A 2026 Guide to Back-Office Infrastructure for Emerging VC Managers
A 2026 Guide to Back-Office Infrastructure for Emerging VC Managers
Teel Lidow recently wrote a thorough breakdown of the different fund admins available to emerging managers with funds under $100M. It's worth reading, and we encourage you to subscribe to his Substack as well.
While he brought up a lot of great points and contrasts between platforms, we felt like one big thing was missing from the conversation: the role of AI in fund administration, and how the job of a fund admin is evolving far beyond accounting.
Most comparisons treat fund admin as little more than back-office software that does the boring stuff so you can do the fun stuff. For a solo GP managing a sub-$50M fund and competing against firms with three or four more zeros under management, that's not good enough. You need much more to compete.
Your back office can do much more than just administrative overhead. It can be the infrastructure that determines whether you can operate like a serious fund or scramble like a side project.
And in 2026, the best back-office infrastructure doesn't just process your paperwork. It operates as your AI co-founder.
Here's the framework for making a decision you won't regret.
The Real Cost of Getting It Wrong
Get this wrong and you'll be dealing with the consequences for the life of your fund.
Most emerging managers spend months perfecting their investment thesis, weeks negotiating their LPA, and about a fraction of the time picking a fund admin. That's backwards. Your fund admin relationship will outlast most of your portfolio companies. It will determine whether your back office runs invisibly in the background or becomes a recurring source of friction, surprise costs, and wasted time. The wrong choice doesn't just cost money. It costs attention, and attention is the scarcest resource you have.
Fund admin mistakes compound. What starts as a minor annoyance in Year 1 becomes a major operational drag by Year 5. And most admins lock you into multi-year contracts, so by the time you realize the fit is wrong, you're stuck. We've seen managers spend months unwinding relationships with admins who:
Kept raising prices after locking them into multi-year contracts
Couldn't scale as the fund grew
Treated sub-$50M funds as an afterthought
Buried essential services, like compliance, behind expensive add-ons
Had support teams that disappeared after onboarding, leaving emerging managers with the most junior staff available who don't understand the nuances of emerging fund operations
The switching cost isn't just the fee to migrate. It's the disruption to LP relationships, the retraining of your internal processes, and the mental overhead of managing a transition while you're supposed to be finding and supporting great companies.
And speed matters more than most people realize. Radhika Iyengar and Jorden Woods, two emerging managers who went through VC Lab, had access to several high-conviction deals that were closing fast. Traditional fund formation would have taken six to nine months. "We were under a lot of pressure," Jorden says. "We needed a way to do this in two months if we were going to get into these deals. If we missed them, our pipeline would be almost empty."
Choose once. Choose well.
What You're Actually Buying
Here's the reality that most fund admin comparisons won't tell you: fund administration is basically just accounting. There are some nuances between providers, but at its core, you're paying someone to keep your books, process capital calls and distributions, and produce K-1s. That's it.
The question isn't which accountant does accounting slightly better. The question is whether accounting alone is enough.
The Real Problem: Islands of Information
In our view, the biggest issue with traditional fund admin isn't the quality of the accounting. It's that accounting is all you get.
But running a fund requires much more than bookkeeping. Accounting, compliance, treasury, legal, LP onboarding, portfolio tracking: these functions are all deeply interconnected. When you split them across multiple vendors, you don't just add costs. You create exponential cost increases and endless inter-vendor finger pointing.
Your accountant blames your compliance provider. Your compliance provider blames your lawyer. Your lawyer blames your accountant. And you're stuck in the middle trying to reconcile information across three or four different systems that don't talk to each other.
Legal Operations. Multiple closings, capital commitment increases, warehouse transfers, venture partner agreements, distributions and various other critical functions require precise integration across legal operations, compliance, treasury, accounting, tax and audit.
Compliance. Regulatory requirements are increasing. But most admins leave you to figure this out on your own or point you to yet another vendor or your law firm.
LP Onboarding. Investor onboarding involves CRM, document signing, AML checks, and compliance verification. Most admins don't touch this or rely on separate vendors leading to a disjointed experience for Limited Partners.
Operational Support. Day-to-day questions, cash flow planning, portfolio tracking. Some admins answer the phone. Others send you to a help center.
Business Advice. Many questions and decisions related to accounting, legal and compliance can have significant business impact. The professional services organizations are typically not set up to provide this level of advice.
This fragmentation is the real cost of the traditional model. It's not any single vendor's fault. It's a structural problem. And it's the reason we built something different.
The Market Is Splitting
Here's what's happening in fund administration right now:
Specialists are filling the gap. As larger players chase bigger fees, firms focused specifically on emerging managers are growing. They're building services designed for first-time GPs, not retrofitting enterprise tools for smaller funds.
