Investment Lifecycle

Every investment moves through a series of statuses that reflect where it is in the process -- from the investor's initial commitment to the final receipt of funds. Understanding these statuses helps you know what's happening with any investment at a glance.

Lifecycle Diagram

Statuses Explained

Committed

The investor has submitted their investment commitment, but payment has not yet been initiated.

• What's happening: The investor said "I want to invest $X" but no money has moved yet. The system is evaluating whether the investment is ready to proceed (checking SPV status, bank account, and -- depending on the compliance configuration -- identity verification).
• What you'll see: The investment appears in the admin panel with status "Committed." There are no payment orders yet, or the payment order is still being set up.
• Ledger impact: When an investment is committed, the ledger creates a commitment entry that establishes how much the investor owes (receivable) and their economic interest (capital). No cash moves at this stage -- it's a bookkeeping record of the obligation. See How the Ledger Works.
• What can trigger movement: The system's readiness evaluation determines the next step. When the verification blocking mode is Skip (the current default), the system proceeds directly to bank registration and payment dispatch without waiting for verification. If blocking is enabled, the system waits for identity or entity verification to pass before proceeding. See Verification & Readiness.

Awaiting Custodian Funding

The investment is funded externally (IRA or DAF without a managed wallet), and the platform has sent custodian instructions. The investor needs to forward documentation to their custodian to initiate the wire.

• What's happening: An Expected Payment has been created and the investor has been provided with a custodian documentation packet to download. For IRA investments, this packet contains the PPM, operating agreement, executed subscription agreement, and wire instructions. The investor downloads the packet and sends it to their IRA custodian, who then initiates the wire transfer on the investor's behalf.
• What you'll see: The investment shows "Awaiting Custodian Funding" with a "Custodian Action Required" banner. The investor sees a "Download Custodian Pack" button. An Expected Payment exists with a pending status.
• What can trigger movement: When the custodian's wire is received and matched to the Expected Payment, the investment moves to Pending (partial payment) or Funded (full payment). Transfers typically take 2-5 business days after the custodian receives the documentation.

Pending

Payment has been initiated but has not yet completed, or a partial payment has been received.

• What's happening: An ACH debit has been submitted to the investor's bank, the investor has been sent wire instructions, or a custodian wire is in transit. The money is in motion. An investment also moves to Pending if a partial wire payment is received (e.g. the investor sent less than the full amount due to wire fees).
• What you'll see: A payment order exists with a status like "submitted" or "processing." The investment shows as "Pending." If a partial payment arrived, the payment summary will show collected vs. outstanding amounts.
• Balance Due: If an investment was previously funded but an upward adjustment created an outstanding balance, the investment returns to Pending with a "Balance Due" indicator. This means additional funds are needed to cover the new commitment amount. Once the supplemental payment is received, the investment will automatically return to Funded.
• What can trigger movement: The payment completing (funds received in full) moves the investment to Funded. A payment failure may trigger retries (see Failed Payments & Retries).

Funded

The investor's payment has been received in full. The investment is complete from a money-collection perspective.

• What's happening: The money has arrived in the SPV's virtual account. The investment is now eligible to be included in a funding close. For wire transfers, the system automatically transitions the investment to Funded once reconciliation confirms the full amount has been received.
• What you'll see: The investment shows "Funded" and has a completed payment order. The "Funded At" timestamp records when the full amount was received. The investment may or may not be assigned to a funding close yet.
• What comes next: The investment will be assigned to a funding close for settlement. See Funding Closes.
• Adjustment note: If the investment amount is later increased above the collected total (via an admin adjustment or an approved increase), the investment will temporarily move back to Pending until the supplemental payment is received. Both the Adjust Amount and Approve Increase actions trigger this transition automatically. See Adjusting Investments for details.

Cancelled

The investment has been cancelled and will not proceed.

• What's happening: Either the investor withdrew their commitment, the admin cancelled it, or the SPV was cancelled.
• What you'll see: Status shows "Cancelled." Any in-progress payments will also be cancelled.
• Important: Cancellation is for investments where money has NOT been received. If money was already received and needs to be returned, that's a refund (see below).

