Submit an investor to an offering

By the end of this guide you'll have submitted an investor to a fund your firm sells, with the investor's signed subscription document attached, and the submission will be on its way to review.

Start a submission

1. Sign in to Covercy and open your firm's broker portal.
2. Select the fund. If your firm is invited to more than one round of it, pick the round you're placing the investor in from the round switcher.
3. Select Add Investor.
4. To reuse an investor your firm has submitted before, search for them. The search shows only your own firm's investors. Otherwise, continue with a new investor.

Enter the investor's details

1. Pick the investing entity type, for example Individual, LLC or Trust.
2. Fill in the contact: the person who signs for the investment, with their name, email, address and residency. Phone is optional. Pick the country code from the list, then enter the number.
3. Fill in the investing entity: its legal name, jurisdiction and tax details. The contact name and the entity's legal name are separate fields for every entity type, including Individual, so enter each one as it should appear.
4. Choose the Tax ID Type: SSN, ITIN, EIN, Passport or Other. It defaults from the entity type (SSN for an Individual, EIN for other entity types), and you can change it. The number formats itself as you type.
5. If you chose Passport, also select the Passport Country. If you chose Other, select the Tax Country. Switching away from Other clears the tax country.
6. Enter the amount the investor is committing.

Upload the documents

1. Upload the investor's signed subscription document. This is the only document you must attach to submit.
2. If a KYC checklist appears, upload a file into each item's slot. The checklist lists the items the fund manager requires for this entity type. When the fund manager hasn't set any items for that entity type, no checklist appears.

Opt in to gross-up or bonus

If the fund offers a gross-up or a bonus, you'll see a switch for each one. Both are off by default on every submission and stay off unless you turn them on. Each switch shows the rate for this investor's submission. If that rate is different from the fund's standard rate, the switch also says where it comes from. A condition the fund doesn't offer for this investor doesn't appear.

1. Turn on each condition the investor qualifies for, and leave the others off.
2. Select Submit package. The button turns on once a subscription document is attached and no upload is still in progress. If it's off, the message beside it says what's missing.

What happens after you submit

• The investor counts as signed right away, because the package already carries the signed subscription document, and goes straight into review.
• The investor appears on the fund's Opportunities table and Funnel. Its Status says who acts next, for example Awaiting MBD review, or Awaiting Fund Admin review on a fund with no managing broker-dealer.
• While the package is with a reviewer, you can't edit or resubmit it. If a reviewer returns it, the status changes to show it needs your action, and the investor's drawer lists what to fix.
• The fund's requirements are locked in when you submit. If the fund manager later changes the fund's setup, your submission keeps the requirements it was filed under.

Add documents after you submit

1. Open the investor from the Opportunities table or the Funnel to open their drawer.
2. In Supporting Documents, select Upload additional documents.
3. Add the files (PDF, DOC, DOCX, XLS or XLSX) and choose a type for each one. Upload stays blocked with the message "Specify a type for each file to enable Upload." until every file has a type.
4. Leave Share with investor checked to share the document with the investor, or clear it to keep it with the submission only, then select Upload.

Verify it worked

Your submission went through when the investor appears on the fund's Opportunities table with a status naming the next reviewer, and their drawer lists the documents you uploaded under Supporting Documents. If the fund or Add Investor isn't available, your firm may not have accepted its invitation to that fund yet: ask your firm's admin to accept it, or ask the fund manager or your managing broker-dealer to resend it. If you're still stuck, contact Covercy support, and always start from Covercy directly rather than from a link in an unexpected message.