> For the complete documentation index, see [llms.txt](https://docs.kpk.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kpk.io/funds/infrastructure/core-concepts/subscriptions.md).

# Subscriptions

A subscription is a **user's request to enter the fund** by depositing an approved asset (for example USDC) in exchange for **newly minted shares** priced against the current NAV.

<figure><img src="/files/q1vN9uk4xvwiVsrGVKLX" alt="Subscription flow: an investor requests a subscription, assets are escrowed, the operator settles at a price, and shares are minted while assets move to the Portfolio Safe."><figcaption><p>The subscription lifecycle.</p></figcaption></figure>

## Lifecycle

{% stepper %}
{% step %}
**Request.** After approving the asset, the investor calls `requestSubscription(assetsIn, minSharesOut, subscriptionAsset, receiver)`. The deposited assets are pulled into **escrow** inside the `kpkShares` contract, a `PENDING` request is recorded, and a `SubscriptionRequest` event is emitted with the request id. `minSharesOut` is **slippage protection** — the actual shares are computed at settlement time. `receiver` may differ from the investor.
{% endstep %}

{% step %}
**Settlement.** An operator calls `processRequests(approveIds, rejectIds, asset, sharesPrice)`. For each approved subscription it computes `shares = assetsToShares(assetAmount, sharesPrice, asset)`, checks `shares ≥ minSharesOut`, **mints** the shares to the `receiver`, and transfers the escrowed assets to the **Portfolio Safe** (portfolio). The request becomes `PROCESSED` and `SubscriptionApproval` is emitted.
{% endstep %}

{% step %}
**Or rejection / expiry.** An operator can reject a request (`SubscriptionDenial`), returning the escrowed assets to the investor. Any request older than its 7-day lifetime is skipped during processing and auto-rejected (`SubscriptionRequestExpired`), also returning the assets.
{% endstep %}

{% step %}
**Or cancellation.** While still `PENDING`, the investor or receiver can cancel after the request's TTL has elapsed (`cancelSubscription(id)`), recovering the escrowed assets. See [Cancel a request](/funds/integration/cancel-a-request.md).
{% endstep %}
{% endstepper %}

A request moves through exactly one terminal state: `PROCESSED`, `REJECTED`, or `CANCELLED`.

## The request event

```solidity
event SubscriptionRequest(
    address indexed investor,
    uint256 requestId,
    address indexed receiver,
    address indexed subscriptionAsset,
    uint256 assetsAmount,
    uint256 sharesAmount,   // the minSharesOut at request time
    uint64  timestamp,
    uint64  cancelableFrom, // timestamp + subscriptionRequestTtl
    uint64  expiryAt        // timestamp + 7 days
);
```

`cancelableFrom` is when the investor may cancel; `expiryAt` is when the request can no longer be approved. See [Subscription request](/funds/integration/subscription-request.md) for integration code, and [Fees](/funds/infrastructure/core-concepts/fees.md) for the management/performance fees charged during settlement.


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