What's new

Signing now creates the investor's position and nothing else: a request for money comes into existence when the money is actually due — the investor reaches the payment step, or you deliberately ask — instead of a call sitting at Not Called behind the scenes from the moment someone signs. Send Payment Request therefore works on any signed investor, not only on one who happens to already have a request waiting: it creates the request and sends the email in one action, and so does the bulk send from the list and funnel views, so a signed investor is never un-askable. On the capital-call form, the per-position Call Now, Call Later and Exclude choices now survive re-allocation — change the call amount or the calculation mode and nobody you deferred is quietly reset, or emailed because you adjusted a number. Positions still default to Call Now or Call Later depending on whether a receiving bank account is selected, but only on a row that has no choice of its own yet.

When you add a contact by hand and its primary email already belongs to an active contact in the same entity, Covercy One now stops and names the contact that already holds the address, so you can go work with that record instead of quietly building a duplicate. You find out as soon as you click Next on the first step of the contact wizard — before you have named an investing entity, chosen its type or set a relationship — and the address is checked again when the contact is saved, so two people adding the same investor minutes apart cannot both succeed. Letter case and stray spaces are ignored; an archived contact does not reserve its address, an address another contact keeps as a secondary is still free, and a contact with no email is unaffected. Editing an existing contact is unchanged, and this is the manual add path only — importing a spreadsheet still matches on email and updates the contact you already have.

On a capital call's page, clicking anywhere on a funding request outside its row menu now opens that request's drawer, so there is no button to hunt for in the row, and the request's other actions are reached through the row menu the rest of Covercy One already puts them in. The drawer's progress rail now reads as a history rather than a position indicator: each stage shows the date it happened when the call has one, and a stage other than the current one acts as a shortcut that moves the request there — the same transition the Actions card offers, one click away — while a declined request's rail stays read-only. A call with no receiving bank account states the blocker on the page and carries the action that sets the account, instead of leaving you to find a Send Call you cannot use and guess why. The call's page also reads like the product's other record pages, with a breadcrumb running Holdings → the holding → Contributions → the call and the call's state readable from the page header; no batch action was lost — rename, receiving account, send and delete are all still there, though an action may sit under the header's buttons or its overflow menu.

An opportunity you have already committed to now shows your own commitment right on its card under Opportunities in your portal — something the sponsor's public opportunities page shows to no one, so browsing from the portal tells you more than following a link. Every card also carries the holding's location and asset type, whether the holding is a fund or a single asset, and the highlights that sponsor surfaced for that raise, so you can tell one deal from another before opening it. Because those highlights are each sponsor's own choice, two cards in the same list can legitimately carry different facts. Cards sit level with each other across a row, and a card with fewer facts stays short rather than being padded with filler.

An opportunity link you share now opens straight to the deal for the person you sent it to, even when the description includes an image. Some shared pages had been sending signed-out visitors to the sign-in screen instead, so a prospective investor following your link met a login wall you had no way of seeing. Those pages now open as intended, and an image that cannot be displayed no longer stops the page from loading. Nothing changes for you while you are signed in and editing the description.

An opportunity that was entered directly can now be attributed to the broker firm that actually placed it, so it sits alongside that firm's other placements instead of staying marked as direct. Attributing it again hands it to a different firm, the review decisions already taken on it stay in place, and the action is offered only where attribution is genuinely available. A signed package can also be filed for a broker firm that has not yet accepted an invitation, or has never been invited, so intake no longer waits on that firm's own onboarding. Each attribution, and each manual change to a review status, shows up as a tracked event of its own in that opportunity's change history. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

Investors reading the portal in Hebrew now see one word for a holding everywhere it appears — the sidebar, page titles, table columns, filter options and empty states — instead of several words for the same thing, sometimes two of them on one screen. A position keeps its own separate word, so a holding and your position in it stay easy to tell apart. Right-to-left tables line up again as well: each column's values sit under that column's header rather than drifting to the opposite edge. The English and Spanish portals are unchanged.

A fund's Portfolio tab now answers how much of each underlying holding the fund owns and what those positions have returned: new Class %, Deal %, and Distributed columns join Contributions and Committed. Where a single percentage would misstate the position — the fund holds more than one share class of that holding, or holds something other than common equity — the cell reads Mixed with a tooltip instead of a number. On the Holdings page, a new first filter, Hide fully fund-owned assets, is set to Yes and leaves out assets that one of your funds owns outright, because that fund's Portfolio tab now shows them in full; set it to No to see them again, and the filter appears only if you have such an asset. A fund itself is never hidden, and an asset your fund owns only part of stays listed.

