Unit issuance is the process of allocating units to investors once their investment application has been approved and capital has been received or confirmed.
Units are issued through issuance batches. A batch groups one or more approved applications so they can be priced and issued together, with a review step before anything changes. Whether you are issuing to a single investor or a hundred, the process is the same.
Units can be issued for any application except those marked as Cancelled.
Before you begin
Two things are set before an application can be issued:
Unit class – captured on the application when it is created, edited, or confirmed. Where the capital raise has a unit class it is applied automatically; otherwise an admin selects it on the application. Applications created through the Investor Portal on a raise without a unit class need the class added by editing the application.
Issuance price – the class must have an issuance price for the pricing date you intend to use. See How to Set and Update Unit Value for how class prices are managed.
Note: An application without a unit class cannot be added to a batch. Set the class on the application first.
Step 1: Select the applications
In the navigation pane, select Capital Raises.
Select the relevant capital raise and open the Applications tab.
Tick the applications you want to issue units for.
Click Actions and select Bulk issue applications.
To issue units for a single application, you can also open it and select Create issuance batch from its actions menu.
Note: The action is unavailable if your selection includes an application that is not Approved, has no unit class, spans more than one unit class, or is already in a batch. Caruso shows the reason in a tooltip, so adjust the selection to continue.
Step 2: Configure the batch
Complete the batch details:
Batch name – auto-generated, and can be changed.
Fund, Capital raise, Unit class, and No. orders in batch – read-only, taken from your selection.
Issuance date – leave blank to process each application on its own date, or set a date to apply it to every application in the batch.
Processing mode – choose one:
Capital committed – issue units against the amount the investor committed.
Capital contributed – issue units against the capital actually paid in. Use this when payments are partial.
Pricing source – the class issuance price.
Pricing date – the date used to look up the issuance price. Defaults to the issuance date where one is set.
Notice date – the date shown on the Unit Issuance Notices.
Commentary (optional) – free text.
Click Confirm to create the draft batch. Caruso calculates the batch in the background; you can follow progress in the Operations panel at the top right of the Admin App.
Note: If no issuance price exists for the class on the pricing date you choose, the batch cannot be created. Add the price, or choose a date that has one.
Step 3: Review the draft batch
The draft batch opens once calculation finishes. Nothing has been issued at this point.
Review the per-application table, which shows the investing entity, class, issuance date, investment amount, units to issue, issuance price, issuance amount, whether distribution reinvestment is active and into which class, and any note on the application.
Where an application has already been partly issued in an earlier batch, the Issued amount to date column shows what has gone before.
If the batch is not right, delete it and create a new one from an adjusted selection. Deleting a draft returns its applications to Approved and sends nothing to investors.
Step 4: Confirm the batch
Confirming is the point at which units are issued. It cannot be undone.
Open the batch's actions menu and select Confirm.
Set your notification preferences: whether to notify investors by email and whether to publish statements to the Investor Portal.
Click Confirm.
Once confirmed, units are issued, Unit Issuance Notices are generated, the applications are locked to that batch, and the batch becomes read-only.
Note: The admin who created a batch may not be the one who confirms it, so that issuance is reviewed by a second person.
Issuing an application across more than one batch
An application does not have to be issued in full at once. Where only part of an application is issued, the remainder can be included in a later batch — for example, when capital arrives in tranches.
The Batch column on the Orders and Applications tables shows every batch an application belongs to.
The application's Details tab lists each batch, with the units, price, and issuance date for each.
Use the Capital contributed processing mode to issue only against what has been paid so far.
Viewing issuance batches
Draft and confirmed batches are listed on the Application batches tab within the fund, showing each batch's status, processing mode, notice date, pricing date, number of orders, and total issuance amount. Click a row to open the batch.
Issuing units after reconciling a deposit
You can also issue units directly when reconciling investor deposits.
To issue units from the reconciliation view:
In the navigation pan, click on Deposits.
Select the deposit to reconcile by clicking Confirm.
Complete the form:
Action: Choose either Reconcile deposit and issue units or, if unit issuance is deferred, select Reconcile deposit only
Number of units to issue: Automatically calculated using the formula:
(Bank Transaction Amount ÷ Offer Price Per Unit), rounded to the fund’s unit precision (editable).Date of issuance: Pre-filled from the bank transaction date (editable)
Notification preferences: Choose whether to send an email or publish the statement to the Investor Portal.
Click Confirm to complete
Reconciling a deposit records the investor's payment against their application, but does not itself issue units. Once payments are reconciled, issue the units by adding the application to an issuance batch as described above. Using the Capital contributed processing mode issues units for exactly what has been paid.
For the reconciliation workflow, see How to Reconcile Deposits.
Tip: To issue units to many investors who do not already have applications in Caruso, use a CSV import instead. See Bulk Import - Applications & Unit Issuance, which creates the underlying applications and payment records for you.
Investor Reporting
After unit issuance, Caruso automatically updates investor records and reports:
Registry Reports: Reflect all unit holdings and movements.
Capital Raising Reports:
All Applications Report and Capital Raise Book Build Report show:
Capital committed – the application amount
Capital contributed – sum of deposits applied to the application
Balance – committed amount minus contributed amount
Requested units – units requested in the application
Issued units – sum of units issued to this application
Notifications
Fund managers can notify investors of issued units by:
Sending a Unit Issuance Notice via email.
Saving the Unit Issuance Statement in the investing entity record.
Publishing the statement on the Investor Portal.
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If you have any questions or need help at any stage, please contact our Caruso Support team either by email or live chat.