Caruso’s Secondary Market feature enables fund managers to facilitate liquidity for investors. It allows investors to initiate sell or buy orders via the Investor Portal, subject to fund manager approval.
Important: Fractional unit sales are currently not supported. This restriction applies only to the Secondary Market.
Step 1: Enable Secondary Market
In the navigation pane, select Funds
Click the appropriate fund from the list
Go to the fund’s Settings tab
Scroll to the Secondary Market section
Toggle the secondary market on or off as required
(Optional) Enter a fee percentage to charge sellers on successful trades
Click Save changes
Step 2: Managing Sell and Buy Orders
All secondary market activity is managed through Tasks in the navigation pane:
When an investor submits a sell order, a Review sell order system task is created
When an investor places a buy order, a Review buy order system task is created
These tasks can be assigned to teammates to Confirm, Cancel, or Edit as required
Once a sell order is confirmed:
The investor receives an email notification with a View listing link to their order on the Investor Portal
A public listing appears on the Secondary Market
When reviewing buy orders:
You can review all bids, present them to the seller, and complete the transaction
Accepting one buy order automatically cancels any other pending bids — affected investors are notified by email
Step 3: Complete the Sale
The trade is settled outside Caruso: the buyer pays the seller using the payment instructions in their email. Once the seller confirms the funds have arrived, transfer the units in Caruso to complete the sale.
In the navigation pane, select Orders and filter Order Type to Sell Order (or open the sell order from the fund’s Orders tab)
Click the ellipsis (...) next to the sell order and select Transfer units
Review the transfer details: number of units, price per unit, transaction amount, and Date of transfer. The date can be backdated to the day the trade actually settled
Click Next, review the summary, and choose whether to notify the seller and buyer by email
Click Confirm
On confirmation, Caruso moves the units from the seller’s holding to the buyer’s holding (creating the buyer’s holding if they do not already hold units in the fund), sets the sell order and buy order to Completed, and issues a Secondary Market – Unit Transfer Notice to each party. Any secondary market fee is deducted from the seller’s proceeds and shown on the seller’s notice.
Important: Transferring units is final. Confirm that the seller has received payment before completing this step. Caruso does not move money between the parties.
Viewing an order
Open a sell order from the fund’s Orders tab (filter by type Sell Order) or from the system task to see its detail page:
Details – the order record: order ID, status, date received, number of units, ask price, order value, secondary market fees and net proceeds, plus links to the seller’s investing entity, holding, fund and class
Buy orders – every buy order placed against the listing, with its status
Notes – internal notes on the order
Once a trade completes, the resulting Secondary Sale and Secondary Purchase movements appear on the fund’s Holding Movements tab and on each party’s holding.
Notices and emails
Both the seller and the buyer receive a Secondary Market – Unit Transfer Notice when the trade settles. If a secondary market fee was applied, it appears on the seller’s notice.
For the full list of secondary market emails investors receive at each stage, see Emails.
Notes
Disabling the Secondary Market removes all active listings for that fund
Caruso does not charge fees for listing or bidding on the Secondary Market
Ensure all relevant payments are settled before completing a buy order
If you have any questions or need help at any stage, please contact our Caruso Support team either by email or live chat.