The Argosy office / An illustrative walkthrough

A conversation.
A current portfolio.

Follow Avery from a forwarded document to a shared investment—and through the commitments that follow.

The office is in development. This walkthrough uses fictional correspondence, investors and amounts to show its intended operation. Every chapter is available below.

Records

Forward it
to your office.

Avery has a dedicated Argosy address. Statements, notices and questions enter a continuing record, with the source attached to each update.

Email / Avery to Argosy

To: avery@office.argosy.example
Subject: Capital call and latest statement

Please add these to my records. The $250,000 call is still unpaid. My cash balance is $1 million.

Capital-call notice · Account statement

Illustrative, non-working address.

In Avery’s record

The cash already has obligations.

Argosy checks the notice against the existing commitment and records the amount due. The $250,000 is reserved before another investment is considered.

Reading the notice does not authorize payment. A discrepancy in the document or payment instructions returns for review.

Across a client book

An adviser forwards notices for Avery, Blair and Casey in one email. Argosy matches each document to the relevant client account and keeps the records separate.

A notice without a reliable match is held for clarification. Information and authority stay within the adviser’s assigned access.

Instructions

Context becomes
a sourcing brief.

Avery wants to investigate infrastructure. Argosy combines that interest with the holdings already on record and a new cash requirement.

Text / Avery to Argosy

“I’d like more private infrastructure exposure. Count what I already own through funds. Bring any commitment to my adviser and me for approval.”

Phone / Call summary confirmed by Avery

Keep $500,000 available for a property purchase next year. Research can continue; this conversation does not authorize an investment.

Brief updated

$250,000 is available.

Infrastructure through funds: $400,000
Direct infrastructure holdings: $200,000
Existing exposure counted: $600,000
Capacity for a new commitment: $250,000

From $1 million cash, reserve the $250,000 existing call and $500,000 property requirement. Fees, expenses and taxes require additional capacity.

Two proposals. One budget.

A $250,000 infrastructure commitment uses Avery’s remaining capacity. A separate $150,000 investment cannot be accepted alongside it without revising the funding plan.

An existing fund may meet the brief. A new program is one route; waiting is another.

Formation

Bring back
actual terms.

An investment partner investigates privately held infrastructure businesses and the supply available for a proposed fund. The proposal specifies its sector limits, underwriting process, fees, concentration rules and funding schedule.

Argosy evaluates those terms for each investor. Avery’s participation is capped at $250,000 and requires approval. Other investors have their own limits and reasons to participate.

Private infrastructure / $2m minimum

Illustrative formation

Avery’s portfolioPrivate infrastructure

Interest recordedStill Avery’s own portfolio.

The other nine investors

BlairInterest recorded

CaseyInterest recorded

DevonInterest recorded

EllisInterest recorded

FrankieInterest recorded

GrayInterest recorded

HarperInterest recorded

IndigoInterest recorded

JulesInterest recorded

Jules declines the proposal because of existing concentration. Different participation does not require the same portfolio.

Private credit: Interest has not become compatible commitments. This program remains unformed.

Interest recorded

The search begins with requirements.

Ten investors express interest in private infrastructure. Argosy develops a sourcing brief; an investment partner investigates available assets and a fund structure. No one has committed capital.

No commitments$2m minimum

Terms evaluatedAgreements acceptedAuthority verifiedMinimum committedRequired consentsInitial funding

Alternative proposals start before acceptance.
Existing obligations remain in force.

From interest to formation

Interest. Ten investors express interest in private infrastructure. Argosy develops a sourcing brief; an investment partner investigates available assets and a fund structure. No one has committed capital.

Portfolio fit. Nine investors can participate in different amounts. Jules declines because of existing concentration. The acceptable amounts total $2 million; none is yet a commitment.

Commitments. Authorized parties accept agreements totaling $2 million. Required consents and initial funding remain outstanding. The proposed fund is ready to proceed.

Formation. Agreements, authority, consents and initial funding are in place. Nine investors participate. The manager can pursue underlying investments within the fund’s rules; formation alone does not mean an asset has been acquired.

Avery declines: participation falls to $1.75 million and the fund stays unformed. Changed terms: Blair and Ellis also decline, leaving $1.35 million. These are separate proposals evaluated before acceptance; they do not cancel earlier obligations.

The private-credit program remains unformed. All examples are illustrative.

A program is not an asset purchase.

Once the fund forms, its manager can investigate and execute underlying investments within the agreed mandate. Each asset purchase still needs the applicable diligence, approvals, agreements and funding.

A member’s signed commitment is an obligation to the program. The portfolio records the member’s actual fund interest and indirect exposure as legal and economic positions arise. An expression of interest creates neither.

Ownership

The record follows
the obligation.

In the original scenario, Avery approves and accepts the $250,000 commitment. An initial $25,000 call is paid; a later call draws another $50,000.

These events follow the successful original proposal. Comparing a declined or changed proposal above does not cancel this history.

Instructions confirmed

The sourcing instructions are recorded. No new investment has been authorized or accepted.

Cash: $1,000,000
Existing capital call reserved: $250,000
Protected reserve: $500,000
New program · unfunded: $0
Available for new commitments: $250,000

Program commitment $0Funded to date $0

Illustrative principal-only accounting. Fees, transaction expenses and taxes are excluded; they require additional cash or a smaller commitment.

Agreement accepted

An authorized signatory accepts the $250,000 commitment. That amount is now reserved.

Cash: $1,000,000
Existing capital call reserved: $250,000
Protected reserve: $500,000
New program · unfunded: $250,000
Available for new commitments: $0

Program commitment $250,000Funded to date $0

First call paid

The $25,000 initial call is paid. Cash and the unfunded obligation fall by the same amount.

Cash: $975,000
Existing capital call reserved: $250,000
Protected reserve: $500,000
New program · unfunded: $225,000
Available for new commitments: $0

Program commitment $250,000Funded to date $25,000

Second call paid

A further $50,000 is paid. The $250,000 existing call and $500,000 protected reserve still have prior claims on cash.

Cash: $925,000
Existing capital call reserved: $250,000
Protected reserve: $500,000
New program · unfunded: $175,000
Available for new commitments: $0

Program commitment $250,000Funded to date $75,000

Text / Avery to Argosy

“Pause new commitments until the property purchase is complete.”

Instructions updated

Future commitments pause.

The existing obligations remain. After the two program calls, $175,000 is still unfunded in the new program, in addition to the separate $250,000 call already reserved.

A change to an accepted agreement follows its contractual rights. Updating a preference does not amend it.

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A conversation.A current portfolio.

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