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

# Subaccounts

How vault capital is allocated into isolated mandates.

A Subaccount is an isolated allocation unit within a vault. It receives capital from the vault and deploys it under a defined mandate.

### Each Subaccount has a mandate

A Subaccount operates to a deployment strategy agreed with Qiro in advance: which facilities it may fund, how many, and in what proportions. It may hold several facilities at once.

### Isolation

Each Subaccount is a separate destination. Capital allocated to one is held apart from every other, and the accounting for each is tracked independently: how much has been deployed to it, how much has come back, and what it is currently worth.

### Subaccounts and SPVs

A Subaccount is an allocation layer. The lending itself is done by a **Deal SPV**, a bankruptcy-remote vehicle established for one borrower relationship, which holds the facility documentation, security package, and covenants. A Subaccount funding several facilities sits above several SPVs, one for each borrower.

***

See [How It Works](/qiro-vaults/about-us/how-it-works.md) for the full path capital takes, [NAV & Valuation](/qiro-vaults/core-concepts/nav-and-valuation.md) for how deployed capital is valued, and [Yield Sources](/qiro-vaults/core-concepts/yield-sources.md) for what happens at the borrower end.