Home / Directory / Fund accounting and NAV

Fund accounting and NAV: a buyer's guide

What we list in this category, where each entry came from, and the questions worth pressing on before you commit.

Every entry below was recorded from a page we opened, and each carries the source we read. Where we could not establish something it is left blank rather than guessed. Read how this site works if you want the detail.

What we list

Every product we hold in this category, in one list. A supplier that has run in production for twenty years and one that launched last year appear together and carry the same fields, because that is the comparison a buyer has to make. Each entry's founding year and owner are on its company page where the company states them, and both bear on continuity: long service is evidence a supplier will still be there, and a young supplier may offer capability and pricing the incumbents do not while carrying fewer references at your size.

• AURUM — Fund operations platform covering fund accounting, waterfall and fee calculations, investor servicing and transfer agency; formed in March 2026 from a business spun out of Apollo in 2025 and an Irish fund administrator founded in 2023, backed by Motive Partners. source
• Admin Oversight Agent — AI agent that reviews each fund administration close pack and flags errors and inconsistencies before financial statements reach investors. source
• Aduro Fund Administration — Venture-focused fund accounting and administration for 650+ firms and $141B+ of assets, built on its own FundPanel.io platform. source
• Allvue — Front-to-back suite for private equity, private credit and CLO managers, spanning portfolio management, trade order management, fund accounting and investor portals. source
• Allvue Fund Accounting — Fund and investment accounting for private capital managers, formed in 2019 by merging Black Mountain and AltaReturn. source
• Allvue Investor Portal — White-labelled portal that distributes capital statements, capital call notices and K-1s straight from Allvue fund accounting. source
• Allvue Trade Order Management — Order management inside an alternatives-focused platform, aimed at credit, private equity and fund managers rather than long-only equity desks. source
• Alter Domus Fund Administration — Fund administration for closed-end private equity, private credit, real estate and infrastructure, paired with its own fund accounting and investor management technology. source
• AngelList Fund Administration — Fund administration for venture funds, rolling funds, scout funds, SPVs and roll-up vehicles, with digital subscriptions and agentic fund management. source
• Apex Fund Administration — Single-source fund and asset servicing across hedge, private equity, private debt, real assets, digital assets and UCITS. source
• Arcesium Intelligence — An agent layer over Arcesium's Opterra and Aquata platforms, launched 20 May 2026, with pre-built agents for P&L decomposition, NAV review, execution cost analytics and report generation, plus a studio for firms to build their own. source
• Capital Call, PCAP and IRR Automation — Automates capital call and distribution notices, partner capital account reporting, IRR and TVPI, and European and American waterfall models; operated by Round Square Pte Ltd. source
• Carta Fund Administration — Software-led fund administration for private equity and venture funds, marketed around agent-driven automation and fund CFO visibility. source
• Carta LP Portal — LP-facing portal inside Carta's fund administration suite, covering subscription documents, performance views and K-1 delivery. source
• Ceviche — Automates fund expense allocation across multi-entity fund structures according to LPA rules and writes audit-ready journal entries into the general ledger. source
• Citco Fund Administration — Independent administrator for hedge funds, funds of funds, private equity and private credit, covering accounting, investor relations, independent pricing, middle office and treasury. source
• Clearwater Investment Accounting Platform — Daily multi-basis, multi-currency accounting book of record producing GAAP, STAT, IFRS and tax bases at once, with NAV and stakeholder reporting. source
• Enfusion by Clearwater — Unified cloud PMS and OEMS for portfolio construction, execution and trade processing; enfusion.com now redirects to cwan.com after the acquisition. source
• Entrilia — Dual-sided fund accounting with event-driven automation, investor reporting and portfolio monitoring for private capital; co-founded by Eric Faw and Yuriy Andrushchenko with a distributed team. source
• FIS Private Capital Suite — Private equity fund and partnership accounting with digital waterfall administration, automated carried interest and capital call tracking; the vendor's own page states it was formerly named Investran. source
• FirmView — Carry, co-investment and compensation management with waterfall and carry distribution for private funds; Allvue's site states the product came with its acquisition of PFA Solutions. source
• Formulary — Fund administration for private fund managers, covering fund accounting, investor services, regulatory and compliance work and outsourced CFO support on its own platform. source
• Fund & Investor Solutions — Integrated fund accounting, fund administration, transfer agency and investor services, including its Algorithmic NAV and Milestone pControl tools. source
