> For the complete documentation index, see [llms.txt](https://ipusd.gitbook.io/ipusd-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ipusd.gitbook.io/ipusd-docs/user-guide/exiting-the-ip-vault.md).

# Exiting the IP Vault

The IP Vault supports Instant Withdrawal and Standard Withdrawal.

Instant Withdrawal pays ipUSD in the same transaction when sufficient Instant Capacity is available and charges a 5% protocol fee.

Standard Withdrawal has no protocol withdrawal fee. It enters a contract-enforced FIFO queue and waits for Settlement in a future Round.

|                    | Instant Withdrawal                       | Standard Withdrawal                                     |
| ------------------ | ---------------------------------------- | ------------------------------------------------------- |
| Payment            | Receive ipUSD in the same transaction    | Claim ipUSD after Settlement                            |
| Protocol fee       | 5%                                       | None                                                    |
| Queue              | No                                       | Yes, strict FIFO                                        |
| Capacity           | Must remain within live Instant Capacity | Requires Standard Withdrawal Capacity in a future Round |
| Partial processing | Not supported                            | Not supported; each request must be fully covered       |

### Instant Withdrawal

Enter the number of IP Vault shares to withdraw. The interface previews:

* Gross ipUSD value
* 5% protocol fee
* Net ipUSD to receive
* Available Instant Capacity

The calculation uses the current NAV per share. Once confirmed, the net ipUSD is sent to the wallet in the same transaction.

Instant Withdrawal may use unsettled ipUSD from the subscription queue. When this happens, the corresponding IP Vault shares are allocated to subscribers at the front of the queue.

Any remaining amount may be paid from the part of the Vault’s Cash Reserve available for instant exits. Instant Capacity is therefore not the same as the full ipUSD liquidity buffer.

Instant Withdrawal may be unavailable because of insufficient capacity, an unhealthy valuation state, an administrative disablement, or a protocol pause. When it is unavailable, users can use Standard Withdrawal.

### Standard Withdrawal

After approving the RedeemQueue to use IP Vault shares, enter the number of shares to withdraw and submit the request. The current minimum is 10 IP Vault shares.

The request enters the Standard Withdrawal FIFO queue. It waits for a future Round with sufficient Standard Withdrawal Capacity.

The amount of ipUSD is determined using NAV per share at Settlement. It is not fixed when the request is submitted.

While a Standard Withdrawal remains queued, your IP Vault shares continue to reflect changes in NAV. The final amount of ipUSD you receive is calculated using the applicable NAV per share at Settlement, not the NAV at the time you submit your request. Your withdrawal value may therefore increase or decrease during the waiting period.

Each Standard Withdrawal request must be covered in full. If the remaining Capacity cannot fully cover the request at the front of the queue, that request remains queued. The contract does not partially settle it and does not allow a smaller request behind it to skip ahead.

A Standard Withdrawal can be cancelled ten minutes after submission if it has not been settled. Cancelling returns the shares to the wallet.

Settlement timing depends on the queue, future Standard Withdrawal Capacity, available liquidity, and the timing of RWA proceeds. No specific Settlement date is guaranteed.

#### Expected withdrawal timing

Standard Withdrawals may be fulfilled sooner if the Vault has sufficient ipUSD liquidity or receives incoming subscriptions. If liquidity is insufficient, the Vault may need to redeem its position in **Partners Group Diversified Royalties Opportunities Evergreen** to obtain the funds required to fulfill queued withdrawals.

The Evergreen fund follows a quarterly redemption schedule. Missing a cut-off can mean waiting until the next eligible window, followed by the time needed for the underlying redemption to be processed and the proceeds to become available.

**Example: A withdrawal submitted on 31 July 2026**

Assume a user submits a Standard Withdrawal on 31 July 2026, but the Vault has insufficient liquidity to fulfill it. The Evergreen fund’s 30 July redemption cut-off has already passed.

* **31 July 2026:** The user submits a Standard Withdrawal. The Vault cannot fulfill it from available liquidity.
* **28 October 2026:** The next redemption cut-off. The Vault submits the underlying redemption request.
* **2 February 2027:** The fund issues the contract note.
* **5 February 2027:** The redemption proceeds settle and become available.

In this scenario, the user waits approximately six months from submitting the Standard Withdrawal to receiving the proceeds. This is a potential worst-case scenario, not a fixed waiting period. Withdrawals may complete sooner if sufficient liquidity becomes available.

**Your shares continue to reflect changes in NAV while you wait.** The amount you receive is determined using the applicable NAV at Settlement, not the NAV on the date you submit your withdrawal request.

#### Claiming settled withdrawals

After Settlement, the allocated ipUSD becomes available through the shared Claim flow.

The interface can group claimable IP Vault shares and claimable ipUSD. When 50 or fewer records are available, the interface displays Claim all. If more than 50 records are available, the first batch processes up to 50 records and the remaining records can be claimed in another transaction.

Depending on the claim types, the wallet may request more than one underlying transaction.