Private Equity Fund Accounting Basics

Private equity fund accounting basics

By Sam Petrecky September 2, December 10th, No Comments W hen you begin working with a fund accounting provideryou want to know what to expect go here working with your fund accountant on a day-to-day basis. Fundamentally, fund accounting will maintain the books and records private equity fund accounting basics the investment portfolio, perform capital calls and distributions to investors, and provide reporting to management on the disposition and performance of the fund assets. The nature and frequency of that reporting is important to consider closely upon account set up private equity fund accounting basics your fund accounting provider. Two questions should be addressed in detail. What specific reporting deliverables should you expect from fund accounting and at what frequency? What decisions can be made upon xerxes set up that will make reporting as clear and useful as possible for each of the audiences concerned?

It is important to remember at the outset that there will be more than one audience for the reporting that comes from fund accounting.

Those different audiences will have different needs and expectations for the presentation they receive. There are five standard deliverables you will expect to receive from your fund accounting firm at a frequency you will determine when you set up the account. Income statement private equity fund accounting basics This is a statement of operations: the profits and losses for the stated period. For audit purposes, an income statement is prepared annually. For other purposes it can be as often as desired.

You will decide on the frequency during set up. Quarterly is typical but many funds prefer a more frequent income statement.

It shows capital activity contributions, profit and loss activity and what percentage of fund assets belong to the limited partners and to the general partner. Statement of cash flows — This is a cash-basis report on three types of financial activities: operating activities, investing activities, and financing activities.

Non-cashactivities will be private equity fund accounting basics in footnotes. Schedule of investments SOI — this statement provides a complete list of the portfolio assents of the fund, categorized by type of investment, industry, and geography. Footnotes to the financial statements are additional information that explain how management arrived at the figures on the financial statement. Any irregularities or perceived inconsistencies in account methodologies are explained in footnotes. Any relevant disclosures and information on non-cash activities are also provided here.

This is the private equity fund accounting basics documents package presenting the essential information about the disposition of your fund. For a fund with a master-feeder structure there will need to be some type of consolidated reporting. There is more than one way to approach this.

The income statement may have a top section that shows income and expenses at the top level, then a second section showing the same data picked up from the underlying entities. Consolidated statements are only a matter of presentation. The document package will include the same five statements reporting the same data, just broken out slightly shakespeare malvolio. The presentation of consolidated financial statements is addressed by Regulation S-X. There is a presumption that consolidated statements are more meaningful than separate statements and that they are usually necessary for a fair presentation when one entity directly or indirectly has a controlling financial interest in another entity. This is where it is important to remember the multiple private equity fund accounting basics for this reporting and to consider what should be included that can streamline their efforts.

For example, if the portfolio includes multiple loans from various countries it will be useful to have the country identified for each loan in the schedule of assets or in the footnotes. This may be significant for management and deal teams while less so for auditors and investors. Each of the audiences involved in your fund will benefit from a presentation and a frequency designed to meet their needs. Management — Many managers receive financial reporting quarterly but you can chose any frequency that you prefer including whatever specifics you want to see.]

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Private Equity Fund Structure private equity fund accounting basics.

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