SPV Status Transitions

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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.

An SPV's monarkStage tracks it from creation through fundraising to close. Your platform cares about a few of these stages directly; the rest are Monark and fund administrator operations, surfaced so you can tell an investor what is happening.

The stages

Stage	Meaning
`DRAFT`	Being created. Not visible as an offering.
`WAITING_MONARK_REVIEW`	Awaiting Monark's review.
`FUND_ADMIN_REVIEW`	With the fund administrator for review.
`FUND_ADMIN_APPROVED`	Approved by the fund administrator. Your deal team can review and approve it from here.
`PRIMARY_FUNDRAISE`	Open for subscriptions, provided your platform has approved it.
`PRE_CLOSE_REVIEW`	Fully funded. Monark is reviewing before requesting cash. No new subscriptions.
`CLOSE_REQUESTED`	Monark has requested the close with the fund administrator, and will ask your platform to wire.
`CLOSE_IN_PROCESS`	The close is running. Nothing for your platform to do.
`FUNDS_SENT_TO_TARGET`	Cash has gone to the sellside. Nothing for your platform to do.
`CLOSED`	Closed. Subscriptions on it become `Complete`.
`CLOSE_FAILED`	The close did not complete.
`LIQUIDATION`	The vehicle is being wound up.
`DISSOLVED`	Wound up.

Note the spelling: CLOSE_IN_PROCESS, not CLOSE_IN_PROGRESS.

What makes an SPV investable

Important: Two independent conditions, and both must hold:
monarkStage === "PRIMARY_FUNDRAISE" && isApproved === true
monarkStage is Monark's readiness. isApproved is your platform's approval for distribution to your investors. A subscription against an SPV missing either is refused with "Failed to create Investor Subscription as the Partner has not approved this SPV".

Your deal or operations team approves an SPV once it reaches FUND_ADMIN_APPROVED or PRIMARY_FUNDRAISE, either in the Alts Desk or through PUT /primary/v2/partner-approval/target/{targetId}/approve.

Where your platform acts

Stage	Your platform
`FUND_ADMIN_APPROVED` or `PRIMARY_FUNDRAISE`	Review the diligence documents and approve the SPV for distribution
`PRIMARY_FUNDRAISE`	Present it as investable and accept subscriptions
`PRE_CLOSE_REVIEW`	Stop accepting subscriptions. Show the offering as full
`CLOSE_REQUESTED`	Wire the aggregate, including fees, to the SPV account. Wire instructions are in the SPV's document set
`CLOSED`	Subscriptions become `Complete`. Show positions

Fundraising ends when either comes first

An SPV stays open until its full allocation — including fees — is met by signed subscriptions, or its fundingDeadline is reached. On being fully funded it moves automatically to PRE_CLOSE_REVIEW.

Two separate limits close an SPV to new money, and they are independent:

remainingDollarAllocation reaching zero.
numberOfSeatsRemaining reaching zero — the 99-investor cap that US private fund rules impose. An SPV can be seat-closed while dollars remain.

Staying in step

Subscribe to the SPV webhooks rather than polling:

Event	Meaning
`PreIPOCompanySPV`	The SPV changed stage
`PreIPOCompanySPVUpdate`	Its terms changed — refresh pricing, fees, allocation and deadline
`PreIPOCompanySPVDocumentUpdate`	Its documents changed — a new subscription agreement preview must be the one the investor attests to
`PreIPOCompanySPVSubscriptionActionDefinitionUpdate`	Its required actions changed — re-read the actions on any open transaction against it

Next steps

The offering page these stages gate: SPV View
What happens to subscriptions on it: Transactions