Top 5 Outsourced Fund Accounting Solutions for Managing Carried Interest
Non-sponsored, Expert Verified and Transparently Ranked 5 Outsourced Fund Accounting Solutions for Managing Carried Interest
Executive Summary
We analyzed 5 solutions. Top Recommendation: Private Markets Solutions by SS&C Technologies (SS&C GlobeOp) scored highest due to Large and mega-cap private equity managers. Delivers end-to-end fund administration with waterfall calculations and complex allocations to reduce operational risk [1]. Backed by industry-leading private equity AUA and a broad global client base for scale and resiliency [2].
At a Glance
Private Markets SolutionsbySS&C Technologies (SS&C GlobeOp)
Best for: Large and mega-cap private equity managers. Delivers end-to-end fund administration with waterfall calculations and complex allocations to reduce operational risk [1]. Backed by industry-leading private equity AUA and a broad global client base for scale and resiliency [2].
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SS&C Technologies (SS&C GlobeOp)
Company Information
Company Overview
Company Details
Contact Information
Key Value Propositions
- Largest independent hedge fund and private equity administrator
- Offers proprietary software and comprehensive operational services
- Innovative technology solutions for investment management
Industries Served
Technical Information
Summary
SS&C Private Markets Solutions provides technology-powered fund administration, accounting, and operational services for private market investment managers. The offering is designed to support sophisticated private investment strategies with adaptable technology, global resources, and a broad range of administration services, enabling clients to focus on investment strategies while ensuring efficiency, transparency, and compliance.
Overview
SS&C Private Markets Solutions provides technology-powered fund administration, accounting, and operational services for private market investment managers. The offering is designed to support sophisticated private investment strategies with adaptable technology, global resources, and a broad range of administration services, enabling clients to focus on investment strategies while ensuring efficiency, transparency, and compliance.
Best For
Large and mega-cap private equity managers. Delivers end-to-end fund administration with waterfall calculations and complex allocations to reduce operational risk [1]. Backed by industry-leading private equity AUA and a broad global client base for scale and resiliency [2].
Key Features
- Fundraising support for M&A, capital raising, and investor reporting
- End-to-end client onboarding and investor transaction processing
- Comprehensive fund accounting for multi-asset, multi-currency portfolios
- Integrated fund administration platform for capital transactions, allocations, and reporting
- Automated cash management and account data aggregation
- Task management, governance, and oversight solutions
- Automated, multi-format reporting and data integration
- Real-time investor transparency across all accounts
- Regulatory and tax data aggregation, normalization, and reporting
- End-to-end loan lifecycle management (origination, servicing, accounting, asset management)
Key Benefits
- Streamlined fund administration process for precise, actionable insights
- Adaptable technology and servicing solutions tailored to organizational needs
- Lower financial and operational burdens with scalable, cloud-based technology
- Global resources for launching new strategies and supporting growth
- Full transparency into real-time P&L, exposures, and daily NAV calculations
- Automated data aggregation and standardized reporting for actionable insights
Who Is It For
- Emerging funds
- Private credit/debt servicing
- Private equity
- Real estate, infrastructure & hard assets
- Real estate debt / CML
- Secondary/Fund of Funds (FoF)
- Venture capital
Features & Modules
Your Operational Advantage
Rise above the competition.
- Informed Decision-Making: Streamlined fund administration for actionable insights.
- Tailored Solutions: Adaptable technology and servicing for unique needs.
- Cost-efficiency and Peace of Mind: Lower operational burdens, scalable cloud-based technology.
Solutions and Services for Every Aspect of Your Private Markets Business
Sophisticated investors and complex private investment strategies demand and require a broad range of administration services, proprietary technology and software solutions to achieve their investment goals.