• Fund Recs — No-code platform used by fund administrators and asset managers to connect, normalise and reconcile fund operations data. source
• Fund Services — Fund administration, tax, compliance and corporate services for venture, private equity, hedge, digital asset and other alternative funds, delivered on a platform the firm says provides real-time NAV reporting and automated reconciliations. source
• FundCount — Unified accounting and investment platform joining portfolio accounting, partnership accounting, a general ledger and investor reporting. source
• FundCount Investor Portal — Investor portal that publishes statements and capital calls directly from FundCount's own general ledger and partnership accounting engine. source
• FundGuard — Cloud-native real-time accounting engine that runs IBOR, fund accounting/ABOR and private markets portfolio accounting on one system; raised a $40M Series B in 2022. source
• Fundwave — Fund accounting and LP reporting for venture, private equity and SPVs, including carry and management fee allocations and portfolio IRR tracking. source
• GPX — Fund operating system pairing fund accounting and fund administration with investor onboarding, waterfall modeling and LP reporting, now with AI agents for administrator oversight. source
• Gen II Fund Administration — Private capital fund administrator serving 12,000+ fund entities, with its own Funded subscription tool, investor portal, analytics and DataBridge data delivery. source
• GenieAI — Connects an existing stack of administrators, custodians, OMS and accounting systems into one operational layer and runs no-code agent workflows over it for shadow NAV oversight, reconciliation, corporate actions, reporting and share class analysis. source
• Global Fund Services — Onshore and offshore fund administration for traditional and alternative assets inside Northern Trust's asset servicing business. source
• HC Global Fund Services — Fund administrator providing fund accounting, tax compliance, financial statement preparation and GP services to hedge, private equity, venture, real estate, credit and digital asset funds. source
• Hanover Park — AI-native fund administration platform that continuously three-way matches bank feeds, source documents and the general ledger, claiming 90 percent of cash auto-reconciled. source
• HedgeServ — Fund administration, fund accounting, middle office, investor services and tax for hedge, private equity, credit and real estate funds. source
• IQ-EQ Hedge and Hybrid Fund Administration — Investor services group administering hedge and hybrid fund structures across roughly two dozen jurisdictions. source
• Investor & Investment Management — Investor and investment management CRM paired with an LP investor portal, built on Microsoft Dynamics and Azure. source
• Juniper Square Fund Administration — Fund accounting, treasury and waterfall modeling across the private fund lifecycle, covering fee and distribution calculations for GPs. source
• LemonEdge — Private markets accounting engine with event-driven transactions, multi-ledger allocation paths and embedded waterfalls; raised a $21M Series A led by Blackstone with BNY in July 2026. source
• Linedata Admin Edge — Fund administration platform combining fund accounting, transfer agency and an investor portal, supporting closed-ended and private equity structures with partner-level profit and loss allocations. source
• Linedata Fund Accounting — Fund accounting and NAV production alongside Linedata's portfolio management and OMS lines; the site cites more than 25 years in the market. source
• Linedata Navquest NAV Oversight — Independent NAV oversight with more than 70 configurable controls that check an internally or administrator-produced NAV before it is struck. source
• MUFG Fund Administration — Alternatives-focused asset servicing spanning fund administration, business process outsourcing, financing, banking and FX hedging. source
• Maybern — Private fund operating system that configures custom fee bases and fee breaks to calculate management fees, and runs waterfalls, carry and capital calls; raised a $50M Series B and $76M in total per Forbes. source
• Megara — Modular post-trade suite for custodians, depositories and clearing houses whose modules include corporate actions, settlement, collateral and fund administration. source
• Middle and Back Office Services — 24x7 outsourced trade processing, reconciliation, fund accounting and NAV, corporate actions and financial statements for traditional and alternative managers. source
• NAV Fund Administration — Administrator for hedge, digital asset, closed-end and family office structures, with an in-house investor portal, e-subscription and REST API gateway. source
• NAVquant — Software that calculates net asset value and fees for alternative investment funds, actively managed certificates and similar vehicles. source
• NYX Suite — Append-only double-entry ledger that runs a continuous shadow NAV alongside the official administrator, aimed at emerging managers. source
• NeoXam Aro — Low-code reconciliation platform for trades, cash, bank accounts and NAV validation, built on the EZOPS technology NeoXam acquired in December 2024. source
• NeoXam GP4 — Investment accounting and fund administration system for asset owners and asset servicers that covers local-market regulatory and accounting requirements. source
