Key Responsibilities and Required Skills for a Fund Controller

🎯 Role Definition

This role requires a highly analytical and detail-oriented Fund Controller to join a dynamic investment management firm. As a Fund Controller, you will be the cornerstone of the fund's financial operations, responsible for the integrity of all accounting, reporting, and compliance activities. This is a strategic role that requires a blend of technical accounting expertise, strong leadership, and the ability to partner with senior management, investment professionals, and external stakeholders. You will manage the complete lifecycle of fund accounting, from capital calls and distributions to complex valuations and investor reporting, ensuring accuracy and timeliness in a fast-paced environment. This is an exceptional opportunity for a seasoned accounting professional to take ownership of the finance function and make a significant impact on the firm's success.

📈 Career Progression

Typical Career Path

Entry Point From:

Senior Fund Accountant
Audit Manager (with a focus on financial services/investment management clients)
Accounting Manager (within a fund or investment firm)

Advancement To:

Vice President of Finance
Director of Finance
Chief Financial Officer (CFO) of a Fund or Management Company

Lateral Moves:

Corporate Controller
Director of Financial Planning & Analysis (FP&A)
Treasury Manager

Core Responsibilities

Primary Functions

Oversee the entire financial reporting process for multiple investment funds, ensuring the timely and accurate delivery of quarterly and annual financial statements in accordance with US GAAP or IFRS.
Manage the end-to-end annual audit process, serving as the primary liaison with external auditors and ensuring all audit requests and inquiries are addressed efficiently.
Review and approve complex capital call and distribution calculations, notices, and communications to Limited Partners, ensuring compliance with LPA terms.
Calculate and review management fees, carried interest waterfalls, and other performance-related metrics (e.g., IRR, TVPI, DPI) with precision.
Direct all aspects of the fund's treasury and cash management functions, including monitoring cash balances, managing credit facilities, and approving wire transfers.
Supervise and mentor a team of fund accountants, providing guidance on complex accounting issues, fostering professional development, and conducting performance reviews.
Coordinate with third-party fund administrators, ensuring their deliverables are accurate, timely, and meet the firm's quality standards.
Partner with the investor relations team to prepare detailed financial information for investor reports, presentations, and ad-hoc inquiries from Limited Partners.
Manage the relationship with tax advisors to ensure the timely and accurate preparation and filing of all federal, state, and international tax returns and K-1s.
Critically review and analyze portfolio company valuation models (ASC 820), challenging assumptions and ensuring proper documentation and support for fair value marks.
Ensure strict compliance with all provisions of the Limited Partnership Agreements (LPAs), side letters, and other governing documents.
Oversee the preparation and filing of regulatory reports, including but not limited to Form ADV, Form PF, and AIFMD reporting.
Develop, implement, and maintain robust internal controls, accounting policies, and procedures to enhance operational efficiency and mitigate risk.
Manage the expense allocation process across the fund, management company, and portfolio companies, ensuring proper treatment and documentation.
Assist in the financial and operational due diligence for the launch of new funds, including reviewing legal documents and setting up banking and administration services.
Analyze fund liquidity and prepare cash flow projections to support investment pacing and capital planning.
Monitor fund performance and prepare detailed variance analysis and commentary for senior management and investment committees.
Act as the key finance business partner to the investment team, providing financial insights and support for deal structuring and portfolio management.
Oversee the accounting and reporting for the management company and General Partner entities, including budgeting and forecasting.
Review and approve subscription agreements and other investor onboarding documentation for accuracy and completeness.

Secondary Functions

Assist the investment team with financial due diligence on potential portfolio company acquisitions.
Participate in the evaluation and implementation of new fund administration and accounting software to drive automation and efficiency.
Develop and deliver training to junior accounting staff on fund-specific accounting principles, internal policies, and system usage.
Support fundraising efforts by providing financial data and analysis for investor presentations and due diligence questionnaires (DDQs).

Required Skills & Competencies

Hard Skills (Technical)

US GAAP Expertise: Deep understanding of accounting principles, particularly as they apply to investment companies (ASC 946).
Fund Accounting: Extensive experience with partnership and fund-level accounting, including capital accounts, waterfalls, and fee calculations.
Financial Reporting: Proven ability to prepare and review a full set of financial statements (Balance Sheet, P&L, Statement of Cash Flows, Statement of Partners' Capital).
Valuation (ASC 820): Strong knowledge of fair value measurement principles for private and illiquid investments.
Fund Administration Software: Proficiency with industry-standard platforms such as Investran, Geneva, eFront, or Allvue.
Advanced Microsoft Excel: Ability to build and manage complex financial models, waterfalls, and data analyses.
Waterfall Modeling: Expertise in calculating carried interest and distribution waterfalls according to complex LPA terms.
Tax Compliance: Familiarity with partnership taxation concepts and the K-1 reporting process.
Regulatory Reporting: Experience with SEC filings such as Form ADV and Form PF.
Internal Controls: Ability to design, implement, and monitor a robust internal control framework.
Treasury & Cash Management: Experience managing fund-level credit facilities, cash flow forecasting, and wire controls.

Soft Skills

Attention to Detail: Meticulous and precise in all aspects of financial review and reporting.
Leadership & Mentorship: Ability to lead, manage, and develop a team of accounting professionals.
Communication Skills: Excellent written and verbal communication skills, with the ability to articulate complex financial concepts to diverse stakeholders.
Problem-Solving: Proactive and resourceful in identifying issues and implementing effective solutions.
Project Management: Strong organizational skills to manage multiple priorities and meet tight deadlines for audits, reporting, and projects.
Interpersonal Skills: Ability to build strong working relationships with internal teams (investment, legal, IR) and external partners (auditors, administrators, tax advisors).
Resilience: Thrives in a fast-paced, high-pressure environment with a "roll-up-the-sleeves" attitude.
Analytical Mindset: A critical thinker who can analyze data, identify trends, and provide valuable insights.

Education & Experience

Educational Background

Minimum Education:

Bachelor's Degree in a relevant field.

Preferred Education:

Master’s Degree in Accounting or Finance
Certified Public Accountant (CPA) designation is strongly preferred.

Relevant Fields of Study:

Accounting
Finance
Economics

Experience Requirements

Typical Experience Range: 7-12 years of progressive accounting experience.

Preferred: A combination of public accounting experience (ideally Big 4) serving financial services/asset management clients and in-house experience at a private equity, venture capital, or hedge fund.