- Fundraising
- Client On-boarding
- Fund Accounting
- Fund Administration
- Cash Management
- Task Management
- Reporting
- Real-time Investor Transparency
- Regulatory and Tax
- Loans Administration
Who We Support
- Emerging funds
- Private credit/debt servicing
- Private equity
- Real estate, infrastructure & hard assets
- Real estate debt / CML
- Secondary/FoF
- Venture capital
The Citco Group of Companies
Company Information
Company Overview
Company Details
Contact Information
Key Value Propositions
- Bespoke solutions tailored to unique client needs.
- Expertise in navigating complex financial ecosystems.
- Strong commitment to building long-term partnerships.
Industries Served
Technical Information
Summary
Citco's Fund Administration service delivers a comprehensive suite of solutions for alternative investment managers, leveraging advanced technology and a highly experienced team. The offering is consistently ranked best-in-class in industry awards and surveys.
Overview
Citco is a pioneer in independent fund administration for the alternative investment industry, offering scalable and innovative solutions to meet specific client needs. Citco provides a complete solution powered by sophisticated technology, covering the whole spectrum of fund administration services for clients globally.
Best For
Private markets GPs and real assets funds needing highly automated carry modeling. Automates complex carried interest waterfalls and supports unrealized/realized and projection scenarios [1], with desktop scenario modeling for forward-looking distributions [2]. Dedicated support for clawback risk management [3].
Key Features
- Accounting & operations
- Investor relations
- Independent pricing and external valuer
- Middle office services
- Collateral management
- Treasury/settlements
- Affirmation/confirmation
- Portfolio analytics (Citco Portfolio Analytics)
- Document intelligence (Citco Document Intelligence)
- Financial reporting
- Regulatory reporting (including form PF, CPO PQR, AIFMD, OPERA)
- Tax preparation and reporting
Key Benefits
- Comprehensive, end-to-end fund administration services
- Customizable and scalable solutions
- Powered by proprietary, sophisticated technology
- Global reach and jurisdiction-specific support
- Consistently recognized as best-in-class by industry awards
- Access to premium data integration and reporting platforms
Who Is It For
- Fund managers
- Hedge funds
- Fund of funds
- Private equity and private credit managers
- Real asset managers
- Direct lending and capital advisory clients
- Loan originators and investors
- Banks and corporates
- Fintechs
- Family offices and private wealth clients
Features & Modules
Fund Administration
Citco is a pioneer in independent fund administration for the alternative investment industry, offering scalable and innovative solutions to meet your specific needs.
We are a market-leading administrator which exists to serve fund managers.
Citco provides a complete solution powered by sophisticated technology. As a dedicated, high-quality fund administrator with a highly experienced team, we cover the whole spectrum of services for clients. Consistently ranked best-in-class in industry awards and surveys, our key services include:
- accounting & operations
- investor relations
- independent pricing and external valuer
- middle office
- collateral management
- treasury/settlements
- affirmation/confirmation
- Citco Portfolio Analytics
- Citco Document Intelligence
- financial reporting
- regulatory reporting including form PF, CPO PQR, AIFMD, OPERA
- tax preparation/reporting
Supporting Services
A range of specialized services for different fund types and client needs, including Hedge Funds, Fund of Funds, Private Equity & Private Credit, Real Assets, Middle Office Solutions, Swift services, Direct Lending and Capital Advisory, Loan Servicing Solutions, Banking, Entity Incorporation, Tax and Regulatory, and Family Office and Private Wealth Services.
- Hedge Funds: accounting, operations, investor relations, independent pricing
- Fund of Funds: data services, investor reporting, risk and performance analytics
- Private Equity & Private Credit: financial reporting, tax, treasury, record maintenance, waterfall calculations
- Real Assets: accounting, investor relations, SPV administration, ancillary services
- Middle Office Solutions: treasury, collateral management, OTC settlements, trade matching, portfolio finance
- Swift services: access to Swift network, payments, settlement, corporate actions
- Direct Lending and Capital Advisory: creative, flexible solutions, $20bn+ transactions
- Loan Servicing Solutions: payment processing, agency services for syndicated/complex transactions
- Banking: operational/cash custody accounts, FX, credit services
- Entity Incorporation, Merger, Liquidation: entity life cycle management
- Tax and Regulatory: tax reporting, financial statements, regulatory reporting
- Family Office and Private Wealth: tailored solutions, asset preservation
Our Technology
CitcoOne™ and Data Services provide clients with advanced, web-based platforms for data integration, reporting, and fund monitoring. Features include interactive dashboards, workflows, order placement, document management, dynamic reporting, and capital activity monitoring.
