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This guide shows you how to see where each investor you submitted stands. You'll find who the submission is waiting on, what changed since you last reviewed it, how much money has arrived, and how far the fund has progressed toward closing.
Note
This guide is for representatives at broker-dealer (BD) and registered investment adviser (RIA) firms in a fund's selling group, and for managing broker-dealers (MBDs). Before you start, your firm must have accepted its invitation to the fund and submitted at least one investor. You see only your own firm's submissions. A managing broker-dealer also sees the submissions of the brokers it supervises on that round. To submit an investor, see Submit an investor to an offering.
Warning
Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone. To check on a submission, open Covercy directly and sign in there rather than following a link in an unexpected message.
Find where a submission stands
- Sign in to Covercy and open your firm's broker portal.
- Select the fund. If your firm is invited to more than one round of it, pick the round from the round switcher.
- Open Opportunities. Each investor your firm submitted has a row, and the Status column shows where it stands.
- To see only some submissions, open the Status filter in the toolbar and select one or more statuses. For example, select Pending Broker to see only the submissions waiting on your firm.
- To clear the selection, deselect the statuses in the filter. If the filters leave no rows, the table says so and offers Clear filters.
Tip
The Status filter is shown by default. It lists every status the fund can reach, in lifecycle order, each with its count. A status that no submission holds yet still shows, with a zero count, and can be selected, so you can choose it before any submission reaches it. The Status filter works together with the other filters and the search box. Clearing one leaves the others applied.
What each status means
A submission has exactly one status at a time. The fund manager, the managing broker-dealer, the fund administrator and your firm all see the same status for the same submission. A submission stays on your Opportunities table at every stage, including while it sits with another reviewer.
- Pending Broker: the submission is waiting on the broker firm that placed it, usually because a reviewer returned it to your firm.
- Pending MBD: waiting on the managing broker-dealer's review.
- Pending GP: waiting on the fund manager's review.
- Pending FA: waiting on the fund administrator's review.
- Pending Closing: every reviewer has approved, and the submission is waiting for the fund's closing.
- Called and Transferred: on funds that call capital, the call has gone out and then the money has moved.
- Invested: the investor's investment is complete.
- Lost and Declined: the submission didn't go ahead. These always show as their own statuses and never as a review or closing status.
Note
Which statuses you see depends on how the fund is set up. A fund with no managing broker-dealer has no Pending MBD, and a fund with no fund administrator has no Pending FA. On a fund with no closing schedule, an approved submission reads Signed instead of Pending Closing. Funds that don't call capital don't show Called, Transferred or Declined.
Follow submissions on the Funnel
- Select the Funnel tab. The same submissions appear as cards, in columns for each review stage: from submission, through managing broker-dealer and fund administrator review, to approved and closed.
- Your Status filter selections and search text carry over between the Opportunities and Funnel tabs, so the Funnel shows only the matching cards.
- Every column stays on the board while you filter. A column with no matching cards shows as empty.
Check review progress in the drawer
- Select a row in the Opportunities table or a card on the Funnel to open the investor's drawer.
- Find the Review card. Its review status shows the role the submission is waiting on, for example Pending MBD, or Approved once every reviewer has approved.
- Read the reviewer rows below it. There is one row for each reviewer organization, in review order, with its name, its role (Broker, Managing BD, GP or Fund Admin) and its own status: Pending, Approved or Rejected.
- Check Changes to see what happened since your firm last approved or rejected the submission. Each entry shows what happened, which organization did it and when. If your firm hasn't reviewed it yet, you see the full history.
- Select Show more to see the full history back to when the submission was created, and collapse it again when you're done.
Note
When a reviewer rejects a submission, it goes back one step in the review order, and the status names the organization that must act now. A submission returned to your firm reads Pending Broker, and the investor's drawer shows what to fix.
Warning
While a submission sits with another reviewer, it's locked: you can't edit or resubmit it until it comes back to your firm. A content change made by any reviewer, your firm included, sends the submission back to every reviewer for approval again.
Track funding and the fund's progress
- Contributed: the money received so far for each submission. It's shown by default. A row whose funds aren't tracked shows a dash.
- Remaining: what is still to arrive on the investor's commitment. Once the full amount has been received, it reads zero.
- The fund's progress panel splits the fund's subscriptions into Pipeline, MBD Confirmed, FA Confirmed and Closed. Each submission counts in one segment only: the furthest review step it has reached. On a fund with no managing broker-dealer, MBD Confirmed stays empty and approved submissions move straight to FA Confirmed.
Verify and get help
You're tracking a submission correctly when its Status in the Opportunities table matches the role shown on its drawer's Review card, and the Changes section lists the latest actions on it. If a submission you expect is missing, check that no filter or search text is hiding it, and that you're in the right round. If it still doesn't appear, ask your firm's admin, your managing broker-dealer or the fund manager, or contact Covercy support. Always start from Covercy directly rather than from a link in an unexpected message.
- Why does my submission say Pending Broker?
- The submission is waiting on your firm. Usually a reviewer returned it to you. Open the investor's drawer to see what was flagged, fix it, and resubmit it.
- Why can't I edit a submission?
- A submission is locked while another reviewer has it. You can edit or resubmit it again once it's returned to your firm and its status reads Pending Broker.
- Does everyone see the same status?
- Yes. The fund manager, the managing broker-dealer, the fund administrator and your firm all see the same status for the same submission. Each of you sees only the submissions you can reach, so your counts in the Status filter cover only your firm's submissions.
- Why does a status in the filter show a zero count?
- The filter lists every status the fund can reach, even before any submission reaches it. You can select a status with a zero count, and matching submissions appear as soon as one reaches that status.
- My submission was approved, so why isn't it Invested yet?
- After every reviewer approves, the submission waits for the fund's closing and reads Pending Closing. On funds that call capital, it then moves through Called and Transferred. It reads Invested once the investment is complete.
- Why does Contributed show a dash?
- That submission's funds aren't tracked in Covercy, so there's no received amount to show.