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When you try to log funds received outside Covercy, or to match an incoming wire, for an investor package that isn't ready for funds, Covercy now explains why: it lists the organizations whose approval is still outstanding, or the step the package has reached. Before, you got one generic message that could mention a reviewer the investor didn't even have. After a refusal, the Banking page refreshes, so the package list no longer offers a package that has stopped being ready, and wire matching now uses the same readiness check as recording funds. On the broker Add Investor form, the optional phone number now uses the same country-code phone picker as the rest of Covercy. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

When an opportunity on a unitized share class is set to Signed, its price per unit is now locked and its units are recalculated at that price, and every later booking uses those locked values, so a position is never booked with units priced at a later class price and ownership on the class reads correctly. The opportunity drawer's units line shows the price the units were booked at, and a unitized class needs a price per unit before a position can be booked on it. The Contributions import gains optional Units and Price per Unit columns, so investors in a unitized class arrive with their units and correct ownership instead of showing 0% or <1%, and an investor who subscribed at two prices can be imported as two positions. A row that states neither units nor a price per unit is skipped, with the reason shown, when it would open a new unitized position.

When you sent a Custom agreement, the signature request was created but the first signer's request-to-sign email never went out, and you saw "Agreements sent with warnings". Only Remind got the email to them. The first send now emails the first signer straight away, with your personal note if you added one. A warning now appears only when an email really fails to send, and the request stays in place so you can remind them.

In the Document Center, the Share dialog used to show no form and a disabled Share button for a document that wasn't filed under a holding, and a bulk selection was judged by its first document alone. Now a document or folder with no holding can be shared with a Holding, an Investing Entity or a Contact, with Notify investors by email on by default. When you share several documents at once, the holding is worked out from all of them, not only the first, and the share is applied to every selected document. Investors see documents in folders shared with their contact or investing entity in the Documents section of the investor portal.

The Investors import used to treat a Tax ID as a single investor, so a row whose Tax ID another entity already held was matched to that entity and renamed it: an individual and the grantor trust that uses their SSN could come out as one investor, with no warning. The import now checks the entity's name first and renames an existing entity only when the row is clearly the same investor; otherwise it creates a second entity with the same Tax ID and warns you about it, the same result you can already reach by hand. Skip entity creation now applies only to rows with no entity data. And the Tax ID type is now worked out from the number when matching, as it already was when creating an entity.

On a Subscription template, you can now mark a custom signer role Internal, so the investor does not see that signer during signing; the signer still signs in order and still appears on the signed document, and a tooltip beside each switch says what the current position means. The Assign signers dialog now shows every role in signing order, including Investor and GP, and names the agreement you are assigning. An investor who finishes the investment wizard before all signers are assigned now lands on the thank-you page instead of a stalled agreement step, and the hold reads "Agreement signers are not fully assigned" in both Next Steps and the fundraise summary bar.

When a wire needs a verification call, the call now goes to you if you are an authorized contact on the bank account, or to another authorized contact you pick, so a held wire no longer waits on the one person who approved it. Before the call starts, Covercy reminds you that relying on emailed wire instructions alone is a fraud risk and asks you to confirm you checked them with the recipient yourself. The suggested answers are also trimmed to what the bank asks, and no longer pick up routine account fees or interest postings. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

The email your team receives after each signature has been rebuilt around the question you actually open it for: who is left. The subject now names the person who signed, the agreement they signed and the holding it belongs to, instead of reading "Signature completed", and the body carries one Signing Progress list of every signer in order, with a check beside everyone who is done and a pending marker beside everyone still outstanding — replacing the old split "signed so far" and "remaining" lists. A Subscription or Commitment message also names the investment amount and the investing entity behind it. Custom agreements now send this message on the last signature before your own as well, where the other agreement types stay quiet at that moment because their counter-sign notification already covers it.

