Ultimus is an independent administrator that services registered and private funds, a high-touch back office run for you. Covercy One pairs that fund admin with the front office you run, right-sized for the fund you actually run.
Book a 30-minute demo and we’ll map your fund admin needs to Covercy One, and show you exactly where it differs from Ultimus.
Trusted by leading real estate funds and the GPs who run them
When you raise a fund, the parts you live in are the front office: the CRM, fundraising, capital calls, distributions, and investor portal your LPs actually touch. That is where your platform decision should start, and your back office should plug into it. Ultimus is an established independent administrator built to service large, multi-constituency fund complexes across mutual funds, ETFs, and private funds. For a real estate fund the question isn’t how big your administrator is, it’s whether your fund admin runs inside one system you operate, sized for the fund you run, or sits alongside it as an outsourced service built for institutional scale.
For a real estate fund, the day-to-day comes down to these. Covercy One is built to deliver all of them.
Accurate monthly and quarterly NAV, general ledger, reconciliations, and financial statements.
Tax coordination and K-1s prepared and delivered to all your investors, on time.
Clear reporting across many investors, positions, and entities, without spreadsheets.
Collecting capital and paying investors, executed and reconciled, not just tracked.
Subscriptions, accreditation, and e-signature handled where your investors already are.
Connectivity for RIA and broker-dealer distribution, plus transfer-agent services feeding your cap table.
Right-sized for the fund you actually run, with no enterprise minimums or RFP to get started.
A fair, capability-by-capability look, based on Ultimus’s published materials and the Covercy One product. Both deliver the back office; the difference is the front office you run and the fit to your fund.
| Capability | Covercy One | Ultimus |
|---|---|---|
| Service model | ||
| Service model | One platform you run, with fund admin delivered for you | Independent outsourced administrator, registered and private funds |
| Built for | Mid-market GPs who run real estate funds | Registered and private funds of all sizes, at institutional scale |
| Front office: the work you run every day | ||
| In-platform fundraising & investor onboarding | Supported. | Not supported. |
| CRM & deal pipeline | Supported. | Not supported. |
| Capital calls & distributions executed in-product | Supported. | Not supported. |
| In-platform fund banking & payments | Supported. | Not supported. |
| Investor portal native to your front office | Supported. | Not supported. |
| Self-serve investor comms from live data | Supported. | Not supported. |
| GP-facing AI co-pilot | Supported. | Not supported. |
| Back office: table stakes both providers deliver | ||
| NAV & fund accounting | Supported. | Supported. |
| Bookkeeping & financial statements | Supported. | Supported. |
| Tax prep & K-1s | Supported. | Supported. |
| Transfer agent | Supported. | Supported. |
| DTCC/AIP connectivity | Supported. | Supported. |
| Commercials | ||
| Pricing | Transparent and right-sized for your fund | Contact sales; pricing not published |
| Onboarding | Self-serve setup with guided onboarding | RFP-driven, contact-sales engagement |
Ultimus Fund Solutions details reflect publicly available materials (ultimusfundsolutions.com and industry reporting); Ultimus does not publish pricing. Ultimus does offer related services: uINVESTOR (an investor portal), investor onboarding and KYC/AML, treasury and payment operations, managed investor reporting, and capital call and distribution processing, and its transfer agency and DTCC/AIP connectivity are core strengths. An X marks the integrated, in-platform capability you operate yourself, not the absence of any related Ultimus service.
Your front office is where you actually run your fund, so Covercy One starts there and brings the back office with it. Ultimus runs your back office as a high-touch outsourced service, with a portal and reporting delivered alongside it. 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.