• Nirvana PMS & Accounting — Integrated portfolio management and accounting with real-time IBOR and automated reconciliation, sold to institutional asset managers; the site cites 15+ years. source
• OTTO — Software that automates digital asset reconciliation and reporting for fund administrators and private funds. source
• Opterra — Post-trade and investment operations platform covering unified accounting, allocations, reconciliations and treasury; paired with Limina for front-to-back. source
• Opus Fund Services — Fund administration for investment managers with manager and investor portals. source
• Outsourced Middle Office and COO Services — Boutique outsourced middle office and outsourced COO support for hedge funds and long-only managers, including emerging firms. source
• Perfona — Cloud-native accounting and investor management system with automated daily trade reconciliation, used to run the vendor's own fund administration service. source
• Piedmont Fund Administration — Outsourced fund administration and accounting for institutional and alternative investment fund managers. source
• Portfolio Monitoring — Automates collection of financial and operating KPIs from portfolio companies and feeds fund accounting and investor reporting on the same platform. source
• ReconAI — Agents that identify reconciliation breaks, investigate the cause and propose or apply a resolution, covering position, cash, performance and trade confirmation reconciliation and NAV oversight. source
• Repool Hedge Fund Administration — US-onshore hedge fund launch and administration platform for emerging managers, including digital asset funds, commodity pools and SPVs. source
• ReviewAI — Extracts data points from fund financial statements and runs a library of accounting checks over them, replacing manual financial reporting review. source
• Ridgeline — Cloud platform with order management, electronic trading, compliance, accounting and client reporting in one system; recently rebranded from ridgelineapps.com to ridgeline.ai. source
• SS&C Geneva — Institutional multi-asset investment accounting platform that comparison sites position as an alternative for partnership accounting and allocation work. source
• SS&C GlobeOp Fund Administration — End-to-end NAV calculation, financial reporting and investor servicing sold under SS&C's GlobeOp brand. source
• SS&C Middle Office Services — Outsourced middle-office service covering trade capture, reconciliation and portfolio valuation for asset managers, hedge funds and private markets firms. source
• Safari — Order management plus portfolio accounting covering execution, settlement and accounting with a consolidated reconciled position and cash view; the vendor also publishes shadow NAV material. source
• SimCorp One — Front-to-back investment management platform used by large institutional managers, insurers and pensions. source
• Singularity — SS&C describes it as a scalable insurance investment accounting platform for asset managers. source
• Standish Fund Administration — Private-fund specialist administrator built for PE CFOs, running fund administration on top of the leading third-party private fund technology platforms across 19 offices. source
• State Street Fund Administration — Bank-owned administration covering accounting, financial and regulatory reporting, post-trade compliance monitoring and tax reporting. source
• Stone Coast Fund Administration — Fund administration for alternative investment managers covering fund accounting, investor services, regulatory compliance and onboarding, with separate investor and manager portals. source
• Temenos Multifonds — Integrated back-office platform for custodians and fund administrators combining portfolio accounting with the administrative support functions around it, on one global installation. source
• U.S. Bank Global Fund Services — Fund administration, NAV reporting, investor services, custody, depositary and middle office services for hedge fund and private equity structures. source
• Ultimus Fund Administration — Fund administration and middle office services for public funds, private funds, retail alternative funds and ETFs, including transfer agency and series trust arrangements for managers launching a first fund. source
• Vantage — Fundraising portal and investor portal for private equity and venture capital firms, sold with fund accounting and deal flow modules. source
• aama.io — Cloud fund administration and fund accounting platform for PE, VC and private credit managers and boutique administrators in Singapore and APAC, covering capital calls, distributions, NAV calculation, investor onboarding and a white-labelled investor portal. source
• bunch — European private-markets fund operations platform covering fund accounting, NAV reporting, capital accounts, transfer agency and treasury; the site cites a $35M Series B. source
• bunch Fund Admin Services — European AI-native fund operations platform combining investor portal, transfer agency, fund accounting, treasury, compliance and expert fund admin services; raised a $35M Series B. source
• eFront — Enterprise alternative investment operations and analytics suite, sold by BlackRock alongside Aladdin. source
• pControl — Fund accounting automation and oversight platform, originally Milestone Group, aimed at firms that outsource accounting and want to control the record. source

