Covercy

Covercy is an all-in-one commercial real estate (CRE) management platform that combines investment management with banking functionalities. Founded in 2015, the company initially focused on cross-border payments before pivoting to serve the CRE industry. Covercy entered the US market in 2020 and handled USD 500 million in capital in 2022. The platform streamlines various operational tasks for general partners (GPs), including fundraising, distributions, investor relations, and banking. Covercy's technology automates manual processes, allowing GPs to manage multiple investment positions efficiently. The platform features a sophisticated waterfall model for complex distribution calculations and provides transparency in its calculations. Covercy also offers integrated banking services through its partnership with Thread Bank, enabling GPs to open and manage FDIC-insured bank accounts quickly. Funds held in these accounts earn high-yield interest while remaining accessible and liquid. The platform supports various payment methods, including ACH, wire transfers, and debit cards.

Key customers and partnerships

Covercy serves a range of commercial real estate firms, from established companies to newcomers. Notable clients include Be Aviv, a New York City-based investment firm and fund manager, and Three Pillar Communities, an investment management firm focused on manufactured housing. The company has partnered with Thread Bank to provide banking services, including FDIC-insured accounts and Visa debit cards.