Selecting a position from any of your positions tables now opens the same full position view, and the page address points to it, so you can share a link that reopens it. The header names the position and links its investing entity, a summary strip shows the headline figures, and the Contributions, Distributions, Transfers & history and Activity tabs list the records behind them, with totals that match every other screen. The view works on a phone, and you can start a transfer of ownership right from its header.

Trying to sign up with an address that already belongs to an account used to come back as a generic failure, which left you no way to tell what had gone wrong. The form now says the address is already taken by an account and puts the sign-in and password-reset links in front of you, so you can get back into the one you have instead of trying again. Clicking Create account twice no longer starts a second sign-up, and a sign-up that works now always carries you through to the next step. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

Investors → Contacts now has a Tags filter in its toolbar that narrows the list to the contacts carrying the tags you pick, and it offers all of your contact tags — not only the ones that happen to be on the page in front of you. Picking a second tag widens the view rather than narrowing it: a contact appears if it carries any of the tags you selected. The filter works together with search, sorting and paging — the total and the page count describe the filtered list, and your selection is carried in the page URL, so a filtered view survives a reload and can be shared as a link. The old column Filters menu, whose selections never changed the rows on this list, has been removed.

On a holding's Classes tab, every column header looked like a sort control, but only Name and Ownership actually responded — clicking Commitments, Investors or Units did nothing and explained nothing. Every data column on that table now sorts: Name, Type, Ownership, the debt-term columns (Interest rate, Maturity, Seniority), Authorized Units, Issued Units, PPU, Mgmt Fee, Investors, Commitments, Contributions, Uncalled, Distributions, Promote and Capital account. Each column orders by the value behind the cell rather than the text in it, so amounts and units sort numerically and Maturity sorts by date — and Ownership stops mis-ordering once a holding has more than ten classes. A row whose cell shows an em dash, because it has no value or because the column does not apply to that class type, now sorts after every row that has a value in both directions, and clearing the sort returns the table to its usual share-class-type-then-name order.

The Review & Import step used to show only the first four mapped columns, which on a contributions or distributions file usually left out the amount and the date. Contributions and Distributions imports now show those columns by default, with dates as calendar days and amounts as money in the holding's currency. The table also offers the same Columns picker as other tables in the platform, so you can show or hide any column from your file while you review.

If you have contributed to a holding but have not received a distribution yet, the cash-flow chart no longer shows empty axes and a single point at 0%. On your home Portfolio Overview it now reads "Cash flows will appear here once your first distribution is paid.", and on the holding's own page the chart appears once there is a distribution to plot. Your home dashboard also leaves out the portfolio map when none of your holdings has a location. On a holding's page, Commitment, Contributed and Distributed, along with IRR, Equity Multiple and Cash on Cash, now appear in the same summary tiles used across the rest of the portal, with the same figures as before.

A Fund Administrator who accepts an invitation now lands straight in the fund workspace, with no onboarding wizard to click through first. The investor submission form no longer includes a suitability checkbox and shows its KYC checklist only if the GP has set up items for that kind of investor, and the fund page in the Fund Admin and Broker portals drops the Images card. Once a closing has booked an investor's position, the receipts and wire matches behind it can no longer be voided or unmatched, so the funds status and the booked position always agree — a correction goes through a position adjustment instead. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

View as Investor now sits in the header of the investing entity page, on every tab, so you can check what an investor sees from where you were already working instead of first tracking down one of their contacts. It opens the same read-only preview in a new tab that you already get from a contact's page. Which contact you preview as follows the entity's linked contacts: one linked contact previews straight away, several open a short menu with the primary contact listed first, and an entity with no linked contact keeps the button visible but disabled, telling you to link a contact before previewing.

A Files section on the opportunity page now accepts common web pictures — .jpg, .jpeg, .png, .webp and .gif — alongside the documents it already took, so site photography, renderings and floor plans can sit on the page instead of only being described there. Each picture behaves like any other file in that section: reorder it, remove it, hide it from a share class, or keep it behind the NDA. On the investor's side a picture in a Files section opens in the image viewer, fitted to the width with its aspect ratio kept and zoom available, and the download action is unchanged. Two things stay as they were: the Offering Deck section is still documents only, and .heic, .heif and .svg files are not offered.

