Unfortunately we are not able to cancel or refund an investment after it has been finalized, due to the immediate issuance of shares and limited liquidity terms.
The short answer is no, we can not cancel, reverse, or refund an investment after it has been finalized.
Context behind why investment cancellations / refunds are not possible
The Cashmere Fund is structured as an interval fund, which means that new shares are created and issued for each new investment into the fund. Today, we account for the creation of those shares on the same day as the investment is confirmed even though the settlement of the funds transfer may take several additional days to complete. We view this as a benefit to our investors, because in a scenario where, for example, someone confirms an investment on January 1st and the investor's funds transfer settles on January 5th, while the NAV/share has increased 2% in those few days due to an increase in the valuation of one of the Fund’s portfolio companies, that investor would receive the benefit of that increase in value to their investment immediately.
Therefore, a person is considered invested from the moment they click the "Confirm" button on the Confirm Investment screen in the app.
Per the terms outlined in The Cashmere Fund’s Prospectus, liquidity is offered through redemption windows twice per year. Once shares are issued and accounted for, we are not able to provide liquidity for one’s investment outside of those windows without potential legal implications. Click here to learn more about how to submit a redemption request.
Our hope is that everyone can understand we always want to do right by our Members, but we must work within the boundaries of what is permitted by our fund structure, regulations, and banking mechanics.
What you may be able to do on your end in the event that you recently finalized an investment in error
Typically we expect 1-4 business days for the ACH transfer to complete with our payment processing platform. Before the payment settles, you may be able to request your bank to stop payment on the ACH transaction. They will likely ask you for our Merchant Name, which is "Sweater VC", and for further reference the Statement Descriptor should come through as "Sweater Ref <ref number>".
Once the transfer settles, your best recourse will be to dispute the transaction through your bank.
Because the outcome of a disputed transaction will be determined solely by your bank, unfortunately we cannot guarantee or influence the successful reversal of a disputed transaction.