Real Estate

Most fund managers try to handle accounting in-house first. It makes sense. You want control. You want someone sitting in your office who understands the fund. Then reality hits. Your bookkeeper doesn’t understand partnership allocations. Your controller leaves six months in. Nobody on your team knows how to prepare investor-level capital account statements. And you’re

Here’s something we hear from fund managers all the time: “My investors don’t really read the reports. They just want to know if they’re making money.” That might be true for some LPs. But here’s the problem with that mindset: the LPs who DO read your reports are usually the ones who write the biggest

Most fund managers understand their waterfall at a high level. Return capital first, pay the preferred return, then split the profits. Simple enough on a pitch deck. But when it comes to actually accounting for the waterfall, things get complicated fast. Compounding versus non-compounding pref. GP catch-up calculations. Tax allocations that don’t match cash distributions.