- CitcoOne™: visualized platform, interactive dashboards, order placement, document management
- Data Services: premium web-based data integration and reporting
Industry Recognition
Citco has received multiple industry awards for its fund administration services.
- Private Equity Wire US Awards 2025: Fund Administrator of the Year: GPs over $30billion
- Hedgeweek US Awards 2025: Fund Administrator of the Year: Overall
- Industry Leaders Custody Asia Awards 2025: Fund Administrator of the Year
Alter Domus
Company Information
Company Overview
Company Details
Key Value Propositions
- Tailor-made solutions designed for specific strategies.
- Expertise in various asset classes.
- Full structure servicing and technology solutions.
Industries Served
Technical Information
Summary
Fund Administration Services from Alter Domus encompass all essential operational tasks for investment funds, including fund accounting, investor and regulatory reporting, compliance, and audit support. The offering is tailored for alternative investment funds and leverages advanced technology and global expertise to ensure accuracy, efficiency, and compliance across jurisdictions.
Overview
Alter Domus provides comprehensive fund administration solutions for alternative investment funds, offering a full suite of middle- and back-office services including fund accounting, investor reporting, regulatory compliance, and audit support. Their services are designed to reduce operational complexity and cost, enabling fund managers to focus on core investment activities.
Best For
Managers wanting outsourced capital administration purpose-built for complex waterfalls and carry. CapAssure automates carry allocations with forecasting, drill‑down reporting, and clawback analytics [1]. Offers PE capital administration with GP carry reporting [2], backed by enterprise scale and investor backing [3].
Key Features
- Fund accounting and financial reporting
- Investor and transfer agency services
- Regulatory reporting for jurisdictional compliance
- Cash management and bank account administration
- Administration and governance from entity formation onward
- Capital administration services
- Tax reporting and compliance
- Open-ended and closed-ended fund administration
- Support for fund-of-funds, co-investments, and carried interest vehicles
- Automated capital calls and waterfall calculations
- Integrated digital solutions for investor onboarding and reporting
Key Benefits
- Reduces operational cost and complexity for fund managers
- Ensures accurate financial records and timely investor reports
- Provides seamless cross-border compliance and regulatory support
- Enables fund managers to focus on sourcing deals and managing investments
- Delivers insight-driven administration to improve decision-making and fund performance
- Supports funds of all sizes, from middle-market to mega-funds
Who Is It For
- Alternative Asset Managers
- Asset Owners
- Endowments & Foundations
- Financial Institutions
- Wealth Managers & Family Offices
Features & Modules
Comprehensive fund administration solutions for alternative investment funds
Why Fund Administration is essential to fund success?
Fund administration is the backbone of investment fund operations, covering all middle- and back-office tasks such as fund accounting, investor reporting, regulatory compliance, and audit support.
- Ensures accurate financial records
- Timely reports to investors
- Adherence to complex regulations
Why Alter Domus for fund administration services?
Alter Domus leverages 6,000 global experts and advanced technology to provide fund administration for closed and open-ended funds, managed accounts, and co-investment vehicles. The company helps clients navigate complex environments and streamline operations.
