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 accounting software for real estate and private equity funds
Every contribution, distribution, fee, and valuation posts to a live capital ledger in Covercy One, and our fund administration team keeps the books around it, so your capital accounts, NAV, and investor statements are always current.
Capital ledger · Northlake Industrial Fund I, LP
Q3 2026 · as of Sep 30, 2026
Paid-in
$7.0M
DPI
0.15x
RVPI
1.12x
TVPI
1.27x
IRR
11.4%
| Date | Event | Posts to | Amount |
| Jul 01 | Capital call #4 | Contributed capital | $1,000,000 |
| Jul 15 | Q3 management fee | Management fees | ($43,750) |
| Aug 12 | Q2 distribution | Return of capital | ($150,000) |
| Aug 12 | Q2 distribution | Preferred return | ($210,000) |
| Sep 30 | Q3 NAV approved | NAV · $1,120 per unit | $7,840,000 |
| Capital account | Units | Contributed | Distributed | NAV |
| Brightwater Capital LLC | 2,100 | $2,100,000 | $315,000 | $2,352,000 |
| Cedar Point Partners | 1,400 | $1,400,000 | $210,000 | $1,568,000 |
| Alder Family Trust | 1,050 | $1,050,000 | $157,500 | $1,176,000 |
| 12 other investors | 2,450 | $2,450,000 | $367,500 | $2,744,000 |
Explore fund accounting
Statements, valuations, and fees for your syndications and funds, all reading from one live capital ledger.
Everything your fund’s books need, on one live ledger
The platform keeps every investor’s capital account current; our fund administration team keeps the books around it.
Capital ledger
- Live capital ledger for every holding
- Every event traced to its ledger entries and source
- Quarter, year, and inception-to-date views
- CSV exports of statements and ledger detail
- Withholding tracked separately from gross distributions
Statements & reporting
- ILPA-formatted capital account statements
- One statement per investing entity
- Management fee and partnership expense lines
- Statements inside your investor report package
- Personalized PDFs for every investor
NAV & performance
- NAV and NAV per unit by valuation date
- Dated valuation history with reasons
- NAV flows to statements and the investor portal
- DPI, RVPI, TVPI, and IRR from the ledger
Fees & expenses
- Management fee terms per share class
- Fee cycles that flag missed periods
- Fee runs you approve before they post
- Expenses recorded in ILPA categories
- Charges allocated across positions
Books & close
- General ledger kept by our fund administration team
- Trial balance and financial statements
- Reconciliations by our team
- NAV calculation by our team
- Books that tie to investor capital accounts
For the GP
Nothing posts without your say
The platform proposes and records; you stay in control of the numbers your investors see.
See how Neo worksApprove every fee run
Covercy One proposes each period’s management fees from your fee terms. Nothing is recorded until you approve it.
Valuations with a reason
Approve each period’s valuation, with the reason on record, and NAV updates everywhere.
You choose what investors see
Decide whether the capital account statement is included in each report package before you publish.
Neo drafts from the ledger
Neo can ground report narratives in the holding’s total capital account, so updates match the books.
Fund accounting for private funds, explained
Private fund accounting tracks what each investor owns, what the fund is worth, and how every dollar moved, so general partners (GPs) can report to their limited partners (LPs) with confidence. Here is how the pieces fit together on Covercy.
What fund accounting covers
Fund accounting keeps a capital account for every investor: what they committed, contributed, and received, plus their share of fees, expenses, and changes in value. In Covercy One that capital account is a live ledger, updated as each event happens, while our fund administration team keeps the fund’s general ledger and books.
How NAV is calculated
Net asset value (NAV) is what the fund is worth on a given date: the fair value of its assets minus its liabilities. Divide NAV by the units outstanding and you get NAV per unit, the value of each investor’s position. Our fund administration team calculates NAV each period, and Covercy One carries it into performance, statements, and the investor portal with every valuation dated and explained.
What a trial balance is for
A trial balance lists every general-ledger account and its balance so debits and credits can be checked before financial statements are prepared. Our fund administration team prepares the trial balance, reconciliations, and financial statements, and they tie back to the investor capital accounts in Covercy One.
How it differs from your CPA
Your CPA files the fund’s tax returns once a year. Fund accounting runs all year: recording activity, valuing the fund, allocating fees and expenses, and producing investor statements. Clean, current books make tax season faster for your CPA and keep your investors informed between filings.
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 accounting is part of the Fund Administration tier
The complete Covercy One platform plus the Covercy Fund Administration team: fund accounting, NAV, fee calculations, tax and audit support. Priced for your fund, with unlimited team members.
- Everything in the Professional tier
- Fund accounting, NAV & fee calculations
- Unlimited team members
Custom pricing
Talk to salesPowered by the rest of Covercy One
Fund accounting runs on the same records as your fund administration, investor portal, and distributions.
Fund Administration
Institutional-grade NAV, bookkeeping, tax, and K-1s, delivered inside the same platform.
ExploreInvestor Portal
Give LPs a branded portal for positions, documents, reporting, and capital accounts.
ExploreDistributions
Calculate, approve, and pay distributions to the cent, then reconcile automatically.
ExploreNeo, your AI Co-GP
The AI layer that drafts investor updates, runs reports, and automates workflows across Covercy One.
ExploreFund accounting questions
- What is the difference between fund accounting and fund administration?
- Fund accounting is the books: investor capital accounts, NAV, fees, expenses, and statements. Fund administration is the wider service built on those books, including transfer agent services, investor onboarding, DTCC/AIP, and K-1 delivery. On Covercy both run on the same data, so they never need to be reconciled to each other.
- Does Covercy replace my general ledger?
- Covercy One keeps the investor capital accounts in a live ledger. The fund’s general ledger, trial balance, reconciliations, and financial statements are kept by our fund administration team, so you get both without running a separate accounting system yourself.
- Do your capital account statements follow the ILPA template?
- Statements are ILPA-formatted: they follow the ILPA capital account statement layout and labels for the lines the platform supports, including the management fee and partnership expense lines. Lines the platform does not calculate are left off rather than shown as zero.
- Does this work for both syndications and funds?
- Yes. Each holding, whether a single-asset syndication or a multi-asset fund, has its own capital ledger and share classes.