The canonical lifecycle
Every deal archetype moves through the same high-level lifecycle. Different archetypes extend it in different ways, but the backbone is shared:1
Draft
The structure, compliance posture, and economic terms are defined. The deal
describes a future ownership state before any capital moves.
2
Structured
Documents are prepared, treasury is configured, and the deal becomes
operationally executable.
3
Onboarding
Investor identity verification (KYC), accreditation, and participation
coordination. Eligibility is verified against the deal’s compliance rules.
4
Execution
Documents are executed (e-signature), participations are finalized, and
go-live readiness is derived from the deal’s state.
5
Funding
Capital is committed and funded into the vehicle.
6
Settlement Confirmed
Settlement coordination completes and finality is recorded.
7
Issued
Ownership instruments are issued / minted to participants.
8
Active
The vehicle is live and servicing (distributions, reporting).
9
Transferable / Collateralized
Positions become transferable or usable as collateral, where the structure
permits.
Why a deterministic lifecycle matters
Traditional capital markets coordinate ownership transitions through fragmented workflows, disconnected ledgers, and manual servicing. Strata replaces this with deterministic lifecycle transitions: each phase has explicit entry conditions, and the system derives readiness rather than relying on out-of-band sign-off.Each transition is gated. A deal cannot reach Execution without satisfying
the Onboarding compliance requirements, and cannot reach Issued without
confirmed settlement. Readiness is computed from state, not asserted by a user.
Who drives each phase
Operators, managers, investors, and treasury / compliance actors each have
role-scoped responsibilities across the lifecycle.