# Creating a vault

Once successfully [onboarded](https://docs.brila.finance/user-guide/manage/onboarding-for-managers), a portfolio manager can launch a new vault.

PMs can easily create a fund by clicking "Create New Portfolio" at <https://app.brila.finance/managers>. To test and demo the product, see the guide here: [credit-vault-tutorial](https://docs.brila.finance/brila-protocol/credit-vaults/credit-vault-tutorial "mention").

The TrueFi application walks PMs through the vault creation process, as shown in the demo below:&#x20;

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Demo of vault creation
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### Vault creation parameters and details

In vault creation, PMs are able to configure the following settings (among others):&#x20;

* Capital formation rules
  * During the **Capital Formation period**, lenders can commit funds with assurance that the  smart contract will return funds (with no fees) if certain requirements are not satisfied. For more details, read [here](https://docs.brila.finance/brila-protocol/credit-vaults#what-is-the-capital-formation-period).
    * Example: PM configures a 30 day capital formation period and minimum vault size of 1M USDC. If the fund has not raised ≥1M USDC by day 30, then principal will be returned to lenders with no fees taken. If the fund raises ≥1M USDC within 30 days, then the PM can move the vault to 'Live' status and deploy loans from the vault.
* Tranche configurations
  * Number of tranches: single tranche / 2 tranches / 3 tranches
  * Minimum subordination ratios for each tranche
  * *For more details on tranche mechanics, read* [*here*](https://docs.brila.finance/brila-protocol/credit-vaults#how-do-interest-and-repayments-flow-to-lenders)*.*
* Vault duration / maturity date
  * Lender funds will be locked up until the vault's maturity date
  * All loans within the vault must mature before, or on the maturity date
* Fee structure
  * Vault fee: in basis points, on annualized basis
  * *For more details on fees, read* [*here*](https://docs.brila.finance/brila-protocol/credit-vaults#what-are-the-fees-on-structured-credit-vaults)*.*
* Lender permissions / restrictions&#x20;
  * i.e. manager can require KYC or set custom list of allowed lenders
  * *For more details on permissions, read* [*here*](https://docs.brila.finance/brila-protocol/credit-vaults#how-are-lender-restrictions-permissions-managed)*.*