Accessing the Create New Transfer Page
Only GP Admin Users who have a subscription to Navys can create a new transfer.
From the Transfers page in the left sidebar, click Create New Transfer in the top-right corner.
Transfer Creation Workflow
Creating a new transfer consists of three stages, which appear as 3 tabs:
1. Basic Details
This section has three parts:
Transfer Details — Enter the core transfer information. The following required fields are marked with an asterisk (*):
Fund: Select the Fund for this transfer.
Partnership Vehicle: Select the Partnership Vehicle for this transfer from the dropdown menu, which will only appear once you have selected a Fund, and display all the Partnership Vehicles associated with the selected Fund.
Transfer Type: Identify whether this is a Partial transfer or Full transfer
Transfer Reason: Choose from one of the following reasons the transfer is taking place:
Affiliate Transfer
Succession Death Inheritance
Estate Planning
Divorce Family Settlement
Transfer To Family Member
Distribution From Qualified Retirement Or Pension Plan
Regulatory Or Compliance Requirements
GP Led Process Restructuring
Portfolio Rebalancing
Liquidity Needs
Portfolio Sale
Other
Important: Automated PTP Analysis will soon be added as a feature on the LP transfers platform. The transfer reasons have a direct impact on the PTP analysis, therefore it is important that the correct reason is selected when creating a transfer. If the reason is 'Other' the transfer will count towards PTP analysis by precaution.
Target Closing Date: Select a target closing date
Transferor: Choose the Transferor from the dropdown menu by searching or selecting an option. This dropdown will only appear once a Fund is selected and will display the Fund's Current LPs to select from. This step cannot be completed until a Fund is selected.
Transferee: Enter the Transferee details manually.
Interest Transferred:
If you are creating a partial transfer: you must enter the amount transferred, noting that you will not be able to enter an amount that exceeds the total commitment of the Transferor for the selected Fund and Partnership Vehicle.
If you are creating a full transfer: once you enter the details of the Fund, Partnership Vehicle and Transferor, the amount will be auto-populated based on the total commitment of the Transferor for the selected Fund and Partnership Vehicle.
Transfer Documents — Upload the primary documents associated with this transfer, which are the subscription agreement and the transfer agreement. For both of these you will have the choice between selecting a previously uploaded template for your organization or uploading a new template agreement.
Additional Documents — If you wish to attach any supplementary documents, such as tax certificates and side letters, you must first tick the box which indicates that you wish to upload each type of additional document. If the box is ticked, further selection boxes will appear and you will have the choice between selecting a previously uploaded template for your organization or uploading a new template agreement or document.
At the moment, you can upload documents stored locally on your computer, however users will soon be able to upload documents via SharePoint and iManage integration.
Once all the required fields have been filled out, click Next to proceed to the next step in the transfer creation process.
2. Participants
In this step, you will add the participants who will be involved in this transfer. The name of the user who is creating the transfer will automatically appear as the first participant to this transfer.
To add the other participants to this transfer, click Add Participant and complete the following required fields in the pop-up:
Email Address: Enter the participant's email address.
Organization Type: Choose from one of the following options in the dropdown menu:
Law Firm
Investment Firm
Administrator Firm
Role in the Transfer Process: Once you have selected the organization type for the participant you are adding, you will choose from one of the options in the dropdown menu that appears. This dropdown menu will vary depending on which organization type was chosen, as follows:
If the organization type chosen is Law Firm, the role options to choose from will be:
General Partner Counsel
Transferor Counsel
Transferee Counsel
If the organization type chosen is Investment Firm, the role options to choose from will be:
General Partner
Transferor
Transferee
If the organization type chosen is Administrator, the role options to choose from will be:
General Partner Admin
Transferor Admin
Transferee Admin
Once all details are filled out, click Add Participant to complete this step, and repeat the process for each participant.
Once a participant is added, you will be able to edit their details or remove them from the transfer at this stage. This will allow you to correct any errors made while adding them.
Each newly added participant will receive an email invitation to join the transfer once the transfer is initiated (after the final review & submit stage), not once they are added at this stage.
3. Review & Submit
This page will show a read-only summary of the Transfer Details and a list of all participants you have added. You should review the information carefully before proceeding. To make changes, you can go back to the two previous tabs and amend the information provided as necessary until all details are entered correctly.
Once reviewed, click Initiate Transfer to create the transfer and send invitations to all participants.
Once a transfer is initiated, this action cannot be undone other than by putting the transfer on hold or aborting the transfer. You will however be able to add further participants after the transfer is initiated.
What Happens once a New Transfer is Created
Once you initiate the transfer:
A unique Transfer ID is assigned.
All participants receive email invitations which will indicate
The Transfer ID
Which Fund this transfer pertains to
The participant's role in this transfer
The transfer will then appear on your dashboard with an Active status.
The Transfer Overview page is created, and workflow stages become available in the left sidebar.
For any further questions or assistance, please reach out via the chat on the platform or contact the Navys support team at [email protected].