Fund Administrator Onboarding Checklist for New Funds

Short answer: To onboard a fund administrator, give it the executed LPA and side letters, the fund's entity and bank details, LP subscription documents and tax forms, your expense and fee policies, the valuation policy, and a calendar for closes, calls and reporting. Agree on approvals, contacts and the waterfall model in writing. Start four to six weeks before first close.

Onboarding is where most avoidable fund admin problems start. A missing side letter or an unclear fee policy at month one becomes a capital account correction in year three. Use this checklist to hand your fund admin everything it needs.

For what our fund admin team does after onboarding, see the service page.

1. Legal documents

• ☐ Executed limited partnership agreement (LPA) or operating agreement

• ☐ Private placement memorandum, if used

• ☐ All side letters, with a summary of economic terms

• ☐ Management company and GP entity documents

• ☐ Subscription agreement template

The admin needs to read the economic terms: management fee basis and rate, fee offsets, expense caps, organizational expense limits, carry and preferred return, and default provisions.

2. Entity and banking details

• ☐ Fund legal name, formation date and jurisdiction

• ☐ EIN (the IRS explains how to apply for an EIN)

• ☐ Bank account details and authorized signers

• ☐ Fiscal year end

• ☐ Accounting basis (often US GAAP)

3. LP data

• ☐ Subscription documents for each LP

• ☐ Commitment amounts and close each LP joins

• ☐ W-9 or W-8 forms

• ☐ KYC/AML documents

• ☐ Contact details and who receives notices

• ☐ Accreditation or qualification status as required

4. Policies and decisions

5. Investments to date

If the fund has already invested (for example through warehoused deals), give the admin:

• ☐ Closing documents for each investment

• ☐ Wire confirmations

• ☐ Cap table extracts or share certificates as provided by the company

• ☐ Any valuation updates

6. Contacts and access

• ☐ GP-side contacts for approvals and questions

• ☐ Counsel contact

• ☐ Auditor and tax preparer contacts

• ☐ Portal access for team members

7. First 90 days timeline

1. Weeks 1–2: Admin reviews LPA and side letters, sets up ledger and fee calculations.

2. Weeks 2–4: LP onboarding opens; admin tracks missing documents.

3. First close: Commitments recorded, first capital call issued.

4. First quarter end: First LP statements and GP reporting.

Common onboarding mistakes

• Sending the LPA but not the side letters

• Leaving expense policy vague ("reasonable fund expenses")

• Not deciding who owns the waterfall model

• Starting onboarding a week before close

• Not introducing the admin to the auditor early

Switching from another provider?

If you're moving from an existing administrator, the checklist above still applies, plus historical ledgers and capital account rollforwards. See our guide to switching fund administrators.

Who should own onboarding on the GP side

Onboarding moves fastest when one person on the GP side owns it. In a small firm that's often the GP or a chief of staff; in a larger one, a CFO or operations lead. That person collects documents, answers questions, approves the opening balances and signs off the first LP statement. Without a single owner, requests sit in several inboxes and the timeline slips.

Opening balances and the first reconciliation

If the fund has already had activity, such as a first close, a capital call or an investment, the administrator has to establish opening balances. That means agreeing cash in the bank, capital contributed by each LP, investments at cost and any expenses already paid. Expect the administrator to ask for bank statements from inception, wire confirmations and invoices. Review the opening balance sheet carefully: every later statement builds on it.

Testing before the first live process

Before the first live capital call or LP statement on the new setup, ask for a test run:

• Capital call test. Generate notices for the next call in draft and check amounts against your own calculation, including side letter terms.

• Statement test. Produce a draft LP statement for the most recent quarter and compare it to what LPs received before, if anything.

• Portal test. Invite yourself and one friendly LP to the investor portal and check that documents appear correctly.

• Approval test. Walk through a payment approval in the administrator's system so you know how it works before money is at stake.

Onboarding for funds with subsequent closes

If you expect more closes, tell the administrator during onboarding. Equalization, catch-up fees and rebalanced capital accounts are easier to set up at the start than to bolt on later. Share the expected timing of each close and any LPs who will join with special terms. See subsequent closing equalization for how the mechanics work.

What "done" looks like

Onboarding is complete when the administrator holds all core documents, opening balances are agreed, LP records match subscription documents, bank and portal access are set up, approval rules are written down and the first quarterly close is on the calendar. Write that list into your onboarding plan so both sides agree on the finish line.

Documents to keep after onboarding

Keep a copy of the signed engagement letter, the agreed opening balances, the approval matrix and the onboarding checklist itself. You'll want them for your auditor, for LP due diligence and if you ever change providers.

How Allocations onboards a fund

You'll work with a dedicated fund accountant from onboarding onward, the same person who keeps your books and supports your audit. The Fund plan is $19,500 per year, and K-1 preparation is a separate add-on.

Frequently asked questions

What documents does a fund administrator need?

The LPA, side letters, entity and bank details, EIN, LP subscription documents and tax forms, policies on expenses and valuation, and any investment closing documents.

How long does fund admin onboarding take?

Plan on four to six weeks before first close. Simple SPVs can be faster.

Why does the admin need side letters?

Side letters can change fees, carry or reporting for specific LPs. Missing them causes wrong capital accounts.

Who owns the waterfall model?

Agree in writing. Often the admin builds it from the LPA and the GP reviews it.

Should the fund admin talk to the auditor before year end?

Yes. Early introductions make year-end schedules match what the auditor expects.

What is the biggest onboarding mistake?

Unclear expense and fee policies. They cause allocation errors that are costly to fix later.