Roles and Controls
The permissions, approvals, evidence, pause paths, and participant roles that govern V3 Distressed Recovery Funds.
Distressed Recovery Funds use scoped authority rather than a single unrestricted manager wallet. Every material operation is limited by the fund's roles, product readiness, action approval, or all three.
| Role or control | Responsibility |
|---|---|
| Protocol Manager | Approves the quote-asset profile and fund readiness, assigns product and manager controls, approves exact high-risk actions, schedules performance-fee terms, and can apply emergency or claim pauses. |
| Fund settings | Schedules the next epoch's duration, deposit limits, capacity, fee terms, preferred return, and evidence. |
| Fund trading | Acquires approved assets, creates and cancels direct sales, creates auctions and RFQs, and operates their trading lifecycle. |
| Fund operations | Enables and finalizes in-kind claims and performs other operational actions within the fund scope. |
| Fund audit | Supports scoped review of fund records and activity without being a substitute for trading authority. |
| Investor | Subscribes to an open epoch, redeems idle capital where available, and claims only the investor's permitted proceeds. |
| Buyer | Participates in direct sales, auctions, or RFQs only when the fund's buyer eligibility checks pass. |
| Payer | Records a controlled workout payment to the applicable side pocket. |
Exact action approval
An exact approval binds the relevant fund, action, terms, evidence, and expiry. The fund consumes it once when the action executes. An expired, consumed, or mismatched approval cannot authorize a changed transaction.
Evidence and pauses
Recovery actions record evidence hashes alongside their canonical activity. Emergency pauses stop fund operations; scoped claim pauses can stop a particular idle, quote, or in-kind claim without changing unrelated fund state. Review the indexed pause and activity records before making a decision.