Covercy One
Fund administration for real estate GPs

A modern alternative to SS&C for fund administration

SS&C is the largest fund administrator in the world, an outsourced back office built for institutional managers. Covercy One gives GPs who run real estate funds the same institutional-grade fund administration (NAV, bookkeeping, tax, K-1s), delivered inside one platform that also runs their fundraising, distributions, banking, and investor portal.

TrustRadius Top Rated 2025
TrustRadius Buyer's Choice 2026

See how Covercy One compares

Book a 30-minute demo and we’ll map your fund admin needs to Covercy One, and show you exactly where it differs from SS&C.

Trusted by leading real estate funds and the GPs who run them

Customer logos

The biggest fund admin isn’t automatically the right one

SS&C GlobeOp is the institutional standard, with trillions under administration. But if you run a real estate fund, “who’s biggest” isn’t the question. The question is who delivers accurate NAV, clean books, tax, and investor reporting for a fund like yours, and whether your back office is connected to how you actually raise capital and move money, or sitting off to the side as an outsourced service.

What actually matters when you choose a fund admin

For a real estate fund, the day-to-day comes down to these. Covercy One is built to deliver all of them.

  • NAV & fund bookkeeping

    Accurate monthly and quarterly NAV, general ledger, reconciliations, and financial statements.

  • Tax prep & K-1s

    Tax coordination and K-1s prepared and delivered to all your investors, on time.

  • Investor reporting at scale

    Clear reporting across many investors, positions, and entities, without spreadsheets.

  • Capital calls & distributions

    Collecting capital and paying investors, executed and reconciled, not just tracked.

  • Fundraising & onboarding

    Subscriptions, accreditation, and e-signature handled where your investors already are.

  • DTCC/AIP & transfer agent

    Connectivity for RIA and broker-dealer distribution, plus transfer-agent services feeding your cap table.

  • Fit for a real estate fund

    Right-sized for the fund you actually run, with no enterprise minimums or RFP to get started.

SS&C vs Covercy One, scored against what matters

A fair, capability-by-capability look, based on SS&C’s published materials and the Covercy One product. Where SS&C doesn’t publish a detail, we say so.

SS&C vs Covercy One, scored against what matters
CapabilityCovercy OneSS&C
Service model
Service modelOne platform you run, with fund admin delivered for youOutsourced managed service (their team runs your back office)
Built forGPs who run real estate fundsInstitutional and large, complex multi-strategy managers
Capabilities
NAV & fund accountingInstitutional-grade NAV, GL, and reconciliations, on the platformYes, full multi-asset, multi-currency accounting
Bookkeeping & financial statementsMonthly and quarterly financials with audit supportYes, full financial reporting
Tax prep & K-1sTax coordination and K-1s delivered to all your investorsYes, tax and K-1 services
Investor reporting at scaleReal-time portal reporting across many positions and entitiesInvestor statements via GoCentral
Investor portalIncluded, a real-time LP portal, not a separate productYes, via GoCentral
Fundraising & onboardingSubscriptions, accreditation, and e-sign in the platformNot a focus of the fund-admin offering
DTCC/AIP connectivityYes, for RIA and broker-dealer distributionYes, institutional connectivity
Transfer agentTransfer-agent services feeding directly into the cap tableYes, transfer-agent services
AINeo, an AI Co-GP across the platform (ask, draft, surface insights)Yes, GoCentral AI within the operations model
Money movement
Integrated banking accountsBuilt in, open GP/fund bank accounts in-platformNot an embedded rail (treasury/wire as a service)
Capital calls & distributionsCollected and paid in-product (ACH/wire), then reconciledWire management as a servicing function
Commercials
PricingTransparent and right-sized for your fundEnterprise / RFP; pricing not published
OnboardingSelf-serve setup with guided onboardingProposal-driven, customized engagement

SS&C details reflect publicly available materials (ssctech.com) and industry reporting; SS&C does not publish pricing. “Not an embedded rail” means the capability is handled as a servicing function, not as an in-product banking/payments feature.

