Wire Instructions Update

What’s New

We have made UI improvements to our Wire Instructions for online wire exercises. The new UI better highlights the amount, timeline, and considerations for completing the transfer. The updates include:

  • User and exercise specific details such as grant, company, option holder, date, and amount.
  • Clearer instructions for the bank on how to handle intermediary fees with specific SWIFT payment instructions. 
  • Approval and reminder emails now show the last day for Carta to receive funds, so the exercise can be complete.

Who this affects

All international users who are exercising options via online wire. 

How it works

The updated Wire Instructions will be available in the same places as before (Tasks view, PDF, Exercise Progress view). You can see the new templates here:

Tasks view


PDF

Exercise Progress view

Email communication

Both Approval and Reminder emails show the date for Carta to receive funds.

Timing

  • Available on all online wire exercises starting 11/30/2022

Additional Resources

Support Article: Exercising Via Online Wire

Capital Activity Tool

What's new?

Capital calls and distributions have historically been completed via communications directly with your fund admin outside of Carta’s Platform. This system led to potential delays due to a lack of transparency and tracking capabilities. 

Carta has now launched the new and improved Capital Activity Tool. This combines capital calls and distributions on Carta’s platform, enabling your fund admin to complete your requests easily from within while maintaining transparency and communications with you and your stakeholders.

What’s important or valuable about this change? 

Carta has reworked our capital call and distribution processes to streamline your capital to get it to where it needs to go as quickly as possible. 

 The new capital activity tool does the following:

  • Combines capital calls and distributions under one tab for your fund admin team 
  • Handles complex net events where LPs are being called and distributed value at the same time
  • Allows for distributions to use the same in-app GP approval flow that cap calls use
  • Allows for distributions to use the same pro rata math to auto-populate figures that cap calls have
  • Adds itemization support (bucketing) so journals and cap call notices can detail how much of a cap call is for expenses, fees, and more
  • Calls outside commitment are now supported 
  • Cap calls can use dynamic fields for notice building (previously distributions only)
  • The support section is now customizable on notices
  • Progress (LPs paid) figures are now accurate 
  • Tracks partial amounts from LPs

With this new infrastructure, Carta will start adding features at a high velocity. Stay tuned for improvements to in-kind support, notice customization, scheduled LP reminders, sub-close interest, and more.


What do I need to do?

Ready to use the new tool? We have launched with several test customers and are currently collecting results.


How do I learn more or get help?

Please refer to these screenshots for a sneak peek. 

You can now select from a menu of options in the Capital Activity Tool, including:

  • Capital Calls
  • Subsequent Close Call
  • Distribution
  • Custom Event 


Add a due date and the contribution event easily.


You can now select from a variety of buckets for your capital activity and decide how to allocate across investors. 



Granular data entry allows you to make sure you call and distribute the correct amount for each stakeholder. 



Track all of your capital activity in one easy location. 

Interest holder addresses

What's new?

You can now keep a record of interest holder addresses.

What's important or valuable about this change?

Gain a single source of truth with all interest holder information centralized in Carta. Admins can now input a physical address when adding a new interest holder or editing an existing one and this address can be viewed in the interest holder ledger and in the interest details.

What do I need to do?

When issuing interests to new holders, Admins can now bulk upload addresses in the interest holder spreadsheet. You will see different columns for different address fields. Upon issuing, the address will be saved on the new interest holder.

When adding a new interest holder or editing an existing one, Admins can record the address in the new Address section. Inputting the Country/Region will make the other address fields appear.

How do I learn more or get help?

For more information on managing interest holders, visit our support site.

Exercising options and warrants

What's new?

We’ve simplified Carta’s UI to help Admins exercise multiple options or warrants in one streamlined workflow.

What's important or valuable about this change?

When interest holders elect to exercise their outstanding options and warrants, you can now enter the exercises all together in Carta to reflect the transactions on the cap table. You can also issue new interests to the holders and keep a record of the transaction in the interest history.

What do I need to do?

In the interests ledger, navigate to the interests you want to exercise in the left sidebar. 

Select one, multiple or all interests.

Navigate to the Action button and select Exercise.

The new UI will walk you through exercising the interests, including:

  • Reviewing the destination interest type that this interest will settle into once it is exercised
  • Specifying the details of the interest being exercised, including the number of units to exercise and the price per unit
  • Specifying the new interest details, including the invested capital amount, issue price, and any applicable custom fields
  • Reviewing everything and confirming the exercise

After you confirm, the interests resulting from the exercise will be issued, affected interests will be updated, and cap table reports will reflect the exercises. You can also view the transaction in the interest history.

How do I learn more or get help?

For more information, visit our support site.

Tagging portfolio companies within firm investment view

What’s new? 

We’ve improved our investment tagging feature so you can easily categorize, filter, and view your investments by industry, geography, and more.

Investment tagging allows you to enter any custom KPI attached to your portfolio companies so you can personalize the information on the Investments tab of your fund dashboard. Plus, you can now easily view the performance of your investments based on KPI. 


How it works 

Category refers to the classification, like industry, while tag refers to the type of classification, like fintech.  

To apply a new tag, edit an existing tag, or create a new category, navigate to your Overview tab, then click Investments. Select “+” next to the investment you’d like to personalize.

To add a new category or a new tag (not already in the dropdown), click Manage All Tags & Categories.

