Venture permissions and states
Understand organization roles, fund Banking grants and connection states, and fund, SPV, investment, and onboarding states.
Venture combines organization-wide access with permissions resolved for each vehicle. Seeing the service does not by itself grant access to every fund or action.
Organization and vehicle access
| Access | What it permits |
|---|---|
| Organization admin | Browse organization vehicles and create or manage funds and SPVs. Resolves to the full vehicle-admin capability set. |
| Organization member | Browse organization vehicles and view each vehicle. Management controls remain unavailable unless another grant supplies them. |
| Guest vehicle collaborator | Open only assigned vehicles. A Viewer collaborator can view; an Admin collaborator can also manage the vehicle. |
| Vehicle admin collaborator | Always receives view and vehicle-management access. Invite investors, Capital calls, and Banking are independent collaborator grants. |
| Investor | Uses invitation, commitment, identity, and signing routes rather than the GP operating workspace. |
The UI enforces these distinctions. Add fund and Create SPV require organization-level vehicle management. Invite investors requires vehicle invitation management. Capital-call and banking actions use their own grants.
Banking visibility and permissions
The banking_integration rollout flag controls whether a signed-in user sees the Banking tab and whether the browser can start an authenticated connection session. The tab is offered for funds, never for an SPV. The direct fund Banking page still applies view_vehicle and can render for an authorized viewer when the flag hides navigation; that is not a supported invitation to use a copied URL as a workaround. Ask an authorized administrator to confirm rollout access.
The separate erste_integration rollout controls the provider chooser. When it is enabled, Connect your bank opens Connect a bank account with Connect via Plaid and Connect Erste directly. Without it, the button starts the Plaid handoff directly. Connect Erste directly can remain disabled when the fund’s management company has no provisioned wallet.
The following table describes the supported browser controls and flow.
| Banking action | Required vehicle boundary |
|---|---|
| Open the fund’s Banking page, view accounts and transactions, or select Sync now | view_vehicle. An organization member or assigned Viewer collaborator can receive this view boundary. Sync now refreshes data the viewer may already see; it does not grant connection management. |
| Connect, reconnect, or disconnect a bank | manage_vehicle_banking. An organization admin or system admin receives the full vehicle-admin bundle. An Admin collaborator receives banking management only when the separate Banking grant is enabled. |
| Match, dismiss a suggested match, or unmatch a banking transaction | manage_vehicle_banking. These mutations use the same dedicated banking boundary. |
Starting a supported bank handoff requires the signed-in session, the banking_integration rollout, fund access through the current membership, and manage_vehicle_banking. Finalizing a new connection also requires the same user who created its attempt. Inaccessible funds return a neutral not-found result rather than revealing whether another organization’s record exists.
Vehicle states
| State | Meaning in the operating flow |
|---|---|
| Draft | An SPV setup has been saved for later and can still be edited or discarded. |
| Pending | The vehicle record exists but is not active. A newly created fund starts here; a submitted SPV moves here. |
| Active/Open | The complete vehicle is active and open for the applicable operating and fundraising work. |
| Active/Closed | The active vehicle is closed to new commitments. |
| Inactive/Closed | The vehicle is closed and no longer active. |
A vehicle cannot enter Active/Open without complete parameters and a subscription document template. The visible callouts are the authority for the remaining conditions. Do not infer readiness from the presence of a name alone.
Banking connection lifecycle
New connections and direct Erste reconnections use five-minute, creator-bound sessions. Each session asks the provider for the next user action, waits for the handoff, and must be finalized by the same user who started it. Another administrator’s permission does not make that person the attempt’s creator.
For a Plaid reconnect, complete the visible provider handoff in the same signed-in Venture page and browser flow. Wait for Last updated: to change before considering recovery complete.
