Covercy review
April 23, 2025
Covercy review
Score 8 out of 10
Vetted Review
Verified User
Overall Satisfaction with Covercy
I create new assets and funds in the portal and then apply for bank accounts for those assets and funds. Once set up, I add investors to the investments, send documents and funding instructions to investors. My job is to get everyone through the investment set up and funding process.
Pros
- Customer services is outstanding
- When setting up investments, there are a lot of data point for investors
- Signing subscription docs is easy and integrated well into the platform.
Cons
- I would be so happy if I could send pictures, tables, graphs and attachments in the emails that we send to investors. It doesn't make sense that this is not already a feature.
- I think investors should be able to update and add information into the portal themselves. As of now, we have to add new entities, add SSNs/Tax IDs. This is PII. Investors should have the ability to add these themselves.
- I would love to see more "sender" options available when setting up the subscriptions docs. Currently, the only options we use are Sender Investing Entity Name, Amount and email. It would be helpful to have an Address, phone, Tax ID option as well. This would make filling out docs more investor friendly since they wouldn't have to fill out so many fields.
- It would be helpful if I could pull a report from an asset that pulled all of the data. Investor name, email, phone, amount invested, address, tax ID etc. Everything. It is also not intuitive where to pull this report. It should be located within the asset or fund itself. Instead, I have to go to Positions and the report is missing information so I have to pull several reports and pull in data from one report to the other to get a full picture.
- I would also love it if the address would pull into one field instead of multiple fields. I have to format it every time I pull the report for our CPA.
- Fundraising
- Distributions
- Reporting
- Emailing investor updates
- Automating capital calls. Although, in an ideal world, we could fund completely though the portal; however, we hate that the bank charges $15 per wire transaction.
- Distributions are easy and convenient. We get notifications right away if a payment failed.
- Investor communication is easy, as long as I don't need to attach a document or send a graph or table.
- Adding investors to investments, fundraising, capital calls are an easy process for smaller fundraises. Larger fund raises is daunting because it is such a manual, step by step process.
- I think 1031 exchanges are complicated. We had one property that some investors rolled funds into. Some investors decided to add additional funds to their rollover. The way the portal is set up for this was complicated and messy. I had to create multiple lines for investors. Or have them sign docs, then delete and re-add them. To me, it was dumb.
This is what we expect our portal to do so I'm not sure what I should say here. We had this feature with our previous platform as well. I do feel like Investors should have more autonomy over their information. There needs to be more features on the LP side that allows investors to add their own data. We shouldn't be adding investors SSNs for them. This doesn't make sense to me.
We've only used one other portal. There are features that I liked about the other platform. Most of which, I've already stated. Investors can add their own profile information. Being able to send emails with attachments. Covercy has better customer service. Your doc signing is better and works all the time vs the other, not working most of the time. The other platform had more sender fields available, which was a better investor experience.
Do you think Covercy delivers good value for the price?
Not sure
Are you happy with Covercy's feature set?
Yes
Did Covercy live up to sales and marketing promises?
I wasn't involved with the selection/purchase process
Did implementation of Covercy go as expected?
Yes
Would you buy Covercy again?
Yes
Comments
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