- Focus on alternative investment fund administration
- Advanced fund services for various fund types
- Allows fund managers to focus on core investment activities
Why Funds Trust Alter Domus
- Alternative fund specialization for private equity, real assets, venture capital, and private debt
- Expert fund accountants and unified global system for seamless experience
- Integration of investor, accounting, and investment data for improved decision-making
In numbers
Alter Domus serves 85% of the top 30 asset managers, manages 36,000 client structures, $3.5tn in assets, and employs 6,000 professionals in 23 jurisdictions.
Reduce the cost and complexity of fund administration
Alter Domus specializes exclusively in alternative funds, providing global coverage, unmatched expertise, and a deep understanding of complex fund structures.
- Specialization in private equity, venture capital, real assets, infrastructure, and private debt
- Global presence with local expertise in all major financial hubs
- Support for funds of all sizes and structures
Our fund administration technology
Alter Domus uses leading fund accounting tools and proprietary technology to enhance investor reporting, automate capital calls, streamline calculations, and ensure compliance.
- Yardi for real asset accounting and investor reporting
- eFront for alternative investment lifecycle management
- Private Capital Suite (FIS Investran) for fund accounting and communications
- Allvue for integrated fund accounting and portfolio management
Fund administration services we offer
A comprehensive suite of services including open-ended fund administration, fund formation, investor and transfer agency, regulatory reporting, fund accounting, cash management, administration and governance, capital administration, and tax services.
- Open-Ended Fund Administration
- Fund Formation
- Investor and Transfer Agency Services
- Regulatory Reporting
- Fund Accounting & Financial Reporting
- Cash Management
- Administration and Governance
- Capital Administration
- Tax Services
Fund administration insights
Articles and resources on trends, benefits, and considerations in fund administration.
- Top Trends in Fund Administration
- 5 Benefits of Outsourcing Fund Administration
- In-house vs third-party fund administration
- Migrating your fund? What to consider when changing your fund administrator
Available In
Security
- Bank account management and invoicing processes are designed to maximize consistency, security, and accuracy.
- Use of award-winning technology platforms for secure and accurate fund administration.
Compliance
- Seamless regulatory reporting for jurisdictional compliance
- Robust administration and governance to ensure legal standing
- Tax reporting and compliance for local, national, and international requirements
Gen II Fund Services
Company Information
Company Overview
Company Details
Contact Information
Trust & Compliance
Key Value Propositions
- Tailored fund administration services
- Advanced technology solutions
- Transparency and accuracy in investor reporting
Industries Served
Technical Information
Social Proof
Customer Testimonials
You have a great team supporting us. Even when there was a hiccup, we always knew they were on top of it.
Thank you for being outstanding partners throughout our journey. We value the working relationships with Kevin, Jason, and the team. Their professionalism and willingness to help are much appreciated.
Summary
Gen II Fund Services delivers comprehensive fund administration solutions for private equity funds, supporting clients from fund launch through the full lifecycle. Services include financial accounting, reporting, tax, compliance, depositary, and management company support, all tailored to the operational and structural uniqueness of each fund.
Overview
Gen II Fund Services offers tailored fund administration services, exclusively focused on private equity. Their approach is to partner closely with clients, providing operational support, transparent reporting, and compliance to meet the needs of both fund managers and their investors (LPs). Services are customized to each fund's unique structure and lifecycle, ensuring institutional-grade back office operations and evolving reporting as investor requirements change.
Best For
Established and growth-stage private equity sponsors requiring precision in carry and waterfalls. Administers carried interest, preferred returns, and realized/unrealized waterfall calculations [1]. Emphasizes accurate, independent waterfall reviews to avoid downstream issues [2], backed by PE-dedicated service teams [3].
