Meet Neo, your AI-powered Co-GP.“We moved our fund admin over expecting months of pain. It took weeks, and now our back office actually connects to how we raise capital and pay investors.
Leitbox Portfolio PartnersMeet Neo, your AI-powered Co-GP.Learn more
Fund administration built on a ledger you actually own
Cap table, distributions, and investor statements on one live ledger you own — so what your LP sees is the ledger itself, not a month-end reconstruction.
Riverside Opportunity Fund II, LP
Capital Account Statement · As of Jun 30, 2026
Ending NAV
$1,342,100▲ 7.5%
Contributed ITD
$1,000,000
Distributed ITD
$220,000
| NAV Reconciliation | QTD | YTD | ITD |
| Beginning NAV | $1,240,000 | $1,180,000 | — |
| Contributions | — | $150,000 | $1,000,000 |
| Distributions | ($45,000) | ($90,000) | ($220,000) |
| Net operating income | $38,500 | $74,200 | $386,400 |
| Realized / unrealized gain | $21,000 | $40,300 | $158,600 |
| Management fee | ($6,200) | ($12,400) | ($61,000) |
| Ending NAV | $1,248,300 | $1,342,100 | $1,342,100 |
Capital called67% funded
$1,000,000 called$500,000 unfunded of $1,500,000
Explore fund administration
The back office your syndications and funds run on — cap table, investor statements, distribution partners, and tax documents, all reading from one live ledger.
Everything your back office needs, on one ledger
The recordkeeping, statements, and oversight of a fund administrator — derived from the same live data your investors and distributions already run on.
Capital ledger & statements
- Live double-entry capital ledger
- NAV computed per share class
- ILPA-formatted capital account statements (PCAP)
- QTD / YTD / ITD period reporting
- Accrued preferred return per position
Cap table & investor recordkeeping
- Positions, share classes, and unitization
- Ownership transfers (secondary sale, inheritance)
- Investing entities (LLC, LP, trust, individual)
- Fund-of-fund ownership chains and look-through
- Contribution import from spreadsheet
Fees & charges
- Management-fee terms per share class
- Fee cycles with gap detection
- GP-approved fee-run proposals
- Partnership-expense charges
- Charges mapped to ILPA reporting lines
Distribution partners & closings
- Selling-group management (MBD, broker-dealer, RIA)
- Fund-administrator review with wire matching
- Closings & commission tracking
- DTCC status tracking
- Full audit trail on closing and payment events
K-1, tax & investor delivery
- K-1 and tax-document delivery to investors
- Withholding-tax accounting in the ledger
- Branded, downloadable statement PDFs
- Publish-time investor email notifications
- Permissioned investor document center
For the GP
Your investors get the statements. You get the control room.
The administration runs on data you own, branded as your firm, updated the moment you post — powered by Neo, with no vendor handoff and no month-end scramble.
See how Neo worksYour brand, your rules
Your logo, colors, and domain across the investor portal, statements, and emails — with granular, GP-controlled permissions at the fund, share-class, and position level.
Approve fee runs, don’t compute them
The platform derives management-fee runs per share class and period from your fee terms and presents them for your approval. Nothing is billed until you sign off — no spreadsheet, no re-keying.
DTCC status and closings you can see
Track selling-group placements, fund-administrator review, wire matching, and DTCC status through the closing workflow, with a full audit trail on every stage transition.
Neo drafts from the ledger
Neo grounds investor report narratives in your holding’s live capital account, so what you send investors reflects the books as they stand — not a stale snapshot.
Why CRE GPs choose Covercy for fund administration
Traditional administrators are a service with a portal bolted on. Covercy One is a platform you run — because your books start organized, the administration on top of them is trustworthy by construction, whether you run a single syndication or a multi-asset fund.
Your data is already organized
Because your investors, raises, capital calls, and distributions already live on the platform, fund administration is not a separate vendor handoff. Every economic event posts to a double-entry capital ledger as it happens, so NAV, capital accounts, and statements are derived from clean data — not rebuilt from spreadsheets at quarter-end.
Your investors already have a portal
The investor statement is not a PDF you assemble and email — it is the ledger, rendered. LPs see ILPA-formatted capital account statements, contributions, distributions, and documents in a branded portal that is always current, which means far fewer "can you resend that?" requests for your team.
Institutional-grade without the enterprise tax
ILPA-formatted capital account statements, management-fee runs you approve, ownership-transfer handling, and a full audit trail — the outputs large administrators charge enterprise fees and long implementations for, right-sized for a lean GP team you can run yourself.
A live ledger, not a monthly reconstruction
Contributions, distributions, fees, and valuations post as they occur, so your books are current between quarter-ends, not just at them. When an investor asks where they stand today, the answer is one click away and already reconciled.
What Our Clients Say
Leitbox Portfolio Partners“Our fund administration finally keeps up with us. NAV, investor reporting, and distributions are handled in one place, and our LPs notice the difference.
ProterraFund administration is the top tier of Covercy One
The complete investment-management tier — everything in Professional, plus NAV, GP-approved fee runs, capital accounts, tax support, and DTCC oversight. Priced per entity for your fund, with unlimited team members.
- Everything in the Professional tier
- NAV, fee runs, tax & DTCC oversight
- Unlimited team members
Custom pricing
Talk to salesRelated Products
Investor Portal
Give every LP a branded portal for their dashboard, capital account statements, distributions, and documents — reading from the same live ledger your fund administration runs on.
Learn moreDistributions
Calculate, approve, and pay distributions in one workflow — waterfall allocations, one-click payments to investor bank accounts, and automatic reconciliation back to the ledger.
Learn moreFinancial Operations
Dedicated fund bank accounts, capital-call collection, and vendor payments with real-time reconciliation across every transaction type.
Learn moreNeo (AI Co-GP)
Neo drafts investor reports and narratives grounded in your holding’s live capital account, so reporting keeps pace with your back office.
Learn moreFrequently Asked Questions
- What does Covercy’s fund administration include?
- Cap table and investor recordkeeping (positions, share classes, ownership transfers, and investing entities), a live capital ledger with NAV and ILPA-formatted capital account statements, management-fee terms and GP-approved fee runs, distribution-partner and closings management with DTCC status tracking, and K-1 and tax-document delivery to investors — all in one platform, reading from the same data your investors and distributions already run on.
- Is Covercy a fund administrator or a transfer agent?
- Covercy One is a platform you run, not an outsourced administration service, and it is not a registered transfer agent. It gives you the platform to run the administration yourself — cap table, capital accounts, statements, and investor records — with the option to bring your own administrator or use the platform’s tools directly. The substance of recordkeeping is here; the enterprise service overhead is not.
- How is fund administration different from fund accounting on Covercy?
- Fund accounting is the engine — the double-entry capital ledger, NAV, allocations, and capital account statements. Fund administration is the service and investor-facing outputs built on that engine: recordkeeping, distribution partners and closings, tax-document delivery, and statement distribution. On Covercy One they are the same data, so administration is always in sync with the books rather than reconciled to them after the fact.
- Does Covercy support DTCC and broker-dealer distribution?
- Yes — Covercy One includes selling-group management (invite MBD, broker-dealer, and RIA firms with scoped access), a fund-administrator review step with wire matching before closings, and DTCC status tracking with a full audit trail. DTCC status is tracked as a monitored state through the closing workflow; it is a recordkeeping and oversight capability, not an automated submission integration.