Product Flow Overview

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Integrating through Apex AscendOS?

The product guidance on this page applies to you. The endpoints, fields and statuses are Monark's; use the AscendOS equivalents listed in Building on Apex AscendOS.

This page describes the operational workflow behind a Monark SPV. Most of it is Monark's work, but several steps belong to your platform, and a handful of them are the difference between a subscription that closes and one that does not. Those are called out as Your platform throughout.

The lifecycle has four stages: origination, fundraising, closing and post-close.

Origination

Prospective offerings

About a week. Monark uses prospective offerings to test demand for a company and deal structure before committing to an SPV. A prospective offering is a potential SPV, not a real one, so its terms are ranges — a price band and a valuation band — and investors can only register non-binding interest against it.

Your platform. Show prospective offerings next to live offerings, labelled as upcoming, and let investors submit a dollar indication of interest. An indication of interest must be strictly non-binding: do not require a signature, and do not run a cash balance check to submit one. See Indications of Interest.

Sourcing and diligence

One to five days. Once enough demand has accumulated, Monark sources and secures the shares, generally only "0/0" shares — no annual management fee and no carried interest at the vehicle level — from reputable brokers or funds.

When the best source is identified and MMM Securities has completed its diligence on the deal, and on the manager where relevant, Monark creates the SPV and uploads the diligence documents. Those are available through both the API and the Alts Desk. A webhook fires on every SPV status change.

Partner approval

Under 48 hours. Your platform. Once the SPV reaches FUND_ADMIN_APPROVED or PRIMARY_FUNDRAISE, your deal or operations team reviews the diligence documents and approves the SPV for distribution to your investors.

Approval can be given either way, and most teams use both:

Related reads: GET /primary/v2/partner-approval/partner/targets lists what is awaiting you, and GET /primary/v2/partner-approval/target/{targetId}/is-approved answers for one SPV. The SPV list and detail responses also carry isApproved for the calling partner, which is usually all a marketplace needs.

An SPV begins accepting subscriptions only once both conditions hold: your platform has approved it, and it is in PRIMARY_FUNDRAISE. A subscription against an unapproved SPV is refused with "Failed to create Investor Subscription as the Partner has not approved this SPV". This is why the marketplace query filters on monarkStage=PRIMARY_FUNDRAISE and isApproved=true — see Marketplace.

Fundraising

Collecting subscriptions

One to two weeks. When an offering opens, notify interested investors and show them enough to make an informed decision:

• Company overview. Monark supplies qualitative information — descriptions, founding team, current round, news, research — and quantitative information — price history, funding rounds, implied valuation — through the APIs. See Company View.
• Deal terms. Pricing, fees and SPV details must be available before an investor commits. Minimums generally range from $10,000 to $50,000 per investor, and SPVs from $1M to $10M. Investors pay a one-time management fee on subscribing of 3–8%, and a one-time $15,000 admin expense per SPV is included pro rata in the all-in price per share. See SPV View.
• Documents. The private placement memorandum, risk factors, series agreement and subscription agreement preview should be available for the investor to review and attest to before subscribing.
• Text acknowledgements. Monark serves acknowledgement text — for example, "I acknowledge I am e-signing documents" — through the API. Present it and capture explicit acknowledgement. See Transaction Actions.

Your platform. Two responsibilities here are yours alone, because Monark cannot see them:

1. Cash. Before an investor may submit a subscription, check their account cash balance and lock or debit the amount, so the subscription is fully funded when the SPV closes.
2. Accreditation. Where the offering is a Regulation D offering, present and offer it only to accredited investors. See Accreditation.

Limits that refuse a subscription

Three limits are enforced when a transaction is created, and each produces a message your UI should show the investor:

When the commitment becomes binding

Once an investor completes every required action and signs the subscription agreement, the transaction moves to Processing. At that point the commitment is binding and can only be reversed manually.

An offering stays open until either its full allocation is met or its funding deadline is reached.

Closing

Pre-close review

Under 24 hours. An SPV is fully funded when its full allocation, including fees, is met by signed subscriptions. It moves automatically to PRE_CLOSE_REVIEW. Monark reviews, moves it to CLOSE_REQUESTED, and contacts your platform to request movement of cash.

Money movement

Under 24 hours. Your platform. Wire the aggregate of investor subscriptions, including all fees, to the SPV bank account. Wire instructions are in the SPV's document set, available through both the Alts Desk and the API. Monark confirms receipt in writing.

Transaction statuses do not change at this point. Once cash moves from the SPV account to the sellside and the fund administrator completes its close process, Monark closes the SPV and the underlying transactions are marked Complete.

Post-Close

Position maintenance

Monark provides SPV NAV marks, based on secondary market trading levels, through the API. They are available in real time and updated daily.

Statements and tax

Monark provides investors with monthly statements showing current value, gain and loss, and cost basis. Each SPV is a Delaware series LLC taxed as a limited partnership, and Monark provides K-1s annually through the API.

Corporate actions

Monark surfaces current and upcoming corporate actions relevant to active SPVs through the API, which you can use to drive notifications or banners.

Where a corporate event requires settlement of cash or shares — an acquisition or an IPO — cash and share balances are handled directly with your custodians. Shares acquired privately are subject to a 180-day lock-up following an IPO, and remain restricted until the lock-up ends.

What This Means For Your Build

Next Steps

• What you build and the conventions every call follows: Integration Overview
• Handle status changes without polling: Webhooks