For limited partners

What the portal is

If you have invested in a fund whose manager runs on NAVdryx, the investor portal is where your record of that investment lives: what you have committed, what has been called, what has been distributed, where your capital account stands, and the documents and statements issued to you.

It is a read-only view of the manager’s own books rather than a separate copy kept in step. The figure you see is the figure they see, at the moment you look at it. Nothing is retyped on its way to you.

Getting access, and what you can see

Access comes from the fund manager, who invites the people at your firm who need it. There is no public sign-up, by design: an investor record is attached to named people, and only those people can open it.

What you see is scoped to your own investor record. That scoping is not a filter applied to a larger list on the way to your screen — the request itself is bounded, so another investor’s figures are never assembled in the first place. If you sit on more than one fund with the same manager, you see each of them; you never see another investor in any of them.

Three roles exist on the investor side, because the person who reads the numbers is often not the person who signs. A signatory can execute a subscription. A finance contact gets the figures without signing authority. And a member of the advisory committee sees committee material alongside their own record. See Roles and permissions.

Reading your capital account

A capital account is the running record of your economic position in a fund. It opens at your commitment and moves with each event.

• Commitment is what you agreed to invest. It is not cash you have paid; it is cash you have promised.
• Contributions are the amounts actually called and paid. Your unfunded commitment is the difference between the two.
• Distributions are amounts returned to you. Some return your own capital; some are profit, and the tax treatment differs. Your capital statement shows distributions as a single total, so ask the manager if you need the split.
• Allocated income and expense is your share of what the fund earned and spent, including management fees.
• Ending balance is your position at the close of the period, on the basis the fund reports.

Every figure on a statement is produced from the fund’s own records by a calculation the manager can reproduce and explain. If a number surprises you, the manager can show the workpaper behind it rather than reconstruct it from memory.

What you will be asked to do

• Fund a capital call. The fund notifies your firm by email, and by a push notification in the mobile app. The call appears in the portal under Capital, with your own amount, the due date, the notice PDF, and the wire instructions — see the next section.
• Provide tax documentation. A W-8 or W-9 establishes how the fund must withhold. An out-of-date form generally means withholding at the statutory rate rather than a treaty rate.
• Consent or elect. Some decisions need investor consent, and some offer a choice — whether to roll into a continuation vehicle, for instance. A consent is acknowledged in the portal and recorded with who acknowledged it and when; an election is recorded by the fund team, and you can see yours in the portal.

Paying a capital call

1. Sign in yourself. Type the portal’s address or open the app. Don’t sign in through a link in an email.
2. Open the call from Capital. Its page shows your amount, the due date, the notice PDF, and the wire instructions: the bank, the beneficiary, and the last four characters of each account number.
3. Reveal the full details. Select “Reveal full details” and enter a code from your authenticator app. If you haven’t set up two-factor sign-in, you are asked to set it up first. The full numbers show for two minutes, and you can hide them sooner. Each reveal is recorded, and you can reveal at most five times an hour.
4. Call before you pay, on the number shown beside the warning. If the instructions changed in the last 30 days, the page says so. If the portal shows no instructions, it tells you to call for them.

If you sign in through your organization’s single sign-on, the full numbers are given to you by phone instead. The mobile app shows the warning and the number to call, but never the account details. Once a call is settled or reversed, its wire instructions are no longer shown.

Recognizing a genuine email

Fraudulent capital call notices are the most common attack on private funds, because a notice is easy to imitate. Genuine emails from the fund carry several marks that are hard to copy:

• The sender is your fund manager’s name followed by “via NAVdryx”. Replies to it are not read: to contact the fund, sign in and send a message.
• Your security phrase appears at the top, when the email goes to the address you sign in with. You choose the phrase on the Communications page. If a notice from the fund reaches your sign-in address without your phrase, treat it as suspect and report it; account emails and signature requests never show it (see below). Emails to another address on your investor’s record, such as a shared mailbox, show no phrase. Setting, changing, or removing your phrase sends a security notice to your sign-in address.
• A verification code, in the form XXXXX-XXXXX, appears at the bottom. Check it on the portal’s Emails we sent you page, which lists every email the fund sent you with its date, subject, and code. A notice PDF carries its own code, which you check on the same page. The answer says whether the notice is genuine and whether a newer one has replaced it; compare its amount with your copy.
• No bank details. No email or notice PDF from the fund contains bank details, and a tax document is never attached to an email.
• A portal link, or none. Your fund can choose to send its emails without a link to the portal. Such an email tells you to sign in the usual way (the address you always use, or the NAVdryx app) and still carries its verification code. A missing link doesn’t make an email fake, and a link doesn’t make it genuine.