Key Features
- Dedicated Client Service Principal and team
- Best practices developed with leading industry stakeholders
- Reliable financial accounting and transparent reporting
- Seamless corporate operations support
- Expert tax planning and compliance
- Diligent regulatory compliance maintenance
- Safekeeping of assets and oversight (Depositary)
- Professional management company services
- AIFM platform with local expertise and regulatory substance
Key Benefits
- Dedicated business partner focused solely on private equity fund administration
- Institutional-grade back office operations
- Customizable, thorough, timely, and transparent reporting for investors
- Support for persistent investor due diligence and annual questionnaires
- Service plans tailored to each fund's unique needs and lifecycle
- Ability to evolve reporting and content as investor requirements change
Who Is It For
- Private equity fund managers
- Limited Partners (LPs)
- Private equity sponsors
- Consultants
- PE/LP advocacy groups
- Regulatory agencies
Features & Modules
A Partner to Meet Your Operational Needs
You’ll be supported by a business partner exclusively focused on private equity fund administration. Your Client Service Principal and a dedicated team will work with you to understand your needs and expectations. Then we’ll deliver by applying best practices that we’ve developed working with PE’s largest sponsors, Limited Partners, consultants, PE/LP advocacy groups and regulatory agencies.
For your LPs
From the start, investors will have confidence that your back office is institutional grade. From upfront operating due diligence to annual questionnaires, we ensure your operations stand up to the rigors of persistent investor inspection. We’ll enable you to provide thorough, timely and transparent reporting in forms that you design for your investors. And as requirements shift, we’ll continue to evolve content in response to what investors tell you they need.
Unparalleled Private Equity Fund Services
We work with you from launch through the full lifecycle of your investment vehicles, administering the most complex funds. Your funds are structurally and operationally unique, so we tailor our service plan to your specific needs.
PE FUND ADMINISTRATION
CORPORATE SERVICES
TAX
COMPLIANCE
DEPOSITARY
MANAGEMENT COMPANY
Available In
Compliance
- Diligent maintenance of regulatory compliance across all aspects of private equity fund operations.
- Support for operating due diligence and annual investor questionnaires.
Apex Group
Company Information
Company Overview
Company Details
Trust & Compliance
Key Value Propositions
- Single-source provider
- Extensive range of services
- Integrated global team
- Innovative technology solutions
Industries Served
Technical Information
Social Proof
Customer Testimonials
We are delighted to continue and expand our relationship with Apex Group, which offers key services in support of BrightEdge, the Fund, and our unique and proprietary Cancer Impact Investing Framework.
Apex Group understands how important all our stakeholders are in the process and have given us a comprehensive solution which is ultimately to the benefit of our members.
We are delighted to appoint Apex Group, whose single-source solution delivers significant cost and resource efficiency, allowing us to focus on researching, identifying, and investing in this exciting, high growth segment of the market.
As a leading venture capital firm in the MENA region, Sadu is pleased to appoint Apex Group to provide Fund Administration and AML solutions to our early-stage VC fund.
Social Links & Discovery
Target Customers
Summary
Apex Invest enhances Apex Group's single-source solution by offering a comprehensive suite of services for capital raising, advisory, and technology. It is designed to streamline the investment process for fund managers and allocators, enabling efficient networking and investment evaluation regardless of location.
Overview
Apex Invest is a suite of capital raising, advisory solutions, and technologies designed to deliver all the services asset managers might need through a single relationship. It provides fund managers and allocators with opportunities to build networks, identify, and efficiently evaluate investment opportunities globally.
Best For
PE and VC managers seeking single-source administration with carry-plan execution. Provides calculation and administration of fund waterfalls and carry plans [1], maintains calculated carried interest waterfalls as core fund admin [2], and offers automated waterfall tools for VC workflows [3].
