Create a fundraise

By the end of this guide you'll have created a fundraise on one of your holdings, chosen the fundraise type that matches when you expect the money, and added the first opportunities to your pipeline.

Note

Creating and editing fundraises is a GP task. You need access to your firm's workspace and to the holding you're raising for. If an action is unavailable, ask a workspace admin to grant you access.

Before you start

A fundraise belongs to a holding, so create the holding and its share classes first. A fundraise tracks the investors you're raising from as opportunities — pipeline records that move through stages as each investor progresses from prospect to signed. If you plan to collect payments through Covercy, you can also assign a receiving bank account, but you can add or change that later.

Where to start a fundraise

Fundraises live under Holdings — there's no separate Fundraises item in the sidebar. On a holding you manage that doesn't have a fundraise or any positions yet, the holding shows a Start a fundraise control to take you straight into the creation form. Once a holding has fundraises, open the holding's Contributions table and select a fundraise row to return to its detail page.

Choose a fundraise type

Covercy One has two fundraise types. The type decides when the money is due — it doesn't change what the fundraise can do:

Commitment — for collecting commitments now and asking for the money later. Opportunities move through the pipeline stages Potential, Soft Circled, Signed, and Lost, and signing records the investor's position without asking them to pay.
Investment — for direct investments funded at signing. Opportunities move through the same pipeline stages, and once an investor signs, their position is created and they can pay straight away.

Note

Signing never creates a capital call, on either type. On an Investment fundraise the investor is simply able to pay as soon as they've signed — nothing is pre-created for you to send. If you want to ask a signed investor for the money yourself, use Send Payment Request in their opportunity drawer; it works even when no request exists yet.

Tip

If you're not sure which type fits, choose Commitment when you're gathering commitments to draw on over time, and Investment when you expect investors to fund as they sign.

Note

You pick the type from the Fundraise Type dropdown in the creation form. Your choice doesn't change the actions on the fundraise detail page: Share Opportunity, Investor Flow, Agreement Templates and Opportunity Page are available on every fundraise, the overflow menu reads Edit fundraise and Delete fundraise on all of them, and the Required Actions column, its filters, the summary bar and the funnel's Needs attention pill are never hidden on a raise.

Calling capital isn't a fundraise type

Calling capital is no longer something you set up as a fundraise. A capital call is its own record on the holding, raised against the positions that holding already has — whatever fundraise those positions came from, including imported ones. So there's no third fundraise type to pick, and no position-selection step in the fundraise creation form.

Note

The fundraise detail page still offers a capital-call entry point, but it takes you to the holding's capital-call surface rather than opening a form on the fundraise. Where calls live, and how you track one from Not Called through to Invested, is covered in Issue and track capital calls.

Create the fundraise

Open the holding you're raising for and start a new fundraise.
Give the fundraise a Name — this is what appears in the header and breadcrumb.
Choose the Fundraise Type — Commitment or Investment.
In the Share Classes section, select the share classes you're raising into and set an optional target for each. The fundraise target is the sum of these per-class targets, and it drives the progress shown on the fundraise.
Optionally choose a Receiving Bank Account from the dropdown, which groups eligible holding accounts first and then organization accounts. This is where investor payments are deposited; you can leave it unset and add it later.
Save to create the fundraise and open its detail page.

Note

Per-class targets are optional. Set targets on some classes and the fundraise target is the sum of those; clear the target on every class and the fundraise simply has no target, so the progress tile has nothing to measure against. You can set or change targets later from the fundraise's Edit form.

Note

By default you assign each opportunity a share class yourself. If you're raising into more than one class, you can instead set routing to By amount tier in the Share Classes section: enter a threshold ("Routes when ≥") for each class, and Covercy One assigns the class based on the investor's amount. The lowest threshold is treated as the minimum, thresholds must be unique with no gaps, and a preview lets you enter a sample amount to see which class it resolves to.

Note

Setting a receiving bank account is optional at creation. Until one is assigned, automated payment collection isn't available for the fundraise — investors use manual bank transfer, and Send Call actions on its opportunities stay disabled with the tooltip "Define a receiving bank account before calling investors". Setting up banking and making payments are covered separately under Banking & payments.

Decide who can find the fundraise

Creating a fundraise doesn't expose it to anyone on its own. Distribution is controlled separately, from the visibility panel on the fundraise's opportunity configuration page, which offers three independent channels: who can find the fundraise in your investor portal, whether it's listed on your public Opportunities page, and a direct landing link you can share yourself.

Note

A new fundraise starts unpublished, so it isn't listed on your public Opportunities page until you turn publishing on. Publishing and portal visibility are independent — changing one never changes the other. Note that anyone can view a published opportunity without logging in, so publish only what you're comfortable showing publicly.

