NAV calculation
Net asset value computed per ASC 946, reconciled to bank and brokerage statements to the penny, with all portfolio valuations applied as provided by the GP.
The most rigorous NAV and LP reporting pack a sub-$150M fund can get.
Emerging-Manager Fund Administration & NAV Engine assembles a documentation-complete quarterly NAV pack — every reconciliation, every capital-account allocation, every ILPA-format report, and every capital-call or distribution notice — checked against the fund's LPA and GAAP before a licensed controller releases it.
Every reconciliation to the pennyPer-LP capital-account allocation with waterfallILPA-format investor report packController/CPA sign-off on every pack5-business-day SLA
Why packs fail
A single material error can delay your close or break LP trust.
A small fund's quarterly NAV and LP reporting is only as strong as the reconciliation and allocation behind it. Miss a bank statement tie-out, misapply the waterfall, skip a capital-account adjustment, or deliver late — and LPs may withhold capital, the audit may require restatement, or the fund's reputation suffers.
Most emerging managers run this in-house with a part-time controller or rely on a large administrator that deprioritizes sub-$100M funds. Reports arrive late, errors run 2–5%, and only ~20% of managers would recommend their current administrator.
Emerging-Manager Fund Administration & NAV Engine exists to close that gap with a single, exhaustive standard applied identically to every fund.
82%
of institutional LPs require an independent fund administrator
The benchmark
Measured against GAAP, the LPA, and ILPA reporting standards — every quarter.
We do not summarize the requirements and hope. Every pack is scored against a versioned rule pack tied to the fund's LPA and GAAP. These are the provisions each pack is held to.
Capital-account allocation
Per-LP capital accounts updated with contributions, distributions, management fees, carried interest, and equalization — waterfall mechanics encoded as deterministic rules from the LPA.
Investor report pack
ILPA-format quarterly report including fund performance, capital account statement, portfolio summary, and fee/carry disclosure — drafted and formatted to the current ILPA standard.
Control environment
All processes operate under SOC 1 Type II controls, with documented procedures, segregation of duties, and independent review — auditable by the fund's external auditor.
Notice accuracy
Capital call and distribution notices calculated per LPA, with supporting detail and wire instructions — reconciled to capital accounts before release.
Clean-audit workpapers
All workpapers, reconciliations, and supporting schedules delivered in auditor-ready format, with a guarantee of no material adjustments from the fund's independent auditor.
How a pack is built
Intake to controller release, with deterministic gates the AI cannot overrule.
AI extracts and drafts. Deterministic rules — running as code, outside the model — decide what is complete. A licensed fund controller/CPA signs every release. That order is never reversed.
01
Fund Onboarding & Gap Scan
Upload the fund's LPA, prior-period financials, and bank/brokerage statements. We return a free completeness read: which reconciliations, allocations, and reports you already have, and which are missing.
02
Data ingestion & reconciliation
As your authorized agent, we pull bank and brokerage statements, the general ledger, and portfolio valuations. AI reconciles to the penny; any break is flagged for human review.
03
Capital-account allocation
The waterfall, management fees, carried interest, and equalization are computed per the LPA using deterministic rules. Each LP's capital account is updated and cross-checked.
04
Deterministic completeness gates
Reconciliation ties to the penny; capital accounts sum to NAV; ILPA report fields are all populated; audit workpapers are complete. Any failure blocks release.
05
Controller/CPA release
A licensed fund controller reviews the exception queue and signs the NAV and report pack. High-value or complex waterfalls route to a second controller review.
06
Delivery
You receive the pack: signed NAV statement, per-LP capital accounts, ILPA-format investor reports, capital-call/distribution notices, and audit-ready workpapers — delivered before the LP reporting deadline.
The bar we hold
Rigor you can measure.
100%
Controller-signed
No pack ships without a licensed fund controller/CPA signature.
5 days
Standard SLA
From complete intake to released pack.
<1%
Material-error target
Tracked against a gold-standard pack library and auditor feedback.
4
Reconciliation sources
Bank statements, brokerage statements, general ledger, portfolio valuations — every applicable source.
Why Emerging-Manager Fund Administration & NAV Engine
Built to be the most thorough option a small fund has.
Documentation-complete, by design
The deliverable is completeness itself — every reconciliation, allocation, and report accounted for or explicitly exception-coded. Nothing is left implicit.
Deterministic, not vibes
The gates that decide completeness are code, not a model's opinion. A waterfall error cannot slip past a capital-account check.
In its lane, on purpose
We prepare financials and run reconciliations as your clerical agent. We never set portfolio valuations, give legal advice, or make investment decisions.
Engagement
Flat fee, per fund per reporting period. No hourly billing, ever.
Simple, predictable, and aligned with a documentation standard — not a percentage of AUM.
- A free Fund Gap Scan before you commit — see exactly what is missing.
- One flat fee per released quarterly NAV pack; disclosed pass-through search fees for bank confirmations.
- Optional fixed-fee annual audit liaison package.
- Optional SPV administration add-on for side vehicles.
FAQ
Questions, answered precisely.
Is Emerging-Manager Fund Administration & NAV Engine a law firm?
No. Emerging-Manager Fund Administration & NAV Engine, a service of Your Deputy, Obuke LLC, provides documentation-completeness and fund-administration services. It is not a law firm, does not provide legal advice, and does not represent you in any legal matter. Attorney review is available and recommended for complex LPA provisions.
Do you set portfolio valuations or make investment decisions?
Never. The GP retains full responsibility for portfolio valuations and investment decisions. We apply the valuations you provide and document them in the NAV workpapers.
What makes a pack 'complete'?
Completeness is defined by GAAP, the LPA, and ILPA standards: reconciliation to the penny, capital-account allocation per the waterfall, all ILPA report fields populated, and audit-ready workpapers. Deterministic gates enforce each one before release.
How fast is it?
The standard SLA is five business days from complete intake to a controller-released pack. The free Gap Scan is returned much sooner and tells you exactly what is still needed.
How are you priced?
A flat fee per fund per reporting period, plus disclosed pass-through costs for bank confirmations or third-party data. No hourly billing and no percentage of AUM.
See what's missing before it costs you a close.
Start with a free Fund Gap Scan. Send your LPA, prior-period financials, and bank statements and we'll return a completeness read against GAAP, the LPA, and ILPA standards.
Documentation-completeness service · not legal advice · the GP retains all investment decisions.