Unit issuance in Caruso runs through a single batch workflow. Whether you are issuing units for one application or hundreds, you create a draft batch, review the calculated units and pricing, and confirm the batch to issue the units.
Prerequisites
Unit issuance is managed from the Order or Capital Raise Application views. Before creating a batch, make sure:
The applications you want to issue are in Approved status. Only Approved applications can be added to a batch.
Every application has a unit class set. Applications without a unit class cannot be included in a batch.
All selected applications share the same unit class. One batch covers one unit class.
A class issuance price exists for the unit class on your chosen pricing date. If no issuance price exists for that date, the batch cannot be confirmed. Issuance prices are managed on the unit class record.
Step 1: Select the applications
Create a unit issuance batch from either the global Orders table or the relevant capital raise.
Use the filters to find the applications ready for issuance. You can filter by:
Status (Requested, Approved, Completed, Cancelled)
Funding (fully funded, partially funded, not funded)
Units Issued (fully issued, partially issued, none issued)
Class (a specific unit class)
Batch Status (unassigned, draft, confirmed)
Date range (application created date)
Select the applications to include, then choose Bulk issue applications.
Note: The bulk issue action is only available when every selected application is Approved and in the same unit class. If a selected application is missing a unit class, you will be prompted to set one before continuing.
Note: Order lists show each order's Order date. For investment applications this is the application date — captured when the application is created (defaulting to that day) and editable on the application. For redemptions it is the redemption date.
Step 2: Configure the batch
Complete the batch configuration:
Field | What it does |
Fund, Capital raise, Unit class | Pre-populated from your selection (read-only) |
No. orders in batch | Count of applications in the batch (read-only) |
Issuance date mode | Defaults to Process per order date — select date to override: each application is issued on its own order date (the application date captured at create). Selecting a date applies one issuance date to the whole batch instead |
Issuance date | The single date units are issued, when overriding the per-order-date default |
Processing mode | Process — capital contributed (the default for new batches) issues units against the deposits actually received, less any amounts already issued to date; Process — capital committed issues units against each application's committed amount |
Issuance pricing date to use | The date used to look up the class issuance price applied to the whole batch |
Notice date | The date Unit Issuance Notices are generated |
Mark as completed | Moves every application in the batch to a Completed status when the batch is confirmed. Completed applications cannot be included in future issuance batches — leave this off if you expect further deposits and issuances on the same applications |
Commentary (optional) | Free text printed on all Unit Issuance Notices in the batch |
Note: If no class issuance price exists for the selected pricing date, a warning appears and the batch cannot proceed. Set an issuance price on the unit class, or choose a different pricing date.
Note: When processing on capital contributed, an alert on the batch configuration reminds you that issuance amounts are calculated as capital contributed less any amounts already issued to date.
Note: When processing per order date, a banner reminds you that applications will be issued on their individual order dates. The dating choice never affects pricing — every order in the batch uses the issuance price set by the batch's pricing date.
Step 3: Review the draft batch
Caruso creates a draft batch showing every application with its issuance price, calculated units, and issuance amount. Where an application has been issued in earlier batches, the Issued amount to date column shows what has already been issued — the issuance amount covers this batch only. Units are calculated as the issuance amount divided by the issuance price, rounded half up to the fund's unit decimal precision.
From the draft you can:
Edit the batch configuration
Recalculate to refresh figures after underlying data changes
Download reports for review
Delete the draft, which releases the applications for future batches
Confirm the batch (approver only)
Warnings to look out for on the draft:
A yellow warning appears when an application's issuance amount differs from its capital contributed (issuing more or less than has been deposited). These warnings are informational and do not block confirmation.
A yellow alert appears when an application's reinvestment preference differs from the investing entity's existing holding setting. This is informational only — issuing units never changes an existing holding's reinvestment setting.
If the issuance price changes after the draft is created, the Confirm button is disabled until you select Recalculate.
If a selected application has nothing remaining to issue, a blocking alert lists the affected application IDs. Remove those applications from the batch to continue.
An application can only be part of one draft batch at a time. If a selected application is already in another draft batch, you will be warned during selection.
Note: Draft batches persist. If you leave the Admin App part-way through, you can resume the draft from the batch list on the fund.
Step 4: Confirm the batch
An administrator with the approver permission reviews the confirmation summary, which shows the batch details, the issuance price, the total units, and the total amount.
