Review investors the fund manager adds directly

By the end of this guide you'll know when an investor the fund manager added directly reaches you, how to find and review it, and what your approval does to the investor's position.

How a direct investor reaches you

• Only once the investor signs. While a direct opportunity is still potential or soft-circled, nothing is settled yet, so it isn't waiting on you and you can't approve it. It enters your review the moment the investor signs.
• The fund manager has already approved it. The fund manager added the investor themselves, so their seat is approved from the start and yours is Pending. Your firm is the only reviewer the opportunity waits on.
• Your approval is required. On a fund your firm administers, no position is booked for a direct investor until you approve.
• Every direct opportunity you see was created after your firm was added. A fund administrator can be added to a fund only while the fund manager has no open opportunities on it, so you never inherit an unreviewed backlog.

Find direct investors waiting on you

1. In the Fund Admin portal, open the fund. It opens on the Opportunities tab.
2. Look for the Direct indicator in the Firm column. Broker-placed investors show the placing firm there instead.
3. Open the Status filter and select Pending FA to see only the investors waiting on your firm.
4. To see the same work as a board, switch to the Funnel. A direct investor waiting on you sits in the FA review column.
5. Select a row or card to open the opportunity drawer.

Review the opportunity

The drawer's Review card lists two rows: the fund manager's firm with the GP role, already Approved, and your firm with the Fund Admin role, Pending. The badge above them reads Pending FA until you decide.

• Documents. Select View on a document to read the investor's signed paperwork inside the drawer.
• Fees & Conditions. On a fund sold through brokers, this card shows the direct investor's amounts and any gross-up or bonus that applies. It carries no selling or dealer-manager commission, because no broker placed the investor. On a fund sold directly to investors, the card doesn't appear.
• Verify with Neo. Not offered for direct investors. It applies only to broker-placed submissions.

Approve or reject

1. To approve, select Approve in the Review card. A confirmation dialog restates the investor's figures. Check the confirmation box, then confirm. Cancel the dialog and nothing is approved.
2. To reject, select Reject and enter the reason. The reason is posted as a comment, and the opportunity goes back to the fund manager: its Status reads Pending GP.
3. To ask a question without deciding, use the comment box in the Review card. Check Mark as Internal to keep a comment within your own firm.

What your approval does

• On a fund without a closing schedule, your approval is the last step. Covercy books the investor's position as soon as you approve, with no further action from the fund manager.
• On a fund with a closing schedule, the investor's Status moves to Pending Closing. The fund manager assigns the investor to a closing, and the position is booked when that closing is executed. In the closing's pre-flight table, a direct investor reads Ready under Stage and, unless funds were recorded, Not recorded under Funds. Neither stops the investor from being included.

Check that it worked

After you approve, your firm's row in the Review card reads Approved, the badge reads Approved, and the investor leaves the Pending FA filter. On a fund without a closing schedule the investor's position appears on the fund; on a scheduled fund the investor reads Pending Closing until their closing is executed. After you reject, the Status reads Pending GP and your reason appears in the comments. If something doesn't look right, contact the Covercy One support team.