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By the end of this guide you'll have set up amount-based share class routing on a fundraise, so each investor is automatically assigned the share class that matches their committed amount — no manual class picking, and no way for an investor to end up in a tier their commitment doesn't qualify for.
Note
Configuring share class routing is a GP task. You need a fundraise on a holding that has more than one share class — routing assigns investors between the classes linked to the fundraise. To set those up first, see Create a fundraise and Add your holdings.
How amount-based routing works
By default, a fundraise doesn't route: you choose each opportunity's share class yourself, exactly as described in Create a fundraise. When you switch a fundraise to route by commitment amount, each share class linked to the fundraise carries a minimum commitment amount instead. Together the minimums form a ladder from the highest tier down to the lowest, and an investor's committed amount resolves to the class with the highest minimum that the amount meets or exceeds.
For example, say your tiers are 1,000,000, 500,000, 100,000, 50,000, and 10,000:
- A commitment of 75,000 resolves to the 50,000 tier — the highest minimum the amount clears. Amounts between two tiers always round down to the lower tier.
- A commitment of exactly 500,000 resolves to the 500,000 tier. Meeting a minimum exactly is enough — the comparison is inclusive.
- A commitment of 1,200,000 resolves to the 1,000,000 tier, the top of the ladder.
- A commitment of 5,000 doesn't match any class. Amounts below the lowest tier are rejected as below the minimum investment.
Note
On a routed fundraise, the lowest tier's minimum is the fundraise's minimum investment. An investor can't commit less than the lowest tier.
Set up routing on a fundraise
- Open the fundraise you want to route.
- Switch its class routing to route by commitment amount.
- Enter a minimum commitment amount for each share class linked to the fundraise.
- Give every class a different minimum. Two classes can't share the same minimum — Covercy One rejects the configuration if they do.
- Save. From now on, each investor's share class is resolved from their committed amount.
Tip
Think of each minimum as the entry point to that tier. Order your classes so the most favorable terms sit behind the highest minimums, and make the lowest minimum the smallest commitment you're willing to accept for the fundraise.
What investors see
When you invite an investor to a routed fundraise, their invitation carries all of the fundraise's tiers rather than a single fixed share class. As the investor adjusts their investment amount in the investment flow, the share class that matches can change with it. The class that counts is the one resolved from the committed amount at signing: Covercy One determines it itself when the position is created, so the position always lands in the tier its amount actually qualifies for, regardless of any class displayed earlier in the flow.
Change tiers later
You can edit a routed fundraise's tier minimums after investors have started committing. Edits apply only from that point forward: investors who sign after the change are routed with the new tiers, while positions created before the change keep the share class they were assigned — nothing is re-routed retroactively.
Warning
Because existing positions never change, editing tiers mid-raise can mean two investors with the same committed amount hold different share classes — one routed with the old ladder and one with the new. Review the tier ladder carefully before your first invitations go out.
Verify it worked and get help
After an investor signs, open their position and confirm its share class matches the tier their committed amount qualifies for. Each position created through routing records how its class was determined — the committed amount and the matched share class — so you can always trace an assignment back to the tier ladder in force when the investor signed. If a class doesn't match what you expect, or you can't enable routing on a fundraise, contact the Covercy One support team.
- Do I have to use share class routing?
- No. Routing is off by default — a new fundraise assigns share classes exactly as before, with you choosing the class on each opportunity. Switch the fundraise to route by commitment amount only when you want tiers resolved automatically.
- What happens when a commitment falls between two tiers?
- It resolves to the lower tier. Routing always selects the class with the highest minimum that the committed amount meets or exceeds, so an amount between two tiers rounds down to the tier it actually clears.
- What if an investor commits exactly a tier's minimum?
- They get that tier. The comparison is inclusive, so meeting a minimum exactly qualifies for the class — a commitment of exactly 500,000 against a 500,000 minimum resolves to that class.
- What happens if an investor commits less than the lowest tier?
- The amount is rejected as below the minimum investment and no share class is assigned. On a routed fundraise, the lowest tier's minimum acts as the fundraise minimum.
- Can an investor end up with a higher tier than their amount qualifies for?
- No. On a routed fundraise, Covercy One resolves the share class from the committed amount at signing when the position is created. Whatever class may have been shown earlier in the flow, the position gets the tier the final amount actually qualifies for.
- If I edit the tiers, do existing investors move to new classes?
- No. Editing tier minimums never re-routes existing positions — each investor keeps the share class assigned when they signed. Only investors who sign after the edit are routed with the new tiers.