What Does a Fund Administrator Do?

A fund administrator is the independent firm that keeps a private fund’s books. Their work is unglamorous but essential: calculating the fund’s net asset value, maintaining investor records, processing subscriptions and redemptions, and producing the statements investors rely on.

Using an independent administrator is a basic control that separates the people managing the money from the people counting it. On Form ADV, managers name the administrator for each private fund.

We aggregate those filings into league tables of the largest fund administrators by number of funds served — a useful signal of scale and market share.

You can look up any of these facts for a specific firm using the search.