Book a Demo

The real difference: your front office and back office in one place

SS&C runs your back office as a service that sits apart from how you raise capital, move money, and talk to investors. With Covercy One, the institutional-grade fund administration (NAV, bookkeeping, tax, K-1s, DTCC, transfer agent) runs inside the same platform that automates your fundraising, capital calls, distributions, banking, and investor portal. One system, one source of truth, one team accountable to you.

  • Institutional-grade NAV, financials, tax, and K-1s, delivered for you, on the platform
  • Capital calls and distributions executed and reconciled in-product
  • DTCC/AIP and transfer-agent services feeding your cap table directly
  • Investors see it all in a real-time portal, across every position and entity
one.covercy.com
Covercy One close deals and AUM overview
SearchCmd+K
Radcliffe Capital
sandra.e@radcliffe.co
RC
Portfolio
CRM
Operations
Accounting
Settings
Dashboard
Welcome back, Sandra · Q4 2025
This Quarter
+ New Fundraise
Holdings
4
+1 this qtr
Active Fundraises
6
2 closing soon
Fundraising Target
$13M
$8.8M committed
Progress
68%
+12% MoM
Holdings Map
4 properties · NY / NJ
Holdings map — New York metro area
Portfolio Performance
YTD
Assets Under Management
$152,000,007
+$4.2M QoQ
Net IRR
18.4%+2.1%
Equity Multiple
1.62x+0.08x
Cash on Cash
8.7%+0.4%
DPI
0.13x—
Contributions$5,500,000 / $8,100,000
Last Viewed Holdings
View all →
Riverton Tower
Riverton Tower
New York, NY
$52.4M18.4%
Prescott Place
Prescott Place
New York, NY
$38.2M15.1%
The Whitmore Building
The Whitmore Building
New York, NY
$34.8M12.8%
Morristown Commons
Morristown Commons
Morristown, NJ
$26.6M9.2%
Holdings
4 properties · $152.0M under management
Filters
New Holding
Total AUM
$152.0M
Active Holdings
4
Total Investors
85
Weighted IRR
14.7%
Search holdings by name, location, or type…
PropertyTypeStatusAUMFundraise ProgressInvestorsIRR
Riverton Tower
Riverton Tower
New York, NY
OfficeActive$52,400,000
100%
$52,400,000 committed
2418.4%
Prescott Place
Prescott Place
New York, NY
Mixed UseRaising$38,200,000
65%
$24,800,000 committed
1815.1%
The Whitmore Building
The Whitmore Building
New York, NY
RetailActive$34,800,000
100%
$34,800,000 committed
1212.8%
Morristown Commons
Morristown Commons
Morristown, NJ
MultifamilyRaising$26,600,000
45%
$11,970,000 committed
319.2%
Showing 4 of 4 holdings←Page 1 of 1→
Positions
Total Positions
12
Unique Entities
12
Total Committed
$23.75M
Total Distributions
$263K
Search 12 positions
EntityHoldingFundraiseClassClass %Deal %CommitmentContributionsDistributionsCapital AcctCreated
Scott BrennanRiverton TowerRVT First RaiseClass A16.67%4.76%$500,000$500,000$0$532,100Jan 15, 2024
Nathan PerryRiverton TowerRVT First RaiseClass A33.33%9.52%$1,000,000$1,000,000$42,000$1,058,200Jan 15, 2024
Hawthorne LLCRiverton TowerRVT Fundraise 2Class B50.00%4.76%$2,500,000$1,250,000$0$1,312,500Jun 3, 2025
Rachel BennettRiverton TowerRVT First RaiseClass A16.00%4.58%$2,400,000$2,400,000$84,000$2,516,400Jan 20, 2024
Tyler MorganMorristown CommonsMorristown FundClass A10.00%6.95%$1,850,000$925,000$0$948,125Mar 1, 2025
David HawkinsMorristown CommonsMorristown FundClass A28.00%19.55%$5,200,000$2,600,000$0$2,665,000Mar 1, 2025
Bennett Family TrustRiverton TowerRVT First RaiseClass A110.00%14.29%$3,000,000$3,000,000$126,000$3,174,600Feb 1, 2024
Karen MitchellPrescott PlacePrescott Place RaiseClass A8.33%1.96%$750,000$375,000$0$381,250Sep 15, 2025
Brian FosterRiverton TowerRVT Fundraise 2Class B25.00%5.90%$3,100,000$1,550,000$0$1,581,000Jul 10, 2025
Laura ChenPrescott PlacePrescott Place RaiseClass A13.33%3.14%$1,200,000$600,000$0$612,000Oct 5, 2025
Megan WalshRiverton TowerRVT First RaiseClass A8.33%2.38%$250,000$250,000$10,500$265,500Jan 15, 2024
Hannah ColeRiverton TowerRVT Fundraise 2Class B25.00%3.81%$2,000,000$1,000,000$0$1,020,000Aug 20, 2025
Showing 12 positions
Investors
CRM · 85 contacts · 12 accounts