| Property | Type | Status | AUM | Fundraise Progress | Investors | IRR |
|---|---|---|---|---|---|---|
Riverton Tower New York, NY | Office | Active | $52,400,000 | 100% $52,400,000 committed | 24 | 18.4% |
Prescott Place New York, NY | Mixed Use | Raising | $38,200,000 | 65% $24,800,000 committed | 18 | 15.1% |
The Whitmore Building New York, NY | Retail | Active | $34,800,000 | 100% $34,800,000 committed | 12 | 12.8% |
Morristown Commons Morristown, NJ | Multifamily | Raising | $26,600,000 | 45% $11,970,000 committed | 31 | 9.2% |
| Entity | Holding | Fundraise | Class | Class % | Deal % | Commitment | Contributions | Distributions | Capital Acct | Created |
|---|---|---|---|---|---|---|---|---|---|---|
| Scott Brennan | Riverton Tower | RVT First Raise | Class A | 16.67% | 4.76% | $500,000 | $500,000 | $0 | $532,100 | Jan 15, 2024 |
| Nathan Perry | Riverton Tower | RVT First Raise | Class A | 33.33% | 9.52% | $1,000,000 | $1,000,000 | $42,000 | $1,058,200 | Jan 15, 2024 |
| Hawthorne LLC | Riverton Tower | RVT Fundraise 2 | Class B | 50.00% | 4.76% | $2,500,000 | $1,250,000 | $0 | $1,312,500 | Jun 3, 2025 |
| Rachel Bennett | Riverton Tower | RVT First Raise | Class A | 16.00% | 4.58% | $2,400,000 | $2,400,000 | $84,000 | $2,516,400 | Jan 20, 2024 |
| Tyler Morgan | Morristown Commons | Morristown Fund | Class A | 10.00% | 6.95% | $1,850,000 | $925,000 | $0 | $948,125 | Mar 1, 2025 |
| David Hawkins | Morristown Commons | Morristown Fund | Class A | 28.00% | 19.55% | $5,200,000 | $2,600,000 | $0 | $2,665,000 | Mar 1, 2025 |
| Bennett Family Trust | Riverton Tower | RVT First Raise | Class A | 110.00% | 14.29% | $3,000,000 | $3,000,000 | $126,000 | $3,174,600 | Feb 1, 2024 |
| Karen Mitchell | Prescott Place | Prescott Place Raise | Class A | 8.33% | 1.96% | $750,000 | $375,000 | $0 | $381,250 | Sep 15, 2025 |
| Brian Foster | Riverton Tower | RVT Fundraise 2 | Class B | 25.00% | 5.90% | $3,100,000 | $1,550,000 | $0 | $1,581,000 | Jul 10, 2025 |
| Laura Chen | Prescott Place | Prescott Place Raise | Class A | 13.33% | 3.14% | $1,200,000 | $600,000 | $0 | $612,000 | Oct 5, 2025 |
| Megan Walsh | Riverton Tower | RVT First Raise | Class A | 8.33% | 2.38% | $250,000 | $250,000 | $10,500 | $265,500 | Jan 15, 2024 |
| Hannah Cole | Riverton Tower | RVT Fundraise 2 | Class B | 25.00% | 3.81% | $2,000,000 | $1,000,000 | $0 | $1,020,000 | Aug 20, 2025 |
| Name | Company | Type | Stage | Committed | Last Contact | Owner | |
|---|---|---|---|---|---|---|---|
RB Rachel Bennett rachel@bennettcap.com+1 (212) 555-0148 | Bennett Capital Managing Partner | Entity | Committed | $2,400,000 | 2d ago | Scott B. | |
DH David Hawkins d.hawkins@hfo.com+1 (646) 555-0192 | Hawkins Family Office Chief Investment Officer | Family Office | Committed | $5,200,000 | 1d ago | Nathan P. | |
TM Tyler Morgan tyler.morgan@gmail.com+1 (917) 555-0174 | — Individual Investor | Individual | Soft Circle | $1,850,000 | 5h ago | Megan W. | |
KM Karen Mitchell karen@mitchholdings.com+1 (718) 555-0161 | Mitchell Holdings LLC Principal | Entity | In Diligence | $750,000 | 12h ago | Scott B. | |
BF Brian Foster bfoster@fosterequity.com+1 (415) 555-0133 | Foster Equity Group Managing Director | Entity | Committed | $3,100,000 | 3d ago | Nathan P. | |
LC Laura Chen laura.chen@outlook.com+1 (510) 555-0126 | — Individual Investor | Individual | Soft Circle | $1,200,000 | 1w ago | Megan W. | |
AG Allison Grant agrant@grantcap.co+1 (203) 555-0189 | Grant Capital Partners Partner | Entity | Prospect | $0 | 2w ago | Scott B. |
| Task | Priority | Due Date | Assignee | Status | |
|---|---|---|---|---|---|
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 |
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.
