Set up a closing schedule and execute closings

By the end of this guide you'll have set the dates your fundraise closes on, made sure every approved investor is assigned to a closing, and executed a closing so its investors' positions are booked.

How closings work

• Positions are booked at the closing, not at signing. Once a round has a closing schedule, an investor who signs and is approved waits for a closing. Their position is created when that closing is executed.
• Positions are dated to the closing. A booked position and its contribution carry the closing's date, even if you execute the closing a few days later.
• One closing is active at a time. When a closing is executed, the next upcoming closing on the round becomes the active one.
• Each round has its own schedule. Setting up a schedule on one fundraise doesn't change any other fundraise on the fund.

Set up a closing schedule

1. Open the fund and go to Fund Setup for the fundraise.
2. Open Closing Schedule.
3. Choose how often the round closes: Monthly, Quarterly or Custom.
4. For Monthly, add one or more days of the month. For example, add two days to close twice a month.
5. For Quarterly, set a day for each month of the quarter you want to close in. You can leave a month empty if you don't want a closing that month.
6. For each day, pick a day of the month or Last day. Last day always lands on the final day of that month, including in February and other shorter months.
7. For Custom, add the specific dates you want the round to close on.
8. For a Monthly or Quarterly schedule, set Up to X occurrences to choose how many upcoming closings are created. A Custom schedule creates every date you enter, so it has no occurrences field.
9. Set Effective from to the date the schedule starts applying.
10. Check the preview, which shows the next three closings the schedule will create and updates as you edit, then save.

Once the round has a closing schedule, a Closings & Payments tab appears on the fundraise next to Opportunities and Funnel. A round without a schedule doesn't show the tab.

Edit an upcoming closing's date

1. Open the fundraise and go to Closings & Payments.
2. Find the upcoming closing and edit its date or label on its row.
3. Save. Your change applies to that closing only and is kept if the schedule is changed later.

You can edit the date of an upcoming closing. While a closing is the active one, its date is locked.

Assign approved investors to a closing

When an investor is ready to close, Covercy One assigns them automatically to the next closing on or after the day they became ready. An investor sent directly by you is ready once they're approved and signed. An investor placed by a broker firm is ready once they're approved and their funds are confirmed as received. If a ready investor isn't in a closing yet, they're listed under Approved — awaiting closing assignment on the Closings & Payments tab, so no approved investor is left out.

1. On the Closings & Payments tab, find the investor under Approved — awaiting closing assignment.
2. Use Assign to closing and choose the closing.
3. Confirm. The investor moves out of the awaiting list and appears under the closing you chose.

Expand a closing's row to see the investors assigned to it. Before a closing is executed, each investor is marked as eligible or not eligible, with the reason, and the closing's totals count only the eligible investors.

Execute a closing

1. On the Closings & Payments tab, find the active closing and select Execute on its row.
2. Review the investor table. It lists each investor this execution would book, with their status: eligible, excluded or bumped to the next closing.
3. To leave an eligible investor out of this closing, clear their include option and enter a reason. A reason is required.
4. Review the closing's totals, then confirm the execution.

When you confirm, Covercy One books a position for each included investor, dated to the closing's date, and marks their opportunity as Invested. The closing is closed and the next upcoming closing becomes active. Execute is unavailable while no investor in the closing can be included.

Record commission payments

If the round is sold through a selling group, executing a closing creates a pending commission payment for each firm the fund pays at that closing. Investors you sent directly carry no commission. The closing's row shows when payments are still pending.

1. Pay the firm outside Covercy One, as you normally would.
2. On the Closings & Payments tab, open the closing's details by selecting its pending-payments summary, or View details from the row's ⋯ menu.
3. Find the payment under What the fund releases and select Mark paid.

Mark paid records that the money was paid. Covercy One doesn't send the payment for you. You can also reject a pending payment with a reason, or reopen a paid or rejected payment to pending. The details show who changed each payment and when. Once nothing is outstanding, the closing's row says that nothing is due.

Check that it worked

After you save a schedule, the fundraise shows the Closings & Payments tab with your upcoming closings. After a closing is executed, its row shows as closed, expanding it lists the investors who were booked, and each of those investors' positions shows the closing's date. If something doesn't look right, contact the Covercy One support team.