Flows: For Registered Funds (equity)

The following flows apply to registered funds:

• initial fund/offering setup (see Flows: For All Investment Vehicles)

• transfers (see Flows: For All Investment Vehicles)

• tender offer redemptions

Initial Investments

The initial investments for a registered fund have the following flow, with securities issued when the Asset Manager or Fund Admin runs a close for a batch of accepted shares. This flow assumes that:

• The investing org has been assigned to the fund.

• The investing org has accepted that assignment.

The Integration API refers to the initial step in subscribing as "creating an asset."

Tender Offer Redemption

For managed funds, either the general partner or the fund admin can initiate the event. Both must approve.

For self-managed funds, the general partner's approval is required.