Private market investments have notably different timeline expectations than standard public market investing. We do our best at Heron to make it as easy as possible. Here’s how it looks, but please note this timeline does not apply to pre IPO companies. For Pre IPO timelines, see this article.
Overview:
Heron (as of Jan 2026) makes investments monthly (because that’s what almost all the underlying funds do). This means clients can deposit at any time, and then once per month, we batch together what we have received and invest in the appropriate funds to match client demand.
In order to simplify all the requirements of the underlying funds, banks, and custodians, your money must land with us by roughly the 15th of each month (give or take a couple days, depending on how the calendar falls. The actual day will be messaged in the app). We do have same-day ACH, but you should target sending at least 1 business day early to be safe.
Interest for any given month does not hit your account until 2-8 weeks after the end of a given month, depending on your distribution preferences. In rare cases it could be longer.
We distribute dividends in batches twice / month for whatever we have received since the last distribution. Typically on the 8th and the 21st of each month.
Illustrative Example (actual dates may vary for any given month)
Jan 13 - Joe sends us $10k for our Private Credit strategy. It lands same day. That is before our Jan 15 cutoff, so Joe will be allocated as of Feb 1
Jan 16 Jill sends us $10k for our Private Credit strategy. It lands same day. But this is after our Jan 15 cutoff, so Jill will be allocated as of March 1
Feb 1 - We add new shares to the system and allocate all clients.
Joe would see his $10k as allocated in the app.
Jill would still see her $10k as still waiting to be allocated
Mar 1 Jill would see her $10k allocated.
March 15 - Dividends for February are declared (but not sent) by the funds
If Joe is set to reinvest all dividends, then those dividends will hit Joe's account that day.
If Joe requests all dividends as cash in his bank account, then nothing happens.
April 15 - Dividends for February are received as cash to Heron, and dividends for March are declared by the funds.
If Joe was set to reinvest all dividends, then he would see no change for the February cash dividends, but would see the March dividends hit his account.
If Joe was set to receive dividends as cash in his bank account, then we would send out the February cash dividends in the next batch, and would see nothing from the March dividends.
Note
Sometimes, due to weekends or holidays, your allocations may not show up exactly on the first day of a given month. This does not affect your economics. Once you are eligible for allocation, you are treated as owning the asset on the first day of your allocation month, regardless of when it shows up on your dashboard.
Summary
The funds on Heron generally operate on a monthly schedule. Investment allocations, dividends, and NAV updates all happen once per month, though dividends are generally delayed by 2-8 weeks after the end of a month, depending on whether you automatically reinvest. NAV updates weren't discussed in these timelines, as they happen at various times throughout the month and have an immediate impact.