Closing a deal, from term sheet to portfolio
Track the term sheet, confirmatory diligence and the closing checklist on a deal's Closing tab, then hand the company over to your portfolio.
After the committee says invest, the work moves to the deal's Closing tab: agreeing the term sheet, checking what was claimed, getting the documents signed and the money wired. The tab shows where the closing stands, what is still open and who owns it, then hands the company over to your portfolio. Delsivo never moves money and never tells the founder anything on its own.
When the tab opens
The Closing tab is there for every deal, but you can start a closing only once the deal is in Terms (or already Closed). Before that the tab says "Closing starts at Terms". Once a closing exists it stays visible, whatever the deal's stage.
Start the closing
- Open the deal and choose Closing.
- Click Start closing.
Delsivo fills in what it already knows:
- The term sheet from the memo's ask on the Decision tab: currency, round size, pre-money, our cheque, ownership, lead or follow, and the instrument.
- The checklist, with the standard items a seed or Series A fund works through, grouped by workstream.
- Committee conditions: when the decision was Invest with conditions, each condition becomes an item under Committee conditions, with the owner and due date the committee set.
- Milestones: term sheet sent, term sheet signed, confirmatory diligence complete, long-form documents signed, funds wired. Each starts with the deal's owner and no date.
If the committee amends its decision later, click Bring in committee conditions on the checklist to add any new conditions. Conditions already on the list aren't added twice.
Status
The tracker at the top shows the stage of the closing:
| Status | What it means |
|---|---|
| Term sheet | Negotiating and signing the term sheet |
| Confirmatory diligence | Checking what was claimed: cap table, IP, contracts, financials |
| Closing documents | Long-form documents, approvals, KYC and the funds flow |
| Closed | Signed and wired |
| Abandoned | The round didn't close with you. The record stays |
Change it with the status menu at the top right. Anyone who can edit the deal moves between the first three. Only an admin or partner can mark a closing as closed or abandoned, or reopen a closed one. Under the tracker, Checklist shows how many items are done, and a warning shows any overdue items and milestones.
The checklist
Items are grouped by workstream:
| Workstream | Examples |
|---|---|
| Committee conditions | Conditions from the committee decision |
| Confirmatory diligence | Cap table and option pool verified, IP assignment, key contracts, financials reconciled, incorporation documents, litigation check |
| Legal documents | Counsel engaged, subscription or share purchase agreement, shareholders' agreement and articles, disclosure letter, approvals |
| KYC and compliance | KYC and AML on the company and founders, sanctions and adverse media check |
| Funds flow | Wire instructions verified by phone call-back, funds available, funds wired and receipt confirmed |
| After closing | Cap table updated, board seat appointed, information rights set up |
- Tick an item to mark it done. You see a message with Undo.
- Edit opens the item in a side panel: choose the Owner, set a Due date and write a Note, then click Save. Remove takes the item off the list, with Undo.
- Add item adds your own: say what needs doing, pick the workstream, an owner and a due date.
Items under After closing never hold up closing. Remove items that don't apply to this round, such as a board seat you didn't take.
The term sheet
The Term sheet tab holds the agreed terms: Currency, Instrument, Round size, Pre-money valuation (for a SAFE or note, the valuation cap), Our cheque, Ownership after the round, Lead or follow, Liquidation preference, Term sheet signed on, Board seat and Pro-rata rights. Amounts are whole numbers in the currency you choose, which can be any currency (type to search). Leave Ownership empty to use what the cheque buys at the post-money; the form shows the post-money and that percentage as you type. Click Save term sheet.
The summary beside the tabs, The terms, shows the same numbers at a glance. Once the closing is closed, the terms are locked until a partner reopens it.
Milestones
The Milestones tab lists the dates a partner tracks. Tick a milestone when it happens, choose its owner and set its due date. Overdue milestones are marked.
Mark as closed
Next step on the right says what is still open. When the cheque is in the term sheet and every item outside After closing is done, an admin or partner clicks Mark as closed. The dialog asks you to confirm the documents are signed and the money is wired, and offers two choices, both ticked by default:
- Also move the deal to the Closed stage. If someone moved the deal meanwhile, it isn't moved and you're told.
- Add the company to the portfolio with these terms.
Click Mark as closed.
Hand over to the portfolio
If you didn't add the company when closing, Next step shows Hand over to the portfolio (admins and partners). The portfolio record takes the cheque, currency, ownership, instrument and board seat from the term sheet, the deal's owner, and the closing date. A company is in the portfolio once: handing over again just opens the existing record. After the handover, Open in Portfolio takes you there.
Abandon a closing
Choose Abandoned in the status menu and confirm. The checklist and terms stay for the fund's records, the deal's stage doesn't change, and a partner can reopen it.
Who can do what
| Role | Read | Edit the term sheet, checklist and milestones | Close, abandon, reopen, hand over |
|---|---|---|---|
| Admin, Partner | Yes | Yes | Yes |
| Analyst | On deals they can open | On deals they can open | No |
| Committee member | No | No | No |
Messages you might see
| Message | What to do |
|---|---|
| Move the deal to Terms first. Closing starts once the term sheet is in play. | Move the deal to Terms from the deal header |
| Someone else changed this closing a moment ago. Refresh to see the latest. | Click Refresh in the message, then make your change again |
| Add our cheque to the term sheet before closing. | Fill in Our cheque on the Term sheet tab |
| 3 items needed to close are still open. | Tick them, or remove what doesn't apply |
| This closing is closed. A partner can reopen it to change the terms. | Ask a partner to choose another status in the status menu |
Frequently asked questions
Does marking a closing as closed tell the founder?
No. Delsivo sends nothing. If Also move the deal to the Closed stage is ticked, the founder's status follows the stage as usual.
Can I close without the standard checklist?
Yes. Remove the items that don't apply. Only items outside After closing have to be done.
Where do I record follow-on rounds?
In the company's Notes on the Portfolio page for now.
Something unclear or missing? Tell us