Stages of SPVs
SPVs can only accept Subscriptions from Investors when the monarkStage field is set to PRIMARY_FUNDRAISE. SPVs with monarkStage set to anything other than PRIMARY_FUNDRAISE cannot accept Subscriptions.
We provide a webhook event each time an SPV's monarkStage is updated.
See the SPV State Transitions page for more information on the different statuses that SPVs can have.
Reg S SPVs
SPVs with the exemptionsClaimed field set to Reg_S are the only SPVs that can accept subscriptions from investors who have their accreditationStatus set to NOT_APPLICABLEthrough the accreditation update endpoint.
Investors with accreditationStatus set to NOT_APPLICABLE can invest into Reg S SPVs, as long as they are outside of the United States. There can be no directed marketing efforts made towards US based investors for any Reg S SPV.
Reg D SPVs
SPVs with the exemptionsClaimed field set to Reg_D can accept subscriptions from US based investors that have self-attested to their accreditation status through the accreditation update endpoint. An accreditation status of NOT_APPLICABLE is not acceptable for Reg D SPVs.
Approving SPVs
SPVs must be approved before Subscriptions can be submitted. In order to create a seamless investor experience, and to avoid trade breaks, when fetching SPVs to display to investors on a frontend, you should filter by isApproved = TRUE and monarkStage = PRIMARY_FUNDRAISE.