Import
Export
New Contact
Total Contacts
85
Active Pipeline
$14.65M
New This Week
4
Top Commitments
12
All Contacts 85
My Contacts 24
Committed 32
In Pipeline 18
Prospects 35
Search by name, company, or email…
Stage
Owner
Sort: Last Contact
NameCompanyTypeStageCommittedLast ContactOwner
RB
Rachel Bennett
rachel@bennettcap.com+1 (212) 555-0148
Bennett Capital
Managing Partner
EntityCommitted$2,400,0002d agoScott B.
DH
David Hawkins
d.hawkins@hfo.com+1 (646) 555-0192
Hawkins Family Office
Chief Investment Officer
Family OfficeCommitted$5,200,0001d agoNathan P.
TM
Tyler Morgan
tyler.morgan@gmail.com+1 (917) 555-0174
—
Individual Investor
IndividualSoft Circle$1,850,0005h agoMegan W.
KM
Karen Mitchell
karen@mitchholdings.com+1 (718) 555-0161
Mitchell Holdings LLC
Principal
EntityIn Diligence$750,00012h agoScott B.
BF
Brian Foster
bfoster@fosterequity.com+1 (415) 555-0133
Foster Equity Group
Managing Director
EntityCommitted$3,100,0003d agoNathan P.
LC
Laura Chen
laura.chen@outlook.com+1 (510) 555-0126
—
Individual Investor
IndividualSoft Circle$1,200,0001w agoMegan W.
AG
Allison Grant
agrant@grantcap.co+1 (203) 555-0189
Grant Capital Partners
Partner
EntityProspect$02w agoScott B.
Showing 7 of 85 contacts←Page 1 of 11→
Communications
Activity log across your investor CRM
Filters
+ Log Activity
Contact
Investing entity
Logged by
Activity type
Today (2)
Follow-up call with Rachel BennettBennett Family Trust· RVT First RaiseCommitted
Amy confirmed $2.4M commitment. Wiring funds by Friday.
Scott Brennan
Apr 6, 2026
Sent deal memo to David Hawkins· Morristown Commons FundInterested
Marcus reviewing with his advisor. Targeting $5M allocation across two tranches.
Chris Davenport
Apr 6, 2026
This Week (3)
Karen Mitchell, Mitchell Family Office· Prescott Place RaiseInterested
Nathan Perry
Apr 4, 2026
Tyler Morgan capital call discussion· Morristown Commons FundFollow Up
Scott Brennan
Apr 3, 2026
Internal note — Glendale Tower
Appraisal came in at $62M, 8% above acquisition basis.
Nathan Perry
Apr 2, 2026
Older (2)
Distribution notice sent, All Investors· RVT First Raise
Q4 2025 distribution of $342K processed. ACH payments initiated for 24 investors.
Megan Walsh
Apr 1, 2026
Intro call with Laura ChenChen Capital Group· Prescott Place RaiseInterested
Chris Davenport
Mar 31, 2026
Tasks
Team workload · 4 assignees · 7 active tasks
Board view
New Task
Open Tasks
7
4 need attention
Overdue
4
Needs attention
Completed
1
This cycle
Upcoming
3
Not yet overdue
Team Workload
This week
NP
Nathan Perry
2 open2 overdue
SB
Scott Brennan
2 open1 overdue
MW
Megan Walsh
2 open1 overdue
CD
Chris Davenport
1 open
All Tasks 8
Open 7
Overdue 4
Completed 1
Search tasks
Priority
TaskPriorityDue DateAssigneeStatus
Follow up with Rachel Bennett on wire confirmation
Rachel Bennett · RVT Fund 2
High
Apr 4, 2026
2d overdue
NP
Nathan Perry
Open
Call Tyler Morgan re: capital call extension request
Tyler Morgan · Morristown Fund
High
Apr 3, 2026
3d overdue
NP
Nathan Perry
Open
Send rent rolls to Karen Mitchell for Prescott Place
Karen Mitchell · Prescott Place
High
Apr 5, 2026
1d overdue
SB
Scott Brennan
Open
Verify accreditation for Allison Grant
Allison Grant · RVT Fund 2
Medium
Apr 2, 2026
4d overdue
MW
Megan Walsh
Open
Schedule capital call for Morristown Q2
Morristown Commons Fund
Medium
Apr 8, 2026
MW
Megan Walsh
Open
Send subscription docs to Laura Chen
Laura Chen · Prescott Place
Medium
Apr 9, 2026
SB
Scott Brennan
Open
Prepare investor update deck — Whitmore Q1
Whitmore Building
Medium
Apr 10, 2026
CD
Chris Davenport
Open
Send Q4 distribution notices to RVT investors
RVT First Raise · 24 investors
Low
Mar 28, 2026
MW
Megan Walsh
Completed
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Context
Whitmore BuildingQ4 2025FinancialsOccupancy data
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Preview
Whitmore Building — Q4 2025 Performance
Prepared by NEO AI · Jan 8, 2026
Executive Summary

