Meet Neo, your AI-powered Co-GP.
By the end of this guide you'll have moved all or part of an investor's position in a holding to one or more other investing entities — closing the original position and opening a new one for each new holder, on an effective date you choose.
Note
You need GP access to the holding the position belongs to. Transferring ownership is a GP task — investors can't start one from the investor portal. Everyone receiving part of the position must already exist as an investing entity in your workspace, so add any new entity before you begin. A position can't be transferred to the entity that already holds it.
What an ownership transfer does
A transfer is a close-and-open event, not a payment. On the effective date, Covercy One closes the position you started from and opens a new position for each recipient in the same share class, carrying across that recipient's share of the position's committed amount, subscription amount, contributions, called amount, distributions paid to date, units (for a unitized share class) and accrued preferred return. If you move only part of the position, the share the current holder keeps opens as a new position for them too.
The underlying records don't move. The original contributions, distributions and capital-call notices stay with the closed position as its history, and the new positions open with the balances they were given rather than with the seller's transaction history.
Start a transfer
- Find the position you want to transfer — on the Positions page, in a holding's positions list, or on an investing entity's positions — or open the position's own view.
- Select Transfer ownership. It's a row action on a positions list, and a button in the header of the position view.
- Wait for the pre-check. Covercy One checks the position before the wizard opens; when it passes, the first step of the transfer wizard appears.