The Contributions import now accepts an optional Commitment column. For a fund whose capital is called in tranches, each investor's position is created with their real commitment instead of the sum of what has been called so far, so Committed, Uncalled and Remaining read correctly from the first day, with no hand edits afterwards. A file without the column imports exactly as before, and any investor whose commitment can't be applied cleanly is skipped with a clear reason while the rest of the file still imports.

Controls on a capital call's page that the call's current state forbids — Delete request, Delete capital call, Change receiving account — used to sit greyed out and refuse you without a word, since their reason only lived in a tooltip a disabled menu item never shows, which reads like a broken feature. Each of them now stays clickable, keeps its usual label and icon with no lock or other marker, and choosing it opens a short dialog that names what can't be done, says why, and says what to change to unblock it, while performing nothing at all: no confirmation opens, nothing is sent, and the call and its requests are untouched. The explanations are concrete rather than generic — a blocked account change or call delete states how many requests have already been sent and that their status must first move to Not Called or Declined, and Send call on a call with no receiving bank account explains that and points at marking the request as Called by hand. Nothing about whether an action is blocked has changed; only how the refusal reaches you.

When your bank holds an outgoing wire until it has spoken to you, Covercy One now tells you so: right after you send it, on the bank account and on the holding. Start verification opens the bank's questions with your answers already beside them, and Call me now begins the recorded call whenever you are ready. The dialog keeps up with the call as it happens, explains in plain words when a call does not go through, and confirms once it is done, after which the wire reads as under bank review until the bank decides. Send Payment also now quotes the same wire fee on every step, so the figure you approve is the figure you are told. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

A declined funding request is no longer a dead end: its status pill on the capital call's page opens the same full menu every other request has, so a mis-clicked decline is undone from exactly where it was made — and where the position's uncalled commitment can no longer absorb the amount, the reopen still goes through and the page warns you, naming the investor, the request's amount and what remains. That is now the general rule: the lifecycle pill on a request's row, and the matching pill on the drawer's hero, list every status the request is not already in — Called, Transferred, Invested, Declined, Not called — with nothing listed as blocked, and a selection applies immediately with no confirmation step, while using the row's pill does not open the drawer. Sending and hand-driving are one path rather than two: a request emailed with Send call lands in Called, the same place a hand-marked request reaches, and continues through the same controls, and each move still does exactly what it recorded before — every move to Not called voids the request's issued payment link, entering Invested records the payment, and leaving Invested removes it so Contributed returns to zero. A request can also be deleted from the call outright from its row menu, and the page now reads like a record page: the summary tiles read Investors called, Called and Contributed (Contributed in the success tone the GP dashboard uses for money that has arrived), the requests table states the Committed amount each request draws on and what is Remaining after call, the bulk action reads Call N investors, and the request drawer regains the stage-tinted hero and card-stack body the fundraise drawer already had.

A holding's Distributions tab now carries a Collapsed | Detailed view toggle, presented the way the Contributions tab's toggle already is. Collapsed stays the default and is the same one-row-per-distribution table as before, so nothing about the view you have been using changes. Switch to Detailed and the same tab lists one row per investor allocation instead of one row per distribution — the distribution's name, the investor, the share class (shown only when the holding has more than one investor class), the date, the amount, the net, and, once the distribution has been finalized, that allocation's payment status — so what an investor has actually received from this holding, and what is still in flight, reads off a single table instead of opening each distribution in turn. The Detailed view is read-only and clicking a row opens that distribution; a Draft distribution does not appear in it (it stays in Collapsed), and the metric tiles above the table do not change with the view.

