Blog
Articles on fund administration best practices, LP reporting, and emerging manager operations.
How Much Does Fund Administration Cost? (2026 Guide)
Fund administration costs
AUM-Based vs. Flat Fee Fund Administration: Which Is Right for Your Fund?
AUM-based pricing punishes fund growth. Flat fee fund administration offers cost certainty and better alignment. Here's how to choose.
What Does a Fund Administrator Do? A Plain-English Guide
A fund administrator handles the financial and operational back office of a VC fund — from fund accounting and LP reporting to capital calls and audit prep. Here's exactly what that means.
Do You Need a Fund Administrator for a Micro VC Fund?
Yes — and sooner than you think. Here's why even a
How to Choose a Fund Administrator: A Guide for Emerging VC Managers
The right fund administrator for a micro VC fund is not the same as the right one for a $500M PE firm. Here's how to evaluate your options as an emerging manager.
What Fund Administrators Handle (and What They Don't): K-1s, Audits, and Tax Filing Explained
Confused about what a fund administrator actually covers? Here's a clear breakdown of what's in scope — and what requires a separate CPA.
When Should You Hire a Fund Administrator? (Before or After Your First Close)
Most GPs hire a fund administrator too late. Here's why you should engage before your first close and what happens if you wait.
Fund I to Fund III: How Your Fund Administration Needs Change as You Scale
What you need from a fund administrator at $5M looks different from what you need at $30M. Here's how to plan ahead.
AML Compliance for Emerging VC Managers: What Changes in 2026
New FinCEN regulations require all emerging VC managers to implement formal AML programs by 2026. Here's what you need to know and what your fund administrator should be handling.
The Real Cost of Self-Administering Your Micro VC Fund
Self-administering your fund looks cheaper upfront. Here's why it almost always costs more — in time, in LP trust, and in audit fees.
Your Fund's First Audit: What "Audit-Ready" Actually Means
What a first VC fund audit actually checks, why audit-ready is a year-round habit, and how flat $5,000/fund/year admin keeps you ready.
Fund I Bookkeeping Mistakes That Haunt Your Fund II Raise
The Fund I record-keeping shortcuts that become Fund II diligence problems, and why clean books at a flat $5,000 a year beat reconstructing a year later.
How a Venture Fund's Management Fee Actually Works
How a venture fund's 2% management fee really works: the fee base, the step-down, and fee offsets, plus what is normal for a sub-$50M micro fund.
Fund Admin vs. Attorney vs. CPA: Who Does What in a VC Fund
A fund attorney, administrator, and CPA each own a different job. Here is who does what, when you need each, and where flat $5,000 admin fits.
What Breaks When Your Fund Admin Doesn't Understand SAFEs
SAFEs and notes convert, and generalist admins book them wrong. Here is what breaks, and why VC-specific fund admin at a flat $5,000 a fund fixes it.
Your First Capital Call: A Step-by-Step Walkthrough
What happens in a VC fund's first capital call: notice period, per-LP allocation, tracking, and booking it correctly. Flat $5,000/year fund admin.
Can You Run Fund Administration Yourself?
Yes, for a while. Here are the five points where DIY fund administration breaks for a micro VC fund, and what flat $5,000 a year covers instead.
How to Read a Capital Account Statement
A line-by-line read of a VC fund capital account statement: contributions, fees, allocations, carry and NAV. Full fund admin from Abax, flat $5,000 a year.
What Side Letters Actually Do to Your Fund's Books
Fee breaks, excuse rights and MFN clauses make fund accounting per LP, not pro rata. What side letters cost to administer, on flat $5,000 fund admin.
What Your Outgoing Fund Administrator Owes You
Your fund's records belong to the fund. Your admin's working papers may not. What to request in writing before you switch, and what you will not get.
Switching Fund Administrators Around Your Audit
The audit is why most GPs delay switching fund administrators. The three windows in an audit year, what each costs, and how to pick one.
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