Legal is getting bundled. The old model was: form your fund, then find an admin. That's being replaced by integrated solutions that handle everything from day one at a lower total cost.
AI is entering the back office, and it's changing everything. This is where the current conversation about fund admins falls short. Most comparisons evaluate admins on what they've always done: accounting, compliance, K-1s. But the role of back-office infrastructure is expanding rapidly, and modern providers, like Decile Group, are leveraging this technology to reduce errors and to provide a better experience. The era of managing multiple disparate professional service providers at variable hourly rates with Frankenstein "VC Stacks" duct taped together with Zapier is over.
Your Fund Admin as AI Co-Founder
Here's what we mean when we say your fund admin should be more than your accountant.
The traditional path to running a venture firm required either hiring expensive associates to handle operational tasks or spending countless hours on administrative work yourself. Both approaches are now obsolete. The shift from AI tools to AI agents represents the most significant transformation in how venture capital firms operate since the asset class was invented.
At Decile Group, we've spent years building Decile Hub, an AI-powered platform that has evolved from simple tools into an intelligent operational co-founder. It doesn't just handle your books. It helps you run your fund.
Agentic AI Capabilities. Decile Hub has moved beyond passive tools into true AI agents that proactively manage your firm's front and back office operations. Your AI co-founder identifies opportunities, surfaces insights, executes complex workflows, runs administrative tasks, and learns from your decisions to become more effective over time.
Full Stack Fund Operations and Admin. Decile Hub manages the entire life cycle of the fund from LP onboarding, to facilitating portfolio investments, to accounting, reporting, and distributions. Your AI co-founder leverages the entire lifecycle of information to provide real time information and projections so you can make optimal business decisions.
Intelligent Deal Sourcing. AI agents continuously scan your networks, monitor relevant markets, and surface promising opportunities based on your thesis. You never miss a great deal because your AI co-founder is always working.
Autonomous Due Diligence. Deploy AI agents to conduct comprehensive due diligence on potential investments, analyzing financials, assessing market dynamics, evaluating competitive positioning, and compiling detailed reports while you focus on founder meetings and relationship building.
Proactive LP Management. AI agents maintain relationships with your limited partners through intelligent updates, personalized communications, and timely responses to inquiries. Every LP feels informed and valued without requiring constant manual attention from you.
Portfolio Intelligence. AI agents monitor your portfolio companies, identify early warning signs, surface growth opportunities, and recommend strategic interventions. These are insights that previously required hiring dedicated portfolio operations staff.
Automated Fundraising Workflows. From building target lists to managing the pipeline to generating customized materials for each prospective LP, AI agents handle the operational complexity of fundraising so you can focus on conversations.
Deep Research Integration. AI agents conduct deep research on limited partners, competitive landscapes, and market dynamics, giving you access to insights that would typically require hiring expensive research analysts.
The difference is philosophical. Traditional fund admins ask: "How do we process your paperwork faster?" We ask: "How do we help GPs achieve top decile performance?"
The narrative that emerging managers need large teams or expensive service providers is wrong. Specialized emerging managers equipped with agentic AI are outperforming traditional firms by moving faster, making better decisions, and maintaining deeper relationships with both founders and limited partners. The secret is treating AI not as a tool you use, but as a co-founder that works alongside you.
That's not a marginal improvement. It's a category shift.
Two Ways to Launch with Decile Group
Decile Group offers two distinct launch paths for emerging managers. Both include full-stack back-office infrastructure, and both give you access to Decile Hub's agentic AI platform. The right choice depends on your fund structure needs, LP base, and how much flexibility you require.
What Makes Decile Different
Most fund admins are just accounting vendors. Decile Partners is fundamentally different because every operational specialty, from legal to compliance to treasury to accounting, is interconnected under one roof. There are no islands of information.
What this means in practice: the GP accesses every operational specialty through a single point of contact. No finger pointing between vendors. No extra costs from redundant systems. No sub-optimal advice from providers who only see one slice of your operations.
Because all systems are interconnected and AI handles much of the heavy lifting, error rates drop significantly. That efficiency allows Decile to hire super senior staff to handle exceptions and provide strategic advice to emerging managers. The result: a $10M fund can operate like a $100M fund.
Decile Partners focuses on five core principles: ensuring firm success (from accounting to deal reviews), making it safe for LPs (institutional-grade legal, compliance, treasury, and accounting), proactively helping (weekly customer reviews and proactive office hours), integrating everything (strategy, legal, compliance, treasury, and accounting under one point of contact), and offering flat-rate pricing with no hidden fees.
Decile Partners provides an institutional-grade classic three-entity fund structure with full-stack service and back office. Built for emerging managers by the team that has launched 900+ VC firms through VC Lab.