Key Features
- Capital raising support
- Advisory solutions
- Technology platforms for investment management
- Events for networking and knowledge sharing
- Investor relations and marketing support
Key Benefits
- Single relationship for all asset management services
- Access to global networking and investment opportunities
- Efficient evaluation of investment opportunities
- Comprehensive support for capital raising and advisory needs
- Data-driven insights for alternative investment fundraising
Who Is It For
- Allocators
- Asset managers
- Capital markets participants
- Corporates
- Family office / Private clients
- Financial institutions
Features & Modules
Apex Invest
Refining fundraising strategies for alternative investment
Who we serve
- Allocators
- Asset managers
- Capital markets
- Corporates
- Family office / Private client
- Financial institutions
Data Quality & Transparency
Our Ranking Methodology
How we rank these offerings
We ranked these Top 5 Outsourced Fund Accounting Solutions for Managing Carried Interest using a weighted scoring formula: Waterfall Automation Capabilities (40%), Integration with Fund Accounting Systems (35%), Support and Expertise (25%). N/A values receive 0 points. Private Markets Solutions scored highest with 96 due to comprehensive automation, integration, and leading support. Companies with N/A values, like Apex Invest (N/A for integration), had reduced maximum scores.
Ranking Criteria Weights:
Accuracy and efficiency in managing waterfalls are crucial for maximizing fund performance and ensuring compliance.
Effective integration enhances operational efficiency and ensures data consistency across systems, vital for timely reporting.
Having access to knowledgeable support is essential for addressing complex accounting challenges that arise in private equity management.
Frequently Asked Questions
- What are typical costs and pricing models for outsourced fund accounting solutions for managing carried interest?
- Pricing models for outsourced fund accounting solutions typically vary based on the complexity and size of the fund, the level of customization required, and the scope of services provided. Firms like SS&C and Apex Invest often charge based on a percentage of assets under management, while services such as Citco Waterfall offer both fixed and variable pricing models depending on fund size and specific service needs. Gen II and Alter Domus may offer tiered pricing based on service packages that include carried interest calculations, preferred returns, and complex waterfall allocations. The inclusion of technology solutions like automation in waterfall and carry plan administration can also influence pricing.
- What key selection criteria should be considered when choosing a fund accounting solution for carried interest management?
- Key selection criteria include the ability to handle complex carried interest calculations and scenarios, such as those automated by Citco Waterfall; scalability to support fund growth provided by Alter Domus's CapAssure; and specialized knowledge in private capital markets accounting, as highlighted by Gen II. Additionally, integration with existing technology platforms, as offered by SS&C, and compliance with industry standards, such as SOC compliance seen with Citco, are crucial. Reviewing these aspects ensures the solution aligns with both current and future fund management needs.
- How do industry standards and compliance play a role in selecting a fund accounting solution for carried interest?
- Industry standards and compliance, such as SOC compliance, play a critical role in ensuring integrity and security in fund accounting operations. Citco's SOC-compliant technology is an example of adherence to such standards, providing clients peace of mind regarding data protection and operational controls. These standards help in delivering audit-ready financials, an essential feature of SS&C's service offerings. Selecting providers like Gen II, which operates with institutional rigor, ensures adherence to regulatory requirements and enhances investor trust.
- What implementation challenges might fund managers face when outsourcing carried interest accounting, and what solutions are available?
- Implementation challenges can include integration with existing systems, data migration issues, and understanding complex carried interest structures. Firms such as Alter Domus provide dedicated teams for integration with leading fund accounting platforms, addressing these hurdles efficiently. SS&C offers an end-to-end solution that supports fund managers from launch through exit, thereby minimizing disruptions during transitions. Additionally, Apex Invest's global platform offers scalable automation tools that can be tailored to the specific needs of the fund, facilitating a smoother implementation process.
- What kind of ROI and value delivery can be expected from outsourcing fund accounting for carried interest?
- Outsourcing fund accounting can deliver ROI through improved accuracy in carried interest calculations, streamlined processes, and reduced administrative costs. According to industry reports, firms like Apex Invest and SS&C that provide comprehensive technological solutions enhance efficiency, allowing fund managers to focus on strategic investment activities. Gen II's focus on investor reporting and rigorous capital activity management helps in maintaining investor confidence and satisfaction, often leading to superior fundraising outcomes. The value is typically realized through both cost savings on in-house operations and the strategic advantages gained via expert-handled accounting tasks.
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