Update 0.2.0 — Institutional Mandates, Tutorial Fixes

Version 0.2.0 · Released September 29, 2026

Thank you for playing the Early Access. This update opens a second path back after a redemption spiral, and fixes two stumbling points in the tutorial's first month.

New: Institutional mandates

Until now, all money flowing into your funds came from retail investors. They chase performance and move in and out as a percentage of assets under management (AUM), so a fund shrunk by a redemption spiral recovered very slowly even after its performance came back.

Institutional investors — pension funds and endowments — now arrive as a second channel of capital.

• They only invest in funds whose 3-year track record beats the benchmark. Funds younger than three years do not qualify.
• They allocate a fixed amount regardless of fund size, scaled by your firm's reputation — at top reputation, up to 3M per month for an ETF and 1M for a private fund.
• Private funds only receive what fits within their capacity.
• Funds that are soft-closed or suspended from new subscriptions by the regulator receive nothing.
• Retail redemptions work exactly as before. During a drawdown the 3-year record usually trails the benchmark, so mandates stop on their own — spirals are just as dangerous. Once you bottom out and rebuild the record, institutional money follows.

Managers who win back performance and reputation now recover faster. Managers who collapsed without ever beating the benchmark will still struggle. Institutions look at the record.

Tutorial fixes

• Fixed the "Pick a stock" step completing without the player doing anything. You now have to pick one in the Screener.
• Reaching the first-buy step during the weekend review used to leave every market closed and the order blocked. The tutorial now points you to ▶ Open Monday first.
• Improved the hint for picking a stock whose market is closed: stocks from a world the status bar shows as open can be bought right away.

Version check and save compatibility

If you see Version 0.2.0 under the title on the main menu and in the Settings panel, you have this update. The Early Access launch build (September 25) is 0.1.0 and shows no version. Existing saves load as before. Institutional mandates apply to continued games from the next month-end.

Please share feedback and bug reports on the Community Discussions board. Thank you.