What a carry vehicle is
A carry vehicle is the legal entity through which a General Partner allocates carried interest to individual team members. It is structurally similar to a fund vehicle, it has participants, capital accounts, and shares, but instead of holding investor capital from external LPs, it holds the team's share of fund performance.
On Navys, a carry vehicle lives alongside your other fund vehicles in the same Funds list. The carry-specific behaviour is unlocked by marking the vehicle as a carry vehicle when creating it, and by filling in a small set of carry-specific configuration fields.
How carry vehicles differ from regular fund vehicles
A carry vehicle behaves like any other fund vehicle on Navys — the same forms, document handling, permissions, and transfer infrastructure apply. For how the core funds and vehicles model works, see Funds Overview and Adding a New Fund.
What is specific to carry:
The vehicle is tagged so you can distinguish it from your LP-facing vehicles
It has extra configuration: total carry shares, lockup period, and final liquidation date
The people invested in it are surfaced as carry holders, with their own dashboard and per-holder detail page
Drawdowns, valuations, and documents recorded against the vehicle flow through to the holders' "My Position" views
Configuration you set at creation
When you create a carry vehicle, you provide:
Name
Total carry shares — the size of the share pool that will be allocated across all carry holders
Lockup period (years) — the period during which carry is not freely transferable
Final liquidation date — the date at which the carry vehicle is expected to wind down
Once created, the vehicle appears in your Funds list with a clear visual marker identifying it as a carry vehicle. You can then add carry holders to it and record valuations as the fund progresses.
Where to find your carry vehicles
To see your carry vehicles, navigate to the Funds tab in the left sidebar — they sit alongside your other fund vehicles, tagged so you can spot them quickly. To read more about how the Funds tab works on Navys, see Funds Overview.
When you click into a carry vehicle, you see a fund-style view, but every action is interpreted in the carry context. For example, "Issue Drawdown" issues a drawdown to the carry holders, not LPs.
To view the GP/admin overview of all your carry vehicles in one place, use the Carry tab in the left sidebar. The carry dashboard aggregates data across every carry vehicle you have.
Getting help
For any further questions or assistance, please reach out via the chat on the platform or contact the Navys support team at [email protected].