Execute a closing

By the end of this guide you'll know how to read a fund's closings, execute the active closing so its investors' positions are booked, settle what the fund releases after the closing, and keep each booked position's DTCC status up to date.

Note

Before you start, your firm must be the fund administrator on the fund, and you need to be signed in to the Fund Admin portal as a member of your firm's team. The fund's round must have a closing schedule, which the fund manager sets up. While your firm is assigned to the fund, you execute its closings and the fund manager can't.

Read the Closings & Payments tab

Open the fund and select Closings & Payments. Each closing has its own row with the closing's money totals and a payment-status summary. One closing is active at a time.

Expand a closing's row to see its investors, each with their own figures and the firm that placed them. Before the closing is executed, every investor assigned to it is listed and marked eligible or not eligible, with the reason. The closing's totals count only the eligible investors. After execution, the expansion lists the investors who were booked.
Investors still in progress can also appear under the next open closing, shown muted with their current status (for example Pending FA) and a line saying they're deferred to the next closing. They aren't assigned to that closing, aren't counted in its totals, and can't be booked by it. They offer no action on the row.
Approved - awaiting closing assignment lists investors who are ready to close but aren't in a closing yet. Covercy One places ready investors in a closing automatically. This list is read-only for you: the fund manager assigns these investors to a closing.
View details, in the row's ⋯ menu, opens the closing details: the closing's investors, Who is entitled to it and What the fund releases. Selecting the row's payment-status summary opens the same details.

Execute the active closing

On the Closings & Payments tab, find the active closing and select Execute on its row.
Review the investor table in Execute closing. It lists each investor this execution could book exactly once, with your include option first, their figures, their Stage and Funds, and a Status of eligible, excluded or deferred to the next closing.
To leave an eligible investor out of this closing, clear their include option and enter a reason. A reason is required, and the investor moves to the next closing.
Check the counts above the table: Targeted, Included and Deferred to next.
Review the closing's totals, then confirm the execution.

The totals, including the closing's commission and net to fund, are shown for your information. You aren't approving them: the reviewers confirmed the figures when they approved each investor. One confirmation books the closing. You aren't asked to confirm the same investors a second time.

Tip

Investors still in progress appear in the table greyed out, with their include option cleared and locked, and a status saying they're bumped to the next closing with the reason. They count toward Targeted and Deferred to next, never toward Included, and they don't need an exclude reason. An investor the fund manager added directly reads Ready under Stage once nothing is left to approve, and Not recorded under Funds until funds are recorded for them. They're still included.

What happens when you confirm

Covercy One books a position for each included investor, dated to the closing's date even if you execute it later, and their opportunity moves to Invested.
The closing is closed and the next upcoming closing becomes the active one.
Investors you excluded, and investors who weren't ready when you executed, aren't booked. They move to the next closing automatically and show a Bumped from badge naming the closing they moved from.
A pending commission payment is created for each firm the fund pays at this closing. Investors the fund manager added directly carry no commission.
A pending release for the fund's own net is created under What the fund releases, beside the commission payments. When the net is zero, no fund release is created.

Execute is unavailable while no investor in the closing can be included. If something prevents a closing from being booked, the message tells you which step didn't complete.

Settle what the fund releases

Make the transfer outside Covercy One, as you normally would.
On the Closings & Payments tab, open the closing's details by selecting its payment-status summary, or View details from the row's ⋯ menu.
Under What the fund releases, find the row for the commission payment or the fund release and select Mark paid. To decline it instead, select Reject.

Mark paid records that the money moved. Covercy One doesn't move it for you. A paid or rejected row can be returned to Pending. While any commission payment or the fund release is still Pending, the closing's row keeps offering Mark paid. Once nothing is outstanding, the row says that nothing is due.

Warning

Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone. Always navigate to Covercy directly rather than following links in unexpected messages. Execute closings and record payments only from the Closings & Payments tab inside Covercy One, and treat any message asking you to release funds or change where a payment goes as suspicious until you've checked it there.

Track DTCC status after booking

Once an investor's position is booked, you can record where its DTCC submission stands. Open the investor's opportunity drawer and go to the Documents section, or use the fund's closings view.

Find the DTCC status. A newly booked position starts at Not submitted.
Move it to Pending when you submit it.
Move it to Accepted, or to Rejected with a reason. A reason is required for Rejected.

DTCC status is a record only. It doesn't change the position, the closing or any review, and it's visible to your firm and the fund manager only.

Check that it worked

After you execute a closing, its row shows as closed, expanding it lists the investors who were booked, and the next closing is active. The investors you excluded or who weren't ready appear under the next closing with a Bumped from badge. Once every release is settled, the closing's row says nothing is due. If something doesn't look right, contact the Covercy One support team.

Why can't the fund manager execute this closing?: When a fund administrator is assigned to the fund, the fund administrator executes its closings and records their payments. The fund manager can still see the closings and open their details.
Can I assign an approved investor to a closing?: No. Investors listed under Approved - awaiting closing assignment are assigned by the fund manager. You can see them there in the meantime.
Why is an investor greyed out in Execute closing?: They're still in progress, for example waiting on a review or on their funds. They can't be included in this closing and are counted as deferred to the next one.
What happens to an investor I exclude?: They aren't booked in this closing. They move to the next closing automatically, show a Bumped from badge, and the reason you entered is kept.
Does Mark paid send the money?: No. Make the transfer outside Covercy One first, then use Mark paid to record it. Covercy One doesn't move money for commission payments or the fund release.
Does the DTCC status affect the investor's position?: No. It's a record of where the DTCC submission stands and doesn't change the position, the closing or any review.