The fund admin operating model is no longer a binary choice

For decades the choice was in-house or outsourced. Build a back office and accept the headcount, or hand it to an administrator and accept the loss of visibility. Co-sourcing existed in name, but the technology to make it work did not, because the data lived in the administrator's system and the manager saw it through whatever reports the vendor decided to build.

Three things have changed. Modern systems give mid-market managers capability that used to cost tens of millions. AI agents now absorb the manual work that defined fund admin headcount, so capacity no longer equals team size. And after global private markets fundraising fell 24% in 2024, investors are more selective and more operationally aware than they were a decade ago.

This whitepaper is for managers deciding who should run their operations, and on what.

What's inside

• The three modern delivery models. In-house through software, outsourced and co-sourced, and the three decisions underneath them: which functions, which funds, and which stage of growth.
• Why co-sourcing has become operable. What it adds when both teams work on the same data in the same system, and three managers it suits: the $300M fund outgrowing spreadsheets, the $1.5B manager optimising spend, and the multi-fund manager with mixed complexity.
• How outsourcing has evolved. Why it remains the right answer for many managers, and the five changes inside the relationship: single source of truth, open APIs, a modern investor experience, AI-powered execution and real-time visibility.
• From operator to orchestrator. How the fund admin role is being restructured. A team of five analysts and a manager becomes two senior operators, one AI workflow specialist and a manager, with similar or higher output.
• How to choose, combine and evolve. The five factors that should drive the decision, and a configuration guide by manager profile, from emerging to multi-jurisdiction.

The right operating model is the one you design, not the one you inherit.

Prefer to talk first? Email [email protected] or book a demo.