How tiers work

The arithmetic and timing of tier determination.

The headline rule:

Your tier = the highest total AUT routed through your strategies recorded at any performance fee crystallisation event in the preceding three calendar months.

Three ideas packed in there:

Total AUT. The aggregate NAV held across all your vaults, however that capital reached the platform.

Recorded at crystallisation events. Measurement happens when a performance fee crystallises. Between events, AUT can fluctuate without affecting your tier.

The highest level. Peak figure. If AUT was $4m at one event and $1.2m at the next, the relevant figure is $4m.

Preceding three months. Older readings drop out.

The ratchet:

Cross a tier threshold at crystallisation, and you hold that tier for at least three months. Tier increases take effect immediately. Tier decreases take effect only after the protection period passes.

Example. AUT is $4.5m at January crystallisation. Pro tier. At February, it's $5.5m. Elite. You hold Elite until at least May. If AUT falls to $3m during that period, you remain Elite through the window. If at May crystallisation it's still $3m, you drop to Pro.

Multi-vault aggregation:

If you run multiple strategies, AUT aggregates across all your vaults at each crystallisation event.

Three vaults with $400k each = $1.2m aggregate = Pro tier.

Aggregation is at the entity level (your firm). It doesn't extend across separate firms.

What measurement captures:

At crystallisation, the platform snapshots the NAV held across your vaults. It captures the currently active allocation in NAV terms, not cumulative or historical.

Tier transitions:

Mechanical and automatic. When you cross a threshold, the new tier applies prospectively. Fees that already crystallised are unaffected.

You get a notification. The dashboard shows your current tier, latest AUT figure, and distance to the next threshold.

No separate paperwork. No re-signing. The change reflects in the next statement.

Edge cases:

New strategy. First crystallisation = Standard (default). Subsequent events recalculate against available history.

Drawdown month. No performance fee crystallises. Snapshot happens at the next event where a fee does crystallise. Tier unchanged between events.

Long quiet period. If three months pass without crystallisation (rare), tier recalculates at the next event using the most recent three months with at least one crystallisation.

In normal operation the mechanics are simple. You earn fees. AUT is recorded at crystallisation. Your tier reflects the highest AUT figure across the last three months.