Summary
The Role-Based Permission Framework is designed to streamline investor onboarding through controlled access to LP onboarding data, enabling efficient collaboration while safeguarding sensitive information.
Key roles—Owner, Administrator, Fund Admin, Lawyer, and Limited —can be assigned to users to specify their access level and permissions within the onboarding review process. Additionally, service providers can be granted customized access to specific tasks.
Practical Use Cases
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Investor Onboarding Approval Cycle:
- As an Owner, set up workflows and assign roles to your team to create a clear chain of responsibility.
- Fund Admins review LP documents and submit comments.
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Lawyers approve comments, and Administrators send final comments to LPs.
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Working with Third-Party Service Providers:
- Assign your external compliance team as Service Providers and grant them access to review and submit comments.
- Limit their ability to approve or send comments to LPs to ensure sensitive communications remain in-house.
By utilizing this role-based framework, you can create a secure, organized, and efficient onboarding process that keeps each team member focused on the tasks relevant to their role.
For further assistance with configuring roles, permissions, or workflows, please contact our support team.
LP Approval Configuration
Before onboarding LPs into a fund, you can determine how to best configure the workflow to meet your needs, and determine which users assigned to which roles have access to specific features.
To access the LP Approval Configuration screen, navigate to your fund, click the gear icon in the top right corner, and click on the Workflow Options & Access tab.
For further information on adding users and assigning roles, please see this help article.
Feature Definitions
The initial workflow that supports the role-based permissions is designed to enable review and requests for edit of LP submitted data for Investor Onboarding.
There are two unique features included in this workflow:
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Require Data Review Before Counter-Signing?
When this feature is enabled, a user with the “Send Comments” permission granted will be required to approve an LP’s data prior to counter-signature.
Send CommentsIf the user identifies LP data that needs to be fixed or updated, they can send comments to that LP. This will notify the LP that updates are needed before moving forward with the investment, and will reset that LPs Investor Onboarding to an “Incomplete” state, with all pre-existing data pre-populated for the LP.
No Comments
If the LP’s data is accurate with no issues, a user with "Send Comments" access can click “No Comments” to move the LP into an “LP Approved” state, which will enable countersigning. -
Require Comment Approval?
When this feature is enabled, any comments that are sent to the LP must first be reviewed and approved.
Submit Comments
Users with the “Submit Comments” permission can review LP data on the “Data Review” tab, found on the investor slide-out tray, and use the text box to enter comments. Once submitted, the status will update from “Pending Review” to “Pending Approval”.
Alternatively, users with this permission can also indicate there are “No Comments”, which will progress the LP directly to the “LP Approved” State
Approve Comments
Users with the “Approve Comments” permission can also visit the Data Review slideout tray and see any comments that have been submitted in the same tex box. Once the comments are approved, they will move into the activity log with the approved state, and the LP status will update from “Pending Approval” to “Pending Release”.
If an edit to the comments needs to be made, then a user with the “Submit Comments” permission must return to the LP and re-submit before approval.
Send CommentsFinally, users with the “Send Comments” permission can send any approved comments to the LP. Comments that have been submitted and approved will be included in the notification to the LP exactly as is.
If there are no approved comments available, then the user will not be able to send a request for update to the LP.
No Comments
If the LP’s data is accurate with no issues, a user with "Submit Comment" access can click “No Comments” to move the LP into an “LP Approved” state, which will enable countersigning.
Status Progression & Definitions
The Flow workflow informs users of required action based on a series of sequential statuses. The sorting on the status column will group LPs in the same state for easier identification.
Available Statuses & Definitions
| Status | Definition | Notes |
|---|---|---|
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An LP has been added to the fund, but no invite has been triggered | |
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An LP has been sent an invite to the fund | |
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The LP has opened the email invite | |
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The email invite bounced due to an invalid address | |
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The LP has opened the first task of the onboarding | |
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The LP has entered some, but not all, data for their onboarding tasks | |
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The LP has submitted their subscription documents, and the data is ready for review | This state only exists when the “Require Data Review” feature is enabled |
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There is feedback or comments on the LP subscription document that need to be approved | This state only exists when the “Require Comment Approval” feature is enabled |
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There are approved comments ready to be sent to the LP to update subscription document data | This state only exists when the “Require Comment Approval” feature is enabled |
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Comments have been sent to the LP, and the LP is in the process of revising their subscription document data | |
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There are no comments on LP subscription document data, and that the subscription document is ready for countersignature | |
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The subscription documents have been countersigned | |
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The LP is in a Complete state | This state is manually set, and can be used as a catch-all to indicate that there is no further work required to close this LPs investment |
Slide-Out Tray Instructions
The legal review of LP data can be done on the investor slide out tray. To access this data, click on the investor, and choose the “Data Review” tab on the far right to show all of the data the LP has entered during onboarding.
For further information on the data shown here, please see this help article.
This is also where you will be able to find the submit, approve, and send comment actions described above.
No Review Required
When no data review is required, you will only see the data provided by the LP.
Data Review Required
When “Require Data Review Before Signing” is enabled, then you will see the option to indicate “No Comments” and “Send Comments”. This will be enabled if the user’s role has access to the “Send Comments “Feature.
Please note: selecting “No Comments” will immediately move the investor to the “Ready for countersignature” stage, and is granted to the same users that have the “Submit Comments” permission.
When “Require Data Review Before Signing” and “Require Comment Approval” are both enabled, then you will see the option to indicate “No Comments” as well as the action dropdown menu to “Submit Comments”, “Approve Comments”, and “Send Comments”.
These actions are only available if the user role has access to that feature in the fund configuration AND the workflow is in an accurate state.
For example:
- If you can approve comments, but no comments have been submitted for approval, then the “Approve Comments” action will be disabled
- If you can send comments, but the submitted comments have not been approved, then the “Send Comments” action will be disabled.
Please note: selecting “No Comments” will immediately move the investor to the “Ready for countersignature” stage, and is granted to the same users that have the “Submit Comments” permission.