Your virtual fund operations department.
I make funds look and run like institutions, without the institutional headcount.
Fund Ops Dept builds and runs the systems behind private funds:
Everything checked before it reaches an investor.
The tells
Quarter-end should not feel like this
- An LP asks for their position mid-quarter, and the honest answer is "give us three days".
- Statements that look like what they are: a spreadsheet export with a logo on it.
- Reporting goes out late because one person assembles it by hand, every quarter, from five files.
- A DDQ sits open for a week because the numbers live in five places and agree in none of them.
- The distribution run takes two people a week, checking each other's arithmetic.
- One person understands the NAV workbook. They are on leave.
- The incident response plan is a template someone bought before the Reg S-P deadline, and nobody has opened it since.
Who it serves
Who I work with
Private funds and issuers from first close to around $100M, big enough to have real fund mechanics, small enough not to have an operations team. If your NAV, capital accounts or distributions live in a spreadsheet, you are who this is for. The systems you put in now are the ones you scale on.
- Reg D issuers506(b) and 506(c) offerings: subscription flow, accreditation records, investor onboarding and distribution runs
- Private credit and direct lendingmonthly income distributions, interest waterfalls, capital calls and borrower-to-LP reporting
- Private equity and growth fundscapital accounts, carry and waterfall calculations, quarterly statements and capital call notices
- Venture funds and exempt reporting adviserscapital calls, portfolio tracking, LP updates that look like a fund twice your size
- Hedge and quantitative fundsNAV cycles, performance and exposure reporting, investor statements from live data
- Digital asset and tokenized fundsdigital securities infrastructure and fund ops in one build. I run one myself.
- Family officesconsolidated reporting across illiquid holdings, one ledger instead of five spreadsheets
- 3(c)(1) and 3(c)(7) private fundswhatever the wrapper, if it has investors, units and distributions, it fits
Built to your mechanics, not a template. Every fund has a layer no platform offers. At American Digital Realty it was digital securities issuance built into the fund stack. Yours might be a waterfall your administrator cannot model, or LP reporting nobody sells off the shelf. That layer is usually the reason a fund calls me in the first place.
What I build
Capital in. Checked output out.
The machine takes subscriptions in one end and sends statements, distributions and reports out the other. I build it around your existing administrator and auditor, then keep it running.
- NAV and capital accounts Unit and capital NAV, per-investor ledgers, entitlement calculation.
- Distributions Calculation, preflight validation, payment runs, reinvestment handling. Money moves only after the checks pass.
- Investor reporting Statements, fact sheets and portfolio reporting generated from live fund data, and designed so an allocator takes them seriously.
- Onboarding Subscription flow, document signing, compliance checks. An investor can go from intro to funded without a PDF attachment chain.
- The plumbing Data pipelines, reconciliations, and the checks that catch a bad number before an investor ever sees it.
- Compliance readiness Written incident response programs, service provider oversight and the records behind them. The SEC's amended Reg S-P has required all three since June 2026. I draft the policies from how your fund actually runs, then wire the recordkeeping into your systems so the evidence collects itself.
How it works
Three steps, then it runs
The call
A short call on how you run NAV, distributions and reporting today. Nothing to prepare, no system access needed, no NDA required at this stage.
The written review
Within five working days: where the manual effort and error risk sit, what to automate first, and roughly what each step takes. Free, and useful even if we never speak again.
The build
If the roadmap makes sense, I build it. Scope and pricing agreed directly before any work starts. No obligation either way.
After the build, the systems run on their own and I stay on to maintain and extend them for as long as you want me to.
Proof
I run one of these myself
Most people who understand portfolios cannot build the systems that run them, and most people who can build those systems have never managed money. I do both.
I spent eight years on the buy side as a quantitative analyst and portfolio manager, constructing multi-asset and multi-manager portfolios for retail and institutional clients. I hold the CFA charter. Since 2023 I have been building fund infrastructure rather than only using it, as co-founder of American Digital Realty, a digital securities fund manager.
That matters for one reason: when we talk about your waterfall or your distribution run, you are not translating for a developer. And when something needs building, you are not explaining fund mechanics to one.
Built and running at American Digital Realty
- Unit and capital NAV model
- Per-investor income ledger and entitlement calculation
- Quarterly distribution engine with preflight validation before any payout
- Investor onboarding, document signing and compliance flow
- Fund fact sheets published from live fund data
- Digital securities issuance built into the fund stack
I built it, and I still run it. Every quarter.
Make your fund look and run like an institution.
The free operations review is the first step.
FAQ
Questions funds actually ask
Who is Fund Ops Dept for?
Private funds and issuers from first close to around $100M: Reg D issuers, private credit, private equity, venture, hedge and digital asset funds, and family offices. The common thread is real fund mechanics, no internal operations team, and a NAV or distribution process that currently lives in a spreadsheet.
What does outsourced fund operations include?
Fund operations is everything between the investment decision and the investor's statement: NAV and capital accounts, distributions and capital calls, investor statements and reporting, and onboarding. I build these as automated systems around your existing administrator and auditor, rather than billing hours to run them by hand.
Do you replace our fund administrator?
No. Your administrator stays your administrator and your auditor stays your auditor. I build the systems that feed them clean data and turn their outputs into investor-ready statements, portals and reporting.
Who owns the code?
You do. Everything built for your fund, the code, the database and the documentation, belongs to the fund. If we stop working together, it keeps running and any developer can maintain it.
How is it priced?
Per engagement, as a project or hourly, agreed before any work starts. There is no rate card, because a $20M single-strategy credit fund and an $80M multi-strategy book are different amounts of work. Ask on the call and you will get a straight number.
Can you handle the SEC's new Reg S-P requirements?
Yes, as readiness work. Since June 2026 the amended Regulation S-P has required advisers to hold a written incident response program, customer breach notification procedures, service provider oversight and the records to prove all three. I draft the policies from how your fund actually operates, then build the oversight and recordkeeping into your systems so the evidence collects itself. I have held the Money Laundering Reporting Officer role at a regulated investment firm, so this is compliance work I have owned personally, not a checklist I downloaded. The same logic applies to SOC 2: I prepare you for the audit, and the report itself comes from a licensed CPA firm, exactly as it should. Where a question needs securities counsel, your counsel stays in the loop.
What is the free fund operations review?
One short call about how you run NAV, distributions and reporting today, followed by a written plan within five working days: where the manual effort and error risk sit, what to automate first, and roughly what each step takes. Free, and the plan is yours either way.