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.
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
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.
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 Alter Domus’s published materials and the Covercy One product. Both deliver the back office; the difference is the front office you run.
| Capability | Covercy One | Alter Domus |
|---|---|---|
| Service model | ||
| Service model | One platform you run, with fund admin delivered for you | Specialist outsourced administrator, delivered for you |
| Built for | Mid-market GPs who run real estate funds | Large alternatives managers across private equity, credit, and infrastructure |
| 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 | Proposal-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.
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.
| 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 a specialist administrator delivers to you across an outsourced engagement.
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.
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 a specialist 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, Alter Domus 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 need more automation, lower cost, and an experience their investors love, with institutional-grade fund admin and an automated front office in one platform.
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.
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.
Most real estate GPs are live on Covercy One in weeks, not the multi-month RFP cycle enterprise 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.