On Closings & Payments, each closing now shows its money at a glance and expands to the investors behind it. A closing's details dialog explains its commission, keeping the firms that earned it apart from the parties the fund pays. Executing a closing now takes one step instead of two, and a commission payment still outstanding shows right on its closing row with a Mark paid action. An investor the GP brought in directly reads as ready without funds having to be recorded first. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

When Covercy One won't delete a contact, it now says why: a dialog opens listing the records that are holding it — a live agreement signature, for example — and the contact stays in your list. You see the same dialog wherever you delete contacts: from the contacts list, from an investing entity's Contacts tab, and from a bulk selection, where the contacts that can be deleted are deleted and the dialog names only the ones that were not, so a bulk delete is no longer all-or-nothing. A second correction ships alongside it: a contact's Entities count on the contacts list — and sorting by that column — now counts only the investing entities that are still there, no matter how long ago the others were deleted. Those entities also drop out of the contact's Investing Entities table, and the contact's cash flows are drawn only from the entities still listed there.

Sharing a document from the Document Center used to mean one thing: the investor got a branded email with a link into the portal, and the files stayed behind. Tick Attach files to the email in the share modal and every recipient now receives the documents shared with them as real attachments alongside that same link — and a new Notify investors by email toggle means you can also share without sending mail at all. Attaching is decided afresh on every share: it is off by default, never remembered between opens, and offered only where the share lets the investor download, so a delivery choice never widens what they get to keep. The modal shows the attachment total before you send and holds a share over the 15 MB limit until you choose to send link-only or remove documents, so nothing quietly falls back to a link; folder shares stay link-only.

On the Details step of Transfer ownership…, the effective-date field now states the range it accepts, from the position's latest activity up to today. When only one date is possible because that activity was recorded today, the wizard shows the date as fixed and explains why, and points you to the contribution's value date if you expected an earlier one. If no date fits, it says so and names the latest activity date as the thing to correct, instead of leaving a calendar where nothing can be picked. The rule for which dates are allowed is unchanged.

On Fundraise Setup → Agreements, the Agreement templates list used to render a card for every subscription template that existed on the holding — five templates meant five cards on every share class tab, whether the fundraise used them or not. It now renders one row per template actually assigned on the share class you are viewing, with a dashed + Add Row below the list when a class needs another, and removing a row un-assigns that template's entity types for that class. Each share class tab keeps its own list, and within a class a template already used by one row drops out of the other rows' options while staying selectable on every other tab. + Add Template in the section header still creates or clones a template into the holding's library, and a template made that way is selected straight into the first empty row, so one you have just created is never missing from the list.

The import wizard used to describe your file twice, on two consecutive screens, in two vocabularies that did not line up. It is now three steps — Upload File, Map Columns, Review & Import — and the review says it once: every row reads New, Update, Skipped or Exists with the reason on its badge, the filter bar carries those same four words, and the import button counts only the rows that will actually be written. Skip new and Skip updates sit beside the counts, both off by default, and ticking either recomputes the counts, the row statuses and the button on the spot. Map Columns was rebuilt to match, with one row per destination field grouped by the object it describes, example values drawn from your own file, a status of Auto, Suggested, Manual, Required or Not mapped, and the near-matches the system had always computed now shown as Suggested with a one-click Use.

Custom agreement recipients and Subscription co-signers who don't use the investor portal now sign from their own signing page, showing the holding and your organization beside a single Review & Sign button. They aren't asked to sign up or log in, and no portal invitation is sent. Anyone who can already log in keeps signing in the investor portal. On a Subscription, Next Steps can resend the signing email to whoever is due to sign next.

The Positions page and an investor entity's positions table now carry Uncalled — the commitment you have not yet called — in the money block between Contributions and Distributions, so how much of each commitment is still callable reads straight off the row. Called, the part of a commitment already called, is there too, hidden until you switch it on from the Columns menu for the times you are reconciling against capital-call notices. Both add a footer total when the rows on screen share one currency, closed positions excluded, and a row missing either figure shows an em dash rather than a zero. If you have already arranged your columns, that arrangement is untouched: the new defaults apply only to columns your saved layout has no opinion about.