Value and operate a fund

Outcome: Issuer records valuation and servicing activity for a fund. Administrator oversees all funds and all issuers and administers cross-platform records and exceptions.

Owner and application

• Actors: Issuer for fund-level operations; Administrator for all-fund and all-issuer oversight, administration, and exceptions
• Applications: Issuer workspace and administration workspace
• Supporting owners: NAV, ledger, custody, audit, export, and notification services
• Conditions: Authorized role, fund scope, operating period, valuation inputs, holding and ledger inventory, and required source records are available.

Normal path

1. Issuer opens the fund operating period and records the available valuation and activity inputs.
2. Issuer reviews the holding, ledger, custody, capacity, and Investor-operation inventory for the fund.
3. Issuer completes the applicable valuation approval or reconciliation step.
4. Issuer produces operational exports and sends required servicing notifications.
5. Administrator reviews all-fund and all-issuer records, provides platform-wide oversight, or handles an exception outside Issuer scope.

A recorded NAV supports fund display and reporting. It does not automatically become the investment-specific fulfillment price; the holding workflow records that price when the custody path requires it.

Failure, cancellation, and recovery

• Missing valuation, holding-inventory, or ledger input returns the work to Issuer with a clear correction action.
• A provider, job, or reconciliation failure remains assigned to the owning service and is visible to Administrator.
• Issuer can stop an uncompleted operating action only through its governed process. It does not remove the underlying record.
• Recovery resumes the operating period or reconciles the service side effect before continuing.

Handoff and evidence

Handoff	Receiving owner	Completion evidence
Operating input to valuation	Issuer operations	Valuation input, period record, and source evidence
Valuation to servicing	Issuer	Approved valuation or reconciliation result and updated operating inventory
Operation to export	Export or reporting service	Generated export and audit record
Fund records to platform oversight	Administrator	All-fund and all-issuer review record or assigned oversight action
Exception to platform administration	Administrator and owning service	Error state, owner, recovery action, and notification

See Fund Manager Operations, the administration workspace, and admin guides.