Capstan - Fund Investor Portal and GP Console with Wire-Fraud Controls

Dashboard, calls and distributions, event detail for calls and distributions, the investor register with its quick view panel, and the bank detail change queue with its review panel.

Signatory e-signature, a callback to a number on file before the request, an account ownership check and a second approver who is neither the requester nor the callback taker. Payments to a new LP account then wait 5 business days.

Wire instructions come from the vehicle's approved receiving account and appear only inside the LP portal after a fresh MFA check. Every call shows how long those details have been unchanged.

34 of the 310 LPs, from 17 countries, across 3 vehicles in 2 funds, with 16 capital events, 10 bank change requests and 7 staff users from the GP and the fund administrator.

Capital Calls Are a Fraud Target

Business email compromise that targets capital calls is a well-known risk. As long as notices and wire instructions travel by email, a spoofed message with new bank details looks like any other notice, and only a phone call caught the USD 3.2 million attempt.

Two Vehicles, Different Rules

Fund III has a Delaware limited partnership for US taxable investors and a Cayman exempted limited partnership feeder for non-US and US tax-exempt investors. Each has its own LPA terms, receiving account, tax documents and, for the feeder, CIMA registration under the Private Funds Act.

Every Investor Must Qualify

Interests are offered under Regulation D and Fund III relies on section 3(c)(7), so every investor must be both an accredited investor and a qualified purchaser. W-9, W-8 and CRS self-certification forms have to stay valid, and the administrator must clear AML and KYC first.

No Record of Who Saw What

Statements and notices went out as attachments, so the GP could not show an LP or its auditors which contact had opened which document, or which LPs had not yet seen a call notice due in a few days.