Rolling closes

If you want to draw down the funds in an SPV, but keep the deal open for further investment, this is what we’d refer to as a ‘Rolling Close’, which carries an extra cost in addition to the regular deal fees. In practice, Odin will invoice or deduct the total deal fees from the first ‘tranche’, and then each successive rolling close (including the final one) will cost £1,000. Usually most syndicate-led deals will only involve one rolling close, but there’s no limit to how many you can do. Unless the Syndicate Lead has specified that your company will be paying Odin’s fees, this cost will be absorbed by the Syndicate Lead.

To notify Odin that you intend to draw down funds from the SPV, please request that the Syndicate Lead informs either their CSM or our Customer Support team, who will relay the information to our Deal Operations team.

As far as closing is concerned, the standard process applies in terms of legals and wiring funds, the only differences being that Odin won’t internally close the deal at the end of the process, and that the final investment amount in the legals would be the amount being drawn down in this tranche.

You can execute multiple rolling closes before finally closing the deal, just let your Syndicate Lead know what’s required.