diff --git a/deploy/package.json b/deploy/package.json
index 6aaf228..a30403e 100644
--- a/deploy/package.json
+++ b/deploy/package.json
@@ -1,6 +1,6 @@
 {
   "name": "ten31portal-startos",
-  "version": "0.2.36",
+  "version": "0.2.37",
   "private": true,
   "scripts": {
     "build": "npm run check && rm -rf ./javascript && ncc build startos/index.ts -o ./javascript",
diff --git a/deploy/startos/install/versions/index.ts b/deploy/startos/install/versions/index.ts
index 8748dc9..4d0ed9c 100644
--- a/deploy/startos/install/versions/index.ts
+++ b/deploy/startos/install/versions/index.ts
@@ -1,4 +1,4 @@
-export { v_0_2_36 as current } from './v_0_2_36'
+export { v_0_2_37 as current } from './v_0_2_37'
 import { v_0_1_0 } from './v_0_1_0'
 import { v_0_2_0 } from './v_0_2_0'
 import { v_0_2_1 } from './v_0_2_1'
@@ -35,4 +35,5 @@ import { v_0_2_32 } from './v_0_2_32'
 import { v_0_2_33 } from './v_0_2_33'
 import { v_0_2_34 } from './v_0_2_34'
 import { v_0_2_35 } from './v_0_2_35'
-export const other = [v_0_1_0, v_0_2_0, v_0_2_1, v_0_2_3, v_0_2_4, v_0_2_5, v_0_2_6, v_0_2_7, v_0_2_8, v_0_2_9, v_0_2_10, v_0_2_11, v_0_2_12, v_0_2_13, v_0_2_14, v_0_2_15, v_0_2_16, v_0_2_17, v_0_2_18, v_0_2_19, v_0_2_20, v_0_2_21, v_0_2_22, v_0_2_23, v_0_2_24, v_0_2_25, v_0_2_26, v_0_2_27, v_0_2_28, v_0_2_29, v_0_2_30, v_0_2_31, v_0_2_32, v_0_2_33, v_0_2_34, v_0_2_35]
+import { v_0_2_36 } from './v_0_2_36'
+export const other = [v_0_1_0, v_0_2_0, v_0_2_1, v_0_2_3, v_0_2_4, v_0_2_5, v_0_2_6, v_0_2_7, v_0_2_8, v_0_2_9, v_0_2_10, v_0_2_11, v_0_2_12, v_0_2_13, v_0_2_14, v_0_2_15, v_0_2_16, v_0_2_17, v_0_2_18, v_0_2_19, v_0_2_20, v_0_2_21, v_0_2_22, v_0_2_23, v_0_2_24, v_0_2_25, v_0_2_26, v_0_2_27, v_0_2_28, v_0_2_29, v_0_2_30, v_0_2_31, v_0_2_32, v_0_2_33, v_0_2_34, v_0_2_35, v_0_2_36]
diff --git a/deploy/startos/install/versions/v_0_2_37.ts b/deploy/startos/install/versions/v_0_2_37.ts
new file mode 100644
index 0000000..44caedd
--- /dev/null
+++ b/deploy/startos/install/versions/v_0_2_37.ts
@@ -0,0 +1,13 @@
+import { VersionInfo } from '@start9labs/start-sdk'
+
+export const v_0_2_37 = VersionInfo.of({
+  version: '0.2.37:0',
+  releaseNotes: {
+    en_US:
+      "Investor portal ordering: live funds and SPVs now always appear above exited ones — a fully-exited position sinks to the bottom of the stack instead of sitting between active funds.",
+  },
+  migrations: {
+    up: async ({ effects }) => {},
+    down: async ({ effects }) => {},
+  },
+})
diff --git a/frontend/public/sw.js b/frontend/public/sw.js
index 2039b3e..815cba6 100644
--- a/frontend/public/sw.js
+++ b/frontend/public/sw.js
@@ -3,7 +3,7 @@
 // - content-hashed /assets/* are cache-first (immutable, safe forever)
 // - /api/* is never cached
 // Bump CACHE on each release so old entries are purged.
-const CACHE = 'ten31-portal-0.2.36'
+const CACHE = 'ten31-portal-0.2.37'
 
 self.addEventListener('install', () => self.skipWaiting())
 
diff --git a/frontend/src/portal/InvestorPortalView.tsx b/frontend/src/portal/InvestorPortalView.tsx
index d778ff1..208091a 100644
--- a/frontend/src/portal/InvestorPortalView.tsx
+++ b/frontend/src/portal/InvestorPortalView.tsx
@@ -35,6 +35,14 @@ export default function InvestorPortalView({
     accounts.filter((a) => a.exited_on).map((a) => `${a.entity_id}:${a.investor_user_id}`),
   ).size;
 
+  // Live funds first; a fund where every position is exited sinks to the bottom so closed
+  // positions never sit between active ones. Stable sort keeps the original order otherwise.
+  const isClosed = (e: Entity) => {
+    const own = accounts.filter((a) => a.entity_id === e.id);
+    return own.length > 0 && own.every((a) => a.exited_on);
+  };
+  const ordered = [...entities].sort((a, b) => Number(isClosed(a)) - Number(isClosed(b)));
+
   return (
     <div className="space-y-8">
       {activeEntityCount > 1 && (
@@ -44,7 +52,7 @@ export default function InvestorPortalView({
           exitedCount={exitedPositions}
         />
       )}
-      {entities.map((e) => (
+      {ordered.map((e) => (
         <FundSection
           key={e.id}
           entity={e}
diff --git a/frontend/src/version.ts b/frontend/src/version.ts
index de21b28..a7ad4af 100644
--- a/frontend/src/version.ts
+++ b/frontend/src/version.ts
@@ -1,4 +1,4 @@
 // Bumped each release so the running build is visible in the UI.
 // If the number shown in the app doesn't match the installed s9pk version,
 // the new frontend isn't actually being served.
-export const APP_VERSION = "0.2.36";
+export const APP_VERSION = "0.2.37";