Closing an SPV

Closing an SPV moves it from Pending (open) to Closed status. This is the final step in the fundraising lifecycle -- after closing, no new investments can be accepted and the capital is ready to be deployed to the portfolio company.

Requirements Before Closing

An SPV can only be closed when these conditions are met:

1. EIN must be set -- the SPV's Employer Identification Number (tax ID) must be recorded. This is a legal requirement for the entity.

2. Close date must be set -- the official close date must be specified on the SPV record. Note: once at least one funding close has been settled, the close date field is locked to protect the integrity of legal documents that reference it. Set the close date before settling if you need to adjust it.

3. All funding closes must be settled or cancelled -- there cannot be any active (unsettled) funding closes. Every funding close must be in either a Settled or Cancelled state. See Funding Closes for details.

If any of these requirements are not met, the system will prevent the SPV from being closed.

What Happens When You Close an SPV

When an admin closes the SPV:

1. SPV status updates to Closed.
2. Catch-all funding close created (if needed) -- if any funded investments are not assigned to a funding close, the system automatically creates a pre-settled funding close and assigns them to it. This ensures every funded investment belongs to a funding close at the time of SPV closure, which is required for accurate financial reporting. The catch-all close is timestamped with the SPV's close date.
3. No new investments can be accepted for this SPV.
4. Existing investments remain in their current state -- funded investments stay funded, pending payments continue processing.
5. The deal becomes inactive from an investment perspective -- investors can still view the deal page, but the "Invest" button is no longer available.

Admin Dialog Options

The close action presents a confirmation dialog. Admins should review:

• The total amount raised
• The number of investors
• That all funding closes are settled

What Admins Should Know

• Closing is permanent -- once an SPV is closed, it cannot be reopened. Double-check everything before proceeding.
• Settle funding closes first -- the most common blocker for closing is having an active funding close. Make sure all closes are settled (see Settling a Funding Close).
• Unassigned investments are handled automatically -- if any funded investments were never added to a funding close, the system creates a catch-all close for them at SPV closure. You do not need to manually assign every investment before closing.
• Close date locks after first settlement -- once at least one funding close has been settled, the close date field is locked in the admin panel to protect legal documents that reference it. If you need to change the close date, do so before settling the first funding close.
• Investors are not automatically notified of close -- settlement notifications happen at the funding close level, not the SPV level.
• Disbursements happen after close -- once the SPV is closed, funds can be wired to the portfolio company. Admins can initiate disbursements directly from the SPV page. See Disbursements.