To add a new category, select the dropdown next to Categories and click + Add New. Enter the category, and select Add new tag category. To remove a category, select the category from the drop down, and then click Delete category. 



To add a new tag within a category, enter the tag in the box labeled tag name and click Add tag. To remove a tag, select the trash can symbol next to the tag.


To edit a tag for an existing category, select the dropdown next to the tag, then select the new tag you’d like to apply to that investment.  



To add an additional tag or category to your investment (the tag and category must already exist in the dropdown), select + Add Another Tag. To delete an additional tag or category, select - to the right of the tag.  



Once your new category or tags are entered, click Submit. You will now see a more detailed view of your investments. To filter by category, select Filter, enter the filtering condition, and select Apply Filters. 

Who this effects

Anyone utilizing Carta’s fund administration, LP Portal, Portfolio Insights and free firm portfolio can access this feature. 



Optional Sections in Carta Closings


What’s new?

With Optional Sections, a new feature of Carta Closings, fund managers now have the ability to further customize their LPs subscription experience.

Create an even faster closings experience for your investors. 

Our Optional Sections feature allows you to hide sections of Carta’s Standard Investor Questionnaire, such as Qualified Purchaser (QP) or Qualified Client (QC), that may not be relevant to your fund or SPV. You can also disable, make optional, or require LPs to provide their wire instructions for future distributions as part of their subscription.

How does it work? 

1. On the Closings tab, select Closings Details.  Then, scroll down to Customize Sections

2. From here, you can make your selections to hide, require, or make optional the  wiring instructions, qualified purchaser, and qualified client sections. Then click Save

How do I learn more?

To learn more about this feature, please reach out to your account manager. 

Have additional questions about Carta Closings? Check out our fund manager resource and LP support article, or request a demo.

Custom Questions in Carta Closings

What’s new?

We understand the questions fund managers need answered by their LPs can vary depending on the entity. With Custom Questions, a new feature of Carta Closings, fund managers and fund attorneys now have the ability to customize their LPs subscription experience, ensuring no question goes unanswered.

If Carta’s standard Investor Questionnaire doesn’t cover everything you or your attorney needs answered by LPs while closing your fund or SPV, Custom Questions gives you the ability to easily add additional questions to our questionnaire. 

How does it work? 

1. On the Closings tab, select Closings Documents, then click Edit Appendix. 

2. You’ll be directed to a Get Started screen with two options: 

Option 1: Enter questions from scratch

If you have not previously added questions to another entity, you’ll start here. For each question added, you can designate whether the question be answered by all LPs, just individuals, or just entities.

Option 2: Copy Questions from another fund / SPV

If you have previously added questions to another entity, there’s no need to enter these questions again. Click Start copying and select which questions you’d like to copy to your current fund or SPV. 

3. Enter your question and then select how the answer should be provided by your LP (short text input, yes or no, etc.)  There’s no limit to how many questions you can add, or what you want to ask of your LPs.

4. Once your questions are entered you can  preview how they will appear in Carta’s investor questionnaire. After a final review, click Submit.

How do I learn more?

To learn more about this feature, please reach out to your account manager.

Have additional questions about Carta Closings? Check out our fund manager resource and LP support article, or request a demo.



Introducing the ability to adjust vesting end dates

What's new?

You can now adjust the time-based vesting end dates in custom vesting plan templates.

What's important or valuable about this change?

When creating a new custom vesting plan template, you have the flexibility to customize whether vesting occurs on the same day of the month as the start date (no adjustment), on the first day of the month, or on the last day of the month. 

With this new capability, you can customize time-based vesting schedules to set up more vesting clauses and align vesting dates so interests vest on the same day.

What do I need to do?

When creating a new custom vesting plan template, you can find the end date adjustment option in the Time-based vesting section. You can choose between no adjustment, last day of month, or first day of month.

How do I learn more or get help?

For more information on managing vesting templates, please visit our support site.

New search bar in the Document Library

What's new?

You can now search for documents in the Document Library.

What's important or valuable about this change?

The new search bar allows you to quickly search the library for documents you’ve uploaded, such as acceptance agreements and K-1s. This is especially useful if you have a large volume of documents saved in the library. 

What do I need to do?

The search bar has been automatically added to your Document Library:

You can also search for documents when adding them to an interest or interest type: 

How do I learn more or get help?

For more information on document management, please visit our support site.

Securely store and share documents in Data Rooms

We’ve introduced a few updates to Data Rooms to provide you with a secure and streamlined way to upload and share documents from within Carta.

Centralize document storage and sharing workflows in Carta

With the new sharing capability, you can:

  • Centralize your document storage and sharing in Carta
  • Streamline the investor due diligence experience during fundraising by inviting them to view documents in a dedicated fundraising Data Room
  • Provide external parties secure access to documents during annual audits or provide quarterly updates to interest holders

Get started

Admins can manage Data Rooms by navigating to the Documents tab. 

Click “Create data room.”

Name your Data Room. Additional settings that will allow you to watermark PDF files and require NDAs are coming soon.

Upload documents into the Data Room and organize them in folders.

You can share data rooms by clicking the Manage data rooms button and then Manage sharing.

Share Data Rooms  with others using their email address. You can also see who you’ve already shared the Data Room with.

People you share Data Rooms with will receive an email from Carta inviting them to log-in to their Carta account or create an account to view the Data Room.

 For more information on Data Rooms, please visit our support site.

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