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Centers of Excellence

Center of Excellence: Fund Accounting

Back-office credibility isn't optional. It's what lets LPs trust you between capital calls.

The numbers don't lie. But only if you're keeping them right.
This series covers the accounting fundamentals that determine whether your fund runs cleanly or falls apart: from your first capital call to audit prep, valuation discipline, and getting distributions right. Get it wrong and your LPs notice. Get it right and you establish yourself as a credible, enduring venture capital firm.

In this Center of Excellence:

Part 1: First Capital Call. First Impression.
Part 2: Audit-Ready Isn't a Season. It's a Habit.
Part 3: Value Your Portfolio Honestly or Your LPs Will Notice.
Part 4: The Exit Is the Easy Part. The Distribution Isn't.

Part 1: First Capital Call. First Impression.

  • Everything your LPs learn about how you operate, they learn from your first capital call.
  • Get the timing, the notice period, and the communication wrong once, and that impression sticks.
  • Read the full resource here.

Part 2: Audit-Ready Isn't a Season. It's a Habit.

  • Be audit-ready - even if your Fund I isn't auditing their finances.
  • Clean books aren't built in January — they're maintained all year.
  • Read the full resource here.

Part 3: Value Your Portfolio Honestly or Your LPs Will Notice.

  • Carrying impaired investments at cost isn't conservative — it's a fiduciary problem.
  • Your valuation policy only means something if you apply it honestly, including when the news is bad.
  • Read the full resource here.

Part 4: The Exit Is the Easy Part. The Distribution Isn't.

  • Most fund managers spend years learning to raise and invest. Almost none of them prepare for the distribution.
  • How you handle the mechanics of an exit tells your LPs everything they need to know about whether to back you again.
  • Read the full resource here.

Our recommended fund accounting and administration guru

Jack Healey is an accomplished finance executive and Senior Director at SEI with 30+ years of alternative investment experience, overseeing $25B+ in assets across hedge funds, private equity, private credit, and registered fund entities for 40+ clients.
Decile Partners firms get exclusive introductions to Jack, and other experts like him in the Decile Group Centers for Excellence.

About Decile Group's Centers of Excellence

Decile Group believes AI is changing how the venture ecosystem works, but there's no substitute for deep human expertise. That's why we build Centers of Excellence around practitioners who have done the work.
This content is open source because a better-informed ecosystem benefits everyone. Decile Partners get more than the articles. They get direct access to the experts behind them.

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