Sales, Auctions, and RFQs
How Asset Managers sell recovery-fund side-pocket assets through direct sales, permissioned auctions, and invited RFQs.
Asset Managers use the Recovery Assets and RFQs and Bids sections to turn an exact side-pocket lot into quote proceeds. All three routes require fund-scoped trading authority, buyer eligibility, an available unreserved lot, and confirmed indexing after settlement.
Direct sales
A direct sale order names one buyer, side pocket, asset amount, quote amount, expiry, and evidence record. Only that buyer can fill it, and the buyer must still hold the fund buyer role. The Asset Manager can cancel an active order where the trading authority or expiry condition permits it.
Permissioned auctions
Use Create Auction from Recovery Assets to submit the following review fields:
| Input | Purpose |
|---|---|
| Side Pocket | Selects the source recovery exposure. |
| Asset Amount | Sets the exact lot reserved for auction. |
| Reserve Quote Amount | Sets the minimum first bid. |
| Duration | Sets the auction end time. |
| Minimum Increment | Sets the minimum increase over the current highest bid. |
| Anti-Sniping Window | Allows a bounded end-time extension for qualifying late bids. |
| Evidence Hash | Binds the asset reservation to its evidence. |
The auction is permissioned: only eligible buyers can bid, each bid is fully quote-asset escrowed, and outbid bidders withdraw a refundable balance. After the end time, the manager can finalize an auction only when it has a highest bidder. If the highest bidder loses buyer eligibility, the manager can cancel the auction, return the lot to the side pocket, and leave the quote balance refundable.
Invited RFQs
Use Create RFQ to submit an exact side-pocket lot with a price source, reference quote amount, price timestamp, deadline, invited buyer list, and evidence. The RFQ does not expose the lot to every wallet: only invited verified buyers can bid. Buyers escrow bids and can replace or cancel active bids. After the deadline, finalization selects the best current eligible bid that meets the current floor, refunds the others, and either settles or releases the reserved lot if settlement fails.
Confirm outcome before acting again
Read the direct-sale, auction, RFQ, and escrow rows after indexing. A wallet confirmation alone does not prove the fund received quote assets, the asset lot moved, or the side pocket recorded realized proceeds.