Occupancy rose to 94.5% in Q4, driven by strong leasing momentum and the opening of a new elementary school adjacent to the property, which is expected to boost residential demand throughout 2026.

Occupancy Trend 2025+52 pts
Q1
Q2
Q3
Q4
Tenants & Occupancy
Outlook
Search folders
New Folder
Riverton Tower
Prescott Place
Glendale Tower
The Whitmore Building
Morristown Commons
Documents
Search documents
DocumentPathShared with
PDF
RVT — Private Placement Memorandum
2.4 MB
/Riverton Tower/Legal
RB
TM
+21
XLS
RVT Q4 2025 — Capital Account Statements
148 KB
.../Reports
RB
+22
PDF
RVT — Subscription Agreement (Template)
890 KB
.../Legal—
XLS
RVT — Distribution Waterfall Model
312 KB
.../Finance—
PDF
RVT — 2025 K-1 Tax Package
1.1 MB
.../Tax
RB
+22
PPT
RVT — Investor Presentation Q1 2026
5.8 MB
.../Marketing
RB
+5
PDF
RVT — Phase II Environmental Report
3.2 MB
.../Due Diligence—
DOC
RVT — Operating Agreement (Executed)
245 KB
.../Legal—
XLS
RVT — Rent Roll March 2026
86 KB
.../Operations—
PDF
RVT — Appraisal Report (Jan 2026)
4.7 MB
.../Valuation—
Banking
4 accounts · FDIC insured
Make a Payment
Transactions
Open Account
Total Banking Balance
$20,000,000
+$1.76M this month
FDIC Insured
Operating · Riverton Tower
$8,420,100
Checking••4210
Reserve · Prescott Place
$4,160,350
Money Market••8814
Escrow · Whitmore Building
$5,920,780
Escrow••2073
Operating · Morristown
$1,498,770
Checking••9155
Pending Distributions
Review →
Total pending
$760,753
3 scheduled payouts
Q4 Distribution — Riverton
Scheduled Jan 15
$342,000
Q4 Distribution — Prescott
Scheduled Jan 15
$370,253
Management Fee — Whitmore
Scheduled Jan 20
$48,500
Recent Transactions
AllMoney inMoney out
Capital Call — Morristown
12 investors · completed
+$1,250,000
Dec 28
Wire Transfer — Rachel Bennett
Subscription · Prescott Place
+$500,000
Dec 22
Vendor Payment — Whitmore Bldg.
HVAC maintenance
-$24,800
Dec 19
Distribution — RVT Investors
24 recipients
-$186,400
Dec 15
Interest Earned
Money Market · Prescott
+$8,120
Dec 1
Fund Administration
5 funds · 85 investor accounts · Q4 2025 close
Export NAV
Run Close
Active Funds
5
+1 QoQ
Total NAV
$152M
+$4.2M
Investor Accounts
85
+4 this wk
K-1s Pending
24
71% complete
NAV by Fund
View all funds →
FundTypeInvestorsNAVCapital CalledDistributionsStatus
RVT First RaiseOffice24$52.4M
100%
$1.86MCurrent
Prescott Place RaiseMixed Use18$38.2M
65%
$0In Review
Whitmore NYC Fund 3Retail12$34.8M
100%
$840KCurrent
Morristown Commons FundMultifamily31$26.6M
45%
$0Current
Glendale RaiseIndustrial8$12.1M
78%
$0Current
2025 K-1 Delivery
RVT First Raise24/24