Your cash-flow history on the investor portal no longer has to stay on screen: Cash Flows now carries an Export action that saves what you see there as an Excel workbook. The figures arrive ready to use, so you can reconcile them against your own bank statements, share them with an accountant, or keep them in your own records without retyping anything. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

The holding Structure chart has been rebuilt, and each ownership connector now shows the owner's percentage, worked out from the positions themselves, along with any preferred or other non-common stake behind it. You can collapse a branch, zoom in and out, and open the same chart full screen, and the spacing adapts to how deep your chain runs. Holdings with more than one owner, chains with more than one top-level owner, and structures deeper than three levels are all drawn clearly, and the chart follows your light or dark mode.

Images inserted into an email in the General Email Composer could show up fine when sent, then break in recipients' inboxes some time later. Inline images are now delivered durably, the same way the Covercy logo and holding cover images already are, so your email looks the same weeks later as it did on the day you sent it. This works whether you send each recipient their own email or one shared message.

Holdings and fundraises can no longer be deleted while capital calls on them are still in motion, so the record of money already called or moved stays intact. You find this out up front: the delete dialog tells you how many capital calls are in motion, links to each affected fundraise in a new tab, and explains that deletion becomes available once those calls are cancelled or settled. When a holding can be deleted, the confirmation dialog now summarizes what the deletion would take with it before you confirm, including positions that were imported rather than raised through a fundraise.

Instead of working out each period's management fee in a spreadsheet, you now get a complete draft run built from the share class's fee terms and each position's basis: the period, the charge date and an amount for every position, each showing what it was derived from. The draft fills the form as ordinary editable values, and nothing is recorded until you save. Runs are per share class, so classes with different terms no longer hold each other up. On the Fees tab, each class lists its fee cycles so you can see which periods are billed and which are outstanding, and open an outstanding one already drafted.

Recorded management fee charges and third-party partnership expenses, such as audit, tax, insurance and administration costs, now appear as itemized lines with a subtotal instead of being folded into net change in value. The statement also reads as a clear hierarchy, with group headings, indented lines and visible subtotals, and investors see the same structure on screen and in the PDF that you do. A new Valuation tab on the Capital Ledger shows how a holding's NAV got where it is, date by date and share class by share class.

A bank account you add to a holding now turns up in each place you'd look for it — the main Banking page, the holding's own Banking tab, and, on the holding overview, its Bank Accounts panel. Before this fix it could appear in only one of those spots. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

When you share an investing entity with a spouse or advisor, they now see your entity itself rather than a separate copy that could drift out of step with yours, and revoking the share removes their access cleanly. Editing an entity is reserved to its primary contact: everyone else sees it read-only with an indicator, and opening a read-only entity shows who its primary contact is. When a GP changes a contact's email address, portal access moves to the new address. GPs see the same read-only markers on each entity's contacts, with the primary contact marked as the editor.

An investing entity that subscribed twice, or sold part of its interest, now receives a single capital account statement, with a labelled breakdown of its positions beneath it instead of several partial statements. A position received through a transfer no longer reports its inherited history as new contributions and distributions. On the Capital Ledger, you now pick a reporting period by its end date, so the same period always shows the same figures, and opening balances and NAV for a holding's first period read correctly. When a missing valuation keeps an investor's statement from being shared, the Capital Ledger now tells you.

Each holding now has a GP-only Fees tab that lists every share class with its management fee term: the rate, the fee convention, the charge day and the next charge date. You set terms one class at a time, and each change is kept as a dated history. Recorded charges, both management fee runs and fund expenses, sit in their own section beneath a summary of the last fee charged, other charges year to date and the next charge date. The Classes tab also shows each class's Mgmt Fee rate.

Signing in with Google now takes you to the screen you were headed to, instead of stalling or dropping you into the wrong place. The destination you were heading to is now preserved all the way through sign-in, so you arrive where you intended the first time. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

Once a subscription or commitment agreement is fully signed, usually when the GP countersigns, the investor's contacts receive an email in the GP's branding with the executed PDF attached and a link to the document in the investor portal. Investors know right away that their agreement is complete, without having to ask the GP. If the file can't be attached, the email still goes out with the portal link. NDAs don't send this email.

