What is the difference between a fund accountant and a fund administrator?

In private markets, fund accounting is a specialized function within the broader discipline of fund administration. While fund administration encompasses a wide range of operational tasks—from investor onboarding and registry management to reporting and compliance—fund accounting focuses specifically on the financial engine of the fund: maintaining books and records, calculating NAVs, and preparing financial statements.

For fund managers evaluating third-party service providers or internal structures, understanding how fund accounting fits within the full administrative workflow is essential to building a reliable, scalable back office.

Fund Accountant: The Numbers Specialist

Fund accountants are typically responsible for:

• Maintaining accurate books and records through general ledger management
• Calculating net asset values (NAV) and unit pricing
• Preparing financial statements and regulatory filings
• Managing accounts payable and receivable functions
• Coordinating with auditors during annual reviews
• Ensuring compliance with accounting standards and tax obligations

Fund accountants typically possess strong technical accounting qualifications and work closely with fund managers to ensure accurate financial reporting and regulatory compliance.

Fund Administrator: The Operations Generalist

Fund administration wraps around fund accounting, providing the operational infrastructure to support:

• Investor onboarding and AML/KYC compliance
• Unit registry management and shareholder services
• Capital call and distribution processing
• Investor reporting and communication
• Regulatory compliance

A Unified Model for Modern Managers

For private market managers in real estate, private credit, private equity and venture capital, separating fund accounting from fund administration creates unnecessary fragmentation. Modern providers like Caruso integrate both into a single platform, combining AI-powered software and expert fund admin services to deliver accurate accounting, streamlined operations, and a superior investor experience. Whether you need full-service administration or just fund accounting support, Caruso adapts to your model while reducing overhead and improving operational control.