Tip

Every fundraise has a direct landing link with a copy action, whatever its portal visibility or publish state. If you just want to send the opportunity to a specific investor, copy that link rather than changing who can discover the fundraise. Configuring the landing page itself is covered in Configure the investor landing page.

Write the description investors read on the card

Wherever your fundraise is offered, investors first meet it as an opportunity card — the tile in your investor portal that carries the fundraise's name and headline facts. You can write a short description for the raise, and the card shows it under the title. It's the blurb an investor actually reads before deciding to open the opportunity, so it's worth writing deliberately.

A new fundraise has no description, and a card without one simply renders without a description paragraph. The text you write is the same for every viewer of the card — it doesn't vary by share class and isn't gated.

Open the fundraise and go to its Opportunity Page.
Open the Card Highlights editor. The description is the multi-line text field at the top, above the toggles that control which standard facts the card shows.
Write a short description of the raise. The editor shows how much of the available length you've used as you type.
Save the editor. Your description and your highlight toggles are saved together in one operation — there's no separate save for the description.

Warning

The card description is independent of your investor landing page description. If you've already written a Description section on the landing page, the card does not reuse it — and editing one never changes the other. They're separate pieces of copy in separate editors, so to have both, write both.

Note

The description has a maximum length, and the editor counts your characters against it while you type. If you go over, the editor tells you before you save and won't submit until you've trimmed the text, so you won't lose the edit to a failed save.

Tip

Keep it plain. Markup isn't interpreted, so anything you type as HTML or Markdown appears on the card exactly as you typed it, tags and all. To remove a description you no longer want, clear the field and save — the card goes back to showing no description paragraph.

Add opportunities to your pipeline

The fundraise detail page is where you build your pipeline. Use New opportunity in the header to add an investor, or invite investors so they appear automatically as they engage.

On the fundraise detail page, select New opportunity.
Optionally choose an Entity and a Contact. Both searchable fields start searching once you type at least two characters. An entity is optional for an early-stage prospect but is required before an opportunity can be marked Signed.
Set the Owner, the GP team member responsible for the opportunity. New opportunities default to whoever created them.
Choose the Share class and the starting Status (defaults to Potential). The share class defaults to the fundraise's primary class; on a fundraise that routes by amount tier, it's suggested from the committed amount you enter and you can still change it.
Optionally enter a Committed Amount.
If you set the Status to Signed — or to Invested on an Investment fundraise — a Documents & Agreements section appears, where you can attach NDAs, agreements, or other files to the opportunity as you create it. Choose a type for every file you add: the dialog won't submit while a staged file has no type, and it tells you so when you try. Attaching and sharing supporting documents is covered in full in Find signed NDAs and subscription agreements.
Submit to create the opportunity, together with any files you staged. It appears in the opportunities list on the fundraise.

Note

If your workspace has custom fields configured for opportunities, the New opportunity dialog includes an input for each one, and the values you enter are saved on the opportunity when it's created.

Warning

You can't create two opportunities for the same entity and share class within one fundraise — Covercy One shows an inline error if you try. Opportunities without an entity aren't subject to this rule, so you can keep several early-stage prospects in the pipeline.

Move opportunities through the pipeline

Each opportunity moves through the stages Potential, Soft Circled, and Signed, or Lost if it doesn't proceed. The opportunities list shows every opportunity on the fundraise. Select an opportunity to open its drawer, where you can review details, edit metadata, and change status from the overflow menu in the drawer header. To mark an opportunity Signed, it needs both an investing entity and a committed amount; Covercy One blocks the change and tells you what's missing if either is absent.

Signing creates the investor's position. On most raises that happens the moment the opportunity is marked Signed; on two kinds of raise the position is booked a little later, which is covered in When signing creates the position below. Either way, signing doesn't ask the investor for money — that happens when the investor reaches the payment step themselves, or when you deliberately ask by using Send Payment Request in the drawer or the bulk Send Call action in the list. The request that records the money as due is created as part of that send, so a signed opportunity with nothing outstanding is normal.

The drawer also surfaces a Next Steps section for any pending action — for example, inviting an investor, sending a signing request, or waiting on an investor's signature — so you always know what to do next to keep an opportunity moving.

When signing creates the position

On a straightforward raise — a holding with no fund administrator assigned, and a round with no closing schedule — marking an opportunity Signed creates the investor's position there and then. Two setups move that moment later. In both of them signing still does everything else you expect: the opportunity is Signed, its agreement is on file, and nothing is lost. Only the point at which the position is booked changes.

