Covercy One
Fund administration for real estate GPs

A modern alternative to Alter Domus for fund administration

Alter Domus is a specialist administrator solely dedicated to alternatives, an outsourced back office for large private-markets managers. Covercy One pairs that fund admin with the front office you run, right-sized for your firm.

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 Alter Domus.

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

Customer logos

Start with the front office you run every day

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. Alter Domus is a deep specialist in alternatives, but for a real estate fund the question isn’t how specialized your administrator is, it’s whether your fund admin runs inside one system with how you raise capital and serve investors, or sits alongside it as a service delivered for you.

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.

Alter Domus vs Covercy One, scored against what matters

A fair, capability-by-capability look, based on Alter Domus’s published materials and the Covercy One product. Both deliver the back office; the difference is the front office you run.

Alter Domus vs Covercy One, scored against what matters
CapabilityCovercy OneAlter Domus
Service model
Service modelOne platform you run, with fund admin delivered for youSpecialist outsourced administrator, delivered for you
Built forMid-market GPs who run real estate fundsLarge alternatives managers across private equity, credit, and infrastructure
Front office: the work you run every day
In-platform fundraising & investor onboardingSupported.Not supported.
CRM & deal pipelineSupported.Not supported.
Capital calls & distributions executed in-productSupported.Not supported.
In-platform fund banking & paymentsSupported.Not supported.
Investor portal native to your front officeSupported.Not supported.
Self-serve investor comms from live dataSupported.Not supported.
GP-facing AI co-pilotSupported.Not supported.
Back office: table stakes both providers deliver
NAV & fund accountingSupported.Supported.
Bookkeeping & financial statementsSupported.Supported.
Tax prep & K-1sSupported.Supported.
Transfer agentSupported.Supported.
DTCC/AIP connectivitySupported.Supported.
Commercials
PricingTransparent and right-sized for your fundContact sales; pricing not published
OnboardingSelf-serve setup with guided onboardingProposal-driven, contact-sales engagement

Alter Domus details reflect publicly available materials (alterdomus.com and industry reporting); Alter Domus does not publish pricing. Alter Domus does offer related services: CorPro (an investor portal), investor onboarding and KYC, ReportPro (managed reporting), and capital call and distribution processing, and it provides cash management and depositary services, though it is not a bank and does not provide investor bank accounts. In North America it acts as transfer agent through partner systems. An X marks the integrated, in-platform capability you operate yourself, not the absence of any related Alter Domus service.

Book a Demo

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

Your front office is where you actually run your fund, so Covercy One starts there and brings the back office with it. Alter Domus runs your back office as a specialist service, with a portal and onboarding 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.

  • 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

Why that combination is hard to beat

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

The front office you run every day

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 a specialist administrator delivers to you across an outsourced engagement.

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.

One platform, one relationship

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.

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 a specialist 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 Alter Domus is the right call

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

  • Large alternatives managers running private equity, private credit, infrastructure, and real assets at institutional scale
  • Firms that want a deep specialist administrator across many jurisdictions
  • Teams that specifically want to fully outsource the back office to a third party

Covercy One is built for a different profile: mid-market GPs who run real estate funds and need more automation, lower cost, and an experience their investors love, with 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 specialist alternatives infrastructure you don’t need. Alter Domus is built and priced to service large managers across private equity, credit, and infrastructure. 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 relationships
  • 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

Alter Domus does not publish pricing; engagement is contact-sales and proposal-driven. 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.

Alter Domus vs Covercy One, common questions

Is Covercy One a fund administrator like Alter Domus?
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 specialist administrator that delivers the back office as an outsourced engagement, the back office and the front office share one system and one source of truth, with Covercy accountable to you for both.
Is Alter Domus a good fit for some funds?
Absolutely. Alter Domus is a strong choice for large alternatives managers running private equity, private credit, and infrastructure who want a deep specialist administrator across many jurisdictions. If that is your profile, their specialization and scale are real advantages. 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.
Does Alter Domus have an investor portal?
Yes. Alter Domus offers CorPro as an investor portal alongside its administration services. The difference with Covercy One is that the portal is not a separate product layered onto an outsourced service; it is part of the same platform where you fundraise, call capital, pay investors, and run your fund admin, so your LPs see one consistent, real-time experience.
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 a specialist administrator, the back office is an outsourced service that runs apart from how you raise and move money, rather than one system you operate.
How much does Covercy One cost compared to Alter Domus?
Alter Domus doesn’t publish pricing and engages through contact-sales and proposals. 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 Alter Domus

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

Book a Demo