If you had already paid from a bank account you linked to Covercy, paying again from that same account now works — Confirm Transfer no longer ends in a failed transfer. Repeat payments from a linked account go through reliably, and in the rare case a payment can't be completed safely, it stops with a clear message rather than moving money from the wrong account. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

When you add a person with an email address to one of your investing entities, they now receive an email inviting them into the investor portal, with a link to open it. The people you bring in are invited automatically, so you no longer have to reach out separately to let them know they have access. Only newly added entities trigger an invitation.

IRR, Equity Multiple, and Cash on Cash can now be read on a USD basis, with every cash flow converted at the closing rate of its own date so currency movements are carried into the result. On the investor dashboard, the IRR and Cash on Cash overlay is now USD-normalized — it previously combined amounts held in different currencies without converting them, so a portfolio spanning currencies did not read true — and the chart marks the overlay as USD. GPs with at least one non-USD holding also get a new USD-Normalized Values control on the Investor Portal Configuration page under Settings, which sets whether their investors see the USD equivalents; it is visible by default and changes nothing for holdings already denominated in USD.

Report Studio's LP view now shows one recipient per investing entity instead of one per subscription. A partner holding several subscriptions is a single recipient reading a single document, and the recipient count reads partners — reconciled against the subscription count, so a smaller number never reads as investors going missing. A searchable recipient list reaches anyone on the report in one step, rather than paging through everyone in between. Who receives the report is unchanged.

Distribution notice and finalize emails present every amount at the investor's own basis — the Gross Amount row is the investor's gross, both in the aggregate Distribution Details section and in each per-hurdle Distribution Breakdown. Where an investor's gross and net are the same, the section shows a single Amount row. GP-facing distribution screens are unchanged, and previewing the investor email shows a GP exactly what the investor receives.

A new Capital Ledger page under Accounting presents a holding's capital account statement as a rollforward with quarter-to-date, year-to-date and inception-to-date columns, NAV, Paid-In Capital and DPI, plus a ledger detail that traces each figure to its source and a CSV export. When you choose to include it in a report, each investor sees their own statement alongside the narrative, in the portal and in the PDF, and the statement names whose account it is. Before publishing, you can preview exactly what each investor will receive, and the recipient list now reflects who can actually open the report. Neo can also draw on the holding's total capital account when drafting your report, and Hebrew reports now print correctly in the PDF.

From a holding, Import contributions brings a file of historical contributions — investor, share class, amount and date — into Covercy One through the import wizard. Each row is matched to an investing entity you already have, using entity name, Tax ID, contact email or contact name together so one can settle what another leaves ambiguous; the import never creates investors, and a row it can't match is skipped with a pointer to import your investors first. Before anything is written you see every row that will be skipped and why, Import stays disabled when nothing in the file can be imported, and the contributions are recorded per investor and share class and marked as imported, so uploading the same file again doesn't double them.

When you change a share class's price per unit (PPU), you now enter the valuation date it applies to, instead of the change being dated the day you saved it, so a second-quarter price entered in July can be dated June 30. The PPU history is now directly editable, so you can add a back-dated price or correct an existing one. The PPU column on a holding's Share Classes tab now shows the price in effect today from that history, not the original raise price.

A closing schedule can now carry more than one closing day in a month, a different day in each month of a quarter, a close on the month's last day however long that month runs, or one-off dates you add yourself — and the form previews the closings your settings would generate before you save. On a fundraise's Closings & Payments tab, a GP can now execute its own closings when no fund administrator is assigned; where one is assigned, the fund administrator remains the executor. That tab now reaches direct-only fundraises as well, once one has a closing schedule of its own. Separately, an investor submitted by a broker, MBD or RIA now lands in your pipeline as Signed. Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone.

Choose Transfer ownership… on your positions or in the position detail drawer to open a guided wizard: pick recipients and the split, set the details, then review and confirm. A live preview shows exactly what each recipient will receive, and the accrued preferred return is suggested for the effective date you pick, which you can edit. The effective date can't be earlier than the position's latest activity, and the wizard tells you why when a date is too early. A position that was itself received by transfer now carries its real capital into a later transfer instead of showing $0.