For the session-bound flows, the supported next-action sequence is bounded: open the provider authorization UI or a bank redirect, poll when the provider requires it, finalize when authorization is ready, or show a terminal error. The direct Erste handoff checks for completion about every three seconds by default while its waiting overlay remains open. Venture never asks a user to paste provider callback data into the Banking page.
| Page state or action | Durable effect |
|---|---|
| Waiting for your bank data… | The attempt has started and is waiting for provider authorization or finalization. An expired attempt becomes terminal and must be restarted. |
| Syncing transactions… | A connection exists and a sync is running. Immediately after finalization, this is the scheduled initial sync. |
| Account overview with Last updated: | The current connection has completed a sync. Sync now can request another refresh. |
| Reconnect now or Reconnect for a direct Erste connection | Starts a new five-minute, creator-bound provider handoff. Successful finalization reuses the same connection in place and schedules synchronization. |
| Reconnect now or Reconnect for a Plaid connection | Complete the provider handoff in the same signed-in Venture page and browser flow. Wait for Last updated: to change before considering recovery complete. |
| Could not sync transactions | The last synchronization failed. This is different from a failed or expired connection attempt. |
| Disconnect | Venture attempts the upstream revoke. Local disconnection still completes if that revoke fails: the connection and its live accounts are marked disconnected, history stays available, and no new transactions sync through that connection. |
For new connections and direct Erste reconnections, finalization is idempotent: repeating a completed finalization returns the same connection instead of creating another one. A replacement for the same fund reuses and repoints the existing connection. Revoking the old provider item is best-effort, so an upstream revoke error does not discard an otherwise valid new connection.
Accounts returned by the finalized provider handoff are upserted under that connection. An account that reappears is made live again; an account missing from the replacement is marked Disconnected rather than deleted. This preserves its transaction history and prevents an old balance from being counted as current.
When provider-authorized bank-wire details are available, Venture fills only blank fund fields. It preserves every existing nonblank bank-wire value instead of overwriting reviewed details. After successful Plaid finalization, Venture removes only the single-use handoff credential from the completed session; this is scoped cleanup rather than deletion of all session context. The initial transaction sync is scheduled only after the durable connection, accounts, and session completion succeed together.
After the initial sync, Plaid transaction updates are webhook-driven. The Erste scheduler runs every 30 minutes and selects active connections that have never recorded a successful sync or whose last successful sync is at least six hours old. Inactive and disconnected connections are skipped. Sync now is the user-controlled refresh path for a visible active connection.
Browser, session API, and webhook boundaries
The controls described here are browser UI actions. The authenticated banking-session API behind the supported handoff is not a standalone customer token API. Starting the handoff requires the signed-in session, rollout, fund access, and Banking-management capability; finalizing a new connection also requires its creator. Use the visible Venture controls rather than calling an implementation endpoint as a recovery step.
A provider webhook is a separate inbound provider callback. It can notify Venture that transactions changed, a connection errored, consent is expiring, or permission was revoked. It is not a customer login, a human procedure, or a recovery endpoint. Do not copy, replay, or include provider callback data in a support request.
The machine contract belongs to the separately governed Banking session and provider-handoff reference. This Venture reference intentionally omits connection tokens, provider payloads, callback addresses, and internal persistence schemas.
Portfolio constraints
- A fund must pass all activation conditions before investments can be added.
- An SPV cannot accept portfolio investments while it is Draft.
- An SPV supports direct investments only.
- Editing and discarding a draft investment requires vehicle-management access.
Investment records can show Unverified, Pending, Dry/Closed, Active/Closed, Inactive/Closed, Cancelled, or Transferred. Cancelled and Transferred records are superseded states and are excluded from portfolio sums.
Investor pipeline states
The pipeline combines invitation and investment records. A participant may be waiting in Needs to create account, Needs to accept invitation, Needs to sign, or Stalled. Onboarding tasks use Pending and In progress. The panel can also show Waiting on signatories and Outstanding identity verifications.
These states describe distinct blockers. Re-sending an invitation does not complete identity verification or a signature task.