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How it works

From offering formation to reconciled distribution

Seven phases, one canonical record set. Every phase writes to the same underlying data, so reporting never requires a reconciliation spreadsheet.

  1. 01 — Formation

    Stand up the vehicle and the offering

    Create the fund or SPV, attach governing documents, define investor classes and fee terms, then build the offering: minimums, caps, timeline, eligibility rules, and the Deal Room.

    Sponsor admin, fund manager, compliance officer

  2. 02 — Eligibility

    Onboard and verify the investor

    Investors complete a resumable intake covering identity, investing entity, beneficial owners, tax profile, KYC/AML, accreditation, and suitability. Status advances only on real persisted review outcomes.

    Investor, compliance officer

  3. 03 — Raise

    Commit and subscribe

    Eligible investors record a commitment, receive the subscription packet, and execute. Packets move through draft, reviewed, admitted, executed, and reconciled — each transition is evidenced.

    Investor, investor-relations manager, fund manager

  4. 04 — Close

    Admit investors and issue ownership

    At each closing, admitted subscriptions become ownership records: units or percentage interests by class, effective-dated so the cap table can be reconstructed for any point in time.

    Fund manager, accountant

  5. 05 — Operate

    Call capital and maintain capital accounts

    Capital calls compute pro-rata amounts from unfunded commitments, issue notices, and track funding. Capital accounts are derived from contributions, distributions, and allocations.

    Fund manager, accountant

  6. 06 — Distribute

    Run the waterfall

    A deterministic calculation service applies return of capital, preferred return, catch-up, hurdles, and promote across tiers and classes. Preview the allocation and its audit breakdown before any funds move.

    Fund manager, accountant, auditor

  7. 07 — Report

    Statements, performance, and tax

    Investors receive capital account statements, performance, valuations, and tax documents through controlled delivery, with electronic-delivery consent recorded.

    Investor-relations manager, accountant, investor