Prescott Place Raise13/18
Whitmore Fund 37/12
Morristown Commons11/31
Glendale Raise7/8
Transfer Agent
Investor onboarding — Allison Grant
RVT Fundraise 2 · Accreditation pending
In Progress
Ownership transfer — Hawthorne LLC → Hawthorne Trust
RVT Fundraise 2 · Legal review
Under Review
Capital account reconciliation — Q4 2025
All funds · 83 of 85 accounts reconciled
97.6%
Subscription doc execution — Laura Chen
Prescott Place Raise · E-signature sent
Awaiting
DTCC / AIP
3 Live
RVT First Raise
Last sync: Apr 5, 2026 · 24 positions
Prescott Place Raise
Last sync: Apr 5, 2026 · 18 positions
Morristown Commons
Last sync: Apr 4, 2026 · 31 positions
Whitmore Fund 3
Submitted Mar 28 · Awaiting DTCC approval
Audit Readiness
Financial Statements Q4
Ready
Auditor PBC Requests
12 of 18 fulfilled
Valuation Reports
4 of 6 complete
SOC 1 Type II
Current
Open Audit Workspace
Tax Center
Export CSV
Deliver All
Generate K-1s
2023
2024
2025
Total K-1s
85
Delivered to Investors
49
Generated, Not Sent
12
Processing
24
InvestorFundEIN/SSNK-1 StatusDeliveredMethod
Rachel BennettRVT First Raise***-**-4821DeliveredMar 12, 2026Email + Portal
Rachel BennettMorristown Commons***-**-4821DeliveredMar 12, 2026Email + Portal
Tyler MorganRVT First Raise***-**-7733DeliveredMar 14, 2026Email + Portal
David HawkinsMorristown Commons***-**-1190Generated——
Brian FosterRVT Fundraise 2***-**-5502DeliveredMar 15, 2026Email + Portal
Karen MitchellPrescott Place Raise***-**-8847Processing——
Laura ChenPrescott Place Raise***-**-3319Processing——
Scott BrennanWhitmore Fund 3***-**-6654Generated——
Scott BrennanRVT First Raise***-**-6654DeliveredMar 12, 2026Email + Portal
Nathan PerryRVT First Raise***-**-2201DeliveredMar 12, 2026Email + Portal
Hawthorne LLCRVT Fundraise 2**-***-9082Not Started——
Bennett Family TrustWhitmore Fund 3**-***-4410Processing——
Showing 12 of 85 K-1s · 2025 Tax Year
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Why that combination is hard to beat

Three things define the Covercy One difference for the fund you run.

Institutional-grade back office

NAV, bookkeeping, tax, and K-1s handled to an institutional standard and delivered for you, with seasoned fund-admin specialists behind the numbers, not a vendor you have to manage.

Automated front office

Fundraising, capital calls, distributions, and banking run in the same platform, the work an outsourced back-office service leaves on your plate.

One platform, one relationship

Fund admin, investor portal, payments, and reporting live in one system, with Covercy as your single point of accountability.

