Fund administrator
A fund administrator is the firm, or the software operated in-house, that maintains a private fund's books: partner capital accounts, capital call and distribution processing, fee and waterfall calculations, NAV, investor statements and audit support.
Example
A first-time manager runs administration software in-house with a fractional controller. At Fund II, an institutional anchor LP requires an independent administrator, so the firm hires a services administrator who runs the books on the same software.
Confused with
Fund accounting software. The ledger. Administration adds the work around the ledger: onboarding, notices, reporting, tax coordination.
Auditor. The administrator keeps the books; the auditor checks them. They must be different firms.
Compare the options in fund administration software compared.
Related terms
- Capital account A capital account is the running balance of a single partner's economic interest in a fund: contributions in, allocations of income, gains and losses, less distributions out.
- LP portal (investor portal) An LP portal, or investor portal, is the secure website where a fund's limited partners log in to view their capital account statements, capital call and distribution notices, quarterly reports, tax documents and fund legal documents, replacing email and PDF distribution.
- Form ADV Form ADV is the uniform form that investment advisers, including most venture and private equity fund managers above the exempt reporting threshold, file with the SEC to register or report, disclosing their business, ownership, conflicts and, in Schedule D Section 7.B, each private fund they advise along with its auditor, administrator and prime broker.