Refunded

The investment was funded but the money has been returned to the investor.

• What's happening: The investor's funds have been or are being sent back to them via an outbound payment order.
• What you'll see: The investment shows "Refunded" and there will be an outbound payment order for the refund amount.
• When this happens: Investor requests a withdrawal, the deal is cancelled after funding, or an admin initiates a refund.

The Concept of "Fully Funded"

An investment is considered fully funded when the total amount received through completed payment orders equals or exceeds the committed investment amount. This is important because:

• An investment can receive money in multiple payments (e.g. initial payment + supplemental payment after an increase)
• If a wire transfer comes in short (e.g. due to wire fees), the investment may not be fully funded even though a payment arrived
• The admin UI surfaces the collected total alongside the outstanding balance so you can see at a glance whether an investment is fully funded

Verification and the Investment Flow

Whether verification is part of the investment flow depends on the compliance policy:

• Skip mode (default): Verification does not block the investment. The flow is simplified: Committed -> Pending -> Funded. Investments proceed directly from SPV check to bank registration and payment dispatch. Background KYC still fires for all investors but never blocks anything.
• Bank Pull Only mode: Only bank pull (ACH) investments wait for verification. Wire and external investments proceed directly.
• All mode: Both bank pull and wire investments wait for verification. Only external (IRA/DAF) investments proceed directly.

Each investment has a "Verification Required" flag that tells you whether verification blocks that specific investment, based on the current policy and funding source.

For details on the readiness evaluation and how verification interacts with it, see Verification & Readiness.

What Admins Should Know

• Committed investments are waiting for something -- if an investment stays in "Committed" status for a while, check the readiness evaluation to see what's blocking it. Common blockers: SPV not yet open, bank account not registered. Note: when verification blocking is set to Skip, verification is never a blocker.
• Awaiting Custodian Funding means the investor needs to act -- for IRA investments, the investor must download the custodian documentation packet and send it to their IRA custodian. The custodian then initiates the wire. If an investment stays in this status for a while, the investor may not have forwarded the documents yet.
• Pending means money is moving -- don't panic if an investment is pending. ACH transfers take 1-3 business days. Wire transfers depend on the investor sending the money.
• Funded is the happy state -- this means everything worked and the money is in the SPV's account.
• The system automates transitions -- you generally don't need to manually move investments between statuses. The system handles this based on payment webhooks, readiness evaluations, and amount adjustments. For example, increasing a funded investment's amount beyond the collected total will automatically move it to Pending, and receiving the supplemental payment will move it back to Funded.

Admin Actions

The investment show page provides several lifecycle actions through the Actions dropdown menu:

• Change Funding Source -- switch how the investment is funded (e.g. ACH to wire, or vice versa). Available when no payment is currently in-flight at the bank. If changing to ACH, a bank pull will be scheduled after a 48-hour cooling period. If the SPV hasn't been opened yet, the funding source is updated immediately but payment dispatch waits until the SPV opens. The dialog previews exactly what will happen before you confirm.
• Retry Payment -- manually re-attempt a failed payment. Available after a payment has failed or been returned and no new payment is in-flight. This evaluates readiness and dispatches a new payment attempt, recording the retry reason and failure history for compliance review. See the Failed Payment playbook for when to use this.
• Reassign Profile -- reassign the investment to a different investor profile for tax reporting purposes (e.g. the investor accidentally used their individual profile instead of their LLC). This is an administrative correction only -- it does not affect payments, funding sources, or money movement. Available on any non-cancelled investment where the investor has another profile.

Investment Eras

Each investment is tagged with the era it was created in (V1 or V2). This affects how payments are tracked:

• V1 investments were created before the payments upgrade. Their payment history is tracked through the legacy Transfer system. Fee data was migrated to the current fee schedule format.
• V2 investments are created through the current system. They use Payment Orders for all money movement and have full support for rolling closes, wire reconciliation, and automated payment dispatch.

Both V1 and V2 investments appear in the same admin views. The era badge helps you identify which system an investment uses.

See: Platform Eras