Account emails (invitations, password resets, and security notices) carry neither a phrase nor a code, and neither do signature requests, which the fund’s e-signature provider sends itself. A newsletter or legal notice carries them only when it goes to the address you sign in with. Whatever an email looks like, type the portal’s address yourself or open the app to act on it.

Reporting a suspicious email

Don’t click its links, open its attachments, or pay anything it asks for. On Emails we sent you, use Report a suspicious email. The same form appears when a code check fails, and also when a code checks out but something about the email looks wrong, because an altered copy of a genuine notice keeps its code. Say what the email claimed to be and what made you doubt it, and give its code if it had one. If you are a contact of more than one investor, you may be asked which investor the email was about. Don’t paste bank details or passwords.

Your report opens a thread in Messages. On your side, only you can see it; the fund team sees it at the top of their inbox. Their replies send no email or push notification, so look for them in that thread in Messages. Then call the fund on the number on your Security page. You can file up to five reports an hour.

Notifications and the digest

The Communications page lists what the fund sends you, by email and in the mobile app.

• Always on: capital calls, distributions, tax documents, consents and elections, bank-detail and call-back number changes, and legal and regulatory notices. You can’t turn these off.
• Your choice: statements and reports, message replies, documents to sign, documents shared with you, and newsletters (newsletters by email only). Turn each on or off for email and for the app.

Under Digest, choose Daily summary or Weekly summary (Mondays) to get statements, message replies, documents to sign, and shared documents as one email instead of one each. Digests go out at 07:00 UTC. Choose Off to get each email when it happens. Calls, distributions, tax documents, consents, and bank-detail alerts are never held for a digest. Which contacts at your firm receive which notices is set by the fund team.

Documents, and withdrawn documents

Statements, notices, and other documents delivered to you are in the portal. The fund team can see whether and when each one was opened, and how often a capital call or distribution notice was downloaded.

If the fund team withdraws a document — for example, one sent to you by mistake — it disappears from your portal and its download stops working. An email about it may already have reached you; the portal is the record of what is current.

The data room

The data room holds documents the fund team has shared with your investor, grouped by type, with the date each was shared. A share can have an end date: the document stays listed until then, and drops off after it. You are told when something new is shared, unless you have turned that notification off. Downloads are recorded.

Messages

Messages is a secure channel to the fund team. Start a thread about one of your funds; replies show as “Fund team”. Messages can’t be edited once sent, and you can’t attach files. Never send bank or wire details in a message — the fund never asks for them there. When the fund team closes a thread, you can still read it; start a new one to continue. You are told about replies as your Communications settings say, except replies to a suspicious-email report, which appear only in the portal.

Your Security page

Security, in the portal menu, explains how to recognize a genuine message. It covers:

• that the fund never sends or changes bank details by email, and shows wire instructions only in the portal;
• the number to call before every payment, for each of your funds, with “Changed on” and the date for 30 days after a change;
• your security phrase, with a link to set it on the Communications page;
• verification codes, with a link to Emails we sent you, where you check them;
• what to do if an email looks wrong, with a link to report it;
• changes to your payout account that are being verified or are on hold;
• whether two-factor sign-in is on for your account, with a link to set it up.

How the phrase, the codes, and the portal link work is described under Recognizing a genuine email, above.

Changes to your payout account

Your payout account is the bank account your distributions are paid to. When it changes, every contact at your investor is told, both when the change is requested and when it takes effect. The fund team verifies the change by calling a number that was on file before the request — never one given in the request. Once the new account is active, no payment goes to it for 72 hours.

Your Security page lists a change while it is being verified or held, with the time the hold ends. If you didn’t ask for the change, call the number on your Security page straight away.

A word on payment instructions

Wire instructions in NAVdryx are verified before they can be used and are changed under a controlled process rather than by email. When they change, you are told.

The habit that protects you is simple and worth keeping regardless of what any system promises: confirm bank details by voice, on a number you already had, before the first payment to a new account. Treat a change of account details as the highest-risk message you will receive.