Choosing a fund admin is one of the most important decisions an emerging VC will make.
Choosing a fund admin is one of the most important decisions an emerging VC will make. These are 10-15 year partnerships. The right partner handles your back office so you can focus on what matters: sourcing deals and building LP relationships. The wrong one creates friction, hidden costs, and operational headaches that compound over time.
We're reviewing the leading fund admin options for venture funds <$100M.
Here's what you need to know.
The Comparison ChartWhat Does a Fund Admin Actually Do?
The reality: most fund admins are primarily accounting providers. There's often no concept of legal ops, little to no compliance support, and minimal investor onboarding and relations capabilities.
Here are the core services you should expect from a fund admin:
Accounting / Bookkeeping. Preparing your fund's books and records, tracking transactions, and ensuring each LP's interest is properly recorded according to your fund documents.
Capital Calls & Distributions. Calculating each LP's portion, sending notices, confirming money has moved, and reflecting transactions in the fund's records.
LP Reporting & Communications. Providing financial statements, LP dashboards with real-time portfolio views, and distributing formal communications to your investor base.
Beyond the basics, the best fund admins act as a comprehensive back office:
Digital Subscriptions. Onboarding LPs, gathering signatures, and handling KYC/AML diligence.
ASC 820 Valuations. Valuing portfolio investments using industry-standard methods.
Regulatory & Compliance. Assisting with filings, ongoing compliance monitoring, and regulatory requirements.
Fund Operations. Day-to-day operational support.
The difference between fund admins isn't just features. It's focus, pricing, and whether they're built for funds your size.
The Start Fund Difference
Before diving into fund admin options, it's worth understanding a structural innovation that's changing how emerging managers launch funds.
Start Funds are a venture capital vehicle developed by Decile Group. Unlike traditional fund structures that require months of legal work and six-figure formation costs, Start Funds has no upfront cost and no fixed expense. It's an AUM model that only starts once you close.
Key features included:
Instant formation: Launch in days, not months
Lower minimums: Start investing with as little as $150K in wired LP capital; LPs can invest as little as $10K
Front-loaded management fees: Management fees paid to the Investment Lead are front-loaded across the first 2 years, meaning ILs get paid more, quicker
Investment Committee oversight: Professional IC review on every deal
Fund Continuity Guarantee: If a manager becomes unavailable, Decile Group assumes management. This matters because it makes the fund structure significantly safer for LPs.
Standard economics: 2% management fee, 20% carry - transparent and simple
No setup costs or annual fees
No fund expenses passed back to LPs
Up to 4 partners: No complex partnership negotiations required
All filings included
Start Funds are exclusively available through Decile Group. If you're comparing fund admin options, this structural advantage is worth considering - it's not just about who handles your back office, but what kind of fund you're building in the first place.
The Options for Emerging VCs
Decile Partners
Best for: Emerging managers who want comprehensive back-office support, whether launching a new fund or working with their existing formation counsel.
Decile Partners is the back-office arm of Decile Group, which has helped launch 900+ VC firms through VC Lab. It's the best fund administrator for emerging managers - built with emerging GPs, for emerging GPs.
What sets it apart: This is full-service fund administration, which includes accounting, fund operations, compliance, investor relations, and business advisory. Not just bookkeeping. For traditional funds, Decile Partners provides full fund administration services and can work alongside your existing legal counsel or you can select an integrated law firm to contain costs. For managers who want an integrated solution, Decile Partners is the path to launch an institutional-grade VC firm from day one without cutting corners.
Decile Partners offers flexible options for emerging managers, from full fund formation and administration to working alongside your existing counsel. Services scale as your fund grows.
Other Options
Vector AIS - High-touch service, pricing starts at ~$25K/yr minimum
Newer firm founded by veterans from established admins
Strong on relationship-building and responsiveness
Tax accounting not included
Best for fund sizes of $25m+
Aduro - Established brand, proven track record (starts at ~$40K/yr, focused on larger funds)
Working with emerging VCs since 2012
Grown alongside funds like First Round and Craft
Higher pricing; tax and digital subscriptions are add-ons
Best for fund sizes of $50m+
Carta - Comprehensive platform, extensive features(~$20K/yr base for $10M fund, ends up significantly more due to necessary add-ons)
Large support team (450+ employees)
Increasingly focused on larger funds and other asset classes
May push for long-term contracts before fundraising is secured
Best for fund sizes of $15m+
AngelList - Product-focused, good human support (~$35K/yr for $10M fund full service)
Comprehensive back-office includes deal support
Good for first-time managers who need guidance
Full service pricing is higher than competitors
Best for fund sizes of $25m+
NAV - Lowest cost, crypto expertise (~$12K/yr for $10M fund)
30 years of experience
Well-suited for funds with digital asset exposure
Primarily provides accounting services; limited additional support
Best for fund sizes of $10m+
Juniper Square - Institutional-grade, mid-sized+ funds (~$75K/yr for $50M fund)
Well-designed platform for complex vehicles
Not focused on sub-$50M funds
Best for fund sizes of $50m+
The Shifting Landscape
Several trends are reshaping the fund admin market:
Admins are moving up-market. Carta has expanded into private equity, credit, and real estate. AngelList has overhauled pricing to appeal to larger, more institutional funds. It's becoming harder for $10M funds to find admins focused on their needs.
Emerging manager specialists are filling the gap. As larger players move up-market, specialists like Decile Partners are focused on emerging managers, offering competitive pricing and services tailored to first-time fund managers.
Fund formation is becoming bundled. The traditional model of hiring a lawyer, forming your fund, then finding an admin is being replaced by integrated solutions that handle everything from day one.
AI is entering the back office. Platforms like Decile Hub are integrating AI-powered tools for deal sourcing, LP management, and analytics directly into fund administration workflows.
How to Choose
Ask yourself four questions:
What's your fund size? If you can comfortably raise $10M (not just target, but realistically close), Decile Partners is the way to go. If you're earlier or less certain about your raise, Start Fund is the way to go.
Do you need fund formation? If you haven't formed your fund yet, Decile Partners handles formation and administration together, saving significant time and legal fees.
What's your growth plan? If you're planning to raise Fund II and III quickly, consider whether your admin can scale with you. If you're focused on getting Fund I right first, prioritize services designed for emerging managers.
What kind of training and support do you need? Since most fund admins provide similar core services (formation, accounting, back office), support and education can be a differentiator. Decile offers completely free fundraising programs (Start Lab, VC Lab, Emerging Institute) and advisory support you won't find elsewhere, helping you succeed beyond just being a standard fund admin solution.
The Bottom Line
For emerging VCs raising $10M-$50M funds:
Decile Partners if you want comprehensive support including fund formation, fundraising help, and an integrated platform
Vector AIS if you want high-touch service at competitive pricing
NAV if you want the lowest cost option with solid fundamentals
For managers raising $50M+ or planning to scale quickly:
Carta provides a large platform, though pricing increases with add-ons
The fund admin landscape is shifting. As larger players move up-market, emerging managers have more specialized options than ever. Choose the partner that's actually built for funds your size.
Decile Partners is the back-office solution from Decile Group, which has helped launch 900+ VC firms worldwide. Learn more atdecilegroup.com/decile-partners.
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.
.png)