When a fund administrator is assigned to the holding

If the holding has a fund administrator, a signed investor's position waits for that administrator's approval. Signing is what puts the opportunity in front of them: while an opportunity is Potential or Soft Circled it carries no review at all and appears in no administrator's queue. At the moment it's signed, your own organization is recorded as approved — you created the opportunity — and the fund administrator's approval is the one outstanding. When that approval lands, the position is created automatically, with no further step for you to perform.

Note

You can see where an opportunity stands from its drawer. The Review card shows an overall status naming the role being waited on — for example Pending FA — above one row per reviewer, each with the organization's name, its role (GP, Fund Admin) and its own status of Pending, Approved, or Rejected.

Note

Investors who reach you through a selling group carry one further condition: the fund administrator approves them only once their funds are recorded as received. Opportunities you add yourself aren't tracked that way, so the approval is the only thing their position waits for.

Tip

A fundraise on a holding with no fund administrator is unaffected by any of this. It finalizes exactly as it always has: sign the opportunity, and the position exists.

When the round runs on a closing schedule

If the round has a closing schedule, positions are booked at a closing rather than at signing. A signed, approved investor waits to be assigned to a closing, and their position is created when that closing is executed — dated to the closing's date rather than to the day the closing was run. Until then the opportunity sits on the fundraise as signed with no position behind it, which is the expected state and not something to fix. Setting up a closing schedule and executing closings is covered separately.

Delete a fundraise

If you created a fundraise by mistake, or a round is being abandoned, you can delete it. Deleting removes the campaign — the fundraise, its opportunities and the agreements signed on it — but not your investors' stakes in the holding.

Open the fundraise and choose Delete fundraise from the overflow menu in the header.
Read the confirmation dialog. What it asks of you depends on what the fundraise holds.
If the fundraise has positions, type Delete in the confirmation field. The Delete button stays disabled until the text matches; capitalization doesn't matter.
If agreements were signed on the fundraise, select the acknowledgement checkbox — I understand that signed agreements will be deleted as well — which is required before you can continue.
Select Delete. The dialog stays open while the deletion runs, then closes and refreshes the list.

Warning

Deleting a fundraise can't be undone. A fundraise with no positions is removed after a simple confirmation — "Are you sure you want to delete this fundraise? This action cannot be undone." — with nothing to type.

Note

Your investors' positions are kept. A position is an investor's stake in the holding, not part of the campaign that introduced it, so deleting the fundraise keeps every position and simply disconnects it from that fundraise. The confirmation dialog says so, and names how many positions are kept — it never says they will be deleted. Their contributions, distributions and history stay with them, and they continue to appear in the holding's contributions.

Note

Capital calls are untouched. Deleting a fundraise never deletes a capital call or any of its notices, and a call already in motion never blocks the deletion. Deleting the whole holding is different: that is refused while any of its capital calls are in motion.

Warning

Invitation links stop working. Deleting the fundraise revokes the invitations you sent for it, so an investor who follows one is told it's no longer valid and can't submit an application, and a signature request still waiting is marked expired. If investors still need to come in, send them a link to a new fundraise rather than reusing an old one.

Verify it worked

Open the fundraise detail page and confirm the header shows the name you set, along with badges for the fundraise status, type, and share classes. The metrics tiles below the header show committed, signed, called, and invested figures plus progress toward your target. Confirm the opportunities you added appear in the list. You can rename the fundraise at any time by clicking its title in the header, typing a new name, and pressing Enter — press Escape to cancel, and note that an empty name is rejected. To change the type, target, share classes, or receiving bank account later, use Edit fundraise in the header's overflow menu. If you deleted a fundraise, confirm it no longer appears in the holding's Contributions table, and that the holding's positions are still listed. If something won't save or an action is unavailable, confirm you have the right access or reach out to our team for help.

