Gent & Associates

Fund Controller Search for a Private Equity Firm

A private equity firm managing $2 billion in assets across multiple funds engaged us to identify a Fund Controller to support the CFO. With an upcoming fundraise and growing demands from LPs, the firm needed a highly skilled professional to oversee fund accounting, streamline reporting, and ensure regulatory compliance.

Client Overview

The client, a private equity firm managing $2 billion in assets, sought a Fund Controller to enhance fund-level accounting and reporting, support scalability, and serve as a trusted partner to the CFO and senior leadership.

Challenges

Technical Expertise: Required in-depth knowledge of fund accounting, waterfall calculations, and capital calls.
Regulatory Compliance: Needed expertise in SEC regulations, partnership tax reporting, and international fund structures.
Scalability Needs: Sought a professional capable of implementing scalable systems and processes to support growth.
Cultural Fit: Required a collaborative candidate who could manage relationships with LPs and auditors while aligning with the firm�s dynamic culture.

Strategy

Role Definition: Collaborated with the CFO to define priorities for fund accounting, reporting, and investor relations. Clarified technical requirements, including proficiency in Investran, GAAP, and IFRS.
Targeted Search: Focused on candidates with private equity or venture capital experience, prioritizing CPA-qualified professionals with backgrounds in fund administration or Big 4 accounting.
Screening and Evaluation: Evaluated technical expertise in capital calls, financial statements, and audits, as well as cultural alignment with the firm�s collaborative environment.
Placement Timeliness: Delivered a shortlist of top candidates within five weeks to align with the firm�s fundraising timeline.

Outcome

Placement: Hired a CPA with over 12 years of experience in private equity fund finance, including a tenure as Senior Fund Controller for a $3 billion multi-fund platform.
Immediate Impact:
- Streamlined capital call and distribution processes, reducing cycle times by 20%.
- Enhanced fund-level reporting accuracy with new accounting policies and procedures.
- Prepared financial statements that met institutional LP standards and satisfied external auditors.
Long-Term Contributions:
- Led financial preparation for a $750 million fundraise, delivering detailed LP reports and managing due diligence requests.
- Improved audit timelines by 25%, reducing costs and increasing efficiency.
- Partnered with the CFO to implement an automated fund accounting system, supporting scalability goals.

Key Takeaways

This case highlights the value of placing a technically proficient and strategically minded Fund Controller. Their expertise enhances financial operations, reduces inefficiencies, and supports the firm�s growth objectives while improving LP satisfaction.