, contribution or capital statement figure changes.

Selecting a capital call on a holding's Contributions tab and pressing Delete used to do nothing. It now opens the same confirmation as the call's own page, which names the call and its requests and restores the uncalled commitment, from the selection bar or the row's Delete capital call menu item, and several unsent calls delete together. A call with a request already sent can't be deleted: on its own you see why, with a link to open the call, and in a larger selection it is left out and named in the confirmation. A selection that mixes capital calls with fundraises or contributions now deletes together under one confirmation.