What's the difference between the fundraise types?: A Commitment fundraise collects commitments now and leaves the money to be asked for later. An Investment fundraise is for direct investments funded at signing, so once an investor signs, their position is created and they can pay immediately. The type decides when the money is due — it doesn't change the actions, columns, or tooling available on the fundraise.
Which fundraise type do I choose to call capital?: Neither — calling capital isn't a fundraise type. A capital call is its own record on the holding, raised against the positions that holding already has, whatever fundraise those positions came from. The capital-call entry point on a fundraise takes you to the holding's capital-call surface rather than opening a form on the fundraise. See Issue and track capital calls.
Does signing an Investment opportunity create a capital call?: No. Signing creates the investor's position and lets them pay straight away, but no capital call and no funding request is created for you. A request is created when the investor reaches the payment step, or when you use Send Payment Request or the bulk Send Call action — including on a signed opportunity that has no request yet.
Where do I start a fundraise from?: From the holding. A holding you manage with no fundraise and no positions yet shows a Start a fundraise control that opens the creation form. There's no Fundraises entry in the sidebar — once a holding has fundraises, you reach them from the holding's Contributions table.
Do I have to assign a receiving bank account when I create a fundraise?: No. The receiving bank account is optional and you can add or change it later from the fundraise settings. Until one is set, automated payment collection isn't available — investors use manual bank transfer, and the Send Call actions on the fundraise's opportunities remain disabled. Setting up banking is covered under Banking & payments.
Is my fundraise visible to investors as soon as I create it?: No. A new fundraise starts unpublished, so it isn't listed on your public Opportunities page, and portal discovery follows whatever portal visibility you choose. The two settings are independent of each other, and you can always share the fundraise's direct landing link instead of changing either one.
What happens if I stop publishing a fundraise?: It stops being listed on your public Opportunities page, but links you already shared continue to work. Covercy One warns you about this when you turn publishing off, so unpublishing is a way to remove the fundraise from the listing rather than to revoke access to it.
How does Covercy One decide which share class an investor gets?: By default you choose the share class on each opportunity, and it defaults to the fundraise's primary class. If you set the Share Classes section to route By amount tier, Covercy One suggests the class from the investor's amount using the thresholds you set, and you can still override the suggestion when you add an opportunity.
When do I need to add an investing entity to an opportunity?: An entity is optional while an opportunity is an early-stage prospect, so you can track Potential and Soft Circled opportunities with just a contact. An entity is required before you can mark an opportunity Signed; Covercy One blocks the change and prompts you to add one if it's missing.
Why can't I create an opportunity for an investor?: Covercy One prevents duplicate opportunities for the same entity and share class within a fundraise. If one already exists for that combination, you'll see an inline error in the New opportunity dialog. Opportunities without an entity aren't affected by this rule.
Can I change the fundraise after creating it?: Yes. Rename it inline by clicking its title in the header, or use Edit fundraise in the header's overflow menu to update settings such as the type, target, share classes, and receiving bank account. Changing the receiving account applies to future investor payments and doesn't affect payments already made.
Where do I write the description investors see on the opportunity card?: In the Card Highlights editor on the fundraise's Opportunity Page. The description is the multi-line field above the toggles for the standard facts, and saving the editor stores your description and your highlight choices together in one go.
Does the card use my investor landing page description?: No. The card description and the landing page's Description section are separate: setting one does not set the other, and editing one leaves the other unchanged. If you want copy on both the card and the landing page, write it in both places.
How long can the card description be?: There's a maximum length, and the Card Highlights editor shows how much of it you've used while you type. If your text runs over, the editor flags it before you save and won't submit until you've trimmed it — you won't hit the limit as a save failure.
Can I bold or format the card description?: No. Markup isn't interpreted, so HTML or Markdown you type appears on the card as literal characters. Write it as plain text. Clearing the field and saving removes the description, and the card then shows none — the same as a brand-new fundraise.
Why doesn't my signed investor have a position yet?: Two setups book the position later than signing. If the holding has a fund administrator, the position is created when that administrator approves the opportunity — automatically, with no further step from you. If the round runs on a closing schedule, the position is created when the investor's closing is executed, dated to the closing. On a holding with neither, signing creates the position immediately.
Who has to approve an opportunity before it becomes a position?: Only where the holding has a fund administrator assigned. In that case signing seeds the review: your own organization counts as approved because you created the opportunity, and the fund administrator's approval is outstanding. The opportunity drawer's Review card shows the overall status and each reviewer's own status. With no fund administrator assigned there is no review, and nothing extra to wait for.
How do I delete a fundraise?: Open the fundraise and choose Delete fundraise from the overflow menu in the header. A fundraise with no positions is deleted after a simple confirmation; one with positions asks you to type Delete, and one with signed agreements adds a checkbox acknowledging that those agreements are deleted too. Deletion can't be undone.
What happens to my investors when I delete a fundraise?: Their positions are kept and disconnected from the fundraise — a position is a stake in the holding, so it outlives the campaign that introduced it, and it keeps its contributions, distributions and history. The opportunities, the invitations and the agreements signed on the fundraise are removed with it, and invitation links you already sent stop working.
Does deleting a fundraise delete its capital calls?: No. Capital calls belong to the holding and its positions, so they survive the deletion with their statuses unchanged, and a call in motion never blocks the deletion. Deleting the holding itself is the stricter action: that is refused while the holding has capital calls in motion.