Explorer permissions and states

Explorer separates fund discovery, portfolio authorization, stealth visibility, and secondary-offering authorization.

Fund portfolio access

Portfolio access is granted by global administration, organization membership, a non-cancelled investment through an Admin or Member account relationship, a fund invite, or Open Explorer visibility. An invite can belong directly to the user or match the signed-in user’s email.

These paths also populate My funds for non-draft funds. They are alternatives: an investor does not need organization membership when an investment or invitation grants access.

Marketplace visibility

Setting	Marketplace	Portfolio access
Hidden	Not shown	Existing access or direct invitation is required.
Visible	Shown	The user must request and receive access, or already have another access path.
Open	Shown	Any authenticated user can open the portfolio.

Marketplace includes eligible active-open or active-closed funds with Visible or Open visibility. A pending request can be Approved or Rejected by an authorized fund team. Approval creates fund invitation access.

Stealth holdings

Stealth portfolio entries use a stricter check than ordinary portfolio access. Global administrators, organization members, and authorized fund collaborators can see them. Other LP viewers see them only when the fund enables its stealth-portfolio setting. Investment, invitation, or Open access alone does not reveal stealth entries.

Portfolio enrichment controls are exposed to organization members and global administrators, not to ordinary invested, invited, or open-access viewers.

Secondary offering access

• Any authenticated user can browse active Public offerings.
• Invite only offerings are available to the seller, invitees, and participating bidders.
• Sellers can see every bid on their offering.
• Other users see only bids associated with an investment account they belong to.
• A seller cannot bid on their own offering.
• A buyer can bid while an offering is Published or Under negotiation.

Secondary lifecycles

Offering states are Draft, Published, Under negotiation, Accepted, Completed, and Cancelled.

Bid states are Pending, Accepted, Rejected, Withdrawn, and Superseded. A counter-offer supersedes the prior bid rather than rewriting its history.

Invitation states are Invited, Visited, and Bid placed. Transfer states are Pending, Completed, and Failed.

Accepting a valid pending bid records the accepted state and creates a pending transfer. Transfer execution is a separate transaction that can become Completed or Failed.