What to ask

These come from the same question bank our request-for-proposal process uses, so a guide and an RFP never drift apart. The four sections below carry the most weight in that bank.

Functional fit

Whether the system does the job for YOUR instruments, markets and volumes — not for the demonstration portfolio. The questions separate what runs in production today from what is on the roadmap, because that distinction disappears in a sales meeting and reappears during implementation. It also asks what still has to be typed in by hand, which every system has and few volunteer.

• Which asset classes does the product support in production today?
• Is there a full audit trail of who changed what and when, and can it be exported?
• Does the system enforce segregation of duties between front and back office?
• Is maker-checker approval supported on material actions, and is it configurable by action type?
• Can a valuation be sourced and approved independently of the people who trade?

Security and resilience

Whether the vendor's security is independently attested or merely asserted. The questions ask for certifications you can read, penetration tests you can see the summary of, and recovery objectives that are written down. Incident history is asked directly, because a vendor that has handled a breach well is often a safer choice than one that has never been tested.

• Which independent attestations do you hold currently?
• Will you provide the most recent report under a non-disclosure agreement?
• Is data encrypted in transit and at rest?
• Is single sign-on supported, and is multi-factor authentication enforced?
• Can your own staff see our data, and is that access logged and reviewable by us?

Compliance and regulatory

Whether the system stands up to your regulator and your auditor. Covers the reporting regimes the product supports directly, whether it can evidence who saw or changed a record, how long records are retained, and where in the world your data physically sits — which is a hard constraint for many firms rather than a preference.

• Can the system evidence to an auditor who saw or changed a given record, and when?
• In which jurisdictions is our data stored and processed?
• Are there any pending criminal matters or debarment proceedings involving the firm, its officers or its managers?
• Which regulatory reporting regimes does the product support directly?
• When a regime changes, is the update included in the licence or charged separately?

Clients and references

Whether they have done this for a firm like yours, and whether those firms stayed. Vendors present client counts and logos readily; they present ATTRITION reluctantly, which is why this section asks for clients lost and migrations completed as separate questions from clients won. Size fit decides more failed implementations than feature lists do, so it is asked directly.

• How many client firms use this product in production today?
• How many of those are of a similar type to our firm?
• How many are within our assets-under-management band?
• How many clients did you LOSE in each of the last three years?
• How many implementations begun in the last three years were abandoned before go-live?

See all 82 products in Fund accounting and NAV · Glossary