What's included:
Formation and legal
Fund accounting (financials, valuations, metrics, forecasts)
LP onboarding: LP CRM, document signing, AML, and compliance
Integrated legal, tax, and banking domain partners
The key difference: with Decile Partners, the GP can customize their own agreements with full structural flexibility. This matters for larger funds with institutional LPs and complex requirements. Decile Partners scales with you, with the goal of helping you grow past Fund III.
Start Fund: Launch and Invest in Days
Start Fund is designed for managers who want to focus on what matters most: finding investors and finding good deals. Decile handles everything else. This isn't just a different admin. It's a different fund structure.
Unlike traditional structures that require months of legal work and six-figure formation costs, Start Funds launch in days with no upfront cost or fixed expenses. AI agents handle entity formation, compliance documentation, and operational infrastructure setup in parallel.
What's included:
Launch with $150K+ in committed capital
LP minimums as low as $10K
Standard 2/20 economics, fully transparent
Investment Committee review on every deal
Fund Continuity Guarantee: if you become unavailable, Decile assumes management
All regulatory filings included
No setup costs, no annual fees, no fund expenses passed to LPs
Full access to Decile Hub's AI-powered platform and agentic capabilities
Start Fund works great for both new and emerging managers. If you're early in your journey or want to eliminate operational overhead entirely, Start Fund lets you focus purely on sourcing deals and raising capital while Decile runs everything else. It eliminates most of the financial risk of getting started and gives you an AI co-founder from day one.
For Galit Flasterstein, who came back to VC Lab after an initial setback and spent a year building her network and thesis across Latin America, Start Fund was the breakthrough. "Thank God you guys came up with Start Fund this year," she says. "The opportunity to start a fund with less money, and be able to build on that with a legal and transparent structure was ideal." For Galit, the credibility mattered as much as the speed: "Just the fact that I can say the fund has been incorporated in the US, that I have Decile Group as an investment committee, gives us more credibility. LPs coming from this region definitely feel more comfortable knowing the fund has a proper, legal structure."
Varun Turlapati, a sixteen-year software engineer who went from dreaming about venture capital to running his own fund, puts it simply: "Start small. Start something. Just be able to start. That was a game changer for me."
For Radhika and Jorden, who had done weeks of due diligence on the Start Fund concept and circulated the documents with their network of Silicon Valley experts, the conclusion was clear: "Start Fund was the only thing that would work. Everyone we talked to in Silicon Valley was like, 'I've never heard of anything like this.' But everyone came back with the conclusion that it sounded like the best solution to our problem."
Which Path Is Right for You?
Both Start Fund and Decile Partners are available to new and emerging managers. The decision isn't about which stage you're at. It's about how much structural control you need.
As Varun puts it: "I don't have to be shifty. Do you have a fund? We have a fund. Have you invested? We have invested. Do you have a pipeline? We have a pipeline." Whether you choose Start Fund or Decile Partners, you're building a real, institutional-grade track record from day one.
Both paths are exclusively available through Decile Group.
Four Questions Before You Decide
Do you have a fund yet? If not, consider whether you want to hire a lawyer, form your fund, and then find an admin separately, or work with someone who handles it all. The integrated path is often faster and cheaper.
How quickly do you want to launch? If speed matters, Start Fund gets you operational in days. Traditional formation takes months.
What's your growth plan? If you're planning Fund II and III quickly, make sure your admin can scale. If you're focused on getting Fund I right, prioritize services designed for where you are now, and make sure your admin's technology evolves with you.
How much support do you actually need? Core accounting services are similar across admins. The real difference is whether your admin stops at accounting or gives you the operational infrastructure to compete. If you're a GP, the answer to "how much support do you need" is almost always "more than you think."
The Bottom Line
The fund admin landscape is shifting. Big platforms are chasing bigger funds. Specialists are stepping up for emerging managers. Formation and administration are merging into single offerings. And agentic AI is turning back-office software from a cost center into a competitive advantage.
The worst thing you can do is pick the cheapest option without understanding what's included, or lock into a multi-year contract with a firm that sees you as an afterthought.
The funds launched in 2026 will be the first generation of truly AI-native venture firms. Make sure your back-office infrastructure is built for that future, not stuck in the past.
This is a ten-year decision. Make it like one.
Decile Partners is the back-office solution from Decile Group, which has helped launch 900+ VC firms worldwide.
VC Lab, the leading venture capital accelerator, empowers new and emerging managers worldwide to close ethical, high-performing funds in under six months. The program provides cutting-edge tools, expert mentorship, and a global network to raise more money in less time. Apply if you want to build a meaningful venture capital firm.
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