Review and approve broker-placed investors

By the end of this guide you'll know how to find the investors waiting on your sign-off, review each one from the opportunity drawer, approve or reject it, and hand a direct opportunity to a broker in your selling group.

Which opportunities you review

• Broker-placed opportunities. When a broker, an RIA or a managing broker-dealer submits an investor, everyone in the placement chain reviews it in turn: the broker, then the managing broker-dealer, then you, then the fund administrator. Roles that aren't on the round are skipped.
• Opportunities on a fund with a fund administrator. An opportunity you create yourself enters review once the investor signs. Your own seat starts approved, and the opportunity waits on the fund administrator.
• Opportunities you create yourself on a holding with no fund administrator have no review. Their drawer shows no Review card.

Find what's waiting on you

On the fundraise page, the Status column of the Opportunities table names who each opportunity is waiting on: Pending Broker, Pending MBD, Pending GP or Pending FA. Once every reviewer approves, the opportunity moves on, for example to Pending Closing when the round has a closing schedule. Lost and declined opportunities always show as such.

1. Open the fund and go to the fundraise.
2. In the Opportunities table, open the filter on the Status column.
3. Select Pending GP to see only the opportunities waiting on your sign-off. The Status filter works together with the table's other filters and search.
4. Select an opportunity to open its drawer.

Read the Review card

The Review card in the drawer shows a status badge naming the role the opportunity is waiting on, or Approved once everyone has signed off. Below it, one row per reviewing organization shows the firm's name, its role (Broker, Managing BD, GP or Fund Admin) and its own decision: Pending, Approved or Rejected. Rows appear in review order, and roles that aren't part of this opportunity are left out.

Check the documents and the figures

• Documents. Select View on any document in the drawer to read it right there, without opening a new browser tab. Files that can't be previewed offer a download instead.
• Verify with Neo. On a broker-placed opportunity, select Verify with Neo to have Neo read the signed subscription agreement and compare it with what's on record, such as the investing entity's name and the commitment amount. Each field shows whether it matches, doesn't match or couldn't be confirmed. The result is advisory: it points you to where the paperwork and the record disagree, but never blocks your decision. Any reviewer's latest result is shown to everyone, and Re-verify runs it again. The button is unavailable, with an explanation, until a signed subscription agreement in PDF format is attached.
• Fees & Conditions. On a round sold through brokers, this card sits between the Documents and Review cards. Its header shows the total commissions and the net to fund. Expand it to see the remittance, any gross-up or bonus applied, the subscription amount, and each commission leg with its payee and a badge saying where its rate came from: the fund's default, the firm's override or an override for this investor. The terms are locked at submission. The card opens on its own when your sign-off is pending.

Approve or reject

1. In the Review card, check the Changes section. It lists what happened since you last approved or rejected: each entry shows the type of change, the organization that made it and when. Select Show more to see the full history back to when the opportunity was created.
2. To approve, select Approve. When the opportunity has neither a managing broker-dealer nor a fund administrator, you're the one who confirms the commission split and the additional conditions: a confirmation dialog restates the figures from the Fees & Conditions card, and you check the confirmation before you can approve. Otherwise, Approve records your decision in one click.
3. To reject, select Reject and enter the reason. The reason is posted as a comment that the submitting firm and every reviewer can read, and the opportunity goes back to the reviewer before you in the flow.
4. To add a comment without deciding, use the comment box in the Review card. Comments are public to the submitting firm and every reviewer by default. Check Mark as Internal to keep a comment visible only to your own team.

• Changing your mind. While the opportunity is still waiting on someone, you can switch an approval to a rejection or the other way round. Once every reviewer has approved, Reject is no longer available.
• Content changes restart the review. When anyone changes what's being reviewed, such as a corrected document or a re-priced submission, every reviewer goes back to Pending, including the organization that made the change. Comments never reset anyone.

Connect a direct opportunity to a broker

If a broker in your selling group should carry an investor you added yourself, you can hand over the existing opportunity instead of re-creating it.

1. In the Opportunities table, open the row's ⋯ menu.
2. Choose the broker firm from the list of active firms on that fundraise. The firm the opportunity already belongs to isn't listed.
3. Read the confirmation, which explains that the broker must review and approve the opportunity, and confirm.

The broker, and its managing broker-dealer if it has one, join the review as Pending, and the opportunity is priced on that firm's commission terms. Decisions already made stand; nobody else is asked to review again. If the opportunity was already approved, it stops being approved until the broker approves. Moving an opportunity from one broker to another removes the previous firm, which loses access to the opportunity and its comments. The change history records the connection.

Check that it worked

After you approve, your row in the Review card reads Approved and the Status column moves on to the next reviewer, or to the next step once everyone has approved. After you reject, the Status names the reviewer the opportunity went back to, and your reason appears in the comments. If something doesn't look right, contact the Covercy One support team.