What is a Funding Close?

A Funding Close is a batch settlement event for a group of funded investments within an SPV. Instead of settling each investment individually, investments are grouped into a funding close and settled together. This is the "rolling close" mechanism that allows an SPV to process capital in stages while remaining open for new investments.

Why Rolling Closes?

Traditional investment funds have a single close date -- everyone invests by a deadline, and all capital is settled at once. Play Money uses rolling closes, which means:

• Investors can commit and fund at different times
• As funded investments accumulate, the ops team can settle them in batches
• The SPV stays open for new investors while earlier investors' capital is already being deployed
• Multiple funding closes can happen for a single SPV over time

How It Works

1. Investors commit and fund their investments over time
2. An admin creates a funding close and funded investments are assigned to it
3. When ready, the admin settles the funding close
4. Settled investments are locked -- they're now part of a completed funding round
5. New funded investments can be grouped into the next funding close

Funding Close Statuses

Key Details

• Close number -- each funding close within an SPV gets an incrementing number (Close #1, Close #2, etc.)
• One active close per SPV -- there can only be one active (unsettled) funding close at a time per SPV
• Investments count -- tracks how many investments are included
• Settled amount -- the total dollar amount of settled investments
• Settled by -- records which admin settled the close
• Notes -- optional admin notes about this close

What Admins Should Know

• Funding closes are admin-created -- the system doesn't automatically create them. An admin decides when to group funded investments and settle.
• All investments must be funded before settling -- you can't settle a close that contains non-funded investments.
• Settlement is final -- once a funding close is settled, it can't be un-settled. The investments in it are locked.
• SPV closure requires all closes settled -- before an SPV can be closed, every funding close must be either settled or cancelled. See Closing an SPV.

In This Section

• Creating a Funding Close
• Managing Close Membership
• Settling a Funding Close
• Cancelling a Funding Close