Book a Demo
Neo

Meet Neo, your AI-powered Co-GP

Neo is the AI layer built into Covercy One. Ask about fund performance or an investor in plain English, draft investor updates from live data, and run workflows like capital-call prep through conversation. It is the kind of front-office leverage an outsourced administrator can’t give you.

Explore Neo
Neo
NeoOnline
Welcome back! Q2 NAV just posted. Want me to draft the investor update or flag anything for the audit?

Trusted by real estate GPs

Why fund managers choose Covercy One

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 PartnersLeitbox
Our fund administration finally keeps up with us. NAV, investor reporting, and distributions are handled in one place, and our LPs notice the difference.
ProterraProterra
The honest take

Where SS&C is the right call

We’ll be straight with you: for some managers, SS&C is the better fit, and pretending otherwise would not help you make a good decision.

  • Large, institutional managers running trillions across many asset classes
  • Complex, multi-strategy books spanning multiple jurisdictions and currencies
  • Teams that specifically want to fully outsource the back office to a third party

Covercy One is built for a different profile: GPs who run real estate funds and want institutional-grade fund admin and an automated front office in one platform.

More platform, less overhead

This isn’t about being the cheap option, it’s about not paying for institutional scale you don’t use. SS&C is priced and built for managers running trillions across many asset classes. Covercy One delivers the fund-admin work you need plus the front office around it, sized for the fund you run.

  • One integrated platform instead of separate admin, portal, and payment vendors
  • No enterprise minimums or RFP cycles to access pricing
  • Operational time back, with less manual hand-off and fewer reconciliations
  • Predictable, transparent pricing built for real estate funds

SS&C does not publish pricing; engagement is enterprise/RFP-based. Industry analyses note large administrators can carry minimum fee thresholds that are cost-prohibitive for smaller and emerging funds.

Moving from an outsourced administrator is simpler than you think

Most real estate GPs are live on Covercy One in weeks, not the multi-month RFP cycle enterprise admin requires.

  1. 1

    Scope your fund

    A short working session maps your entities, investors, and reporting needs to Covercy One, with no RFP and no proposal cycle.

  2. 2

    Migrate investors & entities

    We help bring over your investor records, entities, and historical positions so your capital accounts are accurate from day one.

  3. 3

    Go live with guided onboarding

    Open fund bank accounts, invite your LPs to the portal, and run your first capital call or distribution with our team alongside you.

Book a Demo

Built for trust, money, and investor data

SOC 2 securityCovercy is independently audited against SOC 2 controls for security and availability.Regulated banking railsBanking and payments run on regulated partner infrastructure, not a side integration.Permissioned investor dataGranular access controls keep LP and fund data visible only to the people who should see it.

SS&C vs Covercy One, common questions

Is Covercy One a fund administrator like SS&C?
Covercy One delivers fund administration (NAV, financials, bookkeeping, tax, K-1s, transfer agent, and DTCC/AIP connectivity) as one service inside the platform you already use to run investor relations, fundraising, and payments. Unlike a fully outsourced administrator, the back office and the front office share one system and one source of truth, with Covercy accountable to you for both.
Is SS&C a good fit for some funds?
Absolutely. SS&C is the institutional standard for large, complex, multi-strategy managers and excels at scale across many asset classes. If you’re running an institutional book across jurisdictions, they’re a strong choice. Covercy One is built for a different profile: GPs who run real estate funds and want institutional-grade fund admin and an automated front office in one platform.
What’s the biggest difference?
With Covercy One, your back office and front office are one platform: NAV, tax, and reporting sit alongside fundraising, capital calls, distributions, and banking. With an outsourced administrator, the back office is a service that runs apart from how you raise and move money.
How much does Covercy One cost compared to SS&C?
SS&C doesn’t publish pricing and engages through enterprise/RFP. Covercy One is transparent and right-sized for real estate funds. Book a demo and we’ll scope it to your fund.

See Covercy One next to SS&C

Book a 30-minute demo and we’ll show you exactly where Covercy One fits your fund.

Book a Demo