| Document | Path | Shared 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 | — |
| Fund | Type | Investors | NAV | Capital Called | Distributions | Status |
|---|---|---|---|---|---|---|
| RVT First Raise | Office | 24 | $52.4M | 100% | $1.86M | Current |
| Prescott Place Raise | Mixed Use | 18 | $38.2M | 65% | $0 | In Review |
| Whitmore NYC Fund 3 | Retail | 12 | $34.8M | 100% | $840K | Current |
| Morristown Commons Fund | Multifamily | 31 | $26.6M | 45% | $0 | Current |
| Glendale Raise | Industrial | 8 | $12.1M | 78% | $0 | Current |
| Investor | Fund | EIN/SSN | K-1 Status | Delivered | Method |
|---|---|---|---|---|---|
| Rachel Bennett | RVT First Raise | ***-**-4821 | Delivered | Mar 12, 2026 | Email + Portal |
| Rachel Bennett | Morristown Commons | ***-**-4821 | Delivered | Mar 12, 2026 | Email + Portal |
| Tyler Morgan | RVT First Raise | ***-**-7733 | Delivered | Mar 14, 2026 | Email + Portal |
| David Hawkins | Morristown Commons | ***-**-1190 | Generated | — | — |
| Brian Foster | RVT Fundraise 2 | ***-**-5502 | Delivered | Mar 15, 2026 | Email + Portal |
| Karen Mitchell | Prescott Place Raise | ***-**-8847 | Processing | — | — |
| Laura Chen | Prescott Place Raise | ***-**-3319 | Processing | — | — |
| Scott Brennan | Whitmore Fund 3 | ***-**-6654 | Generated | — | — |
| Scott Brennan | RVT First Raise | ***-**-6654 | Delivered | Mar 12, 2026 | Email + Portal |
| Nathan Perry | RVT First Raise | ***-**-2201 | Delivered | Mar 12, 2026 | Email + Portal |
| Hawthorne LLC | RVT Fundraise 2 | **-***-9082 | Not Started | — | — |
| Bennett Family Trust | Whitmore Fund 3 | **-***-4410 | Processing | — | — |
Neo
Three things define the Covercy One difference for the fund you run.
Fundraising, CRM, capital calls, distributions, banking, and the investor portal in one platform, the work you live in to raise capital and serve your LPs, and the work an outsourced administrator delivers to you across a managed engagement.
NAV, bookkeeping, tax, and K-1s handled to an institutional standard and delivered for you, sized for the fund you run instead of the enterprise scale a large fund complex is built and priced for.
Fund admin, investor portal, payments, and reporting live in one system, with Covercy as your single point of accountability, not an outsourced service that sits apart from how you run your fund.
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
Trusted by real estate GPs
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.
LeitboxOur fund administration finally keeps up with us. NAV, investor reporting, and distributions are handled in one place, and our LPs notice the difference.
ProterraWe’ll be straight with you: for some managers, Ultimus is the better fit, and pretending otherwise would not help you make a good decision.
Covercy One is built for a different profile: mid-market GPs who run real estate funds and want institutional-grade fund admin and an automated front office in one platform, right-sized for the fund they actually run.
Right-sizing means institutional-grade fund admin without paying for scale you don’t use. Ultimus is built and priced to service large fund complexes across mutual funds, ETFs, and private funds, with the people, breadth, and RFP-driven onboarding that institutional scale requires. Covercy One delivers the fund-admin work you need plus the front office around it, sized for the fund you actually run.
Ultimus does not publish pricing; engagement is contact-sales and RFP-driven. Industry analyses note large administrators can carry minimum fee thresholds that are cost-prohibitive for smaller and emerging funds.
Most real estate GPs are live on Covercy One in weeks, not the multi-month RFP cycle institutional admin requires.
A short working session maps your entities, investors, and reporting needs to Covercy One, with no RFP and no proposal cycle.
We help bring over your investor records, entities, and historical positions so your capital accounts are accurate from day one.
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 30-minute demo and we’ll show you exactly where Covercy One fits your fund.