Before confirming, set the notification preferences:
Notify associated investors by email sends investors an email confirming that units have been issued.
Publish statements to the investor portal publishes each Unit Issuance Notice to the investor portal.
Check the Notice date. Issuance notices and emails are generated on the notice date provided.
Select Confirm to process the batch.
Note: Confirming a batch cannot be reversed. Check all details before confirming.
What happens after confirmation
Units are issued for every application in the batch.
If Mark as completed was selected on the batch, every application moves to the Completed status. Completed is a terminal status: the application can no longer be edited (except its note), is excluded from deposit reconciliation suggestions by default, and cannot be included in future issuance batches.
If Mark as completed was not selected, applications stay in Approved and can be included in a later issuance batch.
Unit Issuance Notices are generated and sent according to your notification preferences.
The batch moves to Confirmed and becomes read-only. You can still download its reports.
Audit log entries are created for the batch and each status change.
Investors see the units issued and the issuance price on the investor portal once a batch including their application is confirmed. Before that point, only the investment amount and status are shown.
Viewing your batches
You can get to a batch in two ways:
From the Orders table — each application shows a button for every batch it is part of. Select a batch button to open that batch.
From the fund — in the navigation pane, select Funds, open the relevant fund, and go to the Issuance Batches tab to view every batch with its status, number of orders, total issuance amount, processing mode, and creator.
Draft batches can be edited or deleted from the ellipsis (...) menu. Confirmed batches are read-only.
Viewing an application's issuance history
Each application's detail view includes an Issuance history tab showing every issuance event recorded against the application — issuance date, batch, fund, class, number of units, price per unit, amount, and classification. Where an application has been issued across multiple batches, each issuance appears as its own row with a link to its batch. Payment details sit alongside on the Payment history tab.
Partial issuance: how to support multiple deposits and issuances on the same application over time
Some workflows issue units against an application over multiple events rather than all at once, for example capital calls that draw down a commitment in stages, or investors whose bank limits spread a large deposit over several days, or open ended funds where an investor completes due diligence on the original application and can then top up funds as required.
Caruso supports multiple issuance batches against the same application:
Issue what has been funded using the Process — capital contributed mode, and leave Mark as completed off. The application stays in Approved and can be issued again as further funds arrive.
When you issue the final amount for an application, select Mark as completed on that batch to move its applications to Completed and close them off.
For later batches, use the Units Issued filter on the committed table to find partially issued applications and batch them again.
Caruso automatically nets off units already issued when processing on capital contributed, so you do not over-issue.
If you process on capital committed against a partially issued application, a warning tells you the batch would over-issue.
If an application is already fully issued and further funds arrive, it cannot be added to a new batch — an alert tells you there is nothing remaining to issue. Revert the application to Requested, edit the application amount to the new total, and re-approve it. The application can then be included in a new issuance batch for the additional amount.
Issuing units for one application
The batch workflow handles a single application too — a batch can contain just one:
Select the application from the global orders table or the capital raise applications table and choose Bulk issue applications, or
Open the application's detail view and select Create issuance batch for just that application.
The draft review and confirmation steps are the same as for any other batch.
Marking applications as completed
Applications only move to Completed when you choose. There are two ways:
Select Mark as completed on an issuance batch — every application in the batch is completed when the batch is confirmed.
Select one or more Approved applications in the global orders table or the capital raise applications table and choose Mark as complete from the table menu.
Whether to mark an application as completed depends on how you operate. If each application is issued once in full, mark applications as completed at issuance. If you take further deposits and issuances against the same application over time — common for open-ended funds and private credit — leave applications in Approved so they stay available for future batches.
Your existing applications are not changed for you — they stay in Approved. To clean these up, use the Units Issued and Funding filters to find fully issued or fully funded applications, select them, and mark them as completed. Completed applications are excluded from deposit reconciliation suggestions and from future issuance batches, keeping your suggestions and batch selection lists to the applications that still need action.
Tips and best practice
For high-volume deposit flows, reconcile deposits daily and create a single daily issuance batch, rather than issuing per deposit.
Use Mark as completed on an application's final batch. Completed applications cannot be added to future batches or suggested for deposit reconciliation, which prevents double processing.
Approve applications as they come in and reconcile deposits in parallel. Batch processing can then run on whatever cadence suits your fund: daily, weekly, or at the close of a raise.
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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.