# 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.

Source: https://delsivo.com/help/pipeline-and-committee/closing-and-term-sheet · Updated 2026-11-07

## Key takeaways

- The Closing tab opens on a deal once it reaches Terms. Start it to get a term sheet filled in from the memo's ask and a checklist by workstream.
- Conditions from the committee decision arrive as checklist items with their owners and due dates, under Committee conditions.
- Anyone who can edit the deal ticks items, sets owners, dates and notes, and edits the term sheet. Ticking is instant, with Undo.
- An admin or partner marks the closing as closed once the cheque is in the term sheet and every item outside After closing is done.
- Handing over to the portfolio creates one portfolio record per company. Moving the deal to the Closed stage is a separate choice.

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](/help/pipeline-and-committee/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

1. Open the deal and choose **Closing**.
2. 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.