Review and approve investor submissions

By the end of this guide you'll know how to find the investor submissions waiting on your firm, review each one from the opportunity drawer, and approve or reject it.

Which submissions you review

• Investors placed by a broker firm. Your firm is a reviewer on every submission placed through the fund's selling group, alongside the broker, the managing broker-dealer (if the fund has one) and the fund manager. In the review flow your firm comes last.
• Investors the fund manager adds directly. These reach you once the investor signs, not before. The fund manager's own review is already approved, so the submission waits only on you.

You see every submission on the fund, including ones still with the broker or the managing broker-dealer. You don't have to wait for them: your review actions stay available at every stage until the investor's position is booked.

Find what's waiting on you

1. In the Fund Admin portal, open the fund. It opens on the Opportunities tab.
2. Open the Status filter. It lists every status the fund can reach, each with its count, even when no submission holds it yet.
3. Select Pending FA to see only the submissions waiting on your firm. The filter works together with the table's other filters and search, and it narrows the Funnel view too.
4. Select a row to open the opportunity drawer.

Read the Review card

The Review card in the drawer shows a badge naming the role the submission is waiting on, or Approved once every reviewer has signed off. Below it, one row per reviewing firm shows the firm's name, its role (Broker, Managing BD, GP or Fund Admin) and its decision: Pending, Approved or Rejected. Roles that aren't part of the submission are left out.

Check the documents and the figures

• Documents. Select View on any document to read it inside the drawer, without opening a new browser tab. Files that can't be previewed offer a download instead.
• Verify with Neo. On a broker-placed submission, select Verify with Neo to have Neo compare the signed subscription agreement 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 and never blocks your decision. The latest result from any reviewer 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. Investors the fund manager adds directly have no verification.
• Fees & Conditions. On a fund sold through brokers, this card sits between the Documents and Review cards and opens on its own while your firm's decision is pending. 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 naming where its rate came from. The terms are locked at submission.

Make sure the funds have been received

Your firm can approve a submission only once the investor's funds have been received. If they haven't, selecting Approve opens a notice instead of approving, and your decision stays Pending. The notice names what clears it:

• Match the investor's incoming wire on the fund's Banking tab.
• Or record funds the investor sent outside Covercy with Record funds received elsewhere.
• If the funds show a discrepancy, resolve it on the Banking tab first.

Approve or reject

1. In the Review card, check the Changes section. It lists what happened since your firm last approved or rejected, with the type of change, the firm that made it and when. Select Show more for the full history.
2. To approve, select Approve. A confirmation dialog restates the figures from the Fees & Conditions card. Check the box confirming the commission split and the additional conditions, then confirm. Cancel the dialog and nothing is approved.
3. To reject, select Reject and enter the reason. The reason is posted as a comment the submitting firm and every reviewer can read, and the submission goes back to the reviewer before you in the flow.
4. To comment without deciding, use the comment box in the Review card. Comments are visible to the submitting firm and every reviewer by default. Check Mark as Internal to keep a comment within your own firm.

• Changing your mind. While the submission 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, your firm included, and you confirm the figures again at your next approval. Comments never reset anyone.

Check that it worked

After you approve, your firm's row in the Review card reads Approved and the submission leaves the Pending FA filter. On a fund with a closing schedule its Status moves to Pending Closing, and it's listed under Approved — awaiting closing assignment on the Closings & Payments tab until the fund manager assigns it to a closing. After you reject, the Status names the reviewer the submission went back to, and your reason appears in the comments. If something doesn't look right, contact the Covercy One support team.