Private equity fund administrators generally work for financial institutions, such as banks and mutual funds companies, and are responsible for administering collective investments in equity and debt securities in accordance with their companies' investment strategies.
These administrators have a variety of responsibilities, including: day-to-day accounting and administration tasks for client-sponsored investment funds; preparing and verifying quarterly, semi-annual, annual, and ad-hoc financial statements; assisting in preparing clients' capital contributions, distribution schedules, and relevant journal entry postings; monitoring cash flows related to these contributions; annual auditing activities with both internal and external auditors; and developing improvements in their companies' internal controls.
A bachelor's degree in accounting, business, finance, or a related field is often required for this position, and commensurate work experience with similar financial institutions is highly beneficial. Candidates for this position may be required to pass Series 6 and Series 7 exams and must be willing to learn their companies' computer systems. Sufficient knowledge of Microsoft Office programs (Word, Excel, Outlook, PowerPoint) and excellent written and verbal communication skills are also beneficial.
Private equity fund administrators must be able to work well with diverse people and should have thorough knowledge of all government (federal, state, local) laws and regulations, Security Exchange Commission (SEC) rules and guidelines, and frequent changes in monetary rules and regulations. Thorough understanding of "generally accepted accounting principles" (GAAP) accounting principles is also important, and some administrators may occasionally need to travel for work-related obligations.
Private Equity Fund Administrator Tasks
Review quarterly and annual financial work packages, portfolio schedules, accruals, and allocations.
Ensure compliance with investment fund legal documents and all legal guidelines.
Manage relationships with both clients and investors.