VC Best Practices for Transitioning Fund Administrators
Are you considering making a fund administrator transition but feel nervous about how the process will impact your firm or LPs? Or would you like help figuring out where to begin? If so, our session on VC Best Practices for Transitioning Fund Administrators is just for you!
Strut's Finance Directors, Lauren McDavid, and Matt DiNardo, explore the tips, tricks, and best practices for making a timely and smooth fund administrator transition that has minimal impact on your firm's operations.
WHY IT'S WORTH YOUR TIME
Get support in understanding and uncovering your goals for making a fund admin change.
Learn how to identify the fund admin who’s right for you.
Hear the do's and don'ts of a successful transition from our finance experts, and set the proper expectations and outcomes.
Here's the Recap
KEY TAKEAWAYS
Assess what is most important to you. When selecting a new fund admin, do you care most about responsiveness, accuracy/reliability, technology, or pricing?
Assess what isn’t working. Why is your current fund admin missing the mark, and what are your expectations? Not all fund admins are created equal, so select a vendor that aligns with your vision for the fund.
Walk, don’t run. Fund admin transitions take time, so avoid rushing the process & be present in the transition to speed up the process. The best time is right after the audit and taxes go out, the worst time is at year-end or Q1.
Set yourself (and them) up for success. Prepare for a transition by making sure you have organized and complete documentation for investments and previous financial statements.
Think about the impact on your LPs. It’s a best practice to communicate the transition early and do your homework (in the selection process) to prevent multiple fund admin changes.
MEET THE SPEAKERS
Lauren started her career at a Big 4 public accounting firm in their audit practice, where she specialized in large-scale audits of Fortune 100 technology, SaaS, and media companies. She has a unique private sector background ranging from working in-house at a tech startup to venture capital fund administration, including 5.5 years at Aduro Advisors, where she oversaw the back office functionalities for numerous emerging venture capital funds managing over $2.5B in AUM. She graduated from the University of Colorado with a BS in Economics and an MS in Accounting.
Matt joins Strut with a well-rounded CPA background in VC accounting and financial operations. His foundation is rooted in public audit and tax, where he worked with a range of HNW individuals, corporations, and government sectors. From there, Matt moved into private equity fund administration, where he learned the ins and outs of private investment accounting on an institutional level. Leveraging this technical background, he became a Controller at Aduro Advisors, where he constructed teams to manage fund clients through their reporting, transaction, and vendor needs. Through this knowledge of building teams focused on emerging and seasoned fund managers, Matt was promoted to Onboarding Controller for Aduro. In this role, he helped service a rotating set of 80-100 VC funds, setting up their initial firm needs and standardizing their historical information. Matt graduated from the University of Richmond with an accounting degree concentrating in finance.
